View Filing Data

2,434

4,359

6,336

Accounts receivable, net

22,690

23,481

25,707

48,131

46,531

46,544

Income taxes receivable

155

142

Property, plant and equipment, net

2,294

2,477

3,502

Total current assets

121,098

114,790

108,164

41,745

39,973

37,480

Goodwill

11,462

1,942

2,319

4,406

4,611

4,025

2,893

2,502

2,573

2,475

Current maturities of long-term debt

183,360

175,142

166,880

Current liabilities:

2,200

Accounts payable-trade

26,708

23,994

28,233

Accounts payable - capital expenditures

627

224

613

Accrued expenses

6,890

11,922

7,731

Income taxes payable - current

358

180

392

Total current liabilities

34,583

36,320

39,169

Income taxes payable - long-term

3,779

3,841

3,634

Commitments and Contingencies (Note 15)

1,532

1,483

1,072

Line of credit

7,000

Deferred compensation

5,031

4,686

4,280

Total liabilities

51,925

46,330

48,155

Shareholders' equity

Preferred stock, $0.05 par value, authorized 10,000,000

Common stock, $0.05 par value, authorized 40,000,000 shares, issued and outstanding 12,306,956 at July 31, 2016; 12,338,765 at August 2, 2015; and 12,265,489 at May 1, 2016

615

614

617

Capital contributed in excess of par value

44,453

43,795

43,515

Accumulated earnings

86,415

84,547

74,777

Accumulated other comprehensive loss

(48)

(144)

(184)

Total shareholders' equity

131,435

128,812

118,725

Total liabilities and shareholders' equity

$ 183,360

$ 175,142

$ 166,880

[1]	Derived from audited financial statements.

CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical) - $ / shares

Jul. 31, 2016

May 01, 2016

^[1]

Aug. 02, 2015

Statement of Financial Position [Abstract]

Preferred stock, par value

$ 0.05

Preferred stock, authorized shares

10,000,000

Common stock, par value

$ 0.05

Common stock, authorized shares

40,000,000

Common stock, issued

12,306,956

12,265,489

12,338,765

Common stock, outstanding

12,306,956

12,265,489

12,338,765

[1]	Derived from audited financial statements.

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Thousands

3 Months Ended

Jul. 31, 2016

Aug. 02, 2015

Cash flows from operating activities:

Adjustments to reconcile net income to net cash provided by operating activities:

$ 5,313

$ 4,701

Depreciation

1,761

1,555

Amortization of other assets

Stock-based compensation

761

265

Excess tax benefit related to stock-based compensation

(167)

(788)

Realized loss on sale of short-term investments

593

1,641

Loss (gain) on sale of equipment

(46)

Foreign currency exchange gains

(62)

(57)

Changes in assets and liabilities:

Accounts receivable

611

2,774

(1,808)

(4,068)

158

(1,149)

Accrued expenses and deferred compensation

Accounts payable - trade

3,036

(132)

(4,911)

(3,870)

Income taxes

375

159

Net cash provided by operating activities

5,752

1,055

Cash flows from investing activities:

Proceeds from the sale of equipment

(3,139)

(3,336)

104

Proceeds from the sale of short-term investments

2,000

3,612

Purchase of short-term investments

(21)

(33)

Purchase of long-term investments

(559)

(478)

Net cash used in investing activities

(1,719)

(131)

Cash flows from financing activities:

Proceeds from line of credit

7,000

Excess tax benefit related to stock-based compensation

167

788

Dividends paid

(3,445)

(5,676)

Proceeds from common stock issued

Net cash provided by (used in) financing activities

3,733

(4,832)

Effect of exchange rate changes on cash and cash equivalents

(4)

116

Increase (decrease) in cash and cash equivalents

7,762

(3,792)

Cash and cash equivalents at beginning of period

37,787

^[1]

29,725

Cash and cash equivalents at end of period

$ 45,549

$ 25,933

[1]	Derived from audited financial statements.

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (UNAUDITED) - USD ($)
$ in Thousands

Total

Common Stock

Capital Contributed in Excess of Par Value

Accumulated Earnings

Accumulated Other Comprehensive Loss

Balance at May. 03, 2015

$ 119,427

$ 611

$ 43,159

$ 75,752

$ (95)

Balance (in shares) at May. 03, 2015

12,219,121

4,701

Balance (in shares) at May. 03, 2015

(89)

Balance at Aug. 02, 2015

118,725

Balance at May. 03, 2015

119,427

$ 611

43,159

75,752

(95)

12,219,121

16,935

Stock-based compensation

2,742

Excess tax benefit related to stock based compensation

(49)

841

Common stock repurchased

(2,397)

$ (5)

(2,392)

Common stock repurchased (in shares)

(100,776)

Common stock issued in connection with performance based units (in shares)

115,855

Common stock issued in connection with performance based units

$ 6

(6)

Fully vested common stock award

3,000

Common stock issued in connection with exercise of stock options (in shares)

54,500

Common stock issued in connection with exercise of stock options

200

$ 3

197

Common stock surrendered for withholding taxes payable

(747)

$ (1)

(746)

Common stock surrendered for withholding taxes payable (in shares)

(26,211)

Dividends paid

(8,140)

Balance at May. 01, 2016

^[1]

128,812

$ 614

43,795

84,547

(144)

Balance (in shares) at May. 01, 2016

^[1]

12,265,489

5,313

Stock-based compensation

761

Excess tax benefit related to stock based compensation

167

Common stock issued in connection with performance based units (in shares)

49,192

Common stock issued in connection with performance based units

$ 2

(2)

Common stock issued in connection with exercise of stock options (in shares)

2,000

Common stock issued in connection with exercise of stock options

Common stock surrendered for withholding taxes payable

(280)

$ (1)

(279)

Common stock surrendered for withholding taxes payable (in shares)

(9,725)

Dividends paid

(3,445)

Balance at Jul. 31, 2016

$ 131,435

$ 615

$ 44,453

$ 86,415

$ (48)

Balance (in shares) at Jul. 31, 2016

12,306,956

[1]	Derived from audited financial statements.

Basis of Presentation	3 Months Ended
Basis of Presentation	Jul. 31, 2016
Accounting Policies [Abstract]
Basis of Presentation	1. Basis of Presentation The accompanying unaudited consolidated financial statements of Culp, Inc. and subsidiaries (the “company”) include all adjustments, which are, in the opinion of management, necessary for fair presentation of the results of operations and financial position. All of these adjustments are of a normal recurring nature. Results of operations for interim periods may not be indicative of future results. The unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements, which are included in the company’s annual report on Form 10-K filed with the Securities and Exchange Commission on July 15, 2016 for the fiscal year ended May 1, 2016. The company’s three months ended July 31, 2016 and August 2, 2015, represent 13 week periods, respectively.

Significant Accounting Policies	3 Months Ended
Significant Accounting Policies	Jul. 31, 2016
Accounting Policies [Abstract]
Significant Accounting Policies	2. Significant Accounting Policies As of July 31, 2016, there were no changes in the nature of our significant accounting policies or the application of those policies from those reported in our annual report on Form 10-K for the year then ended May 1, 2016. Recently Adopted Accounting Pronouncements In November 2015, the FASB issued ASU No. 2015-17, Balance Sheet Classification of Deferred Taxes, an amendment to FASB ASC Topic 740, which simplifies the presentation of deferred income taxes on an entity’s classified balance sheet. Currently, entities that are required to issue a classified balance sheet present a net current and net noncurrent deferred income tax asset or liability for each tax jurisdiction. The amendments in this ASU require entities to offset all deferred income tax assets and liabilities for each tax jurisdiction and present a net deferred income tax asset or liability as a single noncurrent amount. The recognition and measurement guidance for deferred income tax assets and liabilities are not affected by this amendment. This amended guidance is effective for fiscal years and interim periods within those fiscal years, beginning after December 15, 2016. Early adoption is permitted and the standard may be applied either retrospectively or on a prospective basis to all deferred income tax assets and liabilities. We early adopted this amendment during the third quarter of fiscal 2016 on a retrospective basis. Accordingly, we reclassified our current deferred income taxes to noncurrent on our August 2, 2015 Consolidated Balance Sheet, which increased noncurrent deferred income taxes $4.0 million and decreased noncurrent deferred tax liabilities $3.0 million. In June 2014, the Financial Accounting Standards Board (“FASB”) amended its authoritative guidance on accounting for certain share-based payment awards. The amended guidance requires that share-based compensation awards with terms of a performance target that affects vesting, and that could be achieved after the requisite service period, be treated as a performance condition. As such, the performance target should not be reflected in estimating the grant-date fair value of the award and compensation cost should be recognized in the period in which it becomes probable that the performance target will be achieved. The guidance will permit an entity to apply the amendments in the update either (a) prospectively to all awards granted or modified after the effective date or (b) retrospectively to all awards with performance targets that are outstanding as of the beginning of the earliest annual period presented in the consolidated financial statements and to all new or modified awards thereafter. This guidance was effective for the first quarter of fiscal 2017 and did not have any impact on our consolidated financial statements as we currently do not have any share-based payment awards with terms of a performance target that affects vesting and could be achieved after the requisite service period. Recently Issued Accounting Pronouncements In May 2014, the FASB issued ASU No. 2014-09, which amends ASC Topic 606, Revenue from Contracts with Customers. The amendments in this ASU are intended to enhance the comparability of revenue recognition practices and will be applied to all contracts with customers. Improved disclosures related to the nature, amount, timing, and uncertainty of revenue that is recognized are requirements under the amended guidance. In April 2015, the FASB issued ASU 2015-24, Revenue from Contracts with Customers: Deferral of the Effective Date which proposed a deferral of the effective date by one year, and on July 7, 2015, the FASB decided to delay the effective date by one year. The deferral results in the new revenue standard being effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2017. We are therefore required to apply the new revenue guidance in our fiscal 2019 interim and annual financial statements. This ASU can be adopted either retrospectively or as a cumulative-effect adjustment as of the date of adoption. We are currently assessing the impact that this guidance will have on our consolidated financial statements. In July 2015, the FASB issued ASU No. 2015-11, Simplifying the Measurement of Inventory, which changed the measurement principle for inventory from the lower of cost or market to lower of cost and net realizable value. This ASU is effective for fiscal years and interim periods within those fiscal years, beginning after December 15, 2016. We are therefore required to apply this guidance in our fiscal 2018 interim and annual financial statements. We are currently assessing the impact that this guidance will have on our consolidated financial statements. In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842), which increases transparency and comparability among companies accounting for lease transactions. The most significant change of this update will require the recognition of lease assets and liabilities on the balance sheet for operating lease arrangements with lease terms greater than twelve months for lessees. This update will require a modified retrospective application which includes a number of optional practical expedients related to the identification and classification of leases commenced before the effective date. This ASU is effective for fiscal years and interim periods within those fiscal years, beginning after December 15, 2018. We are therefore required to apply this guidance in our fiscal 2020 interim and annual financial statements. We are currently assessing the impact that this guidance will have on our consolidated financial statements. In March 2016, the FASB issued ASU No. 2016-09, "Compensation - Stock Compensation (Topic 718): Improvements to Employee Shares-Based Payment Accounting." ASU 2016-09 is intended to improve the accounting for share-based payment transactions as part of the FASB’s simplification initiative. ASU 2016-09 changes several aspects of the accounting for share-based payment award transactions, including: (1) accounting for income taxes; (2) classification of excess tax benefits on the statement of cash flows; (3) forfeitures; (4) minimum statutory tax withholding requirements; and (5) classification of employee taxes paid on the statement of cash flows when an employer withholds shares for tax-withholding purposes. ASU 2016-09 is effective for fiscal years beginning after December 15, 2016, and interim periods within those years for public companies. We are therefore required to apply this guidance in our fiscal 2018 interim and annual financial statements. We are currently assessing the impact that ASU 2016-09 will have on its consolidated financial statements. There are no other new accounting pronouncements that are expected to have a significant impact on our consolidated financial statements.

