Fri, Jun 28, 11:02 AM (260 days ago)
Crown Crafts, Inc.'s annual report for the fiscal year ended March 31, 2024, highlights key financial metrics and strategic activities. The company reported net sales of $87.6 million, a 16.8% increase from the previous year, driven by a rise in sales of bibs, toys, and disposable products. Gross profit increased by 16% to $23 million, although gross margin slightly decreased to 26.2%. Marketing and administrative expenses rose by 27.3% to $16.1 million, due to costs associated with the Manhattan acquisition. Net income declined by 13.4% to $4.9 million, and earnings per share were $0.48. The company completed the acquisition of Manhattan Group, LLC, enhancing its product portfolio. Future outlook includes potential risks from economic conditions, geopolitical tensions, and supply chain disruptions. The company's liquidity remains strong with $19.2 million available under its revolving credit facility.