Culp, Inc. Reports Earnings Results for the Second Quarter and Six Months Ended October 30, 2022
December 07, 2022 at 04:15 pm EST
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Culp, Inc. reported earnings results for the second quarter and six months ended October 30, 2022. For the second quarter, the company reported sales was USD 58.38 million compared to USD 74.56 million a year ago. Net loss was USD 12.17 million compared to net income of USD 0.851 million a year ago. Basic loss per share from continuing operations was USD 0.99 compared to basic earnings per share from continuing operations of USD 0.07 a year ago. Diluted loss per share from continuing operations was USD 0.99 compared to diluted earnings per share from continuing operations of USD 0.07 a year ago.
For the six months, sales was USD 120.99 million compared to USD 157.61 million a year ago. Net loss was USD 17.87 million compared to net income of USD 3.1 million a year ago. Basic loss per share from continuing operations was USD 1.46 compared to basic earnings per share from continuing operations of USD 0.25 a year ago. Diluted loss per share from continuing operations was USD 1.46 compared to diluted earnings per share from continuing operations of USD 0.25 a year ago.
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.