Stock-Based Compensation	3 Months Ended
Stock-Based Compensation	Jul. 31, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock-Based Compensation	3. Stock-Based Compensation Equity Incentive Plan Description On September 16, 2015, our shareholders approved an equity incentive plan entitled the Culp, Inc. 2015 Equity Incentive Plan (the “2015 Plan”). The 2015 Plan updated and replaced our 2007 Equity Incentive Plan (the “2007 Plan”) as the vehicle for granting new equity based awards substantially similar to those authorized under the 2007 Plan. In general, the 2015 Plan authorizes the grant of stock options intended to qualify as incentive stock options, nonqualified stock options, stock appreciation rights, restricted stock, restricted stock units, performance units, and other equity and cash related awards as determined by our Compensation Committee. An aggregate of 1,200,000 shares of common stock were authorized for issuance under the 2015 Plan, with certain sub-limits that would apply with respect to specific types of awards that may be issued as defined in the 2015 Plan. In connection with the approval of the 2015 Plan, no further awards will be granted under the 2007 Plan, but outstanding awards under the 2007 Plan will be settled in accordance with their terms. At July 31, 2016, there were 1,012,635 shares available for future equity based grants under our 2015 plan. Incentive Stock Option Awards We did not grant any incentive stock option awards during the first quarter of fiscal 2017. At July 31, 2016, options to purchase 81,600 shares of common stock were outstanding and exercisable, had a weighted average exercise price of $8.44 per share, and a weighted average contractual term of 1.1 years. At July 31, 2016, the aggregate intrinsic value for options outstanding and exercisable was $1.6 million. The aggregate intrinsic value for options exercised for the three months ending July 31, 2016 and August 2, 2015, was $43,000 and $814,000, respectively. At July 31, 2016, there were no unvested incentive stock option awards. Therefore, there was no unrecognized compensation cost related to incentive stock option awards at July 31, 2016. No compensation expense was recorded on incentive stock options for the three months ended July 31, 2016 and August 2, 2015, respectively. Performance Based Restricted Stock Units Fiscal 2017 Grant On July 14, 2016, certain key members of management were granted performance based restricted stock units which could earn up to 107,880 shares of common stock if certain performance targets are met as defined in the related restricted stock unit agreements. These awards were valued based on the fair market value on the date of grant. The fair value of these awards was $28 per share, which represents the closing price of our common stock on the date of grant. The vesting of these awards is over the requisite service period of three years. On July 14, 2016, a non-employee was granted performance based restricted stock units which could earn up to 11,549 shares of common stock if certain performance targets are met as defined in the related restricted stock unit agreement. The fair value of this award is measured at the earlier date of when the performance criteria are met or the end of the reporting period. At July 31, 2016, this grant was unvested and was measured at $28.53 per share, which represents the closing price of our common stock at the end of the reporting period. The vesting of this award is over the requisite service period of three years. Fiscal 2016 Grant On July 15, 2015, certain key members of management were granted performance based restricted stock units which could earn up to 107,554 shares of common stock if certain performance targets are met as defined in the related restricted stock unit agreements. These awards were valued based on the fair market value on the date of grant. The fair value of these awards was $32.23 per share, which represents the closing price of our common stock on the date of grant. The vesting of these awards is over the requisite service period of three years. On July 15, 2015, a non-employee was granted performance based restricted stock units which could earn up to 10,364 shares of common stock if certain performance targets are met as defined in the related restricted stock unit agreement. The fair value of this award is measured at the earlier date of when the performance criteria are met or the end of the reporting period. At July 31, 2016, this grant was unvested and was measured at $28.53 per share, which represents the closing price of our common stock at the end of the reporting period. The vesting of this award is over the requisite service period of three years. Fiscal 2015 Grants On June 24, 2014, certain key members of management were granted performance based restricted stock units which could earn up to 102,845 shares of common stock if certain performance targets are met as defined in the related restricted stock unit agreements. These awards were valued based on the fair market value on the date of grant. The fair value of these awards was $17.70 per share, which represents the closing price of our common stock on the date of grant. The vesting of these awards is over the requisite service period of three years. On March 3, 2015, a non-employee was granted performance based restricted stock units which could earn up to 28,000 shares of common stock if certain performance targets are met as defined in the related restricted stock unit agreements. The fair value of this award is measured at the earlier date of when the performance criteria are met or the end of the reporting period. At July 31, 2016, 16,000 restricted stock units associated with this grant were unvested and were measured at $28.53 per share, which represents the closing price of the company’s common stock at the end of the reporting period. The vesting of these 16,000 restricted stock units vest over their requisite service period of 28 months. During the first quarter of fiscal 2017, 12,000 shares of common stock associated with the grant vested and had a weighted average fair value of $345,000 or $28.77 per share. 2014 Grant On June 25, 2013, certain key members of management were granted performance based restricted stock units which could earn up to 72,380 shares of common stock if certain performance targets are met as defined in the related restricted stock unit agreements. These awards were valued based on the fair market value on the date of grant. The fair value of these awards was $17.12 per share, which represents the closing price of our common stock on the date of grant. The vesting of these awards is over the requisite service period of three years. During the first quarter of fiscal 2017, 37,192 shares of common stock associated with this grant vested and had a weighted average fair value of $637,000 or $17.12 per share. Our fiscal 2014 grant is fully vested. Fiscal 2013 Grant On July 11, 2012, certain key members of management were granted performance based restricted stock units which could earn up to 120,000 shares of common stock if certain performance targets are met as defined in the related restricted stock unit agreements. These awards were valued based on the fair market value on the date of grant. The fair value of these awards was $10.21 per share, which represents the closing price of our common stock on the date of grant. The vesting of these awards is over the requisite service period of three years. During the first quarter of fiscal 2016, 115,855 shares of common stock associated with our fiscal 2013 grant vested and had a weighted average fair value of $1.2 million or $10.21 per share. Our fiscal 2013 grant is fully vested. Overall We recorded compensation expense of $761,000 and $265,000 within selling, general, and administrative expense for performance based restricted stock units for the three month periods ending July 31, 2016 and August 2, 2015, respectively. Compensation cost is recorded based on an assessment each reporting period of the probability if certain performance goals will be met during the vesting period. If performance goals are not probable of occurrence, no compensation cost will be recognized and any recognized compensation cost would be reversed. As of July 31, 2016, the remaining unrecognized compensation cost related to the performance based restricted stock units was $5.0 million, which is expected to be recognized over a weighted average vesting period of 2.1 years.

The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details.

+ References + Details

Accounts Receivable

3 Months Ended

Jul. 31, 2016

Receivables [Abstract]

Accounts Receivable

4. Accounts Receivable

A summary of accounts receivable follows:

(dollars in thousands)	July 31, 2016			August 2, 2015			May 1, 2016
Customers	$	24,669		$	27,428		$	25,531
Allowance for doubtful accounts		(850	)		(935	)		(1,088	)
Reserve for returns and allowances and discounts		(1,129	)		(786	)		(962	)
	$	22,690		$	25,707		$	23,481

A summary of the activity in the allowance for doubtful accounts follows:

	Three months ended
(dollars in thousands)	July 31, 2016			August 2, 2015
Beginning balance	$	(1,088	)	$	(851	)
Provision for bad debts		227			(96	)
Net write-offs, net of recoveries		11			12
Ending balance	$	(850	)	$	(935	)

A summary of the activity in the allowance for returns and allowances and discounts accounts follows:

	Three months ended
(dollars in thousands)	July 31, 2016			August 2, 2015
Beginning balance	$	(962	)	$	(738	)
Provision for returns, allowances and discounts		(919	)		(709	)
Credits issued		752			661
Ending balance	$	(1,129	)	$	(786	)

The entire disclosure for claims held for amounts due a entity, excluding financing receivables. Examples include, but are not limited to, trade accounts receivables, notes receivables, loans receivables. Includes disclosure for allowance for credit losses.

+ References + Details

Inventories

3 Months Ended

Jul. 31, 2016

Inventory Disclosure [Abstract]

5. Inventories

Inventories are carried at the lower of cost or market. Cost is determined using the FIFO (first-in, first-out) method.

A summary of inventories follows:

(dollars in thousands)	July 31, 2016		August 2, 2015		May 1, 2016
Raw materials	$	6,779	$	6,944	$	5,462
Work-in-process		3,224		3,018		2,972
Finished goods		38,128		36,582		38,097
	$	48,131	$	46,544	$	46,531

Other Assets

3 Months Ended

Jul. 31, 2016

Other Assets

6. Other Assets

A summary of other assets follows:

(dollars in thousands)	July 31, 2016		August 2, 2015		May 1, 2016
Cash surrender value – life insurance	$	358	$	339	$	357
Non-compete agreement, net		885		960		903
Customer relationships, net		702		753		715
Other		557		423		598
	$	2,502	$	2,475	$	2,573

Non-Compete Agreement

We recorded our non-compete agreement at its fair value based on a discounted cash flow valuation model. Our non-compete agreement is amortized on a straight-line basis over the fifteen year life of the respective agreement.

The gross carrying amount of our non-compete agreement was $2.0 million at July 31, 2016, August 2, 2015 and May 1, 2016, respectively. At July 31, 2016 and May 1, 2016, accumulated amortization for our non-compete agreement was $1.1 million. At August 2, 2015 accumulated amortization for our non-compete agreement was $1.0 million.

Amortization expense for our non-compete agreement was $19,000 for the three month periods ended July 31, 2016 and August 2, 2015. The remaining amortization expense for the next five fiscal years and thereafter follows: FY 2017 - $56,000; FY 2018 - $75,000; FY 2019- $75,000; FY 2020 - $75,000; FY 2021 - $75,000 and Thereafter - $529,000.

The weighted average amortization period for our non-compete agreement is 11.8 years as of July 31, 2016.

