Crown Crafts Q3 Net Gains 10.9 Percent
February 12, 2014,
GONZALES, La.-Crown Crafts bucked the tough retail economy by turning in double-digit increases in both net income and operating income in its fiscal third quarter, which ended on Dec. 29.
Net income rose 10.9 percent to finish the quarter at $1.8 million. The company did not break out selling, general and administrative expenses in its statement on the quarter, but said income from operations gained 14.2 percent to $2.9 million. Gross margin increased by 260 basis points to 28.9 percent.
Net sales were up 2.7 percent to $20.6 million. "We continue to demonstrate steady year-over-year improvement in sales, gross profit and net income, despite the challenging retail environment," said E. Randall Chestnut, Crown Crafts' chairman, president and CEO.
Other Articles By Author
Von Tobel Cites Brass Textures Among Top Trends
HFN's DIGITAL EDITION
2017 State of the Industry Report
Cautious Optimism, Mixed Results
Many expected 2016 would be a banner year, but the political and economic climate softened consumer confidence. It was also a year consumers spent more lavishly on home remodeling rather than decorating.
ALSO IN THIS ISSUE:
- TJX Unveils First U.S. Homesense Store - In a time when retailers are reducing store counts, TJX continues to get physical.
- Ikea’s Fluid Spaces - The retailer’s new intros reflect multifunctional rooms.
- N.Y. Home Fashions Market Preview - Textile textures get soft and cozy, colors warmer.