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. has appointed Jeff Tsacoumangos as Head of Global Strategic Transformation, Supply Chain, and Service for its mattress fabrics division, Culp Home Fashions. Previously serving as Director of Quality Assurance, Tsacoumangos will leverage his expertise to enhance supply chain logistics and synergies. Additionally, Jeff Veach has been named Vice President of Sales and Marketing, bringing 23 years of industry experience. Both appointments are expected to strengthen CHF’s market position and enhance overall customer experience.
Culp, Inc. (NYSE: CULP) announced that CEO Robert G. Culp, IV will participate in the Water Tower Research Fireside Chat Series on April 21, 2021, at 1:00 p.m. ET. This public event will feature a 30-minute virtual discussion with Senior Analyst Budd Bugatch, focusing on Mr. Culp's leadership and strategic priorities. The webcast will be available live and for replay on Culp's Investor Relations website. Interested parties can register for the event, which is open to limited participants. Culp, Inc. is a leading marketer of mattress and upholstery fabrics worldwide.
Culp, Inc. (NYSE: CULP) reported financial results for Q3 FY2021, with net sales reaching $79.3 million, a 15.8% increase year-over-year. Sales from mattress fabrics rose 15.1%, while upholstery fabrics grew by 16.4%. The company achieved a pre-tax income of $3.1 million, up from $2.7 million in the prior year. Net income increased to $2.1 million or $0.17 per share, compared to $1.0 million or $0.08 per share previously. A quarterly dividend of $0.11 per share was announced, and a share repurchase program of $5 million has been reinstated.
Culp, Inc. (NYSE: CULP) will host a third quarter fiscal 2021 conference call on March 4, 2021, at 11:00 a.m. ET. The call will review the company's financial results for the quarter ending January 31, 2021.
A press release with detailed results will be issued after market close on March 3, 2021. The live webcast can be accessed at www.culp.com and will be available for replay for 30 days.
Culp, Inc. (NYSE: CULP) has announced significant steps to enhance its mattress cover operations by acquiring the remaining 50% ownership of its Haitian joint venture, becoming the sole owner. This move is driven by rising demand for sewn mattress covers, with CULP reporting better-than-expected performance in its upholstery fabrics division. The company is updating its financial outlook for Q3 fiscal 2021, projecting improved sales and operating income compared to the previous year. CULP continues to innovate and expand production capabilities across its global platform.
Culp, Inc. (NYSE: CULP) will participate in the Sidoti Winter 2021 Virtual Conference on January 13-14, 2021. The investor presentation, led by CEO Robert G. Culp, IV and CFO Ken Bowling, is scheduled for January 13 at 11:30 a.m. Eastern time and will be available via a live webinar. Interested investors can register through the provided link. Culp, Inc. is a leading marketer of mattress and upholstery fabrics, serving a global client base with operations in the U.S., Canada, China, and Haiti.
Culp, Inc. (NYSE: CULP) reported a 10.5% increase in net sales for Q2 FY2021, reaching $76.9 million, with mattress fabric sales up 12.2% and upholstery fabric sales up 8.7%. Pre-tax income from continuing operations was $3.9 million, while net income increased to $2.4 million ($0.19 per diluted share). The company has strengthened its balance sheet with $56.5 million in cash and no debt. A 5% dividend increase was announced, marking the eighth consecutive year of growth. Limited financial guidance is provided due to COVID-19 uncertainties, though strong demand is noted in both mattress and upholstery segments.
Culp, Inc. (NYSE: CULP) is set to host a conference call on December 4, 2020, at 11:00 a.m. ET, to discuss its financial results for the second quarter ended November 1, 2020. A press release with these results will be issued on December 3, 2020, post-market close. Culp is recognized as a leading marketer of mattress and upholstery fabrics worldwide, with operations across the U.S., Canada, China, and Haiti. Stakeholders are encouraged to access the live webcast via Culp's website.
Culp, Inc. (NYSE: CULP) announced a first quarter fiscal 2021 conference call on September 3, 2020, at 11:00 a.m. ET. The company will discuss its financial and operating results for the quarter ending August 2, 2020. A press release detailing these results will be published after market close on September 2, 2020. The call will be accessible online, and an Internet replay will be available for 30 days. Culp is a leading marketer of mattress fabrics and upholstery fabrics globally, with operations in the U.S., Canada, China, and Haiti.
Culp, Inc. (NYSE: CULP) will host a webcast on July 2, 2020, at 11:00 a.m. ET to discuss its financial results for Q4 and fiscal year 2020, ending May 3, 2020. A press release detailing these results will be issued after market close on July 1, 2020. Culp is a leading marketer of mattress and upholstery fabrics, operating in the U.S., Canada, China, and Haiti.
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