Crown Crafts Q4 net income falls to $0.08 EPS; full-year sales down 14%

CROWN CRAFTS INC

Q4 net sales $21.6M vs $25.7M YoY; net income $828K ($0.08 diluted) vs $2.4M ($0.24).
FY2023 net sales $75.1M (down 14% from $87.4M); net income $5.7M ($0.56) vs $9.9M ($0.98).
Acquired Manhattan Group (Manhattan Toy) on March 17, 2023; $358K acquisition expenses in Q4.
Quarterly dividend of $0.08/share declared, payable July 7, 2023 to June 16 record holders.
CEO cites excess inventory, inflation, and lower consumer demand as key headwinds.

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.95

CROWN CRAFTS INC reported fiscal year 2023, which ended April 2, 2023 results: revenue $75.1 million, net income $5.7 million, EPS $0.56 per diluted share.

Period: fiscal year 2023, which ended April 2, 2023
Revenue: $75.1 million
Net income: $5.7 million
EPS: $0.56 per diluted share
Result: reported results

Exact text from the filing

Net sales of $75.1 million, compared to $87.4 million in fiscal 2022 ● Gross margin of 26.4% of net sales, compared to 26.7% in the prior year ● Net income of $5.7 million, or $0.56 per diluted share, compared to $9.9 million, or $0.98 per diluted share, in the prior year

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Earnings Releases SEC 8-K Item 2.02 confidence 0.95

CROWN CRAFTS INC reported fourth quarter and full year of fiscal year 2023, which ended April 2, 2023 results: revenue $21.6 million, net income $828,000, EPS $0.08 per diluted share.

Period: fourth quarter and full year of fiscal year 2023, which ended April 2, 2023
Revenue: $21.6 million
Net income: $828,000
EPS: $0.08 per diluted share
Result: reported results

Exact text from the filing

Net sales of $21.6 million, compared to $25.7 million in the prior-year quarter ● Net income of $828,000, or $0.08 per diluted share, compared to $2.4 million, or $0.24 per diluted share, in the prior-year quarter

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Source: SEC EDGAR

accession 0001437749-23-018048

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