CRWS - Earnings call 2 2024 | Crown Crafts, Inc.

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Operator

Hello, and welcome to the Crown Crafts, Inc's.

Second Quarter Fiscal Year 2024 Conference Call. [Operator Instructions] Please note, this event is being recorded.

I would now like to turn the conference over to John Beisler, Three Part Advisors. Please go ahead.

John Beisler

good and MJ, you, morning, everyone. Thank you Quarter Fiscal appreciate joining us Second Crafts' Crown the XXXX for We Conference Call.

Joining and Craig today CEO, me are Crown Crafts' call on President Olivia the Demarest. Elliott; CFO, company's the and

Earlier A a second release issued XX-Q press website this of Crown release this XXXX on regarding results. at the Crafts company's morning, fiscal its and filed quarter copy their is available crowncrafts.com.

those may expressed will make implied. certain statements differ call, materially subject today's results from beyond Crown are uncertainties the company statements the Crafts' During and control obligation no these that or to under be and These statements. forward-looking risks and actual to is update company may

the company's with and information Commission. Securities about filings company's Exchange more and the to other factors the For refer risk uncertainties, please

like to the available be you remind replay is page. today's through a and being I Finally, would recorded, will company's Relations Investor call

turn and over Now call to like would President to the I Elliott. the Olivia CEO,

Olivia Elliott

and John, morning, you, everyone. good Thank

quarter second sales categories. progress results Toy two Manhattan Our within continued our growth and legacy year-over-year reflect the at

spending encouraging, constrain consumers bankruptcy to of Buy this The this only stores of Buy its earlier pressures though overall lower brick-and-mortar facing recent the continue that year. a reopening XX to has the months. as welcome stores of a part marketplace, cost addition is Baby in closed inflation but While fraction trended represents even were

our is products Having forward. a key others going between represent and to and specialty difference location retailers we opportunity an physical the experience differentiator a believe

for additional the opportunities to strong maintain our and We company. look our across work customers to reduction with continue existing cost relationships

for Sassy a was NoJo compared brands almost $XX At quarter, We million are the of and end the effectively ago. $XX our to million inventory year inventory. our managing

to that, would the information. to I over to call like some Craig cover financial turn With

Craig Demarest

$X.X increase prior NoJo net due year primarily the $XX.X quarter to to quarter addition current Olivia, you, the added the the and and of increase compared million million in $XX.X 'XX attributable our to Toy, million for an of which morning, increases sales XX.X% and $X.X businesses. Net Sassy The fiscal million. sales in good in second quarter Thank is to to slight everyone. of Manhattan increased or year

per for profit Manhattan XX.X% the quarter income for profit of the the prior income second expenses of was compared in XX.X% year Gross Toy. by decrease $X.XX per or in Net to of to $X.X 'XX. share quarter primarily was diluted net fiscal driven $X diluted the compared second quarter. share or was $X.XX million quarter The million

balance end million $X.X On X.X% finally, currently and of dividend, our $X.XX price. And next January. of the annualized Now shares at the borrowings on sheet. fiscal in at yesterday's 'XX. equivalents million quarter $XX.X $X.X which yield at turning per million share to offer our closing we declared on our the the be Cash paid the paid will our million based compared $X.X were end to fiscal dividend a of regular basis, 'XX of end an to were quarterly and compared at our the cash of and revolver quarter end

And for the Olivia I'll to call comments. over now additional turn back

Olivia Elliott

representing to historical be expect the Since quarter, March, sales we XX% holiday And Toy largest to Craig. quarter their acquired its have the sales. annual between sales their you, we Manhattan September of Thank June. its XX% in followed with outpacing upcoming trend quarter

Manhattan to Toy. cost, We should better continue which to to margins find ways for reduce lead

favorable response at by last encouraged Fair, Toy York month's the new we toy designs. received New where introduced We're we

we economic opportunities. remain on so position business that our the challenging environment continue in growth to will We manage a to in proactively current capitalize

progress our look and the to optimistic you be next quarter. long-term forward prospects of company continue the to about on We updating

I'd With line like the to open questions. MJ? that, for up

Operator

[Operator like for back Elliott remarks. to now to I the call concludes Instructions] would Olivia session. closing hand This question-and-answer our

Olivia Elliott

interest you Thank our continued your for company. in

XX. will you in We we November our We again forward to look be Part Advisors' in Conference third when Thank with speaking participating in Three IDEAS tomorrow, report February. Dallas quarter the results you.

Operator

now you The for presentation. attending conference today's has concluded. Thank

now may disconnect. You

Crown Crafts (CRWS) 15 Nov 232024 Q2 Earnings call transcript