Culp 1Q Earnings, Sales Climb

August 29, 2012  by in UnCategorized   

By Home Furnishings Business in Financial Reports on August 30, 2012

Fabric supplier Culp reported net income of $3.5 million for the first quarter ended July 29, compared with net income of $1.4 million in the same quarter last year.

Net sales for the quarter $69.2 million, up 14.8 percent from the $60.3 million in sales reported in the same quarter last year. The company said sales for the quarter were the highest the company has posted in the first quarter in eight years.

"We are pleased with our first quarter performance, marking a solid start to fiscal 2013," said Frank Saxon, president and CEO. "These results reflect better than expected sales momentum through the summer months in both of our businesses. We have continued to experience a favorable customer response to our outstanding design capabilities and wide range of innovative products. Our flexible and global manufacturing platform has enhanced our ability to develop new and exciting products and meet the changing style demands of our customers.

"We are also pleased that our focus on building a sound financial position and achieving favorable operating results over the past several years has enabled us to return cash to our shareholders in the form of cash dividends and significant share repurchases," he said.

The entire earnings release can be found online.