Customer Relationships

We recorded our customer relationships at their fair value based on a multi-period excess earnings valuation model. Our customer relationships are amortized on a straight-line basis over its seventeen year useful life.

The gross carrying amount of our customer relationships was $868,000 at July 31, 2016, August 2, 2015, and May 1, 2016, respectively. Accumulated amortization for our customer relationships was $166,000, $115,000, and $153,000 at July 31, 2016, August 2, 2015, and May 1, 2016, respectively.

Amortization expense for our customer relationships was $13,000 for the three months ending July 31, 2016 and August 2, 2015. The remaining amortization expense for the next five fiscal years and thereafter follows: FY 2017 - $38,000; FY 2018 - $51,000; FY 2019 - $51,000; FY 2020 - $51,000; FY 2021 - $51,000; and Thereafter - $460,000.

The weighted average amortization period for our customer relationships is 13.8 years as of July 31, 2016.

Cash Surrender Value – Life Insurance

At July 31, 2016, August 2, 2015, and May 1, 2016 we had one life insurance contract with a death benefit of $1.4 million.

Our cash surrender value – life insurance balances totaling $358,000, $339,000 and $357,000 at July 31, 2016, August 2, 2015, and May 1, 2016, respectively, are collectible upon death of the respective insured.

Accrued Expenses

3 Months Ended

Jul. 31, 2016

Long-Term Debt and Lines of Credit

Accrued Expenses

7. Accrued Expenses

A summary of accrued expenses follows:

(dollars in thousands)	July 31, 2016		August 2, 2015		May 1, 2016
Compensation, commissions and related benefits	$	5,400	$	4,946	$	10,011
Advertising rebates		485		1,835		870
Interest		7		81		-
Other accrued expenses		998		869		1,041
	$	6,890	$	7,731	$	11,922

Long-Term Debt and Lines of Credit

3 Months Ended

Jul. 31, 2016

Debt Disclosure [Abstract]

8. Long-Term Debt and Lines of Credit

A summary of long-term debt follows:

(dollars in thousands)	July 31, 2016		August 2, 2015			May 1, 2016
Unsecured senior term notes	$	-	$	2,200		$	-
Current maturities of long-term debt		-		(2,200	)		-
Long-term debt, less current maturities
of long-term debt	$	-	$	-		$	-

Unsecured Senior Term Notes

We entered into a note agreement dated August 11, 2008 that provided for the issuance of $11.0 million of unsecured senior term notes with a fixed interest rate of 8.01% and a term of seven years. Principal payments of $2.2 million per year were due on the notes beginning August 11, 2011. On August 11, 2015, we paid our last annual payment of $2.2 million and this agreement has been paid in full.

Revolving Credit Agreement – United States

Our Credit Agreement with Wells Fargo Bank, N.A. (“Wells Fargo”) provides a revolving loan commitment of $30 million. Interest was charged at a rate (applicable interest rate of 1.94% at July 31, 2016) as a variable spread over LIBOR based on our ratio of debt to EBITDA. The Credit Agreement contains certain financial and other covenants as defined in the agreement and is set to expire on August 15, 2018.

The purpose of our revolving credit line is to support potential short term cash needs in different jurisdictions within our global operations, mitigate our risk associated with foreign currency exchange rate fluctuations, and repatriate earnings and profits from our foreign subsidiaries to the U.S. for various strategic purposes.

At July 31, 2016, we had outstanding borrowings associated with the Credit Agreement totaling $7.0 million. These outstanding borrowings are secured by a pledge of 65% of the common stock of Culp International Holdings Ltd. (our subsidiary located in the Cayman Islands), as required by the Credit Agreement. There were no borrowings outstanding under the Credit Agreement at August 2, 2015, and May 1, 2016, respectively.

At July 31, 2016, August 2, 2015, and May 1, 2016, there were $250,000 in outstanding letters of credit (all of which related to workers compensation) provided by the Credit Agreement.

Effective August 1, 2016, we entered into a Third Amendment to our Credit Agreement that will allow us to issue letters of credit not to exceed $7.5 million. On August 3, 2016, we issued a $5.0 million letter of credit (all of which is currently outstanding and in addition to the $250,000 letter of credit noted above) for the construction of a new building associated with our mattress fabrics segment (see Note 15 for further details). This $5.0 million letter of credit will be automatically reduced in $1.25 million increments on August 1, 2017, November 1, 2017, February 1, 2018, and May 15, 2018, respectively.

Revolving Credit Agreement – China

We have an unsecured credit agreement associated with our operations in China that provides for a line of credit of up to 40 million RMB (approximately $6.0 million USD at July 31, 2016), that expires on March 8, 2017. This agreement has an interest rate determined by the Chinese government and there were no borrowings outstanding as of July 31, 2016, August 2, 2015, and May 1, 2016.

Overall

Our loan agreements require, among other things, that we maintain compliance with certain financial covenants. At July 31, 2016, the company was in compliance with these financial covenants.

The fair value of the company’s long-term debt is estimated by discounting the future cash flows at rates currently offered to the company for similar debt instruments of comparable maturities. At August 2, 2015, the carrying value of the company’s long-term debt was $2.2 million and the fair value was $2.3 million.

Fair Value of Financial Instruments

3 Months Ended

Jul. 31, 2016

Fair Value Disclosures [Abstract]

Fair Value of Financial Instruments

9. Fair Value of Financial Instruments

ASC Topic 820 establishes a fair value hierarchy that distinguishes between assumptions based on market data (observable inputs) and the company’s assumptions (unobservable inputs). Determining where an asset or liability falls within that hierarchy depends on the lowest level input that is significant to the fair value measurement as a whole. An adjustment to the pricing method used within either level 1 or level 2 inputs could generate a fair value measurement that effectively falls in a lower level in the hierarchy. The hierarchy consists of three broad levels as follows:

Level 1 – Quoted market prices in active markets for identical assets or liabilities;

Level 2 – Inputs other than level 1 inputs that are either directly or indirectly observable, and

Level 3 – Unobservable inputs developed using the company’s estimates and assumptions, which reflect those that market participants would use.

Recurring Basis

The following table presents information about assets measured at fair value on a recurring basis:

Fair value measurements at July 31, 2016 using:

Quoted prices in

active markets

for identical

assets

Significant other

observable inputs

Significant

unobservable

inputs

(amounts in thousands)

Level 1

Level 2

Level 3

Total

Assets:

Premier Money Market Fund

3,950

N/A

3,950

Low Duration Bond Fund

1,073

N/A

1,073

Intermediate Term Bond Fund

754

N/A

754

Strategic Income Fund

597

N/A

597

Large Blend Fund

310

N/A

310

Mid Cap Value Fund

117

N/A

117

Growth Allocation Fund

N/A

Other

147

N/A

147

Fair value measurements at August 2, 2015 using:

Quoted prices in

active markets

for identical

assets

Significant other

observable inputs

Significant

unobservable

inputs

(amounts in thousands)

Level 1

Level 2

Level 3

Total

Assets:

Premier Money Market Fund

2,705

N/A

2,705

Intermediate Term Bond Fund

2,149

N/A

2,149

Low Duration Bond Fund

2,100

N/A

2,100

Limited Term Bond Fund

1,092

N/A

1,092

Strategic Income Fund

995

N/A

995

Growth Allocation Fund

109

N/A

109

Other

N/A

Fair value measurements at May 1, 2016 using:

Quoted prices in

active markets

for identical

assets

Significant other

observable inputs

Significant

unobservable

inputs

(amounts in thousands)

Level 1

Level 2

Level 3

Total

Assets:

Premier Money Market Fund

3,404

N/A

3,404

Low Duration Bond Fund

1,604

N/A

1,604

Intermediate Term Bond Fund

1,154

N/A

1,154

Strategic Income Fund

999

N/A

999

Limited Term Bond Fund

602

N/A

602

Large Blend Fund

289

N/A

289

Growth Allocation Fund

148

N/A

148

Mid Cap Value Fund

102

N/A

102

Other

N/A

The determination of where an asset or liability falls in the hierarchy requires significant judgment. We evaluate our hierarchy disclosures each quarter based on various factors and it is possible that an asset or liability may be classified differently from quarter to quarter. However, we expect that changes in classifications between different levels will be rare.

Short-Term Investments

At July 31, 2016, August 2, 2015, and May 1, 2016, our short-term investments totaled $2.4 million, $6.3 million, and $4.4 million, respectively, and consisted of short-term bond funds. Our short-term bond funds are recorded at their fair value, are classified as available-for-sale, and their unrealized gains or losses are included in other comprehensive income (loss). Our short-term bond investments had an accumulated unrealized loss totaling $33,000, $184,000, and $100,000 at July 31, 2016, August 2, 2015, and May 1, 2016, respectively. At July 31, 2016, August 2, 2015, and May 1, 2016, the fair value of our short-term bond funds approximated its cost basis.

Long-Term Investments

Effective January 1, 2014, we established a Rabbi Trust to set aside funds for participants of our deferred compensation plan (the “Plan”) and enable the participants to credit their contributions to various investment options of the Plan. The investments associated with the Rabbi Trust consist of a money market fund and various mutual funds that are classified as available for sale.

Our long-term investments are recorded at their fair value of $4.6 million, $2.9 million, and $4.0 million at July 31, 2016, August 2, 2015, and May 1, 2016, respectively. Our long-term investments had an accumulated unrealized loss of $15,000 and $44,000 at July 31, 2016 and May 1, 2016, respectively. At August 2, 2015, our accumulated gains or losses regarding our long-term investments were immaterial. The fair value of our long-term investments approximates its cost basis.

Other

The carrying amount of cash and cash equivalents, accounts receivable, other current assets, line of credit, accounts payable, and accrued expenses approximates fair value because of the short maturity of these financial instruments.

Supplemental Cash Flow Elements [Abstract]

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Cash Flow Information

3 Months Ended

Jul. 31, 2016

Cash Flow Information

10. Cash Flow Information

Interest and income taxes paid are as follows:

	Three months ended
(dollars in thousands)	July 31, 2016		August 2, 2015
Interest	$	3	$	-
Income taxes		2,263		900

Interest costs charged to operations and incurred on our long-term debt and lines of credit were $9,000 and $44,000 for the three months ended July 31, 2016 and August 2, 2015, respectively.

Interest costs of $9,000 and $20,000 for the construction of qualifying fixed assets were capitalized and will be amortized over the related assets’ useful lives for the three months ended July 31, 2016 and August 2, 2015, respectively.

Net Income Per Share

3 Months Ended

Jul. 31, 2016

Earnings Per Share [Abstract]

Net Income Per Share

11. Net Income Per Share

Basic net income per share is computed using the weighted-average number of shares outstanding during the period. Diluted net income per share uses the weighted-average number of shares outstanding during the period plus the dilutive effect of stock-based compensation calculated using the treasury stock method. Weighted average shares used in the computation of basic and diluted net income per share follows:

	Three months ended
(amounts in thousands)	July 31, 2016		August 2, 2015
Weighted average common shares outstanding, basic		12,286		12,277
Dilutive effect of stock-based compensation		177		179
Weighted average common shares outstanding, diluted		12,463		12,456

All options to purchase shares of common stock were included in the computation of diluted net income for the three months ended July 31, 2016 and August 2, 2015, as the exercise price of the options was less than the average market price of the common shares.

