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From Home Furnishing Business

Culp Reports $70.6M in Sales for 2Q

Fabric supplier Culp (NYSE: CFI) reported an increase in second quarter sales.

The company's net sales were $70.6 million, an eight percent increase from $65.6 million reported in the second quarter last year. Net income for the quarter ended Oct. 27 was $3.1 million a drop from net income of $8.3 million reported in the second quarter of last year.

Year-to-date sales were $140.7 million, up four percent from first six months of last year. Net income for the first half of the year was $6.3 million compared to $11.8 million in the first half of last year.

"We are pleased with our second quarter performance, marking another excellent quarter and building upon a solid first quarter," said Frank Saxon, president and CEO. "We continue to experience favorable customer response to our designs and wide range of products, and we are excited about the progress we are making in product innovation and creativity. These efforts, which are our top strategic priority, are making significant contributions to our sales and profit performance, with an increasing percentage of our sales coming from recent product introductions. We compete in a product and fashion driven business that is always changing. As a result, our ability to create innovative fabrics season after season is the key driver to our long-term success."

The company's complete earnings release is available online

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