US mattress fabrics manufacturer Culp's Q4 FY21 sales up 67% to $79 mn

Culp, a US-based manufacturer of mattress and upholstery fabrics, reported 66.9 per cent sales growth to $79.0 million in its fourth quarter (Q4) of FY21 ended on May 2, 2021, compared to the sales of $47.4 million in the corresponding period of previous fiscal. The company’s net income for Q4 FY21 was $1.5 million (Q4 FY20: loss $27.8 million).

 

Culp, a US-based manufacturer of mattress and upholstery fabrics, reported 66.9 per cent sales growth to $79.0 million in its fourth quarter (Q4) of FY21 ended on May 2, 2021, compared to the sales of $47.4 million in the corresponding period of previous fiscal. The company's net income for Q4 FY21 was $1.5 million (Q4 FY20: loss $27.8 million).#

“We are pleased to have delivered a strong fourth quarter, with dramatic sales growth across both our divisions and consolidated operating income in line with expectations. Despite some ongoing headwinds, we ended a tumultuous year with strength and momentum. Demand remained strong during the quarter as consumer focus on the home continued, and our robust global platform and long-term supplier relationships enabled us to service the surge in demand for fabric and sewn covers from both new and existing customers,” Iv Culp, president and chief executive officer of Culp, said in a press release.

 

Culp, a US-based manufacturer of mattress and upholstery fabrics, reported 66.9 per cent sales growth to $79.0 million in its fourth quarter (Q4) of FY21 ended on May 2, 2021, compared to the sales of $47.4 million in the corresponding period of previous fiscal. The company's net income for Q4 FY21 was $1.5 million (Q4 FY20: loss $27.8 million).#

Gross profit from continuing operations during Q4 FY21 rose to $11.8 million ($3.0 million), while selling, general and administrative expenses recorded a loss of $10.1 million ($7.3 million). Culp’s income from continuing operations for the period improved to $1.6 million (loss: $17.9 million).

 

Culp, a US-based manufacturer of mattress and upholstery fabrics, reported 66.9 per cent sales growth to $79.0 million in its fourth quarter (Q4) of FY21 ended on May 2, 2021, compared to the sales of $47.4 million in the corresponding period of previous fiscal. The company's net income for Q4 FY21 was $1.5 million (Q4 FY20: loss $27.8 million).#

Sales for mattress fabrics jumped 83.9 per cent to $42.9 million ($23.5 million). While upholstery fabrics sales increased 50.4 per cent to $36.1 million ($24.0 million).

 

Culp, a US-based manufacturer of mattress and upholstery fabrics, reported 66.9 per cent sales growth to $79.0 million in its fourth quarter (Q4) of FY21 ended on May 2, 2021, compared to the sales of $47.4 million in the corresponding period of previous fiscal. The company's net income for Q4 FY21 was $1.5 million (Q4 FY20: loss $27.8 million).#

“Our performance during fiscal 2021 reflects the advantage of our diversified manufacturing and sourcing capabilities, the stability of our supply chain, the strong appeal of our innovative product offerings, and the benefits of our digital design and marketing capabilities. The exceptional execution by both divisions during this challenging operating environment strengthened our customer relationships and generated positive momentum to start fiscal 2022,” Culp added.

 

Culp, a US-based manufacturer of mattress and upholstery fabrics, reported 66.9 per cent sales growth to $79.0 million in its fourth quarter (Q4) of FY21 ended on May 2, 2021, compared to the sales of $47.4 million in the corresponding period of previous fiscal. The company's net income for Q4 FY21 was $1.5 million (Q4 FY20: loss $27.8 million).#

“We also believe our hospitality business will begin to see improvement as conditions normalise in the travel and leisure industry. Heading into the first quarter, we are faced with some continued near-term pressures in both divisions relating to ongoing customer capacity limitations, primarily due to supply chain disruption for non-fabric components and labour shortages, as well as increasing raw material and freight costs and ongoing foreign currency fluctuations in China and Canada. We expect that most of these headwinds are temporary and will be mitigated to some extent by recent pricing actions taken by both divisions,” Culp said in the release.