Segment Information

3 Months Ended

Jul. 31, 2016

Segment Reporting [Abstract]

Segment Information

12. Segment Information

Our operations are classified into two business segments: mattress fabrics and upholstery fabrics. The mattress fabrics segment manufactures, sources, and sells fabrics and mattress covers to bedding manufacturers. The upholstery fabrics segment sources, manufactures, and sells fabrics primarily to residential furniture manufacturers.

We evaluate the operating performance of our segments based upon income from operations before certain unallocated corporate expenses and other non-recurring items. Cost of sales in both segments include costs to manufacture or source our products, including costs such as raw material and finished goods purchases, direct and indirect labor, overhead and incoming freight charges. Unallocated corporate expenses primarily represent compensation and benefits for certain executive officers, all costs related to being a public company, and other miscellaneous expenses. Segment assets include assets used in the operations of each segment and primarily consist of accounts receivable, inventories, and property, plant and equipment. The mattress fabrics segment also includes in segment assets, goodwill, a non-compete agreement, and customer relationships associated with an acquisition.

Financial information for the company’s operating segments follows:

	Three months ended
(dollars in thousands)	July 31, 2016			August 2, 2015
Net sales:
Mattress Fabrics	$	50,530		$	47,808
Upholstery Fabrics		30,152			32,377
	$	80,682		$	80,185
Gross profit:
Mattress Fabrics	$	11,901		$	9,925
Upholstery Fabrics		6,518			6,277
	$	18,419		$	16,202
Selling, general, and administrative expenses:
Mattress Fabrics	$	3,499		$	2,923
Upholstery Fabrics		3,534			3,595
Total segment selling, general, and
administrative expenses		7,033			6,518
Unallocated corporate expenses		2,713			2,223
	$	9,746		$	8,741
Income from operations:
Mattress Fabrics	$	8,402		$	7,003
Upholstery Fabrics		2,984			2,681
Total segment income from operations		11,386			9,684
Unallocated corporate expenses		(2,713	)		(2,223	)
Total income from operations		8,673			7,461
Interest expense		-			(24	)
Interest income		25			66
Other expense		(152	)		(95	)
Income before income taxes	$	8,546		$	7,408

Balance sheet information for the company’s operating segments follows:

(dollars in thousands)	July 31, 2016		August 2, 2015		May 1, 2016
Segment assets:
Mattress Fabrics
Current assets (1)	$	39,800	$	42,530	$	43,472
Non-compete agreement		885		960		903
Customer relationships		702		753		715
Goodwill		11,462		11,462		11,462
Property, plant and equipment (2)		39,435		35,116		37,480
Total mattress fabrics assets		92,284		90,821		94,032
Upholstery Fabrics
Current assets (1)		31,021		29,721		26,540
Property, plant and equipment (3)		1,459		1,518		1,564
Total upholstery fabrics assets		32,480		31,239		28,104
Total segment assets		124,764		122,060		122,136
Non-segment assets:
Cash and cash equivalents		45,549		25,933		37,787
Short-term investments		2,434		6,336		4,359
Deferred income taxes		1,942		4,406		2,319
Income taxes receivable		-		142		155
Other current assets		2,294		3,502		2,477
Property, plant and equipment (4)		851		846		929
Long-term investments		4,611		2,893		4,025
Other assets		915		762		955
Total assets	$	183,360	$	166,880	$	175,142

	Three months ended
(dollars in thousands)	July 31, 2016		August 2, 2015
Capital expenditures (5):
Mattress Fabrics	$	3,521	$	2,704
Upholstery Fabrics		14		183
Unallocated Corporate		8		73
Total capital expenditures	$	3,543	$	2,960
Depreciation expense:
Mattress Fabrics	$	1,556	$	1,359
Upholstery Fabrics		205		196
Total depreciation expense	$	1,761	$	1,555

(1)	Current assets represent accounts receivable and inventory for the respective segment.

(2)

The $39.4 million at July 31, 2016, represents property, plant, and equipment of $25.5 million and $13.9 million located in the U.S. and Canada, respectively. The $35.1 million at August 2, 2015, represents property, plant, and equipment of $23.6 million and $11.5 million located in the U.S. and Canada, respectively. The $37.5 million at May 1, 2016, represents property, plant, and equipment of $24.8 million and $12.7 million located in the U.S. and Canada, respectively.

(3)

The $1.5 million at July 31, 2016, represents property, plant, and equipment of $847 and $612 located in the U.S. and China, respectively. The $1.5 million at August 2, 2015, represents property, plant, and equipment of $818 and $700 located in the U.S. and China, respectively. The $1.6 million at May 1, 2016, represents property, plant, and equipment of $893 and $671 located in the U.S. and China, respectively.

(4)

The $851, $846, and $929 at July 31, 2016, August 2, 2015 and May 1, 2016, respectively, represent property, plant, and equipment associated with unallocated corporate departments and corporate departments shared by both the mattress and upholstery fabric segments. Property, plant, and equipment associated with corporate are located in the U.S.

(5)	Capital expenditure amounts are stated on the accrual basis. See Consolidated Statements of Cash Flows for capital expenditure amounts on a cash basis.

Summary of Accounts Receivable

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

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+ Details

Income Taxes

3 Months Ended

Jul. 31, 2016

Income Tax Disclosure [Abstract]

Income Taxes

13. Income Taxes

Effective Income Tax Rate

We recorded income tax expense of $3.2 million, or 37.8% of income before income taxes, for the three month period ended July 31, 2016, compared to income tax expense of $2.7 million, or 36.5% of income before income taxes, for the three month period ended August 2, 2015. Our effective income tax rates for the three month periods ended July 31, 2016, and August 2, 2015, were based upon the estimated effective income tax rate applicable for the full year after giving effect to any significant items related specifically to interim periods. The effective income tax rate can be affected over the fiscal year by the mix and timing of actual earnings from our U.S. operations and foreign sources versus annual projections and changes in foreign currency exchange rates in relation to the U.S. dollar.

The following schedule summarizes the factors that are attributable to the difference between income tax expense at the federal income tax rate and the effective income tax rate reflected in the consolidated financial statements:

	2017			2016
federal income tax rate		34.0	%		34.0	%
U.S state income tax expense		1.4			0.8
tax effects of Chinese foreign exchange gains		1.1			0.4
increase in liability for uncertain tax positions		0.5			0.3
other		0.8			1.0
		37.8	%		36.5	%

Deferred Income Taxes

Valuation Allowance

In accordance with ASC Topic 740, we evaluate our deferred income taxes to determine if a valuation allowance is required. ASC Topic 740 requires that companies assess whether a valuation allowance should be established based on the consideration of all available evidence using a “more-likely-than-not” standard, with significant weight being given to evidence that can be objectively verified. Since the company operates in multiple jurisdictions, we assess the need for a valuation allowance on a jurisdiction-by-jurisdiction basis, taking into account the effects of local tax law. Based on our assessment at July 31, 2016, we recorded a partial valuation allowance of $625,000, of which $539,000 pertained to certain U.S. state net operating loss carryforwards and credits and $86,000 pertained to loss carryfowards associated with our Culp Europe operation located in Poland. Based on our assessment at August 2, 2015, we recorded a partial valuation allowance of $926,000, of which $561,000 pertained to certain U.S. state net operating loss carryforwards and credits and $365,000 pertained to loss carryfowards associated with our Culp Europe operation located in Poland. Based on our assessment at May 1, 2016, we recorded a partial valuation allowance of $590,000, of which $518,000 pertained to certain U.S. state net operating loss carryforwards and credits and $72,000 pertained to loss carryfowards associated with our Culp Europe operation located in Poland.

No valuation allowance was recorded against our net deferred tax assets associated with our operations located in China and Canada at July 31, 2016, August 2, 2015, and May 1, 2016, respectively.

The recorded valuation allowance of $625,000 at July 31, 2016, has no effect on our operations, loan covenant compliance, or the possible realization of certain U.S. state net operating loss carryforwards and credits and our loss carryforwards associated with our Culp Europe operation located in Poland. If it is determined that it is more-likely-than-not that we will realize any of these deferred tax assets, an income tax benefit will be recognized at that time.

Undistributed Earnings

In accordance with ASC Topic 740, we assess whether the undistributed earnings from our foreign subsidiaries will be reinvested indefinitely or eventually distributed to our U.S. parent company. ASC Topic 740 requires that a deferred tax liability should be recorded for undistributed earnings from foreign subsidiaries that will not be reinvested indefinitely. Based on our assessment as of July 31, 2016, it is our intention not to permanently invest our undistributed earnings from our foreign subsidiaries. Also, we assess the recognition of U.S. foreign income tax credits associated with foreign withholding and income tax payments and whether it is more-likely-than-not that our foreign income tax credits will not be realized. If it is determined that any foreign income tax credits need to be recognized or it is more-likely-than-not our foreign income tax credits will not be realized, an adjustment to our provision for income taxes will be recognized at that time.

At July 31, 2016, we had accumulated earnings and profits from our foreign subsidiaries totaling $134.7 million. At the same date, the deferred tax liability associated with our undistributed earnings from our foreign subsidiaries totaled $431,000, which included U.S. income and foreign withholding taxes totaling $39.8 million, offset by U.S. foreign income tax credits of $39.4 million.

At August 2, 2015, we had accumulated earnings and profits from our foreign subsidiaries totaling $88.6 million. At the same date, the deferred tax liability associated with our undistributed earnings from our foreign subsidiaries totaled $2.0 million, which included U.S. income and foreign withholding taxes totaling $33.8 million, offset by U.S. foreign income tax credits of $31.8 million.

At May 1, 2016, we had accumulated earnings and profits from our foreign subsidiaries totaling $129.6 million. At the same date, the deferred tax liability associated with our undistributed earnings from our foreign subsidiaries totaled $604,000, which included U.S. income and foreign withholding taxes totaling $38.5 million, offset by U.S. foreign income tax credits of $37.9 million.

Overall

At July 31, 2016, our non-current deferred tax asset of $1.9 million represents $1.4 million and $561,000 from our operations located in the U.S. and China, respectively. At August 2, 2015, our non-current deferred tax asset of $4.4 million represents $3.5 million and $914,000 from our operations located in the U.S. and China, respectively. At May 1, 2016, our non-current deferred tax asset of $2.3 million represents $1.7 million and $572,000 from our operations located in the U.S. and China, respectively.

Our non-current deferred tax liability balances of $1.5 million, $1.1 million, and $1.5 million at July 31, 2016, August 2, 2015, and May 1, 2016, respectively, pertain to our operations located in Canada.

