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Mattress fabrics business of Culp has great Q4
17 Jun '10
5 min read
Upholstery Fabrics Segment
Sales for this segment were $23.8 million for the fourth quarter of fiscal 2010, a 13 percent improvement compared with $21.2 million in the prior year. During this period, sales of China produced fabrics were $19.8 million, up 15 percent over the prior year period. Sales of U.S. produced fabrics were $4.0 million, up three percent from the fourth quarter of fiscal 2009. For fiscal 2010, upholstery fabrics sales were $91.6 million, up three percent compared with $88.5 million in fiscal 2009. Sales of China produced fabrics were $77.3 million for the year, up 14 percent, and sales of U.S. produced fabrics were $14.3 million, down 30 percent.
"Our upholstery fabrics business has made substantial progress this fiscal year and we are pleased with the improvement in sales and profitability," Saxon noted. "Our sales results for the year mark the first annual sales gain for this business in ten years. At the same time, we have returned Culp's upholstery fabrics business to solid profitability. After a multi-year restructuring process, we have established a leaner and more agile manufacturing platform, including a wholly-owned China operation that is scalable and vertical, but not capital intensive. We also have one remaining U.S. manufacturing facility that supports our customer needs. Our top priorities for upholstery fabrics in fiscal 2010 were to place a greater emphasis on product development, sales and marketing initiatives, and delivery performance. Customer response has been very favorable and we believe we have made excellent progress in each of these key areas. For fiscal 2011, we will continue to focus on these same key objectives."
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Sales for this segment were $23.8 million for the fourth quarter of fiscal 2010, a 13 percent improvement compared with $21.2 million in the prior year. During this period, sales of China produced fabrics were $19.8 million, up 15 percent over the prior year period. Sales of U.S. produced fabrics were $4.0 million, up three percent from the fourth quarter of fiscal 2009. For fiscal 2010, upholstery fabrics sales were $91.6 million, up three percent compared with $88.5 million in fiscal 2009. Sales of China produced fabrics were $77.3 million for the year, up 14 percent, and sales of U.S. produced fabrics were $14.3 million, down 30 percent.
"Our upholstery fabrics business has made substantial progress this fiscal year and we are pleased with the improvement in sales and profitability," Saxon noted. "Our sales results for the year mark the first annual sales gain for this business in ten years. At the same time, we have returned Culp's upholstery fabrics business to solid profitability. After a multi-year restructuring process, we have established a leaner and more agile manufacturing platform, including a wholly-owned China operation that is scalable and vertical, but not capital intensive. We also have one remaining U.S. manufacturing facility that supports our customer needs. Our top priorities for upholstery fabrics in fiscal 2010 were to place a greater emphasis on product development, sales and marketing initiatives, and delivery performance. Customer response has been very favorable and we believe we have made excellent progress in each of these key areas. For fiscal 2011, we will continue to focus on these same key objectives."
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Culp Inc
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