Courtesy of Benzinga
Net sales up 4.5% in fiscal 2011, despite challenging fourth quarter macroeconomic conditions Top-line growth fueled by acquisitions and strong organic growth among bib, bath and disposable products
Crown Crafts, Inc. (NASDAQ: CRWS) today reported operating results for the fourth quarter and fiscal year ended April 3, 2011.
“During the year, we made significant progress on critical strategic initiatives, including the diversification of our product line and channels of distribution,” said E. Randall Chestnut, Chairman, President and Chief Executive Officer. “As a result, net sales climbed 4.5% for the year, fueled by acquisitions and significant organic growth in our bib, bath and disposable products. It is also noteworthy that we generated approximately 7% of our fiscal 2011 sales from channels that barely existed two years ago, including international sales of Company-branded products, as well as sales into premier restaurant chains, food and drug chains and the rapidly growing ‘dollar’ store segment. Furthermore, our total sales of Company-branded products increased by 22% from a year ago as our customers and their consumers continue to embrace our innovative, high-quality and attractively designed products.”
Chestnut noted that the Company, like its industry peers, faced macroeconomic headwinds in the fourth quarter of fiscal 2011. “While we are certainly not satisfied with our fourth quarter financial results, we believe the positive operational momentum we built throughout the year remains strong and will serve us well as we move forward in fiscal 2012,” he said.