Uncertainty In Income Taxes

At July 31, 2016, we had a $15.0 million total gross unrecognized tax benefit, of which $3.8 million represents the amount of gross unrecognized tax benefits that, if recognized, would favorably affect the income tax rate in future periods. At August 2, 2015, we had a $14.2 million total gross unrecognized tax benefit, of which $3.6 million represents the amount of gross unrecognized tax benefits that, if recognized, would favorably affect the income tax rate in future periods. At May 1, 2016, we had a $14.9 million total gross unrecognized tax benefit, of which $3.8 million represents the amount of gross unrecognized tax benefits that, if recognized, would favorably affect the income tax rate in future periods.

At July 31, 2016, we had a $15.0 million total gross unrecognized tax benefit, of which $11.2 million and $3.8 million were classified as non-current deferred income taxes and income taxes payable – long-term, respectively, in the accompanying consolidated balance sheets. At August 2, 2015, we had a $14.2 million total gross unrecognized tax benefit, of which $10.6 million and $3.6 million were classified as non-current deferred income taxes and income taxes payable – long-term, respectively, in the accompanying consolidated balance sheets. At May 1, 2016, we had $14.9 million of total gross unrecognized tax benefit, of which $11.1 million and $3.8 million were classified as non-current deferred income taxes and income taxes payable – long-term, respectively, in the accompanying consolidated balance sheets.

We estimate that the amount of gross unrecognized tax benefits will increase by approximately $868,000 for fiscal 2017. This increase primarily relates to double taxation under applicable tax treaties with foreign tax jurisdictions.

Statutory Reserves	3 Months Ended
Statutory Reserves	Jul. 31, 2016
Text Block [Abstract]
Statutory Reserves	14. Statutory Reserves Our subsidiaries located in China are required to transfer 10% of their net income, as determined in accordance with the People’s Republic of China (PRC) accounting rules and regulations, to a statutory surplus reserve fund until such reserve balance reaches 50% of the company’s registered capital. The transfer to this reserve must be made before distributions of any dividend to shareholders. As of July 31, 2016, the company’s statutory surplus reserve was $4.8 million, representing 10% of accumulated earnings and profits determined in accordance with PRC accounting rules and regulations. The surplus reserve fund is non-distributable other than during liquidation and can be used to fund previous years’ losses, if any, and may be utilized for business expansion or converted into share capital by issuing new shares to existing shareholders in proportion to their shareholding or by increasing the par value of the shares currently held by them provided that the remaining reserve balance after such issue is not less than 25% of the registered capital. Our subsidiaries located in China can transfer funds to the parent company with the exception of the statutory surplus reserve of $4.8 million to assist with debt repayment, capital expenditures, and other expenses of the company’s business.

Commitments and Contingencies	3 Months Ended
Commitments and Contingencies	Jul. 31, 2016
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	15. Commitments and Contingencies Litigation The company is involved in legal proceedings and claims which have arisen in the ordinary course of business. Management has determined that it is not reasonably possible that these actions, when ultimately concluded and settled, will have a material adverse effect upon the financial position, results of operations, or cash flows of the company. Purchase Commitments Overall At July 31, 2016, August 2, 2015, and May 1, 2016, we had open purchase commitments to acquire a building and equipment for our mattress fabrics segment totaling $10.5 million, $2.6 million, and $10.6 million, respectively. The $10.5 million and $10.6 million open purchase commitments as of July 31, 2016 and May 1, 2016, include $7.4 million and $9.3 million associated with the construction of a new building noted below. Construction of New Building Effective May 16, 2016, we entered into an agreement with a contractor to construct a new building located in North Carolina that will expand our distribution capabilities and office space at a current estimated cost of $11.2 million. This agreement required an installment payment of $1.9 million in April 2016 and requires additional installment payments to be made in the following fiscal years: Fiscal 2017- $4.3 million; Fiscal 2018- $3.8 million; and Fiscal 2019- $1.2 million. Interest will be charged on the required outstanding installment payments in excess of services that have been rendered at a rate of $2.25% plus the current 30 day LIBOR rate. Also, we were required to issue a letter of a credit totaling $5.0 million with the contractor's bank being the beneficiary. In addition to the interest that will be charged on the outstanding installment payments noted above, there will be a 0.1% unused fee calculated on the balance of the $5.0 million letter of credit less the amount outstanding per month (see Note 8 for further details). As of July 31, 2016, we have made payments totaling $3.8 million for services rendered on the construction of this building. The remaining $7.4 million on this commitment is required to be paid on an installment basis over the next three fiscal years as follows: Fiscal 2017 - $2.4 million; Fiscal 2018 - $3.8 million; and Fiscal 2019 - $1.2 million. The construction of this new building is currently expected to be completed in December 2016.

Common Stock Repurchase Program	3 Months Ended
Common Stock Repurchase Program	Jul. 31, 2016
Text Block [Abstract]
Common Stock Repurchase Program	16. Common Stock Repurchase Program On June 15, 2016, we announced that our board of directors approved an authorization for us to acquire up to $5.0 million of our common stock. Under the common stock repurchase program, shares may be purchased from time to time in open market transactions, block trades, through plans established under the Securities Exchange Act Rule 10b5-1, or otherwise. The amount of shares purchased and the timing of such purchases will be based on working capital requirements, market and general business conditions, and other factors including alternative investment opportunities. During the three months ended July 31, 2016, and August 2, 2015, we did not purchase any shares of our common stock. At July 31, 2016, we had $5.0 million available for additional repurchases of our common stock.

Dividend Program	3 Months Ended
Dividend Program	Jul. 31, 2016
Text Block [Abstract]
Dividend Program	17. Dividend Program On June 15, 2016, we announced that our board of directors approved the payment of a special cash dividend of $0.21 per share and a regular quarterly cash dividend payment of $0.07 per share. These dividends were paid on July 15, 2016, to shareholders of record as of July 1, 2016. During the first quarter of fiscal 2017, dividend payments totaled $3.4 million, of which $2.5 million represented the special cash dividend payment of $0.21 per share, and $861,000 represented the quarterly dividend payment of $0.07 per share. During the first quarter of fiscal 2016, dividend payments totaled $5.7 million, of which $5.0 million represented a special cash dividend of $0.40 per share, and $740,000 represented a quarterly dividend payment of $0.06 per share. On August 30, 2016, we announced that our board of directors approved the payment of a quarterly cash dividend of $0.07 per share. This payment will be made on October 17, 2016, to shareholders of record as of October 3, 2016. Future dividend payments are subject to board approval and may be adjusted at the board’s discretion as business needs or market conditions change.

Significant Accounting Policies (Policies)	3 Months Ended
Significant Accounting Policies (Policies)	Jul. 31, 2016
Accounting Policies [Abstract]
Recently Adopted and Issued Accounting Pronouncements	Recently Adopted Accounting Pronouncements In November 2015, the FASB issued ASU No. 2015-17, Balance Sheet Classification of Deferred Taxes, an amendment to FASB ASC Topic 740, which simplifies the presentation of deferred income taxes on an entity’s classified balance sheet. Currently, entities that are required to issue a classified balance sheet present a net current and net noncurrent deferred income tax asset or liability for each tax jurisdiction. The amendments in this ASU require entities to offset all deferred income tax assets and liabilities for each tax jurisdiction and present a net deferred income tax asset or liability as a single noncurrent amount. The recognition and measurement guidance for deferred income tax assets and liabilities are not affected by this amendment. This amended guidance is effective for fiscal years and interim periods within those fiscal years, beginning after December 15, 2016. Early adoption is permitted and the standard may be applied either retrospectively or on a prospective basis to all deferred income tax assets and liabilities. We early adopted this amendment during the third quarter of fiscal 2016 on a retrospective basis. Accordingly, we reclassified our current deferred income taxes to noncurrent on our August 2, 2015 Consolidated Balance Sheet, which increased noncurrent deferred income taxes $4.0 million and decreased noncurrent deferred tax liabilities $3.0 million. In June 2014, the Financial Accounting Standards Board (“FASB”) amended its authoritative guidance on accounting for certain share-based payment awards. The amended guidance requires that share-based compensation awards with terms of a performance target that affects vesting, and that could be achieved after the requisite service period, be treated as a performance condition. As such, the performance target should not be reflected in estimating the grant-date fair value of the award and compensation cost should be recognized in the period in which it becomes probable that the performance target will be achieved. The guidance will permit an entity to apply the amendments in the update either (a) prospectively to all awards granted or modified after the effective date or (b) retrospectively to all awards with performance targets that are outstanding as of the beginning of the earliest annual period presented in the consolidated financial statements and to all new or modified awards thereafter. This guidance was effective for the first quarter of fiscal 2017 and did not have any impact on our consolidated financial statements as we currently do not have any share-based payment awards with terms of a performance target that affects vesting and could be achieved after the requisite service period. Recently Issued Accounting Pronouncements In May 2014, the FASB issued ASU No. 2014-09, which amends ASC Topic 606, Revenue from Contracts with Customers. The amendments in this ASU are intended to enhance the comparability of revenue recognition practices and will be applied to all contracts with customers. Improved disclosures related to the nature, amount, timing, and uncertainty of revenue that is recognized are requirements under the amended guidance. In April 2015, the FASB issued ASU 2015-24, Revenue from Contracts with Customers: Deferral of the Effective Date which proposed a deferral of the effective date by one year, and on July 7, 2015, the FASB decided to delay the effective date by one year. The deferral results in the new revenue standard being effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2017. We are therefore required to apply the new revenue guidance in our fiscal 2019 interim and annual financial statements. This ASU can be adopted either retrospectively or as a cumulative-effect adjustment as of the date of adoption. We are currently assessing the impact that this guidance will have on our consolidated financial statements. In July 2015, the FASB issued ASU No. 2015-11, Simplifying the Measurement of Inventory, which changed the measurement principle for inventory from the lower of cost or market to lower of cost and net realizable value. This ASU is effective for fiscal years and interim periods within those fiscal years, beginning after December 15, 2016. We are therefore required to apply this guidance in our fiscal 2018 interim and annual financial statements. We are currently assessing the impact that this guidance will have on our consolidated financial statements. In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842), which increases transparency and comparability among companies accounting for lease transactions. The most significant change of this update will require the recognition of lease assets and liabilities on the balance sheet for operating lease arrangements with lease terms greater than twelve months for lessees. This update will require a modified retrospective application which includes a number of optional practical expedients related to the identification and classification of leases commenced before the effective date. This ASU is effective for fiscal years and interim periods within those fiscal years, beginning after December 15, 2018. We are therefore required to apply this guidance in our fiscal 2020 interim and annual financial statements. We are currently assessing the impact that this guidance will have on our consolidated financial statements. In March 2016, the FASB issued ASU No. 2016-09, "Compensation - Stock Compensation (Topic 718): Improvements to Employee Shares-Based Payment Accounting." ASU 2016-09 is intended to improve the accounting for share-based payment transactions as part of the FASB’s simplification initiative. ASU 2016-09 changes several aspects of the accounting for share-based payment award transactions, including: (1) accounting for income taxes; (2) classification of excess tax benefits on the statement of cash flows; (3) forfeitures; (4) minimum statutory tax withholding requirements; and (5) classification of employee taxes paid on the statement of cash flows when an employer withholds shares for tax-withholding purposes. ASU 2016-09 is effective for fiscal years beginning after December 15, 2016, and interim periods within those years for public companies. We are therefore required to apply this guidance in our fiscal 2018 interim and annual financial statements. We are currently assessing the impact that ASU 2016-09 will have on its consolidated financial statements. There are no other new accounting pronouncements that are expected to have a significant impact on our consolidated financial statements.

