Culp, Inc. Provides Consolidated Earnings Guidance for the Third Quarter of Fiscal 2024
December 04, 2023 at 04:15 pm EST
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Culp, Inc. provided earnings guidance for the third quarter of 2024. Due to the uncertainty in the macro-environment, the company is only providing financial guidance for the third quarter of fiscal 2024. The company?s consolidated net sales for the third quarter are expected to be sequentially comparable to second quarter of fiscal 2024 and moderately higher as compared to the third quarter of fiscal 2023, even in the face of ongoing demand headwinds.
The company expects a consolidated operating loss (loss from operations) for the third quarter of fiscal 2024 that is in the range of $1.2 million to $1.6 million, sequentially improved from the previous quarter's results, and a significant improvement compared to the $7.8 million operating loss for the prior-year period (which included $711,000 in restructuring expense).
Culp, Inc. is a marketer of mattress fabrics for bedding and upholstery fabrics for residential and commercial furniture. The Company markets a variety of fabrics to its global customer base of bedding and furniture companies, including fabrics produced at the Company's manufacturing facilities and fabrics sourced through other suppliers. The Company operates through two segments. The mattress fabrics segment markets primarily knitted and woven fabrics, as well as sewn covers made from those fabrics, which are used in the production of bedding products, including mattresses, foundations, and mattress sets. The upholstery fabrics segment markets a variety of fabric products that are used principally in the production of residential and commercial upholstered furniture, including sofas, recliners, chairs, loveseats, sectionals, sofa-beds, and office seating, as well as window treatment products and installation services for customers in the hospitality and commercial industries.
CULP, INC. 
