From Home Furnishing Business
Culp Posts 4Q and Fiscal Results
2014 by in Financial Reports, Industry
Fabric and mattress ticking supplier Culp Inc. (NYSE: CFI) reported net income of $17.4 million for the fiscal year ended April 27 compared to net income of $18.3 million for prior year.
Net sales for the fiscal year climb 6.8 percent to $287.2 million. Net sales for fiscal year last year were $268.8 million.
Net income for the fourth quarter was $2.7 million compared with net income of $3.7 million for the fourth quarter last fiscal year.
Fourth quarter net sales were $74 million a 5.4 percent from fourth quarter net sales of $70.4 million posted during the same quarter last year.
“Culp had another solid performance in fiscal 2014 with higher annual sales in both businesses," Frank Saxon, president and CEO of Culp. "Notably, this is the fifth consecutive year of overall sales growth and a record year of annual sales for mattress fabrics. Throughout the year, we have continued to make outstanding progress with our strategic focus on design creativity and product innovation. These efforts have been the key driver to our sales performance, with an increasing percentage of our sales coming from our latest product introductions. Demand trends have been favorable, and our ability to sustain excellence in creating innovative fabrics season after season has been an important advantage for Culp in our fashion-driven business."
Sales of mattress ticking for the fourth quarter were $43.7 million, up 6.9 percent compared with $40.8 million for the quarter of fiscal 2013. For fiscal 2014, mattress fabric sales were $160.7 million, a 4.3 percent increase compared with $154 million in fiscal 2013.
Sales in the upholstery fabrics segment were $30.4 million for the fourth quarter, a 2.8 percent improvement compared with sales of $29.6 million in the fourth quarter of fiscal 2013. For fiscal 2014, upholstery fabric sales were $126.5 million, up 10.2 percent compared with $114.8 million in fiscal 2013.
The complete earnings release is available online.