GONZALES, La.-Net income for Crown Crafts finished the second quarter at $803,000, down 22 percent from the company’s fiscal second quarter of last year.
Net sales for the infant/toddler consumer products manufacturer totaled $21.7 million in the quarter, a decline of 8.6 percent from the year-ago second quarter.
“Weakness in retail demand in our core business persists, and our customers remain reluctant to rebuild their inventory levels,” said E. Randall Chestnut, chairman, president and chief executive officer, in a Crown Crafts statement.
Chestnut added that the company has responded to the tough economic environment with aggressive management of its cash flow and tight controls on its own inventories. He said inventories fell by $2.9 million in the second quarter. “We are confident that we are well positioned to benefit as the economy recovers,” Chestnut said.
