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Culp, Inc. (CULP) is a prominent player in the home furnishings market, headquartered at 7209 US-158, Stokesdale, North Carolina, United States. The company specializes in the manufacture, sourcing, and marketing of an extensive range of mattress fabrics and sewn covers for mattresses and box springs, as well as upholstery fabrics and cut-and-sew kits for upholstered furniture production.
Operating through two key segments, Mattress Fabrics and Upholstery Fabrics, Culp, Inc. has firmly established itself in the industry. The Mattress Fabrics segment, also known as Culp Home Fashions, focuses on producing and marketing innovative mattress fabrics and covers to bedding manufacturers. This segment is known for its high-quality jacquard woven fabrics, velvets, micro denier suedes, woven dobbies, knitted fabrics, piece-dyed woven products, and polyurethane leather look fabrics.
The Upholstery Fabrics segment caters to the residential and commercial furniture markets. It offers a wide variety of fabric options, ensuring that it meets the diverse needs of its clients. Culp, Inc. continuously strives to innovate and deliver products that reflect the latest trends and consumer preferences.
In recent years, Culp, Inc. has achieved several significant milestones. The company has expanded its product lines and strengthened its market presence through strategic partnerships and collaborations. These efforts have enhanced its ability to offer customized solutions to its customers, reinforcing its commitment to quality and excellence.
Financially, Culp, Inc. has demonstrated resilience and adaptability. Despite the challenges posed by economic fluctuations, the company has maintained a stable financial position. This stability is attributed to its diversified product portfolio, efficient supply chain management, and a customer-centric approach.
With a forward-looking approach, Culp, Inc. is dedicated to exploring new opportunities for growth and expansion. The company's focus on sustainability and innovation ensures that it remains at the forefront of the home furnishings industry. By prioritizing customer satisfaction and leveraging its expertise, Culp, Inc. continues to build a strong foundation for future success.
Culp Inc. (NYSE: CULP) reported financial results for Q2 FY2025 ended October 27, 2024. The company posted consolidated net sales of $55.7 million, down 5.2% year-over-year, with mattress fabrics segment sales increasing 7.1% sequentially. The company reported a GAAP consolidated loss from operations of $(5.4) million, including $2.8 million in restructuring expenses.
The mattress fabrics segment showed a 70.7% sequential reduction in operating loss as restructuring progresses. The company maintains $10.5 million in cash with $4.1 million in outstanding borrowings. Looking ahead, Culp expects Q3 consolidated net sales to be flat to slightly down sequentially, with positive adjusted EBITDA projected for the second half of FY2025.
Culp (NYSE: CULP) has announced it will host its second quarter fiscal 2025 conference call on December 5, 2024, at 9:00 a.m. ET. The company will review financial and operating results for the quarter ended October 27, 2024. Results will be released after market close on December 4, 2024. A live webcast will be available on the company's website under 'Upcoming Events,' with a 30-day replay available afterward. Culp is a major marketer of mattress and upholstery fabrics in North America, with manufacturing and sourcing operations across the US, Canada, China, Haiti, Turkey, and Vietnam.
Culp, Inc. (NYSE: CULP) reported financial results for Q1 FY2025. Key highlights include:
- Consolidated net sales of $56.5 million, up 14.2% sequentially
- Upholstery fabrics segment sales up 19.7% sequentially, with operating income of $1.7 million (6.0% margin)
- Mattress fabrics segment sales up 9.0% sequentially
- GAAP consolidated loss from operations of $(6.9) million, including $2.7 million in restructuring expenses
- $13.5 million cash on hand with $4.0 million in outstanding borrowings
The company expects flat sequential sales in Q2, near break-even adjusted EBITDA in Q2, and positive consolidated adjusted operating income in Q3 FY2025. Restructuring initiatives are progressing as planned, with expected annualized savings of $10-11 million once fully implemented.
Culp, Inc. (NYSE: CULP) has announced its upcoming first quarter fiscal 2025 conference call, scheduled for Thursday, September 5, 2024, at 9:00 a.m. ET. The company will review its financial and operating results for the quarter ended July 28, 2024. A press release detailing these results will be issued after market close on Wednesday, September 4, 2024.
Investors can access the live webcast of the conference call under the 'Upcoming Events' section on Culp's Investor Relations webpage. An online replay will be available for 30 days under the 'Past Events' section. Culp is a leading marketer of mattress and upholstery fabrics in North America, with manufacturing and sourcing capabilities in the US, Canada, China, Haiti, Turkey, and Vietnam.
Culp, Inc. (NYSE: CULP) has announced that Mary Beth Hunsberger will become the new President of Culp Upholstery Fabrics, effective July 27, 2024. Hunsberger, who joined CULP in January 2024 as Executive Vice President, will succeed Boyd Chumbley, who is retiring but will remain in an advisory role. Hunsberger brings over 20 years of experience in the home furnishings industry, including leadership roles at DEDON, Inc. and Gloster Furniture.
Iv Culp, President and CEO of Culp, Inc., expressed confidence in Hunsberger's ability to build on Chumbley's legacy and lead the division forward. The transition is part of CULP's strategic plan for the upholstery fabrics division. Culp, Inc. is a major marketer of fabrics for bedding and upholstery in North America, with operations in the US, Canada, China, Haiti, Turkey, and Vietnam.
Culp (NYSE: CULP) reported Q4 and fiscal year 2024 financial results, showing a net sales decline of 19.4% to $49.5 million in Q4. The company's net loss for Q4 was $4.9 million, or $0.39 per share, slightly worse than the $4.7 million loss in the prior year. For fiscal 2024, net sales were down 4.1% to $225.3 million, with a net loss of $13.8 million, or $1.11 per share, improving from a $31.5 million loss in fiscal 2023. Cash and liquidity stood at $10 million and $32.5 million, respectively, as of April 28, 2024. The company is undergoing a restructuring plan aimed at saving $10-$11 million annually, with full benefits expected by the end of fiscal 2025.
Culp (NYSE: CULP) announced a webcast for its fourth-quarter and fiscal 2024 results on June 28, 2024, at 11:00 a.m. ET. The company will review its financial and operating results for the quarter and fiscal year ended April 28, 2024. A press release detailing these results will be issued after market close on June 27, 2024. The live webcast and a 30-day replay will be accessible under the 'Upcoming Events' and 'Past Events' sections on the Investor Relations page of Culp's website. Culp is a leading global marketer of mattress and upholstery fabrics, with an extensive manufacturing and sourcing network across the U.S., Canada, China, Haiti, Turkey, and Vietnam.
Culp has entered a cooperation agreement with its major shareholder, 22NW. As part of this agreement, Alexander B. Jones from 22NW will join Culp's board and will be nominated for a position at the 2024 Annual Shareholders Meeting. Jones, who oversees investments at 22NW, is also an Independent Director at L.B. Foster Company. Both parties have expressed optimism about the collaboration, especially given Culp's ongoing restructuring plan. The full agreement will be filed with the SEC as a form 8-K.
Culp, Inc. (NYSE: CULP) announced a major restructuring plan focused on its mattress fabrics segment to reduce costs, improve asset utilization, and drive growth. The plan includes consolidating operations, optimizing efficiency, transitioning to strategic sourcing, reducing expenses, and cutting unallocated corporate costs. The company aims to achieve $10.0 - $11.0 million in annualized savings, return to break-even operating results, and receive $10.0 to $12.0 million from real estate sales. The restructuring will result in workforce reductions and incur $8.0 million in costs with expected cash proceeds covering expenses.
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