In This Story
Crown Crafts Inc. (CRWS-0.36%) has submitted its 10-Q filing for the quarterly period ended December 29, 2024.
The filing includes financial statements for the quarter, showing a decrease in net sales to $23.3 million from $23.8 million in the same quarter the previous year. The decrease is attributed to a reduction in sales of bibs, toys, and disposable products.
Gross profit for the quarter was $6.1 million, down from $6.4 million the previous year, with the decline attributed to minor changes in product mix and increased rent expenses.
Marketing and administrative expenses increased to $4.4 million from $4.1 million, primarily due to acquisition-related costs.
Net income for the quarter was $893,000, down from $1.7 million in the previous year. The decrease is attributed to increased expenses and reduced sales.
Cash provided by operating activities was $7.0 million for the nine-month period ended December 29, 2024, compared to $4.1 million in the previous year.
Net cash used in investing activities was $17.0 million, primarily due to the acquisition of Baby Boom Consumer Products, Inc.
The company reported $10.2 million in cash provided by financing activities, largely due to borrowings under its revolving line of credit and a term loan.
Crown Crafts has amended its financing agreement with CIT, waiving certain compliance requirements and adjusting credit availability terms.
The company continues to evaluate the potential impact of new tariffs on imports from China, which may affect product costs and sourcing strategies.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Crown Crafts Inc. quarterly 10-Q report dated February 12, 2025. To report an error, please email earnings@qz.com.