Fabric supplier Culp continues turnaround
February 28, 2008,
High Point, N.C. – Mattress and upholstery fabric producer Culp Inc. scored a positive third quarter, with results swinging from last year’s quarterly net loss of $2.2 million to income of $903,000 in the quarter ended Jan. 27, 2008.
Year to date, Culp has netted $3.3 million compared with last year’s nine-months net loss of $1.3 million, as sales have grown 7.2% to $190.0 million.
The impressive results come in the midst of a tough year in the bedding and furniture businesses.
Culp ceo Frank Saxon said, “Our China platform and lower operating cost structure in our upholstery fabrics business have positioned us to operate more efficiently during this downturn, remain profitable on lower volumes and benefit from any upturn in demand.”
In the upholstery fabric segment, the company noted that while total fabric yards sold declined by 12%, average selling prices were up about 5% than in the year-ago quarter. “Sales of cut and sewn kits were up significantly,” as well, Culp reported.
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