Culp Inc. updates 3Q results thanks to gains in upholstery fabric sales
January 13, 2010-- Home Textiles Today,
High Point, N.C. -- Based on quarterly results to date and current estimates, upholstery and mattress fabrics company Culp Inc. said its overall sales for the third quarter are now expected to be up approximately 18% over the prior year’s same period.
Upholstery fabrics segment sales are expected to be up approximately 34% for the third quarter, which ends Jan. 31, and mattress fabrics segment sales are expected to be up approximately 7% over the same period last year.
These projected results compare with previously announced expectations of a 5% sales increase for the company as a whole and for each business segment.
Culp currently expects pre-tax income to be in the range of $3.4 million to $3.8 million for the third quarter -- higher than the company’s previously announced expectation of $2.1 to $2.9 million for the current quarter.
“Our projected financial results for the third quarter of fiscal 2010 reflect better sales growth than anticipated, primarily in our upholstery fabrics business,” said Frank Saxon, president and ceo. “During the third quarter we have seen a greater improvement in upholstery fabrics performance due to favorable results from our sales and marketing initiatives and an improved macro environment. While we are pleased with the progress we are making, we remain cautious about the outlook for future demand trends in the home furnishings industry.”
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