Crown Crafts Net Climbs 3.6 Percent in Q3

GONZALEZ, La.-Despite a decline in sales, Crown Crafts was able to boost its bottom line in its fiscal third quarter to $1.6 million, up 3.6 percent from the third quarter of one year ago.

E. Randall Chestnut, chairman, president and CEO, said the healthier profit figure resulted from the company's initiatives in both cost cutting and pricing. The effects of both strategies were evident in gross margin, which increased 210 basis points in the quarter (which ended on Dec. 30), to 26.3 percent. Crown Crafts' statement on the third quarter did not break out operating expenses, but income before income-tax expense did rise 1.1 percent.

Third-quarter net sales took a 7.3 percent dive to $20.1 million. Chestnut said sales felt the impact of Crown Crafts' previously announced discontinuance of an unprofitable private-label infant bedding program. In addition, the sluggish economy also played a part in the sales dropoff, he said.

HFN Staff | News & Commentary

HFN provides detailed information on the key home classifications: Housewares, Tabletop, Floor Covering & Rugs, Furniture, Home Textiles, Lighting, Home Decor, Mattresses & Bedding, Gifts, Major Appliances and Consumer Electronics as well as Business, Finance and Retail.

Videos

  • Patti Carpenter Talks Color and its Importance in the Home

    Camera Icon   More Videos

Subscribe to
HFN Omnichannel
Receive the news you need to know about the trends in the industry delivered right to your inbox.

Current Issue

  • HFN August 2017 cover

    HFN's DIGITAL EDITION

    August 2017


    COVER STORY: Sharpening the Focus on Millennials

    Find out what makes Millennials tick when it comes to home decorating, shopping and at-home entertaining with HFN's annual consumer study. Turns out, Millennials favor the in-store shopping experience.


    ALSO IN THIS ISSUE:

    • Power of the People - Crowdfunding campaigns provide needed capital, feedback for home and housewares product launches.
    •  Omnichannel Retailing: Visual Search Takes Off - Learn how voice and visual search are revolutionizing product discovery.