Welcome to our dedicated page for Culp news (Ticker: CULP), a resource for investors and traders seeking the latest updates and insights on Culp stock.
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. (CULP) reported a net loss of $(6.0) million or $(0.49) per diluted share for Q4 FY2022, a significant downturn from a net income of $1.5 million in Q4 FY2021. Net sales fell 28.0% to $56.9 million, driven by declines in both mattress and upholstery fabrics. For FY2022, net sales totaled $294.8 million, down 1.6%. Culp has suspended its quarterly cash dividend to bolster liquidity amid ongoing macroeconomic challenges, while also closing a new $40 million secured credit facility. The company anticipates continued pressure in FY2023, with Q1 sales expected to match Q4 FY2022 levels.
Culp, Inc. will conduct a conference call on June 30, 2022, at 11:00 a.m. ET to discuss its financial results for the fourth quarter and fiscal year ended May 1, 2022. A press release detailing these results will be published post-market on June 29, 2022. The live webcast can be accessed via the Investor Relations section of Culp's website, with replay available for 30 days.
Culp is a major marketer of mattress and upholstery fabrics, operating across various countries including the U.S., Canada, China, Haiti, Turkey, and Vietnam.
Culp, Inc. (NYSE: CULP) will join the Water Tower Research Fireside Chat Series on May 12, 2022, at 1:00 p.m. ET. The public is invited to participate with advance registration. Iv Culp, CEO, along with key members from Culp Upholstery Fabrics, will discuss recent innovations in upholstery, focusing on consumer trends influenced by social media, industry trends, and advancements in sustainability.
The live session will be available online for replay via the company's Investor Relations page.
Culp, Inc. (NYSE: CULP) has adjusted its fourth-quarter fiscal 2022 expectations, anticipating a significant decline in net sales and a consolidated operating loss between
Culp, Inc. (NYSE: CULP) will participate in the Sidoti Virtual Investor Conference on March 23-24, 2022. The presentation, led by President and CEO Iv Culp and CFO Ken Bowling, is scheduled for March 23 at 8:30 a.m. Eastern time. Investors can join the live webcast via the link provided or through the company’s Investor Relations website. Culp, Inc. specializes in mattress and upholstery fabrics, operating manufacturing and sourcing facilities across the United States, Canada, China, Haiti, Turkey, and Vietnam.
Culp, Inc. (NYSE: CULP) will participate in the Water Tower Research Fireside Chat Series on March 16, 2022, at 1:00 p.m. ET. The event is open to the public with registration available online. CEO Iv Culp, along with executives Jeff Veach and Christina Pennant, will discuss innovations in mattress fabrics, trends from the recent ISPA Expo, and updates on the new Innovation Center. Participants can register and access the event via Culp’s website. Culp is a leader in mattress and upholstery fabrics, with operations in the US, Canada, China, Haiti, Turkey, and Vietnam.
Culp, Inc. (CULP) reported its fiscal 2022 third quarter results ending January 30, 2022, revealing net sales of $80.3 million, a 1.2% increase year-over-year. However, the company faced a net loss of $289,000, or $(0.02) per diluted share, down from a profit of $2.1 million in the prior year, primarily due to a high effective tax rate. Despite facing pressures from inflation, labor challenges, and supply chain disruptions, CULP maintains a strong cash position of $22.2 million without any debt. The company announced a quarterly dividend of 11.5 cents per share, reflecting a 5% increase.
Culp, Inc. (NYSE: CULP) will host a real-time webcast of its third quarter fiscal 2022 conference call on March 3, 2022, at 11:00 a.m. ET. The call will review the company's financial and operating results for the quarter ending January 30, 2022. A press release with the results will be issued after market close on March 2, 2022. Investors can access the live webcast on the company's website, with a replay available for 30 days.
Culp, Inc. (NYSE: CULP) will participate in the Sidoti Virtual Investor Conference on December 8-9, 2021. President and CEO Robert G. Culp, IV, along with CFO Ken Bowling, will present on December 8, 2021, at 9:15 a.m. Eastern time. Investors can access a live webcast of the presentation here. Culp is a leading marketer of mattress fabrics and upholstery fabrics, with manufacturing capabilities in the U.S., Canada, China, Haiti, Turkey, and Vietnam.
Culp, Inc. (NYSE: CULP) reported a net sales decline of 3.0% to $74.6 million in Q2 2022, with mattress fabrics up 2.1% and upholstery fabrics down 8.5%. Operating income fell to $1.6 million from $4.5 million year-over-year. Net income was $851,000 ($0.07/share), down from $2.4 million ($0.19/share) last year. The board approved a 5% increase in the quarterly dividend to 11.5 cents per share. Despite cash reserves of $36.6 million, CULP withdrew its annual guidance due to supply chain disruptions and inflationary pressures, while maintaining an optimistic outlook for Q4 2022.
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