Crown Crafts, Inc. (NASDAQ:CRWS) Q2 2024 Earnings Call Transcript November 15, 2023
Operator: Hello and welcome to the Crown Crafts, Inc. Second Quarter Fiscal Year 2024 Conference Call. All participants will be in listen-only mode. [Operator Instructions]. After today's presentation, there will be an opportunity to ask questions. [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: Thank you, MJ, and good morning, everyone. We appreciate you joining us for the Crown Crafts' second quarter fiscal 2024 conference call. Joining me on the call today are Crown Crafts' President and CEO, Olivia Elliott; and the company's CFO, Craig Demarest. Earlier this morning, Crown Crafts filed its 10-Q and issued a press release regarding their second quarter fiscal 2024 results. A copy of this release is available on the company's website at crowncrafts.com. During today's call, the company will make certain forward-looking statements and actual results may differ materially from those expressed or implied. These statements are subject to risks and uncertainties that may be beyond Crown Crafts control and the company is under no obligation to update these statements.
For more information about the company's risk factors and other uncertainties, please refer to the company's filings with the Securities and Exchange Commission. Finally, I would like to remind you today's call is being recorded and a replay will be available through the company's Investor Relations page. Now I would like to turn the call over to the President and CEO, Olivia Elliott.
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Olivia Elliott: Thank you, John, and good morning, everyone. Our second quarter results reflect the continued progress at Manhattan Toy and year-over-year sales growth within our two legacy categories. While encouraging, cost pressures facing consumers continue to constrain spending, even though overall inflation has trended lower in recent months. The reopening of 11 buybuy Baby stores is a welcome addition to the marketplace. But this represents only a fraction of the brick and mortar stores that were closed as part of its bankruptcy earlier this year. Having a physical location to experience the difference between our products and others is a key differentiator, and we believe specialty retailers represent an opportunity going forward.
We continue to work with our existing customers to maintain our strong relationships and look for additional cost reduction opportunities across the company. We are effectively managing our inventory. At the end of the quarter, inventory for our Sassy and NoJo brands was 21 million compared to almost 28 million a year ago. With that, I would like to turn the call over to Craig to cover some financial information.
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