From Home Furnishing Business
Culp Reports Fourth Quarter Results
2018 by Jason Schneider in Financial Reports, Industry
Culp, Inc. (NYSE: CULP) reported financial and operating results for the fourth quarter and fiscal year ended April 29, 2018.
Net sales were $323.7 million, up 4.6 percent compared with the prior year, with mattress fabric sales up 1.0 percent, a record year, and upholstery fabric sales up 10.4 percent over the prior year.
Pre-tax income was $26.9 million, compared with $29.7 million for fiscal 2017.
Commenting on the results, Frank Saxon, president and chief executive officer of Culp, Inc., said, “We were pleased to finish fiscal 2018 with higher annual sales for Culp, reflecting growth in both of our operating divisions. While we had some challenges in the fourth quarter, our mattress fabrics division had another record year of overall sales. Our upholstery fabrics division finished the year on a strong note, and we are encouraged by the sales trends in this business.”
Saxon also announced the acquisition of an e-commerce company, “primarily focused on home textile products. This strategic purchase substantially expands our addressable market and adds an exciting new sales channel for Culp,” he said.
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