Company: CRWS
Filing Date: 2025-02-12
Form Type: 10-Q
Source: 0001437749-25-003486
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Company: CROWN CRAFTS INC
Filing Date: 2025-02-12
Form: 10-Q
Item: Part I, Item 1
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 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 ofDecember 29, 2024and 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- and nine-month periods endedDecember 29, 2024are notnecessarily indicative of the results that maybe expected by the Company for its fiscal year ending March 30, 2025. For further information, refer to the Company’s consolidated financial statements and notes thereto for the fiscal year endedMarch 31, 2024, included in the Company’s Annual Report on Form10-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 year2025”or“2025”represent the52-week period endingMarch 30, 2025and references herein to “fiscal year2024”or“2024”represent the52-week period ended March 31, 2024.

Recently-Issued Accounting Standards: InNovember 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280 - Improvements to Reportable Segment Disclosures, the objective of which is to improve the disclosures about a public entity’s reportable segments by providing more detailed information about a reportable segment’s expenses. For disclosures associated with annual and interim periods, the amendments in ASU No. 2023-07are required to be adopted for fiscal years beginning afterDecember 15, 2023andDecember 15, 2024, respectively, and early adoption is permitted. Upon adoption, a public entity must apply the amendments in ASU No. 2023-07retrospectively to disclosures of all prior periods presented. The Company is evaluating the guidance