Culp Inc Stock Price, News & Analysis

Culp, Inc. (NYSE: CULP) projected net sales of approximately $58 million for Q2 2023, anticipating a consolidated operating loss between $(11.7) and $(12.2) million. This loss includes $5 million in inventory impairment and markdowns, and $700,000 in restructuring charges. President Iv Culp noted ongoing demand weakness in the mattress fabrics segment and macroeconomic challenges impacting operations. Despite challenges, the company expects to end the quarter with around $19 million in cash with no debt, aiming for improved profitability in H2 2023.

Culp, Inc. reported a challenging first quarter for fiscal 2023, with net sales of $62.6 million, down 24.6% year-over-year. Sales from mattress fabrics fell 31.8%, while upholstery fabrics declined 16.9%. The company faced a loss from operations of $(4.7) million, compared to a $3.3 million profit a year prior. The net loss reached $(5.7) million, or $(0.47) per diluted share. Despite a cash position of $18.9 million with no debt, Culp anticipates ongoing pressures from inflation, high inventory, and soft consumer demand, leading to expected operating losses in the coming quarters.

Culp, Inc. announced the appointment of Tommy Bruno as Executive Vice President of Culp Home Fashions, effective September 6, 2022. He will succeed Sandy Brown, who is retiring on December 31, 2022, after 39 years with the company. Bruno has extensive experience in the bedding industry, having previously served at Tempur + Sealy. Brown's long tenure included significant contributions to the company's growth, and she will assist during the transition as a strategic advisor.

Culp, Inc. (NYSE: CULP) will host a live webcast of its first quarter fiscal 2023 conference call on September 1, 2022, at 11:00 a.m. ET. The call will cover financial and operating results for the quarter ending July 31, 2022. A press release with the results will be issued after market close on August 31, 2022.

The webcast will be available in the Upcoming Events section of Culp's Investor Relations webpage, and a replay will be accessible for 30 days under Past Events.

Culp, Inc. (NYSE: CULP) announced a change in its executive management structure, effective September 1, 2022. Franklin N. Saxon, current executive chairman, will transition to a non-executive role while remaining chairman of the board and strategic advisor. His tenure spans nearly 40 years, during which he held various key positions including CEO. Iv Culp, the current president and CEO, praised Saxon’s leadership and contributions to the company. Culp, Inc. is a leading marketer of mattress and upholstery fabrics with a global clientele.

Culp, Inc. (CULP) reported a net loss of $(6.0) million or $(0.49) per diluted share for Q4 FY2022, a significant downturn from a net income of $1.5 million in Q4 FY2021. Net sales fell 28.0% to $56.9 million, driven by declines in both mattress and upholstery fabrics. For FY2022, net sales totaled $294.8 million, down 1.6%. Culp has suspended its quarterly cash dividend to bolster liquidity amid ongoing macroeconomic challenges, while also closing a new $40 million secured credit facility. The company anticipates continued pressure in FY2023, with Q1 sales expected to match Q4 FY2022 levels.

Culp, Inc. will conduct a conference call on June 30, 2022, at 11:00 a.m. ET to discuss its financial results for the fourth quarter and fiscal year ended May 1, 2022. A press release detailing these results will be published post-market on June 29, 2022. The live webcast can be accessed via the Investor Relations section of Culp's website, with replay available for 30 days.

Culp is a major marketer of mattress and upholstery fabrics, operating across various countries including the U.S., Canada, China, Haiti, Turkey, and Vietnam.

Culp, Inc. (NYSE: CULP) will join the Water Tower Research Fireside Chat Series on May 12, 2022, at 1:00 p.m. ET. The public is invited to participate with advance registration. Iv Culp, CEO, along with key members from Culp Upholstery Fabrics, will discuss recent innovations in upholstery, focusing on consumer trends influenced by social media, industry trends, and advancements in sustainability.

The live session will be available online for replay via the company's Investor Relations page.

Culp, Inc. (NYSE: CULP) has adjusted its fourth-quarter fiscal 2022 expectations, anticipating a significant decline in net sales and a consolidated operating loss between $(6.5) million and $(7.5) million, primarily due to COVID-related shutdowns in China and weakened demand in the mattress industry. The company will enter into a non-binding term sheet for a $40 million secured credit facility to replace its existing credit line, aiming to enhance liquidity amid current market challenges.