Crown Crafts, the Gonzales-based designer and distributor of infant and baby products, reported a drop in annual earnings for fiscal 2011. The company had net earnings of $4.3 million, or 45 cents a share, for the year that ended April 3. In the previous year, Crown Crafts earned $4.8 million, or 52 cents a share. Crown Crafts blamed the drop on higher raw materials costs, costs associated with the company’s business in China, and one-time charges amounting to $1.1 million. Despite the drop in earnings, Crown Crafts saw its sales increase by 4.5%, from $86.1 million in fiscal 2010 to $90 million.
Crown Crafts annual earnings drop
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