• The Carter's of baby bedding and nursery accessories.
• A mini Procter & Gamble, specialized in infant and toddler soft goods.
• Gerber, but for baby blankets and crib sheets.

• Infant Bedding: Sets of sheets, quilts, and crib skirts designed for infant cribs.
• Toddler Bedding: Bedding sets, including sheets, comforters, and pillowcases, tailored for toddler beds.
• Wearable Blankets: Garments designed to replace loose blankets in the crib, providing warmth and safety for infants and toddlers.
• Baby Blankets & Accessories: A variety of soft blankets, swaddles, and other complementary items for babies and nurseries.

Major Customers of Crown Crafts (CRWS)

Crown Crafts (CRWS) primarily sells its infant bedding, blankets, and related accessories to other companies, specifically large retailers. Based on their fiscal year 2023 10-K filing, their major customers include:

• Walmart Inc. (Symbol: WMT) - accounted for approximately 40% of net sales (including its subsidiaries, Sam's Club and Walmart.com).
• Target Corporation (Symbol: TGT) - accounted for approximately 11% of net sales.

No other customer accounted for 10% or more of Crown Crafts' net sales during fiscal year 2023.

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Olivia Elliott, President, Chief Executive Officer and Director

Ms. Elliott is a Certified Public Accountant who assumed the role of President and Chief Executive Officer of Crown Crafts, Inc. in March 2022, and has been a Director since May 2022. She became President and Chief Operating Officer in January 2021 after serving as Vice President and Chief Financial Officer since September 2008. Ms. Elliott joined Crown Crafts as Treasurer in November 2001. Prior to her tenure at Crown Crafts, she served as Corporate Controller for Amedisys, Inc., a public home healthcare company, from May 1999 to November 2001, and held various positions at United Companies Financial Corporation, a public lending company, from January 1995 to May 1999. She began her career in public accounting in 1991 with Deloitte & Touche LLP.

Claire Spencer, Vice President & Chief Financial Officer

Ms. Spencer was appointed Chief Financial Officer of Crown Crafts, Inc., effective June 30, 2025, having previously joined the company as Vice President. Before joining Crown Crafts, she served as Director of SEC Reporting for H&E Equipment Services, Inc., a Nasdaq-listed equipment rental company, from July 2021 through June 2025, and as H&E's SEC Reporting Manager from July 2019 to July 2021. Prior to H&E, she was the Financial Reporting Manager at HRI Properties, LLC, a real estate development company, from May 2017 to June 2019. She also held various audit roles at KPMG, LLP from October 2013 to May 2017. Ms. Spencer holds a Master of Science in Accounting and a Bachelor of Business Administration in Accounting from Southern Methodist University. She is a member of the American Institute of Certified Public Accountants and both the Texas and Louisiana Society of Certified Public Accountants.

Zenon S. Nie, Chairman of the Board

Mr. Nie is the Chairman of the Board for Crown Crafts, Inc. He is the founder, President, and Chief Executive Officer of CEO Advisory Board LLC, a management consulting firm established in 2000. Since 2001, he has also been an operating partner in Tri-Artisan Partners. From 1993 to 2000, Mr. Nie served as Chairman of the Board, President, Chief Executive Officer, and Chief Operating Officer of Simmons Company, an international mattress manufacturer and distributor.

Michael Benstock, Director

Mr. Benstock has served as a Director of Crown Crafts, Inc. since May 2023. He is the Chairman, President, and Chief Executive Officer of Superior Group of Companies ("SGC"), a position he has held since 2003, and has been a member of SGC's board since 1985. Mr. Benstock has held multiple positions within SGC since joining in 1979, including Executive Vice President of Manufacturing. He previously served as a director with USAmeriBank, Inc. from 2007 until its sale in 2017.

Patricia Stensrud, Director

Ms. Stensrud is a Director of Crown Crafts, Inc. She founded Hudson River Partners LLC in 2003, where she is a principal and managing partner, overseeing private real estate investment and M&A advisory for start-up and acquisition initiatives. She also serves as a Managing Director for Avalon Securities, a boutique investment bank. From May 2011 through November 2015, Ms. Stensrud was President of A&H Worldwide, a global packaging company. Her focus through Hudson River Partners between December 2005 and December 2010 was on M&A activity within the fashion and accessories industry.

