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From Home Furnishing Business
Culp Posts $4.7M 1Q Income
September 3,
2015 by in Financial Reports, Industry 
Fabric supplier Culp (NYSE: CFI) reported net income of $4.7 million for the first quarter ended Aug. 2 compared to net income of $3.3 million in the same quarter last year.
Net sales for the quarter were $80.2 million up 5.4 percent from net sales of $76.1 million in the first quarter last year.
Mattress ticking sales were up 11.6 percent while upholstery sales were off by 2.6 percent in the first quarter.
“We are pleased to report a solid start to fiscal 2016, with our first quarter sales and operating results better than expected, driven by strong performances in both of our businesses,” said Frank Saxon, president and CEO. “Overall, our total sales were up 5.4 percent compared with a year ago. These results reflect favorable demand trends and positive customer response to our creative designs and diverse product offering.”
The complete earnings release is available online.