Culp, Inc. Reports Earnings Results for the Third Quarter and Nine Months Ended January 29, 2023
March 01, 2023 at 04:15 pm EST
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Culp, Inc. reported earnings results for the third quarter and nine months ended January 29, 2023. For the third quarter, the company reported sales was USD 52.52 million compared to USD 80.29 million a year ago. Net loss was USD 8.97 million compared to USD 0.289 million a year ago. Basic loss per share from continuing operations was USD 0.73 compared to USD 0.02 a year ago. Diluted loss per share from continuing operations was USD 0.73 compared to USD 0.02 a year ago.
For the nine months, sales was USD 173.51 million compared to USD 237.9 million a year ago. Net loss was USD 26.84 million compared to net income of USD 2.81 million a year ago. Basic loss per share from continuing operations was USD 2.19 compared to basic earnings per share from continuing operations of USD 0.23 a year ago. Diluted loss per share from continuing operations was USD 2.19 compared to diluted earnings per share from continuing operations of USD 0.23 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.