Accounts Receivable (Tables)

3 Months Ended

Jul. 31, 2016

Receivables [Abstract]

A summary of accounts receivable follows:

(dollars in thousands)	July 31, 2016			August 2, 2015			May 1, 2016
Customers	$	24,669		$	27,428		$	25,531
Allowance for doubtful accounts		(850	)		(935	)		(1,088	)
Reserve for returns and allowances and discounts		(1,129	)		(786	)		(962	)
	$	22,690		$	25,707		$	23,481

Summary of the Activity in the Allowance for Doubtful Accounts

A summary of the activity in the allowance for doubtful accounts follows:

	Three months ended
(dollars in thousands)	July 31, 2016			August 2, 2015
Beginning balance	$	(1,088	)	$	(851	)
Provision for bad debts		227			(96	)
Net write-offs, net of recoveries		11			12
Ending balance	$	(850	)	$	(935	)

Summary of the Activity in the Allowance for Returns and Allowances and Discounts Accounts

A summary of the activity in the allowance for returns and allowances and discounts accounts follows:

	Three months ended
(dollars in thousands)	July 31, 2016			August 2, 2015
Beginning balance	$	(962	)	$	(738	)
Provision for returns, allowances and discounts		(919	)		(709	)
Credits issued		752			661
Ending balance	$	(1,129	)	$	(786	)

Inventories (Tables)

3 Months Ended

Jul. 31, 2016

Inventory Disclosure [Abstract]

Summary of Inventories

A summary of inventories follows:

(dollars in thousands)	July 31, 2016		August 2, 2015		May 1, 2016
Raw materials	$	6,779	$	6,944	$	5,462
Work-in-process		3,224		3,018		2,972
Finished goods		38,128		36,582		38,097
	$	48,131	$	46,544	$	46,531

Other Assets (Tables)

3 Months Ended

Jul. 31, 2016

Summary of Other Assets

A summary of other assets follows:

(dollars in thousands)	July 31, 2016		August 2, 2015		May 1, 2016
Cash surrender value – life insurance	$	358	$	339	$	357
Non-compete agreement, net		885		960		903
Customer relationships, net		702		753		715
Other		557		423		598
	$	2,502	$	2,475	$	2,573

Accrued Expenses (Tables)

3 Months Ended

Jul. 31, 2016

Summary of Accrued Expenses

A summary of accrued expenses follows:

(dollars in thousands)	July 31, 2016		August 2, 2015		May 1, 2016
Compensation, commissions and related benefits	$	5,400	$	4,946	$	10,011
Advertising rebates		485		1,835		870
Interest		7		81		-
Other accrued expenses		998		869		1,041
	$	6,890	$	7,731	$	11,922

Long-Term Debt and Lines of Credit (Tables)

3 Months Ended

Jul. 31, 2016

Debt Disclosure [Abstract]

Summary of Long-Term Debt

A summary of long-term debt follows:

(dollars in thousands)	July 31, 2016		August 2, 2015			May 1, 2016
Unsecured senior term notes	$	-	$	2,200		$	-
Current maturities of long-term debt		-		(2,200	)		-
Long-term debt, less current maturities
of long-term debt	$	-	$	-		$	-

Schedule of Assets Measured at Fair Value on a Recurring Basis

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.22)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6479336&loc=d3e64711-112823

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(e),(f))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 55
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=64930739&loc=d3e28878-108400

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21538-112644

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21506-112644

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=64930785&loc=d3e28541-108399

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=64930785&loc=d3e28551-108399

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21521-112644

+ Details

Fair Value of Financial Instruments (Tables)

3 Months Ended

Jul. 31, 2016

Fair Value Disclosures [Abstract]

The following table presents information about assets measured at fair value on a recurring basis:

Fair value measurements at July 31, 2016 using:

Quoted prices in

active markets

for identical

assets

Significant other

observable inputs

Significant

unobservable

inputs

(amounts in thousands)

Level 1

Level 2

Level 3

Total

Assets:

Premier Money Market Fund

3,950

N/A

3,950

Low Duration Bond Fund

1,073

N/A

1,073

Intermediate Term Bond Fund

754

N/A

754

Strategic Income Fund

597

N/A

597

Large Blend Fund

310

N/A

310

Mid Cap Value Fund

117

N/A

117

Growth Allocation Fund

N/A

Other

147

N/A

147

Fair value measurements at August 2, 2015 using:

Quoted prices in

active markets

for identical

assets

Significant other

observable inputs

Significant

unobservable

inputs

(amounts in thousands)

Level 1

Level 2

Level 3

Total

Assets:

Premier Money Market Fund

2,705

N/A

2,705

Intermediate Term Bond Fund

2,149

N/A

2,149

Low Duration Bond Fund

2,100

N/A

2,100

Limited Term Bond Fund

1,092

N/A

1,092

Strategic Income Fund

995

N/A

995

Growth Allocation Fund

109

N/A

109

Other

N/A

Fair value measurements at May 1, 2016 using:

Quoted prices in

active markets

for identical

assets

Significant other

observable inputs

Significant

unobservable

inputs

(amounts in thousands)

Level 1

Level 2

Level 3

Total

Assets:

Premier Money Market Fund

3,404

N/A

3,404

Low Duration Bond Fund

1,604

N/A

1,604

Intermediate Term Bond Fund

1,154

N/A

1,154

Strategic Income Fund

999

N/A

999

Limited Term Bond Fund

602

N/A

602

Large Blend Fund

289

N/A

289

Growth Allocation Fund

148

N/A

148

Mid Cap Value Fund

102

N/A

102

Other

N/A

Cash Flow Information (Tables)

3 Months Ended

Jul. 31, 2016

Supplemental Cash Flow Elements [Abstract]

Schedule of Interest and Income Taxes Paid

Interest and income taxes paid are as follows:

	Three months ended
(dollars in thousands)	July 31, 2016		August 2, 2015
Interest	$	3	$	-
Income taxes		2,263		900

Net Income Per Share (Tables)

3 Months Ended

Jul. 31, 2016

Earnings Per Share [Abstract]

Schedule of Weighted Average Shares Used in the Computation of Basic and Diluted Net Income Per Share

Weighted average shares used in the computation of basic and diluted net income per share follows:

	Three months ended
(amounts in thousands)	July 31, 2016		August 2, 2015
Weighted average common shares outstanding, basic		12,286		12,277
Dilutive effect of stock-based compensation		177		179
Weighted average common shares outstanding, diluted		12,463		12,456

Segment Information (Tables)

3 Months Ended

Jul. 31, 2016

Segment Reporting [Abstract]

Schedule of Operating Segments Information

Financial information for the company’s operating segments follows:

	Three months ended
(dollars in thousands)	July 31, 2016			August 2, 2015
Net sales:
Mattress Fabrics	$	50,530		$	47,808
Upholstery Fabrics		30,152			32,377
	$	80,682		$	80,185
Gross profit:
Mattress Fabrics	$	11,901		$	9,925
Upholstery Fabrics		6,518			6,277
	$	18,419		$	16,202
Selling, general, and administrative expenses:
Mattress Fabrics	$	3,499		$	2,923
Upholstery Fabrics		3,534			3,595
Total segment selling, general, and
administrative expenses		7,033			6,518
Unallocated corporate expenses		2,713			2,223
	$	9,746		$	8,741
Income from operations:
Mattress Fabrics	$	8,402		$	7,003
Upholstery Fabrics		2,984			2,681
Total segment income from operations		11,386			9,684
Unallocated corporate expenses		(2,713	)		(2,223	)
Total income from operations		8,673			7,461
Interest expense		-			(24	)
Interest income		25			66
Other expense		(152	)		(95	)
Income before income taxes	$	8,546		$	7,408

Balance sheet information for the company’s operating segments follows:

(dollars in thousands)	July 31, 2016		August 2, 2015		May 1, 2016
Segment assets:
Mattress Fabrics
Current assets (1)	$	39,800	$	42,530	$	43,472
Non-compete agreement		885		960		903
Customer relationships		702		753		715
Goodwill		11,462		11,462		11,462
Property, plant and equipment (2)		39,435		35,116		37,480
Total mattress fabrics assets		92,284		90,821		94,032
Upholstery Fabrics
Current assets (1)		31,021		29,721		26,540
Property, plant and equipment (3)		1,459		1,518		1,564
Total upholstery fabrics assets		32,480		31,239		28,104
Total segment assets		124,764		122,060		122,136
Non-segment assets:
Cash and cash equivalents		45,549		25,933		37,787
Short-term investments		2,434		6,336		4,359
Deferred income taxes		1,942		4,406		2,319
Income taxes receivable		-		142		155
Other current assets		2,294		3,502		2,477
Property, plant and equipment (4)		851		846		929
Long-term investments		4,611		2,893		4,025
Other assets		915		762		955
Total assets	$	183,360	$	166,880	$	175,142

	Three months ended
(dollars in thousands)	July 31, 2016		August 2, 2015
Capital expenditures (5):
Mattress Fabrics	$	3,521	$	2,704
Upholstery Fabrics		14		183
Unallocated Corporate		8		73
Total capital expenditures	$	3,543	$	2,960
Depreciation expense:
Mattress Fabrics	$	1,556	$	1,359
Upholstery Fabrics		205		196
Total depreciation expense	$	1,761	$	1,555

(1)	Current assets represent accounts receivable and inventory for the respective segment.

(2)

(3)

(4)

(5)	Capital expenditure amounts are stated on the accrual basis. See Consolidated Statements of Cash Flows for capital expenditure amounts on a cash basis.

