Editor’s Note: This article has been updated to reflect trade price as of 3:55 p.m. EST.
Gonzales-based baby product designer and distributor Crown Crafts posted a 5% increase in net income during the third quarter of the fiscal year, compared to the same quarter last year, despite slower sales due to the holidays.
“While our business remains strong, this year’s third quarter presented several challenges,” says Chairman, President and CEO E. Randall Chestnut in a prepared statement accompanying the third quarter report. “Retail sales are typically slower for our product categories during the holidays when retailers shift their focus more toward seasonal goods.”
Crown Craft recorded net sales of $20.7 million during the three months that ended Dec. 27, down from $23.7 million during the quarter the year previous. Nonetheless, net income on the quarter rose to $2.1 million, or 21 cents per diluted share, up from $2 million during the quarter that closed 2014.
Three quarters through the current fiscal year, Crown Crafts’ net income was at $4.6 million, or 46 cents per diluted share, on net sales of $59.3 million. Last fiscal year, the company’s year-to-date net income was $3.6 million, or 36 cents per diluted share, on net sales of $59.9 million.
As of this 3:55 p.m. EST, shares of Crown Craft were trading for $8.09 on the NASDAQ exchange, down 1.58%. See the complete third quarter report.
