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.
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