Income Taxes (Tables)

3 Months Ended

Jul. 31, 2016

Income Tax Disclosure [Abstract]

Summary of Differences in Income Tax Expense at Federal Income Tax Rate and Effective Income Tax Rate

	2017			2016
federal income tax rate		34.0	%		34.0	%
U.S state income tax expense		1.4			0.8
tax effects of Chinese foreign exchange gains		1.1			0.4
increase in liability for uncertain tax positions		0.5			0.3
other		0.8			1.0
		37.8	%		36.5	%

Significant Accounting Policies (Detail) - Accounting Standards Update 2015-17 [Member] $ in Millions	Aug. 02, 2015 USD ($)
Summary Of Significant Accounting Policies [Line Items]
Increased noncurrent deferred income taxes	$ 4.0
Decreased noncurrent deferred tax liabilities	$ 3.0

Stock-Based Compensation - Narrative (Detail) - USD ($)							3 Months Ended
Stock-Based Compensation - Narrative (Detail) - USD ($)	Jul. 14, 2016	Jul. 15, 2015	Mar. 03, 2015	Jun. 24, 2014	Jun. 25, 2013	Jul. 11, 2012	Jul. 31, 2016	Aug. 02, 2015	Sep. 16, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of options granted							0
2015 Equity Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of common stock authorized for issuance									1,200,000
Number of shares available for future equity based grants							1,012,635
2007 Equity Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares available for future equity based grants									0
Stock Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of options to purchase common stock outstanding							81,600
Number of options exercisable							81,600
Weighted average exercise price for options outstanding							$ 8.44
Weighted average exercise price for options exercisable							$ 8.44
Weighted average contractual term for options outstanding							1 year 1 month 6 days
Weighted average contractual term for options exercisable							1 year 1 month 6 days
Aggregate intrinsic value for options outstanding							$ 1,600,000
Aggregate intrinsic value for options exercisable							1,600,000
Aggregate intrinsic value for options exercised							$ 43,000	$ 814,000
Number of unvested stock option							0
Unrecognized stock based compensation cost							$ 0
Share-based compensation expense							0	0
Performance Based Restricted Stock Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Remaining unrecognized compensation cost							$ 5,000,000
Weighted average period over which unrecognized compensation cost is expected to be recognized							2 years 1 month 6 days
Performance Based Restricted Stock Units [Member] \| Selling, general and administrative expenses [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense							$ 761,000	$ 265,000
Performance Based Restricted Stock Units [Member] \| Employee [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Closing price of common stock	$ 28	$ 32.23		$ 17.70	$ 17.12	$ 10.21
Vesting period	3 years	3 years		3 years	3 years	3 years
Performance Based Restricted Stock Units [Member] \| Non-employee [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	3 years	3 years
Closing price of common stock							$ 28.53
Number of shares unvested			16,000
Performance Based Restricted Stock Units [Member] \| Requisite Service Period for 16,000 Restricted Stock Units [Member] \| Non-employee [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period			28 months
Performance Based Restricted Stock Units [Member] \| Fiscal Year 2015 [Member] \| Non-employee [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares vested							12,000
Weighted average fair value of vested shares							$ 345,000
Weighted average fair value of vested shares, per share							$ 28.77
Performance Based Restricted Stock Units [Member] \| Fiscal Year 2014 [Member] \| Employee [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares vested							37,192
Weighted average fair value of vested shares							$ 637,000
Weighted average fair value of vested shares, per share							$ 17.12
Performance Based Restricted Stock Units [Member] \| Fiscal Year 2013 [Member] \| Employee [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares vested								115,855
Weighted average fair value of vested shares								$ 1,200,000
Weighted average fair value of vested shares, per share								$ 10.21
Performance Based Restricted Stock Units [Member] \| Maximum [Member] \| Employee [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum number of shares granted	107,880	107,554		102,845	72,380	120,000
Performance Based Restricted Stock Units [Member] \| Maximum [Member] \| Non-employee [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum number of shares granted	11,549	10,364	28,000

Accounts Receivable (Detail) - USD ($)
$ in Thousands

Jul. 31, 2016

May 01, 2016

Aug. 02, 2015

May 03, 2015

Accounts, Notes, Loans and Financing Receivable [Line Items]

Customers

$ 24,669

$ 25,531

$ 27,428

Accounts receivable, net

22,690

23,481

^[1]

25,707

Allowance for doubtful accounts [Member]

Accounts, Notes, Loans and Financing Receivable [Line Items]

Valuation allowance, balance

(850)

(1,088)

(935)

$ (851)

Reserve for returns and allowances and discounts [Member]

Accounts, Notes, Loans and Financing Receivable [Line Items]

Valuation allowance, balance

$ (1,129)

$ (962)

$ (786)

$ (738)

[1]	Derived from audited financial statements.

Accounts Receivable - Allowance for Doubtful Accounts (Detail) - Allowance for doubtful accounts [Member] - USD ($) $ in Thousands	3 Months Ended
	Jul. 31, 2016	Aug. 02, 2015
Valuation and Qualifying Accounts Disclosure [Line Items]
Beginning balance	$ (1,088)	$ (851)
Provision for bad debts	227	(96)
Net write-offs, net of recoveries	11	12
Ending balance	$ (850)	$ (935)

Accounts Receivable - Allowance for Returns and Allowances and Discounts Accounts (Detail) - Reserve for returns and allowances and discounts [Member] - USD ($) $ in Thousands	3 Months Ended
	Jul. 31, 2016	Aug. 02, 2015
Valuation and Qualifying Accounts Disclosure [Line Items]
Beginning balance	$ (962)	$ (738)
Provision for returns, allowances and discounts	(919)	(709)
Credits issued	752	661
Ending balance	$ (1,129)	$ (786)

Inventories (Detail) - USD ($)
$ in Thousands

Jul. 31, 2016

May 01, 2016

Aug. 02, 2015

Inventory Disclosure [Abstract]

Raw materials

$ 6,779

$ 5,462

$ 6,944

Work-in-process

3,224

2,972

3,018

Finished goods

38,128

38,097

36,582

Cash surrender value - life insurance

$ 48,131

$ 46,531

^[1]

$ 46,544

[1]	Derived from audited financial statements.

Other Assets (Detail) - USD ($)
$ in Thousands

Jul. 31, 2016

May 01, 2016

Aug. 02, 2015

Other Assets, Noncurrent [Abstract]

$ 358

$ 357

$ 339

Non-compete agreement, net

885

903

960

Customer relationships, net

702

715

753

Other

557

598

423

Compensation, commissions and related benefits

$ 2,502

$ 2,573

^[1]

$ 2,475

[1]	Derived from audited financial statements.

Other Assets - Narrative (Detail)	3 Months Ended
Other Assets - Narrative (Detail)	Jul. 31, 2016 USD ($) Contract	Aug. 02, 2015 USD ($) Contract	May 01, 2016 USD ($) Contract
Other Assets [Line Items]
Gross carrying amount of non-compete agreement	$ 2,000,000	$ 2,000,000	$ 2,000,000
Gross carrying amount of customer relationships	$ 868,000	$ 868,000	$ 868,000
Number of life insurance contracts owned \| Contract	1	1	1
Life insurance contracts, death benefits to insured	$ 1,400,000	$ 1,400,000	$ 1,400,000
Life insurance contracts, cash surrender value	$ 358,000	339,000	357,000
Non-compete Agreement [Member]
Other Assets [Line Items]
Useful life	15 years
Accumulated amortization	$ 1,100,000	1,000,000	1,100,000
Amortization expense	19,000	19,000
Remaining amortization expense for the fiscal year	56,000
Remaining amortization expense for the second fiscal year	75,000
Remaining amortization expense for the third fiscal year	75,000
Remaining amortization expense for the fourth fiscal year	75,000
Remaining amortization expense for the fifth fiscal year	75,000
Remaining amortization expense for the fiscal year thereafter	$ 529,000
Weighted average remaining amortization period	11 years 9 months 18 days
Customer Relationships [Member]
Other Assets [Line Items]
Useful life	17 years
Accumulated amortization	$ 166,000	115,000	$ 153,000
Amortization expense	13,000	$ 13,000
Remaining amortization expense for the fiscal year	38,000
Remaining amortization expense for the second fiscal year	51,000
Remaining amortization expense for the third fiscal year	51,000
Remaining amortization expense for the fourth fiscal year	51,000
Remaining amortization expense for the fifth fiscal year	51,000
Remaining amortization expense for the fiscal year thereafter	$ 460,000
Weighted average remaining amortization period	13 years 9 months 18 days

Accrued Expenses (Detail) - USD ($)
$ in Thousands

Jul. 31, 2016

May 01, 2016

Aug. 02, 2015

Payables and Accruals [Abstract]

$ 5,400

$ 10,011

$ 4,946

Advertising rebates

485

870

1,835

Interest

Other accrued expenses

998

1,041

869

Accrued expenses

$ 6,890

$ 11,922

^[1]

$ 7,731

[1]	Derived from audited financial statements.

Long-Term Debt and Lines of Credit (Detail) - USD ($) $ in Thousands	Jul. 31, 2016	May 01, 2016	Aug. 02, 2015
Debt Disclosure [Abstract]
Unsecured senior term notes			$ 2,200
Current maturities of long-term debt			(2,200)
Long-term debt, less current maturities of long-term debt	$ 0	$ 0	$ 0

Long-Term Debt and Lines of Credit - Long-Term Debt - Narrative (Detail) - USD ($) $ in Millions		3 Months Ended
	Aug. 11, 2015	Jul. 31, 2016	Aug. 02, 2015	Aug. 11, 2008
Debt Instrument [Line Items]
Long-term debt			$ 2.2
Unsecured senior term notes [Member]
Debt Instrument [Line Items]
Issuance of unsecured term notes				$ 11.0
Fixed interest rate				8.01%
Term of the note agreement		7 years
Required amount of principal payment installments		$ 2.2
Required debt payment frequency		Annual
Date of first required principal payment		Aug. 11, 2011
Last annual payment paid	$ 2.2
Long-term debt, fair value			$ 2.3

Long-Term Debt and Lines of Credit - Lines of Credit - Narrative (Detail)	3 Months Ended
	Jul. 31, 2016 USD ($)	May 15, 2018 USD ($)	Feb. 01, 2018 USD ($)	Nov. 01, 2017 USD ($)	Aug. 01, 2017 USD ($)	Aug. 03, 2016 USD ($)	Aug. 01, 2016 USD ($)	Jul. 31, 2016 CNY (¥)	May 01, 2016 USD ($)	Aug. 02, 2015 USD ($)
United States [Member] \| Revolving Credit Facility [Member]
Line of Credit Facility [Line Items]
Maximum borrowing capacity	$ 30,000,000
Interest rate description	Interest was charged at a rate as a variable spread over LIBOR based on our ratio of debt to EBITDA.
Applicable interest rate at end of period	1.94%							1.94%
Expiration date	Aug. 15, 2018
Reference rate on which the interest rate is based	LIBOR
Percentage of common stock in subsidiary pledge as collateral	65.00%
Outstanding amount	$ 7,000,000								$ 0	$ 0
Letters of credit, outstanding amount	250,000								250,000	250,000
China [Member] \| Revolving credit agreement [Member]
Line of Credit Facility [Line Items]
Maximum borrowing capacity	$ 6,000,000							¥ 40,000,000
Interest rate description	This agreement has an interest rate determined by the Chinese government
Expiration date	Mar. 08, 2017
Outstanding amount	$ 0							¥ 0	$ 0	$ 0
Third Amendment to Credit Agreement [Member] \| United States [Member] \| Subsequent Event [Member]
Line of Credit Facility [Line Items]
Letters of credit outstanding, additional amount						$ 5,000,000
Third Amendment to Credit Agreement [Member] \| United States [Member] \| Letter of Credit [Member] \| Subsequent Event [Member]
Line of Credit Facility [Line Items]
Maximum borrowing capacity							$ 7,500,000
Third Amendment to Credit Agreement [Member] \| United States [Member] \| Letter of Credit [Member] \| Scenario, Forecast [Member]
Line of Credit Facility [Line Items]
Amount of the required periodic reduction applied to principal		$ 1,250,000	$ 1,250,000	$ 1,250,000	$ 1,250,000

Fair Value of Financial Instruments - Narrative (Detail) - USD ($)

Jul. 31, 2016

May 01, 2016

Aug. 02, 2015

Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]

$ 2,434,000

$ 4,359,000

^[1]

$ 6,336,000

Short-term Investments [Member]

4,611,000

4,025,000

^[1]

2,893,000

Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]

Long-term Investments [Member]

(33,000)

(100,000)

$ (184,000)

Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]

$ (15,000)

$ (44,000)

[1]	Derived from audited financial statements.

