Daily News
From Home Furnishing Business
Culp 2Q Sales Climb Nearly 5%
December 4,
2014 by in Financial Reports, Industry 
Home furnishings fabric and ticking supplier Culp (NYSE: CFI) posted net income of $3 million for the quarter ended Nov. 2, a 3.2 percent decrease from net income of $3.1 million in the same quarter last year.
Net sales for the second quarter were $74 million, a 4.8 percent increase compared to $70.6 million in the same quarter last year.
The company’s mattress ticking sales climbed 6.7 percent and upholstery fabric sales increased 2.3 percent over the same quarter last year.
“Overall, our second quarter results were in line with our expectations, and we are pleased with our consistent performance to date in fiscal 2015,” said Frank Saxon, president and CEO. “Our higher sales in both businesses reflect favorable customer response to our creative designs and wide range of innovative products. In addition, our scalable and flexible manufacturing platform supports our ability to compete in a fashion-driven business that is always changing. Importantly, we have the financial strength to make the strategic investments to support our continued growth, as reflected in our increased capital expenditures for fiscal 2015.”
The complete earnings release is available online.