Crown Crafts profit jumps in 1Q
HTT Staff -- Home Textiles Today, 8/15/2012 11:51:03 AM
Gonzales, La. - Exiting an unprofitable bedding program helped propel Crown Crafts's first quarter profits head 70% to $897,000, or 8 cents per share.
Sales were essentially flat - down 0.2% to $17.45 million for the quarter ended July 1.
Company chairman, president and ceo Randall Chestnut said the company also benefited from its "quick response to increases in raw material prices in early fiscal 2012 when cotton prices were at all-time highs. Since that time, we have strategically reduced our dependence on cotton by successfully redesigning some of our product lines. We also selectively increased prices where appropriate, which positively impacted our bottom line."
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