Crown Crafts, Inc.

Hello, and welcome to the Crown Crafts, Inc. First Quarters FY 2024 conference call. All participants will be in listen-only mode. Should you need assistance, please signal a conference specialist for pressing the star key, followed by zero. After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press star then one on your touchtone phone. To withdraw your question, please press star then two. Please note, today's event is being recorded. Now I'd like to turn the conference over to John Beisler, Investor Relations. Please go ahead.

Thank you, Operator, and good morning, everyone. We appreciate you joining us for the Crown Crafts first 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 a 10-Q and issued a press release regarding their first quarter fiscal 2024 financial results. A copy of this release is available on the company's website, 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 of Crown Crafts, Olivia Elliott.

Thank you, John, and good morning, everyone. I would first like to thank our entire team for their resiliency as we reported another profitable quarter despite the multiple headwinds impacting our business. We also completed our first full quarter Integrating Manhattan toy, and we'll share our progress with you a little bit later. Our results for the first quarter of fiscal 2024 reflect the ongoing challenges facing the consumer. Food and housing costs continue to run above the overall inflation rate, and gasoline prices have begun to rise again. All of these items continue to limit the amount of discretionary income available to consumers. causing them to either purchase fewer items or trade down to lower-priced products. Retailers are also carrying less inventory, in some cases going from 10 weeks of product on hand to six. Additionally, the recent closure of all buy-by-baby stores has left the marketplace without a national brand with brick-and-mortar locations to sell higher-end, company-branded infant bedding. Although some of the prior Bye Bye Baby locations are reopening under a different brand and the Babies R Us brand has been revived, they are both in the very early stages and represent a small fraction of the locations both of these brands previously operated. As a result, we believe that specialty retailers will be a key player to fill the existing void. We're responding to these ongoing challenges by further strengthening relationships with current customers and implementing cost reduction initiatives across our business. Lastly, we paid our regular quarterly dividend, which is a testament to our long-term commitment to drive shareholder value. With that, I would like to turn it over to Craig to cover the financials in more detail.