Daily News
From Home Furnishing Business
Culp 3Q Income Up on Sales Decline
March 2,
2016 by in Financial Reports, Industry 
Upholstery fabric and mattress ticking supplier Culp (NYSE: CFI) posted net income of $4.9 million for the third quarter ended Jan. 31 compared to net income of $3.8 million in the same quarter the previous year.
Net sales for the quarter were $78.5 million, a 3.4 percent drop from $81.3 million in the third quarter of last year. The company said mattress fabric sales dropped 3.1 percent and upholstery fabric sales dipped 3.9 percent compared to the same quarter last year.
Year to date, net income was $13.3 million compared to net income of $10.2 million in the first nine months of last year. Sales for the nine-month period were $235.6 million, up 1.9 percent from net sales of $231.3 million in the same period last year.
“We continued to drive improvement in our operating performance in the third quarter,” said Frank Saxon, president and CEO of Culp. “While we have achieved higher overall year-over-year sales through the first nine months of fiscal 2016, we did experience a slight drop in the third quarter compared with the prior year period, which was an exceptionally strong sales performance for both businesses.”
The complete earnings release is available online.