From Home Furnishing Business
Culp 3Q Sales Climb 12%
Fabric and mattress ticking supplier Culp (NYSE: CFI) reported net income of $3.8 million for the third quarter ended Feb. 1 compared to net income of $8.4 million in the same quarter last year.
Net income for the third quarter of 2015 included a $2.1 million income tax expense.
Net sales for the third quarter were $81.3 million, a 12.3 percent increase from net sales of $72.4 million in the same quarter last year.
Year-to-date income was $13.8 million, compared with $12.6 million for the first nine months of 2014. Year-to-date sales were $231.3 million, an 8.5 percent increase from $213.1 million in the first nine months of last year.
Mattress ticking sales for the third quarter climbed 18.5 percent to $45.7 million compared to sales of $38.5 million in the prior year quarter.
Upholstery fabric sales were also up. Sales for the segment were $35.6 million for the quarter, a 5.1 percent improvement compared with sales of $33.8 million in the third quarter last year.
“We continued to build upon our sales momentum this fiscal year, with a 12 percent increase for the third quarter compared with a year ago,” said Frank Saxon, president and CEO. “These results demonstrate the benefits of our top strategic priority – to drive product innovation and creativity throughout our company. The positive response to our creative designs has resulted in higher sales to existing key customers as well as sales to new customers. We have a strong competitive position in both businesses, and we are excited about the opportunities for continued success.”
The complete earnings release is available online.