Home / Knowledge / News / Textiles / Culp continues to identify new opportunities for growth
Culp continues to identify new opportunities for growth
02
Mar '11
Culp, Inc. reported financial and operating results for the third quarter ended January 30, 2011.

For the three months ended January 30, 2011, net sales were $51.7 million, a 4.3 percent decline compared with $54.0 million a year ago. The company reported net income of $2.4 million, or $0.18 per diluted share, for the third quarter of fiscal 2011, compared with a net income of $3.0 million, or $0.23 per diluted share, for the third quarter of fiscal 2010. On a pre-tax basis, the company reported income of $2.9 million compared with pre-tax income of $3.8 million for the third quarter of fiscal 2010.

Commenting on the results for the third quarter of fiscal 2011, Frank Saxon, chief executive officer of Culp, Inc., said, "Given the continued macroeconomic challenges in the U.S. and increased raw material costs we experienced, we are pleased with our results for the third quarter, even though they are down from last year's strong third quarter performance. For the year to date period, our sales and profitability are up over the prior year, and we continued to report solid returns on our capital. Further, our net cash position (cash minus debt) is the highest in the company's history, which is enabling us to pursue an aggressive growth strategy during these challenging times.

"We continue to identify new opportunities for growth by expanding our international sales and marketing initiatives primarily in our upholstery fabrics business. We are excited about establishing a European sales and distribution platform with our new operation in Poland and the planned operation in the U.K. We are encouraged by the initial reaction of customers as we enter these markets and begin to capitalize on the global appeal of many of our products in Europe. These initiatives present an opportunity for us to build a significant presence over time in the world's second largest market for furniture fabrics with investment mainly in working capital with minimal risk. We are also optimistic that our European platform may provide the opportunity to sell and distribute mattress fabrics in the future," added Saxon.

Click here for more details.

Culp Inc


Must ReadView All

India mulls new schemes for jobs, textile clusters

Apparel/Garments | On 25th Apr 2018

India mulls new schemes for jobs, textile clusters

India is mulling over alternative schemes for jobs and manufacturing...

Kraig gets approval for Vietnamese subsidiary firm

Textiles | On 25th Apr 2018

Kraig gets approval for Vietnamese subsidiary firm

Kraig Biocraft Laboratories, Inc., the leading developer of spider...

Courtesy: ITMA Asia

Textiles | On 25th Apr 2018

ITMA Asia + CITME 2018 attract global textile companies

The sixth edition of ITMA ASIA + CITME 2018 has received strong...

Interviews View All

Yash Agarwal
Hitansh Online

Every market region has its own culture and trends

Kaizad Hansotia
GetNatty

Competition is the best thing that can happen to a startup

C Kamatchisundaram
Voltas

ITME is an occasion not only to receive new leads but also to work on...

Harsh Shah

Established in 1956 with a small beginning, Embee today manufactures a...

Anupam Arya

<div>Jaipur-based Fabriclore Retailing Pvt. Ltd. is attempting to revive...

John Kelley

Textile Events is one of the largest textile fair in the United Kingdom,...

Paolo Ocleppo
Sandvik Hyperion

Paolo Ocleppo, Rotary Cutting Segment manager, Sandvik Hyperion discusses...

Ashok Desai
Bombay Textile Research Association

Bombay Textile Research Association (BTRA) is a leading name in textile...

Suresh Patel
Sidwin Fabric

Sidwin Fabric is a manufacturer and exporter of polypropylene textiles and ...

Mike Hoffman
Gildan Activewear SRL

Gildan Activewear, a manufacturer and marketer of branded clothing and...

Pranav Mishra
Huemn

Designers Pranav Mishra and Shyma Shetty’s Huemn is known for its...

Cigdem Akin
Cigdem Akin

She has carved a niche for herself as the national brand of Turkey. Her...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


April 2018

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Active Poll

Do you see sustainability as a route to business growth?

Yes
69.9%
No
12.6%
Skip
17.5%

Total Votes: 103

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Active Poll

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes
63.1%
No
29.1%
Skip
7.8%

Total Votes: 103

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Active Poll

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes
87.4%
No
8.7%
Skip
3.9%

Total Votes: 103

Thanks for your valuable feedback. Claim your free latest sustainability e-book.

Active Poll

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes
82.5%
No
7.8%
Skip
9.7%

Total Votes: 103


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search