Culp Continues Turnaround
Gary Evans -- Furniture Today, March 10, 2008
Mattress and upholstery fabric producer Culp Inc. scored a positive third quarter, with results swinging from last year's quarterly net loss of $2.2 million to income of $903,000 in the quarter ended January 27, 2008. Sales grew 8.6% to $60.5 million in the recent quarter.
Year to date, Culp has netted $3.3 million, in contrast to last year's nine-months net loss of $1.3 million; sales are up 7.2% to $190.0 million.
The impressive results come in the midst of a tough year in the bedding and furniture industries overall.
Culp ceo Frank Saxon said, "Our China platform and lower operating cost structure in our upholstery fabrics business have positioned us to operate more efficiently during this downturn, remain profitable on lower volumes and benefit from any upturn in demand."
In the upholstery fabric segment, the company noted that while total fabric yards sold declined by 12%, average selling prices were up about 5% than in the year-ago quarter. "Sales of cut and sewn kits were up significantly," as well, Culp reported.
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