Cash Flow Information - Interest and Income Taxes Paid (Detail) - USD ($) $ in Thousands	3 Months Ended
	Jul. 31, 2016	Aug. 02, 2015
Supplemental Cash Flow Elements [Abstract]
Interest	$ 3
Income taxes	$ 2,263	$ 900

Cash Flow Information - Narrative (Detail) - USD ($)	3 Months Ended
Cash Flow Information - Narrative (Detail) - USD ($)	Jul. 31, 2016	Aug. 02, 2015
Supplemental Cash Flow Elements [Abstract]
Interest costs incurred on long-term debt and lines of credit	$ 9,000	$ 44,000
Interest cost capitalized	$ 9,000	$ 20,000

Net Income Per Share - Weighted Average Shares (Detail) - shares shares in Thousands	3 Months Ended
	Jul. 31, 2016	Aug. 02, 2015
Earnings Per Share [Abstract]
Weighted average common shares outstanding, basic	12,286	12,277
Dilutive effect of stock-based compensation	177	179
Weighted average common shares outstanding, diluted	12,463	12,456

Segment Information - Narrative (Detail)	3 Months Ended
Segment Information - Narrative (Detail)	Jul. 31, 2016 Segment
Segment Reporting [Abstract]
Number of business segments	2

Segment Information - Financial Information for Operating Segments (Detail) - USD ($) $ in Thousands	3 Months Ended
	Jul. 31, 2016	Aug. 02, 2015
Segment Reporting Information [Line Items]
Net sales	$ 80,682	$ 80,185
Gross profit	18,419	16,202
Selling, general, and administrative expenses	9,746	8,741
income from operations	8,673	7,461
Interest expense		(24)
Interest income	25	66
Other expense	(152)	(95)
Income before income taxes	8,546	7,408
Operating Segments [Member]
Segment Reporting Information [Line Items]
Selling, general, and administrative expenses	7,033	6,518
income from operations	11,386	9,684
Operating Segments [Member] \| Mattress Fabrics [Member]
Segment Reporting Information [Line Items]
Net sales	50,530	47,808
Gross profit	11,901	9,925
Selling, general, and administrative expenses	3,499	2,923
income from operations	8,402	7,003
Operating Segments [Member] \| Upholstery Fabrics [Member]
Segment Reporting Information [Line Items]
Net sales	30,152	32,377
Gross profit	6,518	6,277
Selling, general, and administrative expenses	3,534	3,595
income from operations	2,984	2,681
Unallocated corporate [Member]
Segment Reporting Information [Line Items]
Selling, general, and administrative expenses	2,713	2,223
income from operations	$ (2,713)	$ (2,223)

Segment Information - Balance Sheet Information by Operating Segments (Detail) - USD ($)
$ in Thousands

3 Months Ended

Jul. 31, 2016

Aug. 02, 2015

May 01, 2016

May 03, 2015

Non-compete agreement

$ 885

$ 960

$ 903

Customer relationships

702

753

715

Goodwill

11,462

^[1]

41,745

37,480

39,973

^[1]

Cash and cash equivalents

183,360

166,880

175,142

^[1]

45,549

25,933

37,787

^[1]

$ 29,725

2,434

6,336

4,359

^[1]

1,942

4,406

2,319

^[1]

Income taxes receivable

142

155

^[1]

2,294

3,502

2,477

^[1]

4,611

2,893

4,025

^[1]

2,502

2,475

2,573

^[1]

Operating Segments [Member]

^[2]

3,543

2,960

Depreciation expense

1,761

1,555

Operating Segments [Member] | Mattress Fabrics [Member]

124,764

122,060

122,136

Current assets

^[3]

39,800

42,530

43,472

Non-compete agreement

885

960

903

Customer relationships

702

753

715

Goodwill

11,462

^[4]

39,435

35,116

37,480

92,284

90,821

94,032

Operating Segments [Member] | Upholstery Fabrics [Member]

3,521

2,704

Depreciation expense

1,556

1,359

Current assets

^[3]

31,021

29,721

26,540

^[5]

1,459

1,518

1,564

32,480

31,239

28,104

Unallocated corporate [Member]

183

Depreciation expense

205

196

Cash and cash equivalents

^[6]

851

846

929

45,549

25,933

37,787

2,434

6,336

4,359

1,942

4,406

2,319

Income taxes receivable

142

155

2,294

3,502

2,477

4,611

2,893

4,025

915

762

$ 955

$ 8

$ 73

[1]	Derived from audited financial statements.
[2]	Capital expenditure amounts are stated on the accrual basis. See Consolidated Statements of Cash Flows for capital expenditure amounts on a cash basis.
[3]	Current assets represent accounts receivable and inventory for the respective segment.
[4]	The $39.4 million at July 31, 2016, represents property, plant, and equipment of $25.5 million and $13.9 million located in the U.S. and Canada, respectively. The $35.1 million at August 2, 2015, represents property, plant, and equipment of $23.6 million and $11.5 million located in the U.S. and Canada, respectively. The $37.5 million at May 1, 2016, represents property, plant, and equipment of $24.8 million and $12.7 million located in the U.S. and Canada, respectively.
[5]	The $1.5 million at July 31, 2016, represents property, plant, and equipment of $847 and $612 located in the U.S. and China, respectively. The $1.5 million at August 2, 2015, represents property, plant, and equipment of $818 and $700 located in the U.S. and China, respectively. The $1.6 million at May 1, 2016, represents property, plant, and equipment of $893 and $671 located in the U.S. and China, respectively.
[6]	The $851, $846, and $929 at July 31, 2016, August 2, 2015 and May 1, 2016, respectively, represent property, plant, and equipment associated with unallocated corporate departments and corporate departments shared by both the mattress and upholstery fabric segments. Property, plant, and equipment associated with corporate are located in the U.S.

Segment Information - Balance Sheet Information by Operating Segments (Parenthetical) (Detail) - USD ($)
$ in Thousands

Jul. 31, 2016

May 01, 2016

Aug. 02, 2015

United States [Member] | Mattress Fabrics [Member]

$ 41,745

$ 39,973

^[1]

$ 37,480

United States [Member] | Upholstery Fabrics [Member]

25,500

24,800

23,600

Canada [Member] | Mattress Fabrics [Member]

847

893

818

China [Member] | Upholstery Fabrics [Member]

13,900

12,700

11,500

Unallocated corporate [Member]

612

671

700

^[2]

$ 851

$ 929

$ 846

[1]	Derived from audited financial statements.
[2]	The $851, $846, and $929 at July 31, 2016, August 2, 2015 and May 1, 2016, respectively, represent property, plant, and equipment associated with unallocated corporate departments and corporate departments shared by both the mattress and upholstery fabric segments. Property, plant, and equipment associated with corporate are located in the U.S.

Income Taxes - Effective Income Tax Rate - Narrative (Detail) - USD ($) $ in Thousands	3 Months Ended
	Jul. 31, 2016	Aug. 02, 2015
Income Tax Disclosure [Abstract]
Income taxes	$ 3,233	$ 2,707
Effective income tax rate	37.80%	36.50%

Income Taxes - Differences Between Income Tax Expense at Federal Income Tax Rate and Effective Income Tax Rate (Detail)	3 Months Ended
	Jul. 31, 2016	Aug. 02, 2015
Income Tax Disclosure [Abstract]
federal income tax rate	34.00%	34.00%
U.S state income tax expense	1.40%	0.80%
tax effects of Chinese foreign exchange gains	1.10%	0.40%
increase in liability for uncertain tax positions	0.50%	0.30%
other	0.80%	1.00%
Effective income tax rate	37.80%	36.50%

Income Taxes - Deferred Income Taxes - Valuation Allowance - Narrative (Detail) - USD ($)	Jul. 31, 2016	May 01, 2016	Aug. 02, 2015
U.S. Tax Authorities and Poland Tax Authorities [Member] \| Valuation Allowance, Operating Loss Carryforwards [Member]
Income Taxes [Line Items]
Valuation allowance	$ 625,000	$ 590,000	$ 926,000
U.S. State Tax [Member] \| Valuation Allowance, Operating Loss Carryforwards [Member]
Income Taxes [Line Items]
Valuation allowance	539,000	518,000	561,000
Poland [Member] \| Valuation Allowance, Operating Loss Carryforwards [Member] \| Culp Europe [Member]
Income Taxes [Line Items]
Valuation allowance	86,000	72,000	365,000
Canada and China [Member]
Income Taxes [Line Items]
Valuation allowance	$ 0	$ 0	$ 0

Income Taxes - Deferred Income Taxes - Undistributed Earnings - Narrative (Detail) - USD ($)	3 Months Ended		12 Months Ended
	Jul. 31, 2016	Aug. 02, 2015	May 01, 2016
Income Tax Disclosure [Abstract]
Undistributed earnings from our foreign subsidiaries that will not be reinvested indefinitely	$ 134,700,000	$ 88,600,000	$ 129,600,000
Deferred tax liability, undistributed earnings from foreign subsidiaries	431,000	2,000,000	604,000
U.S. income and foreign withholding taxes	39,800,000	33,800,000	38,500,000
U.S. foreign income tax credits	$ 39,400,000	$ 31,800,000	$ 37,900,000

Income Taxes - Deferred Income Taxes - Narrative (Detail) - USD ($)
$ in Thousands

Jul. 31, 2016

May 01, 2016

Aug. 02, 2015

Non-current deferred tax asset

$ 1,942

$ 2,319

^[1]

$ 4,406

Non-current deferred tax liability

1,532

1,483

^[1]

1,072

U.S. Tax Authorities [Member]

Non-current deferred tax asset

1,400

1,700

3,500

China [Member]

Non-current deferred tax asset

561

572

914

Canada [Member]