Home / Knowledge / News / Textiles / Culp continues to identify new opportunities for growth
Culp continues to identify new opportunities for growth
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

Apparel/Garments | On 21st Oct 2016

China’s garment retail sales grow 7.2% in Jan-Sept ’16

Retail sales of garments, footwear, hats and knitwear of Chinese...

Mike Preston, executive director of the Arkansas Economic Development Commission (AEDC), signing MoU with Tang from Suzhou Tianyuan Garments company. Courtesy: Government of Arkansas

Apparel/Garments | On 21st Oct 2016

Suzhou Tianyuan to open $20 mn garment factory in US

Suzhou Tianyuan Garments company, a Chinese manufacturer of casual...

Textiles | On 21st Oct 2016

Pakistan’s textile exports fall 5.96% y-o-y in Q1 FY17

The value of textile and garment exports made by Pakistan decreased...

Interviews View All

Rashi Menda

Every fifth sale we make on Zapyle is a repeat purchase

Abhimanyu Singh Rathore & Barbara Anna Kosiorek

‘Blending cultures is the true beauty of fashion, where one’s imagination...

Pratik Bachkaniwala
Palod Himson Machines

Fabric processing machines are picking up

Kai Poehler
Voith Paper GmbH & Co. KG

The glass mat industry is growing by five to eight per cent annually. Kai...

Eamonn Tighe
Nature Works LLC

Eamonn Tighe, Fibres and Nonwovens - Business Development Manager of...

Kevin Nelson

Kevin Nelson, Chief Scientific Officer, TissueGen discusses the growing...

Yash P. Kotak
Bombay Hemp Company

One of the directors of Bombay Hemp Company, Yash P. Kotak, speaks to...

Ritu Kumar
Label Ritu Kumar

‘Classics will return’ "There are a lot of people wearing western clothes ...

Silvia Venturini Fendi
Fendi s.r.l

"Yes, my confidence and positive attitude are my strengths and should be...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


Letter To Editor

(Max. 8000 char.)

Search Companies

October 2016

October 2016

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


Browse Our Archives


Advanced Search