Company: CRWS
Filing Date: 2025-08-13
Form Type: 10-Q
Source: 0001437749-25-026346
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Company: CROWN CRAFTS INC
Filing Date: 2025-08-13
Form: 10-Q
Item: Item 1
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 all of the information and disclosures required by GAAP for complete financial statements. References herein to GAAP are to topics within the FASB Accounting Standards Codification (the “FASB ASC”), which the FASB periodically revises through the issuance of an Accounting Standards Update (“ASU”) and which has been established by the FASB as the authoritative source for GAAP recognized by the FASB to be applied by nongovernmental entities.   In the opinion of the Company’s management, the unaudited condensed consolidated financial statements contained herein include all adjustments necessary to present fairly the financial position of the Company as of  June 29, 2025 and the results of its operations and cash flows for the periods presented. Such adjustments include normal, recurring accruals, as well as the elimination of all significant intercompany balances and transactions. Operating results for the three-month period ended  June 29, 2025 are not necessarily indicative of the results that  may be expected by the Company for its fiscal year ending  March 29, 2026. For further information, refer to the Company’s consolidated financial statements and notes thereto for the fiscal year ended  March 30, 2025, included in the Company’s Annual Report on Form 10-K filed with the United States Securities and Exchange Commission (the “SEC”).   Fiscal Year: The Company’s fiscal year ends on the Sunday that is nearest to or on  March 31. References herein to “fiscal year 2026” or “2026” represent the 52-week period ending  March 29, 2026 and references herein to “fiscal year 2025” or “2025” represent the 52-week period ended  March 30, 2025.
   Recently-Issued Accounting Standards:
   In  December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740) – Improvements to Income Tax Disclosures, the objective of which is to enhance the transparency and decision usefulness of income tax disclosures. The amendments in ASU No. 2023-09 are required to be adopted for fiscal years beginning after  December 15, 2024 and early adoption is permitted. The Company is evaluating the guidance of the ASU No. 2023-09 against its existing disclosures related to income tax disclosures.   In  November 2024, the FASB issued ASU No. 2024-03