Culp boosts sales forecast
Larry Thomas -- Furniture Today, January 18, 2010
HIGH POINT —
Citing a significant improvement in its upholstery fabrics business, fabric supplier Culp Inc. increased its sales and income projections for the current quarter.
The company, which produces upholstery fabric and mattress ticking, said sales for the quarter ending Jan. 31 will be approximately 18% higher than the same period the previous fiscal year, when sales totaled $44.6 million.
Culp earlier had forecast a 5% increase in sales.
“We have seen greater improvement in upholstery fabrics performance due to favorable results from our sales and marketing initiatives and an improved macro environment,” said Frank Saxon, president and CEO. “While we are pleased with the progress we are making, we remain cautious about the outlook for future demand trends in the home furnishings industry.”
Saxon said upholstery fabric sales are expected to be 34% above the same quarter last year.
The company also said its pre-tax income for the period should be $3.4 million to $3.8 million. That's up from the previous forecast of $2.1 million to $2.9 million.
Culp didn't make a forecast for net income or earnings per share. In the same quarter for the previous fiscal year, the company had a net loss of $450,000.
The company said it plans to announce quarterly earnings the first week of March.
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Culp boosts sales, income projections
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