The public company Crown Crafts (CRWS) faces several clear emerging threats:

• Rise of Direct-to-Consumer (DTC) Brands: A growing number of agile, digitally native brands are entering the infant and juvenile product market. These companies leverage e-commerce and social media to bypass traditional retail channels, offering products often focused on specific aesthetics, organic materials, sustainability, or niche needs. This model allows them to build strong customer communities, respond quickly to market trends, and directly compete with CRWS's established brands by offering alternative purchasing experiences and unique product propositions.
• Increased Competition from Retailer Private Labels: Major mass merchants and online retailers, which represent CRWS's primary distribution channels, are significantly investing in and expanding their own private label brands for infant and juvenile products. These private labels benefit from prime shelf space, aggressive pricing strategies, and integrated marketing within the retailers' ecosystems, directly competing with CRWS's branded offerings and potentially eroding market share and pricing power.

The addressable markets for Crown Crafts' main products and services are as follows:

• Infant and Toddler Bedding: The global babies bedding market was valued at approximately USD 3.1 billion in 2024 and is anticipated to reach around USD 6.2 billion by 2033. North America holds the largest market share, approximately 38%. Separately, the global baby crib sheet market was valued at USD 6.57 billion in 2023 and is expected to grow to nearly USD 8.65 billion by 2030. North America holds a 30% market share of the global baby crib sheet market, valued at USD 1.86 billion.
• Wearable Blankets: The global wearable blanket market size was valued at USD 3.8 billion in 2024 and is projected to grow to USD 6.2 billion by 2030. North America is the largest market for wearable blankets.
• Nursery and Toddler Accessories (including Room Decor, Bibs, Burp Cloths, and Bath Products):
  • U.S. Kids Room Decor Market: This market, which includes bedding as a major segment, was valued at $12,750.2 million in 2022 and is projected to reach $24,490.1 million by 2032.
  • Global Burp Cloths Market: This market was valued at USD 1.5 billion in 2024 and is expected to reach USD 2.8 billion by 2033. The North American burp cloths market was approximately USD 214.3 million in 2024.
  • Global Baby Bath Products Market: This market was valued at USD 3.24 billion in 2024 and is anticipated to reach USD 5.31 billion by 2032. The baby bath and shower products market is expected to grow from USD 4.310 billion in 2025 to USD 6.149 billion in 2030.
• Developmental Toys: null
• Feeding and Care Goods (excluding bibs and burp cloths): null

Here are 3-5 expected drivers of future revenue growth for Crown Crafts (CRWS) over the next 2-3 years:

1. Acquisitions and Expansion of Product Lines: Crown Crafts anticipates revenue growth from recent acquisitions, such as Baby Boom Consumer Products, which has added diaper bags and several popular brand licenses to its portfolio. The company also aims to strengthen its market position by expanding into new product lines.
2. Leveraging Popular and Trending Brands: The company plans to drive growth by leveraging popular and trending brands. An example includes the expansion of its Disney product line to Canada.
3. E-commerce and Retail Partner Relationship Expansion: Crown Crafts has been expanding its e-commerce capabilities and maintaining strong relationships with major retail partners, which can contribute to future sales growth.
4. International Sales Enhancement: Opportunities for enhancing international sales through distributor networks are expected to be a driver of future revenue.
5. New Product Development and Category Refreshment: The company is focused on refreshing existing categories and developing new products to capitalize on future consumer spending.

Share Repurchases

No significant company-wide share repurchase programs or specific dollar amounts of repurchases made or authorized were explicitly disclosed in the available financial reports and press releases for the last 3-5 years.

Share Issuance

• On June 30, 2025, Claire K. Spencer, Vice President and CFO, received a grant of 15,000 shares of common stock under the 2021 Incentive Plan, which will vest on June 16, 2027, subject to continuous employment.
• On August 14, 2025, several directors, including Patricia Stensrud, Donald Ratajczak, and Michael Benstock, were each granted 34,944 shares of restricted common stock under the 2021 Incentive Plan.

Outbound Investments

• Crown Crafts acquired the assets of Baby Boom Consumer Products, Inc. around July 22, 2024.
• Net cash used in investing activities was $17.0 million as of December 29, 2024, primarily due to the Baby Boom Consumer Products, Inc. acquisition.
• The acquisition of Baby Boom assets for $18 million was financed by an $8 million term loan and expanded revolving credit.

Capital Expenditures

• Capital expenditures for property, plant and equipment were $86,000 for the three months ended June 29, 2025.
• For the three months ended June 30, 2024, capital expenditures for property, plant and equipment amounted to $284,000.
• Capital expenditures primarily focus on property, plant, and equipment.