Culp Posts $3.7M in 1Q Income; Sales Hit $55.9M

August 31, 2010  by in UnCategorized   

By Home Furnishings Business in Financial Reports on September 1, 2010

Fabric and ticking supplier Culp Inc. (NYSE:CFI) reported $3.7 million for net income in the first quarter ended Aug. 1.

That compares with $1.9 million netted during the first quarter last year.

Net sales for the quarter $55.9 million, a 23 percent increase compared with $45.5 million during the same quarter last year. The company said mattress ticking sales were up 18 percent and upholstery fabric sales climbed 30 percent from last year's first quarter.

"Our stronger sales for the first quarter of fiscal 2011 reflect better consumer demand trends than a year ago, particularly in the first two months of the quarter, as well as success from our sales and marketing initiatives," said Frank Saxon, president and CEO. "Our improved profitability reflects the higher sales volumes, as well as the benefits of a leaner and more cost-efficient operating platform. Today, Culp has a strong competitive position in both mattress fabrics and upholstery fabrics, and, as always, our primary focus is on outstanding execution for our customers as a financially stable and trusted supplier."

Mattress sales for the quarter rang in at $30.9 million, and upholstery sales were $25 million.

Culp has posted the compete release online.