Culp, a US-based marketer of mattress fabrics, has announced its financial results for fiscal year 2020 that ended on May 3, 2020. Net sales for were down 8.9 per cent to $256.2 million compared to sales of $281.3 million in previous year. During FY20, company incurred a net loss of $28.6 million compared to the net income of $5.4 million in FY19.
Culp, a US-based marketer of mattress fabrics, has announced its financial results for fiscal year 2020 that ended on May 3, 2020. Net sales for were down 8.9 per cent to $256.2 million compared to sales of $281.3 million in previous year. During FY20, company incurred a net loss of $28.6 million compared to the net income of $5.4 million in FY19.#
“As the fourth quarter began, we were executing well on our strategic initiatives and generating momentum in our businesses. However, the impact of the Covid-19 pandemic began to materialise in the second half of March as retail stores across the country closed and many of our customers shut down or limited their operations for several weeks,” Iv Culp, chief executive officer of Culp, said in a press release.
Culp, a US-based marketer of mattress fabrics, has announced its financial results for fiscal year 2020 that ended on May 3, 2020. Net sales for were down 8.9 per cent to $256.2 million compared to sales of $281.3 million in previous year. During FY20, company incurred a net loss of $28.6 million compared to the net income of $5.4 million in FY19.#
For the fourth quarter (Q4) FY20, Culp’s sales fell 29.3 per cent to $47.4 million (Q4 FY19: $67.0 million). Net loss during the quarter were $27.8 million (Q4 FY19: $1.5 million).
Culp, a US-based marketer of mattress fabrics, has announced its financial results for fiscal year 2020 that ended on May 3, 2020. Net sales for were down 8.9 per cent to $256.2 million compared to sales of $281.3 million in previous year. During FY20, company incurred a net loss of $28.6 million compared to the net income of $5.4 million in FY19.#
For fiscal 2020, mattress fabric sales were down 9.8 per cent to $131.4 million (FY19: $145.7 million).
Culp, a US-based marketer of mattress fabrics, has announced its financial results for fiscal year 2020 that ended on May 3, 2020. Net sales for were down 8.9 per cent to $256.2 million compared to sales of $281.3 million in previous year. During FY20, company incurred a net loss of $28.6 million compared to the net income of $5.4 million in FY19.#
“Despite these challenges, we quickly pivoted to repurpose our available operations to produce face masks, bedding covers, and fabrics for healthcare operations and consumer health. This allowed us to support much-needed relief efforts as an essential business and keep as many workers as possible employed,” Sandy Brown, president of Culp’s mattress fabrics division, said.
Culp, a US-based marketer of mattress fabrics, has announced its financial results for fiscal year 2020 that ended on May 3, 2020. Net sales for were down 8.9 per cent to $256.2 million compared to sales of $281.3 million in previous year. During FY20, company incurred a net loss of $28.6 million compared to the net income of $5.4 million in FY19.#
For FY20, upholstery fabric sales dropped 8.0 per cent to $124.8 million (FY19: $135.7 million).
Culp, a US-based marketer of mattress fabrics, has announced its financial results for fiscal year 2020 that ended on May 3, 2020. Net sales for were down 8.9 per cent to $256.2 million compared to sales of $281.3 million in previous year. During FY20, company incurred a net loss of $28.6 million compared to the net income of $5.4 million in FY19.#
“Our results for the fourth quarter of fiscal 2020 reflect the material decline in sales and severe disruption from the Covid-19 pandemic,” Boyd Chumbley, president of Culp’s upholstery fabrics division, said.
Culp, a US-based marketer of mattress fabrics, has announced its financial results for fiscal year 2020 that ended on May 3, 2020. Net sales for were down 8.9 per cent to $256.2 million compared to sales of $281.3 million in previous year. During FY20, company incurred a net loss of $28.6 million compared to the net income of $5.4 million in FY19.#
“Looking ahead, we are encouraged by recent sales trends through the first eight weeks of the first quarter, which are better than anticipated. As customers and retail stores across the United States have resumed operations, we have seen a gradual increase in orders and shipments as business conditions continue to normalise,” Chumbley said.
Fibre2Fashion News Desk (JL)
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