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From Home Furnishing Business
Culp Ends Fiscal 2015 with Strong Sales
June 19,
2015 by in Financial Reports, Industry 
Fabric and mattress ticking supplier Culp (NYSE: CFI) reported net income of $15 million for the year ended May 3 compared to net income of $17.4 million in the prior year.
Net sales for fiscal 2015 were $310.2 million, an 8 percent increase compared to net sales of $287.2 million in fiscal 2014.
Net income for the fourth quarter ended May 3 was $4.9 million, compared with net income of $2.7 million in the fourth quarter last year. Net sales for the quarter were $78.8 million, up 6.5 percent from $74 million in the same period last year.
“Culp delivered another solid performance in fiscal 2015, as we achieved higher annual sales and improved profitability in both businesses,” said Frank Saxon, president and CEO. “Notably, this is the sixth consecutive year of overall annual sales growth and a new record year for mattress fabrics sales. Throughout the year, we have continued to execute our strategy with a focus on design creativity and product innovation, supported by exceptional service. Together, these efforts have driven our sales performance, both with existing key customers and new customers.”
The complete earnings report is available online.