Crown Crafts sales surge in 1Q
By Staff -- Home Textiles Today, 8/13/2008 1:22:00 PM
Gonzales, La. – Crown Crafts’ acquisition of the Springs infant division nine months ago provided a lift to first-quarter sales, the producer of infant and toddler products reported today.
Sales jumped 28.6% to $19.8 million for the quarter ended June 29. Sales of bedding, blankets and accessories were $4.9 million -- $4.7 of that coming from the Springs segment, executives said during the company’s quarterly conference call this morning.
Net income fell 37% to $619,000. “Profitability decreased year-over-year primarily as a result of an unfavorable change in the over-absorption of overhead of $475,000, which should reverse itself over the remaining quarters of the fiscal year,” said Randall Chestnut, chairman, president and ceo.
Crown Crafts also incurred roughly $245,000 in amortization expense association with the acquisition of Springs infant division this past November.
The company also reaffirmed its fiscal year guidance of $90 million to $93 million in revenue and earnings per share of 41 cents to 46 cents.
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