Crown Crafts falls on dismal Q1 results
17/08/2022 16:40
** Shares of Crown Crafts Inc CRWS.O , a maker of toys for
children, fall as much as 3% to $6.48
** Company's Q1 net sales fell to $15.7 mln, from $18.7 mln
a year earlier urn:newsml:reuters.com:*:nGNX9L0dQx
** CRWS's net income was $1.4 mln, or 14 cents per share,
compared to net income of $2.7 mln, or 27 cents per share
** CEO Olivia Elliott says consumers became more
price-sensitive during the quarter in response to rising
inflation and retailers began reducing their purchases as their
inventories increased
** Stock has fallen ~11% this year
(Reporting by Ananya Mariam Rajesh in Bengaluru)
((AnanyaMariam.Rajesh@thomsonreuters.com ; Twitter: https://twitter.com/AnanyaMariam))