Crown Crafts, Inc. Reports Net Income of $5.65 Million in Fiscal Year 2023
Crown Crafts, Inc. Records Revenue of $75.05 Million in Fiscal Year 2023
Crown Crafts, Inc.,(CRWN) a leading provider of infant and toddler products, announced its financial results for the fiscal year ended April 2, 2023. The company reported a net income of $5.65 million, reflecting a decrease compared to the previous fiscal year. Additionally, Crown Crafts generated revenue of $75.05 million, demonstrating a decline in sales during the same period.
Decline in Net Income:
Despite its strong position in the infant and toddler product market, Crown Crafts faced challenges in fiscal year 2023, resulting in a decrease in net income. The company's net income stood at $5.65 million, down from $9.92 million in the previous fiscal year. This decline can be attributed to various factors, including increased marketing and administrative expenses and a rise in income tax expense.
