Crown Crafts Net Drops 27 Percent in First Quarter
August 17, 2011,
GONZALES, La.-Higher-than-expected costs slashed Crown Crafts' bottom line in its fiscal first quarter, which ended on July 3.
The company's net income finished at $530,000, down 27 percent from last year's first quarter. While net sales rose 1.9 percent to $17.5 million, Crown Crafts' results were buffeted by rising costs for raw materials, labor, transportation and currency associated with its sourcing operations in China. As a result, gross margin plummeted by 340 basis points to 21.6 percent.
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