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US mattress fabrics supplier Culp enters FY22 with solid earnings

14
Sep '21
Pic: Culp Hospitality
Pic: Culp Hospitality
Culp, a US-based manufacturer of mattress and upholstery fabrics, has reported a 28.8 per cent sales growth to $83.0 million in the first quarter (Q1) of FY22 ended on August 1, 2021, compared to the sales of $64.5 million in same period of previous fiscal. Income from operations during the quarter surged to $3.3 million (Q1 FY21: $1.9 million).
 
“We are very pleased to report a solid start to fiscal 2022, with overall sales and operating income in line with expectations and sales reaching their highest first quarter level since fiscal 2003. Our results reflect strong top-line growth driven by higher demand for both our mattress and residential upholstery fabric products,” Iv Culp, president and chief executive officer of Culp, said in a press release. “In each of our businesses, we executed our product-driven strategy with a continued emphasis on design creativity and innovation.”
 
Sales for mattress fabrics during the three-month period increased 19.3 per cent to $43.0 million ($36.1 million), while sales for upholstery fabrics segment expanded 41.0 per cent to $39.9 million ($28.4 million).
 
“We also benefited from our expanded market share reach and the continued resilience of our flexible global platform. Despite supply chain disruption and pressures on profitability, we are passionately dedicated to servicing the needs of our customers, and both of our divisions have excelled in utilising our robust platform and long-term supplier relationships to ensure that we meet our customer commitments,” Culp added.
 
Gross profit for Q1 rose to $12.5 million ($9.9 million). The American mattress and upholstery fabrics seller’s net income improved to $2.2 million against the loss of $2.7 million in Q2 of FY21 ended on August 2, 2020.
 
“While we are optimistic about the ongoing strength of our sales trends, we continue to navigate headwinds relating to rising freight and raw material costs, labour shortages, customers’ supply chain constraints for non-fabric components, and other pandemic-related challenges,” Culp continued in the release. “Despite these challenges, we continue to invest in our business and expand our capacity. With our diversified manufacturing and sourcing capabilities, along with our innovative products and digital design strategies, we expect to have additional opportunities to capture market share with new and existing customers.”
 
In its outlook for fiscal 2022, Culp expects its sales to grow moderately in between 8-12 per cent with operating income increasing significantly between 20-25 per cent during the year.

Fibre2Fashion News Desk (JL)


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