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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) will participate in the Water Tower Research Fireside Chat Series on April 11, 2023, at 2:00 p.m. ET. The event is open to the public, featuring Culp's CEO Iv Culp and CFO Ken Bowling discussing the company's strengths, including a robust balance sheet, diversified manufacturing, and innovation capabilities. Key topics will cover the transformation in the mattress fabrics sector, the outlook for the furnishings market, and strategic initiatives for growth as market conditions normalize. The presentation will be webcast live and available for replay on Culp’s investor relations webpage, with registration required for live participation.
Culp, Inc. (NYSE: CULP) reported a challenging third quarter for fiscal 2023, with net sales of $52.5 million, down 34.6% year-over-year. Loss from operations was $(7.8) million, compared to a profit of $1.1 million last year, influenced by restructuring costs of $711,000. The net loss reached $(9.0) million, or $(0.73) per share. Cash flow from operations improved to $4.6 million, a significant turnaround from negative $(12.4) million last year. Despite a solid balance sheet with $16.7 million in cash, the company faces ongoing demand challenges affecting its mattress and upholstery fabrics segments and expects continued pressure through fiscal 2023.
Culp, Inc. (NYSE: CULP) announced a live webcast for its third quarter fiscal 2023 conference call, scheduled for March 2, 2023, at 11:00 a.m. ET. During the call, the company will discuss its financial and operating results for the quarter ending January 29, 2023. A press release detailing these results will be available after market close on March 1, 2023. Culp is a leading marketer of mattress and upholstery fabrics, operating manufacturing sites and sourcing capabilities across the U.S., Canada, China, Haiti, Turkey, and Vietnam.
Culp, Inc. (CULP) reported second-quarter 2023 results, with net sales of $58.4 million, a 21.7% decline year-over-year. The loss from operations was $(11.9) million, impacted by $5.0 million in inventory impairment charges and restructuring costs. Net loss reached $(12.2) million, or $(0.99) per diluted share. Despite challenges, the company ended the quarter with $19.1 million in cash and no debt, improving cash flow from operations to $6.2 million. Looking ahead, CULP anticipates lower sales for Q3 but expects reduced operating losses and cautious optimism for Q4 improvements.
Culp, Inc. (NYSE: CULP) will hold a second quarter fiscal 2023 conference call on December 8, 2022, at 11:00 a.m. ET. The call will include a review of financial results for the quarter ending October 30, 2022. A press release detailing these results will be released after market close on December 7, 2022. The live webcast can be accessed via the Investor Relations section on Culp's website, with a replay available for 30 days.
Culp, Inc. (NYSE: CULP) projected net sales of approximately $58 million for Q2 2023, anticipating a consolidated operating loss between $(11.7) and $(12.2) million. This loss includes $5 million in inventory impairment and markdowns, and $700,000 in restructuring charges. President Iv Culp noted ongoing demand weakness in the mattress fabrics segment and macroeconomic challenges impacting operations. Despite challenges, the company expects to end the quarter with around $19 million in cash with no debt, aiming for improved profitability in H2 2023.
Culp, Inc. reported a challenging first quarter for fiscal 2023, with net sales of $62.6 million, down 24.6% year-over-year. Sales from mattress fabrics fell 31.8%, while upholstery fabrics declined 16.9%. The company faced a loss from operations of $(4.7) million, compared to a $3.3 million profit a year prior. The net loss reached $(5.7) million, or $(0.47) per diluted share. Despite a cash position of $18.9 million with no debt, Culp anticipates ongoing pressures from inflation, high inventory, and soft consumer demand, leading to expected operating losses in the coming quarters.
Culp, Inc. announced the appointment of Tommy Bruno as Executive Vice President of Culp Home Fashions, effective September 6, 2022. He will succeed Sandy Brown, who is retiring on December 31, 2022, after 39 years with the company. Bruno has extensive experience in the bedding industry, having previously served at Tempur + Sealy. Brown's long tenure included significant contributions to the company's growth, and she will assist during the transition as a strategic advisor.
Culp, Inc. (NYSE: CULP) will host a live webcast of its first quarter fiscal 2023 conference call on September 1, 2022, at 11:00 a.m. ET. The call will cover financial and operating results for the quarter ending July 31, 2022. A press release with the results will be issued after market close on August 31, 2022.
The webcast will be available in the Upcoming Events section of Culp's Investor Relations webpage, and a replay will be accessible for 30 days under Past Events.
Culp, Inc. (NYSE: CULP) announced a change in its executive management structure, effective September 1, 2022. Franklin N. Saxon, current executive chairman, will transition to a non-executive role while remaining chairman of the board and strategic advisor. His tenure spans nearly 40 years, during which he held various key positions including CEO. Iv Culp, the current president and CEO, praised Saxon’s leadership and contributions to the company. Culp, Inc. is a leading marketer of mattress and upholstery fabrics with a global clientele.
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