KEY INVESTMENT POINTS

• Two businesses - mattress fabrics and upholstery fabrics - each with a leading market share
• Scalable multi-country platform (on-shore, near-shore, and off-shore for fabrics and covers)
• Stable, long-term supply chains in both businesses, which has been critical during pandemic-driven unprecedented disruption
• Experienced and dedicated innovation and design capabilities in both businesses
• Strong balance sheet position and disciplined use of capital
• Free cash flow generation over multiple years

STRATEGIC INITIATIVES

• Focused on product-driven strategy in both businesses.
• Expanded capacity for cut and sewn upholstery kits with new facility in Haiti.
• Expanded cut and sewn mattress covers in both Haiti and Asia, including through acquisition of remaining 50% ownership interest in existing joint venture.
• Established innovation campus in High Point, NC, to foster design collaboration across divisions.
• Leveraged global platform during pandemic to meet demand and address global supply chain challenges.
• Implemented multiple pricing actions in both businesses to offset escalating freight and material costs.
• Aligning current production capacity to meet current demand trends.

STRONG MARKET POSITION IN MATTRESS FABRICS BUSINESS

• Leading provider in all major categories
• Focused on design creativity, product innovation, and marketing point-of-purchase
• Global cut and sewn cover operation with on-shore, near-shore and off-shore capabilities and fabric-to-cover model
• Globally competitive cost manufacturer and world class customer service and distribution
• Over $100 million invested since 2005, including addition of North American distribution platform
• Complete vertical integration with Canadian platform supporting full complement of finished products
• Commitment to environmental responsibility

GLOBAL PLATFORM SUPPORTS UPHOLSTERY FABRICS BUSINESS

• Leader in product innovation and design trends
• Diverse product range, including popular LiveSmart ® portfolio of performance fabrics
• World class customer service and distribution
• Flexible and scalable Asian platform, with U.S. quality and service standards
• Expanded capacity for cut and sewn upholstery kits with new facility in Haiti
• Strategic partner relationships in Vietnam for additional sourcing of cut and sewn kits
• Stable and reliable global supply chain
• Renewed demand in hospitality/contract business and Read Window Products business

FOCUSED STRATEGY FOR CAPITAL ALLOCATION

• Fund working capital and capital expenditure requirements for organic growth
• Pay down debt as required
• Pay quarterly cash dividend (subject to performance,business outlook, and working capital/cap ex needs; company suspended regular quarterly dividend during the first quarter of fiscal 2023 to preserve liquidity and support future growth opportunities) Evaluate strategic acquisition opportunities that will not jeopardize the financial health of the company
• Consider share repurchases at opportunistic price
• Consider payment of a special dividend at the end of fiscal year
• Build excess cash if decide against regular quarterly dividend, share repurchases, and/or special dividend

Investor Relations Home

Corporate Profile

Culp manufactures, sources, and markets mattress fabrics and sewn covers used for covering mattresses and foundations and other bedding products; and upholstery fabrics, including cut and sewn kits, primarily used in the production of upholstered furniture. The company competes in a fashion-driven business, and we strive to differentiate ourselves by placing a sustained focus on product innovation and creativity. In addition, we place great emphasis on providing excellent and dependable service to our... More >>

Stock Quote

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Recent News

Summary Toggle Culp Announces Results for Third Quarter Fiscal 2023

Mar.01.23 - 4:15 pm

HIGH POINT, N.C. --(BUSINESS WIRE)--Mar. 1, 2023-- Culp, Inc. (NYSE: CULP) (together with its consolidated subsidiaries, “CULP”) today reported financial and operating results for the third quarter ended January 29, 2023 . Fiscal 2023 Third Quarter Financial Summary Net sales were $52.5 million ,
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Summary Toggle Culp, Inc. to Webcast Third Quarter Fiscal 2023 Conference Call

Feb.24.23 - 3:15 pm

HIGH POINT, N.C. --(BUSINESS WIRE)--Feb. 24, 2023-- Culp, Inc. (NYSE: CULP) today announced that it will provide an online, real-time webcast and rebroadcast of its third quarter fiscal 2023 conference call on Thursday, March 2, 2023 , at 11:00 a.m. ET .
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