“We are energised by our financial performance for the third quarter of fiscal 2021. These results reflect strong growth in sales and operating performance compared to the prior-year period, as well as exceptional execution of our product-driven strategy and the continued resilience of our robust global platform,” Iv Culp, president and chief executive officer of Culp, said in a press release.

 

Gross profit from continuing operations increased 20.4 per cent to $13.8 million ($11.5 million). Culp’s income from continuing operations grew 48.2 per cent during Q3 FY21 to $4.0 million ($2.7 million).

 

Sales for mattress fabrics segment during the quarter grew 15.1 per cent to $38.6 million ($33.5 million). While sales for upholstery fabrics segment increased 16.4 per cent to $40.7 million ($34.9 million).

 

“We were very pleased by the strong growth in sales and operating performance for the mattress fabric segment during the third quarter, which is historically our most challenging quarter due to seasonality within the mattress industry and holiday shutdowns in certain of our locations,” Sandy Brown, president of Culp’s mattress fabrics division, said. “The increased demand in our residential upholstery fabrics business was fuelled by strong consumer focus on the home.”

 

“Looking ahead, we are optimistic about the ongoing strength of industry demand trends, and we believe our business will continue its solid performance during the fourth quarter of fiscal 2021 and extending into fiscal 2022. We are also pleased with the recent fourth-quarter acquisition of the remaining fifty per cent ownership interest in our Haiti sewn mattress cover platform, which has proven to be an ideal location for this growing business,” Culp said in the release.