Culp's Q2 FY21 sales rise 10.5% to $77 mn

Culp, a US-based marketer of mattress fabrics, has posted 10.5 per cent sales growth to $76.9 million in its second quarter (Q2) for fiscal 2021 ended on November 1, compared to the sales of $69.5 million in the same period last year. Company’s net income during the reported period rose 8.8 per cent to $2.3 million (Q2 FY20: $2.1 million).

 

Culp, a US-based marketer of mattress fabrics, has posted 10.5 per cent sales growth to $76.9 million in its second quarter (Q2) for fiscal 2021 ended on November 1, compared to the sales of $69.5 million in the same period last year. Company's net income during the reported period rose 8.8 per cent to $2.3 million (Q2 FY20: $2.1 million).#

“We are pleased with our strong performance for the second quarter of fiscal 2021, which reflects the tireless efforts of our associates around the world and the strength and resilience of our global platform,” Iv Culp, president and chief executive officer of Culp, said in a press release.

 

Culp, a US-based marketer of mattress fabrics, has posted 10.5 per cent sales growth to $76.9 million in its second quarter (Q2) for fiscal 2021 ended on November 1, compared to the sales of $69.5 million in the same period last year. Company's net income during the reported period rose 8.8 per cent to $2.3 million (Q2 FY20: $2.1 million).#

“Overall, we are very pleased with the top line performance for both our mattress fabrics and upholstery fabrics segments. This faster-than-expected recovery indicates an increased consumer focus on the home environment, as well as our ability to service this increase in demand through our strong global platform and stable supply chain,” Culp said.

 

Culp, a US-based marketer of mattress fabrics, has posted 10.5 per cent sales growth to $76.9 million in its second quarter (Q2) for fiscal 2021 ended on November 1, compared to the sales of $69.5 million in the same period last year. Company's net income during the reported period rose 8.8 per cent to $2.3 million (Q2 FY20: $2.1 million).#

Gross profit from continuing operations increased 5.4 per cent to $14.2 million ($13.5 million). Culp’s net income from continuing operations was up 2.5 per cent to $4.5 million ($4.4 million).

 

Culp, a US-based marketer of mattress fabrics, has posted 10.5 per cent sales growth to $76.9 million in its second quarter (Q2) for fiscal 2021 ended on November 1, compared to the sales of $69.5 million in the same period last year. Company's net income during the reported period rose 8.8 per cent to $2.3 million (Q2 FY20: $2.1 million).#

Sales for mattress fabric segment during Q2 FY21 grew 12.2 per cent to $40.0 million ($35.7 million). While, sales for upholstery fabrics were up 8.7 per cent to $36.8 million ($33.9 million).

 

Culp, a US-based marketer of mattress fabrics, has posted 10.5 per cent sales growth to $76.9 million in its second quarter (Q2) for fiscal 2021 ended on November 1, compared to the sales of $69.5 million in the same period last year. Company's net income during the reported period rose 8.8 per cent to $2.3 million (Q2 FY20: $2.1 million).#

“We were especially encouraged by the strong growth in sales and operating income for the mattress fabric segment during the second quarter,” Sandy Brown, president of Culp’s mattress fabrics division, said in the release. “The Covid-19 pandemic has generated greater consumer awareness and appreciation for overall comfort and wellness within the home environment, leading to an increase in discretionary spending on home furnishing products, including mattresses.”

 

Culp, a US-based marketer of mattress fabrics, has posted 10.5 per cent sales growth to $76.9 million in its second quarter (Q2) for fiscal 2021 ended on November 1, compared to the sales of $69.5 million in the same period last year. Company's net income during the reported period rose 8.8 per cent to $2.3 million (Q2 FY20: $2.1 million).#

“Our residential upholstery business saw a significant increase in sales compared to the prior-year period, driven primarily by the increased consumer focus on the at-home experience and overall comfort. Through our strong platform in Asia, including our expanded cut and sew capabilities in Vietnam and our stable, long-term supplier relationships, we were able to respond quickly to meet the upsurge in demand from our customers and increase our market share,” Boyd Chumbley, president of Culp’s upholstery fabrics division, said.