WOONSOCKET – Summer Infant Inc., doing business as SUMR Brands, reported a $1.2 million loss in the first quarter, or 57 cents per diluted share. That’s an improvement from a loss of $1.4 million one year prior, or 67 cents per diluted share, the company said on Wednesday.
Revenue for the quarter declined 5.2% year over year to $40.3 million. The company said the decline was due to the impacts of COVID-19. The decline was partially offset by an increase in e-commerce sales.
The infant- and juvenile-product company noted that it was continuing turnaround efforts that predated the pandemic, which included adjusting its headquarters lease and closing its United Kingdom operations.
“A great deal has certainly changed since the start of 2020 due to the COVID-19 pandemic, but SUMR Brands has steadfastly continued to execute a plan designed for the turnaround of the company,” said Stuart Noyes, interim CEO. “Taking every precaution appropriate to safeguard our employees and customers, we are rapidly adapting to at-home working conditions, as well as a surge in online demand. While some of our specialty retailers are closed, most of our channel partners remain open and our suppliers in China are, generally speaking, back producing at near-normal levels.”
The company also noted that Chief Financial Officer Paul Francese is retiring at the end of June and will be succeeded by Ed Schwartz, a turnaround professional. Schwartz previously served as the company’s interim chief financial officer in 2012.
“I’d like to thank Paul Francese … for his many years of service to SUMR Brands. He has elected to retire at the end of June, and we are sincerely grateful for his stewardship through several unexpected challenges – including COVID-19 and a trade war with China,” said Noyes.
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