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Property, plant and equipment, net

2,954

2,870

3,114

Total current assets

124,473

132,069

126,968

50,129

51,794

51,838

27,222

13,569

11,462

10,542

4,275

1,397

Long-term investments-Held-To-Maturity

3,224

1,458

1,942

5,035

13,625

Long-term investments-Rabbi Trust

6,834

7,326

7,176

1,512

1,501

1,518

972

957

918

Accounts payable-capital expenditures

224,908

217,984

216,844

Current liabilities:

Accounts payable-trade

28,401

27,237

32,434

1,776

1,554

Deferred revenue

492

809

Accrued restructuring costs

9,740

9,325

8,842

228

Income taxes payable-current

642

1,437

1,580

Total current liabilities

39,594

40,584

44,410

Accrued expenses-long-term

763

Income taxes payable-long-term

5,781

3,294

3,758

10,940

Commitments and Contingencies (Notes 13 and 22)

2,225

2,150

2,096

Deferred compensation

6,782

7,353

7,216

Total liabilities

57,676

54,608

64,662

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 12,368,413 at January 27, 2019; 12,450,276 at January 28, 2018; and 12,450,276 at April 29, 2018

619

623

Capital contributed in excess of par value

43,961

48,203

48,413

Accumulated earnings

118,186

114,635

103,090

Accumulated other comprehensive income (loss)

(85)

Total shareholders' equity attributable to Culp Inc.

162,775

163,376

152,182

Non-controlling interest

4,457

Total equity

167,232

163,376

152,182

Total liabilities and shareholders' equity

$ 224,908

$ 217,984

$ 216,844

[1]	Derived from audited financial statements.

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

Jan. 27, 2019

Apr. 29, 2018

^[1]

Jan. 28, 2018

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

12,368,413

12,450,276

Common stock, outstanding

12,368,413

12,450,276

[1]	Derived from audited financial statements.

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands	9 Months Ended
	Jan. 27, 2019	Jan. 28, 2018
Cash flows from operating activities:
Net income	$ 6,969	$ 8,211
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	6,087	5,679
Amortization	592	248
Stock-based compensation	373	2,422
Deferred income taxes	(1,691)	(3,020)
Realized loss on sale of short-term investments (Available for Sale)	94
Gain on sale of property, plant, and equipment	(1,456)
Loss from investment in unconsolidated joint venture	109	249
Foreign currency exchange loss	12	133
Changes in assets and liabilities, net of effects of acquisition of businesses
Accounts receivable	(38)	(923)
Inventories	(658)	(3,275)
Other current assets	(43)	(27)
Other assets	6	(37)
Accounts payable-trade	486	1,715
Deferred revenue	(317)
Accrued expenses and deferred compensation	(1,513)	(1,608)
Accrued restructuring costs	228
Income taxes	(1,155)	11,702
Net cash provided by operating activities	8,085	21,469
Cash flows from investing activities
Net cash paid for acquisition of businesses	(12,096)
Capital expenditures	(2,954)	(6,657)
Proceeds from the sale of property, plant, and equipment	1,894	6
Investment in unconsolidated joint venture	(120)	(661)
Proceeds from the sale of short-term investments (Held to Maturity)	17,150
Proceeds from the sale of short-term investments (Available for Sale)	2,458
Purchase of short-term investments (Available for Sale)	(10)	(37)
Proceeds from the sale of long-term investments (Rabbi Trust)	1,233	57
Purchase of long-term investments (Rabbi Trust)	(795)	(1,699)
Premium payment on life insurance policy	0	(18)
Net cash provided by (used in) investing activities	6,760	(9,009)
Cash flows from financing activities:
Proceeds from line of credit	12,000	10,000
Payments on line of credit	(12,000)	(10,000)
Payments on vendor-financed capital expenditures	(1,412)	(3,750)
Dividends paid	(3,493)	(5,722)
Common stock surrendered for withholding taxes payable	(1,303)	(1,530)
Common stock repurchased	(3,316)
Payments of debt issuance costs	(50)
Proceeds from common stock issued	0	111
Net cash used in financing activities	(9,574)	(10,891)
Effect of exchange rate changes on cash and cash equivalents	(81)	64
Increase in cash and cash equivalents	5,190	1,633
Cash and cash equivalents at beginning of period	21,228	20,795
Cash and cash equivalents at end of period	$ 26,418	$ 22,428

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) Income

Shareholders' equity attributable to Culp Inc.

Non-Controlling Interest

Balance at Apr. 30, 2017

^[1]

$ 148,630

$ 618

$ 47,415

$ 100,601

$ (4)

Balance (in shares) at Apr. 30, 2017

^[1]

12,356,631

4,984

757

Common stock issued in connection with vesting of performance based restricted stock units

$ 6

(6)

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

118,845

Common stock issued in connection with exercise of stock options

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

600

Common stock surrendered for withholding taxes payable

(1,135)

$ (2)

(1,133)

Common stock surrendered for withholding taxes payable (in shares)

(34,915)

Balance (in shares) at Jul. 30, 2017

(3,608)

Balance at Jul. 30, 2017

149,677

$ 622

47,038

101,977

12,441,161

Balance at Apr. 30, 2017

^[1]

148,630

$ 618

47,415

100,601

(4)

Balance (in shares) at Apr. 30, 2017

^[1]

12,356,631

8,211

Balance (in shares) at Jan. 28, 2018

Balance at Jan. 28, 2018

152,182

$ 623

48,413

103,090

12,450,276

Balance at Jul. 30, 2017

149,677

$ 622

47,038

101,977

Balance (in shares) at Jul. 30, 2017

12,441,161

3,976

801

Fully vested common stock award

4,800

Common stock issued in connection with vesting of time-based restricted stock units (in shares)

1,200

Common stock surrendered for withholding taxes payable

(398)

Common stock surrendered for withholding taxes payable (in shares)

(11,885)

Balance (in shares) at Oct. 29, 2017

(996)

Balance at Oct. 29, 2017

153,080

$ 622

47,441

104,957

12,435,276

(748)

867

Common stock issued in connection with exercise of stock options

(4)

106

$ 1

105

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

15,000

Balance (in shares) at Jan. 28, 2018

(1,119)

Balance at Jan. 28, 2018

152,182

$ 623

48,413

103,090

12,450,276

Balance at Apr. 29, 2018

^[1]

163,376

$ 623

48,203

114,635

(85)

$ 163,376

Balance (in shares) at Apr. 29, 2018

^[1]

12,450,276

Acquisition of subsidiary with non-controlling interest

965

957

$ 8

4,532

Unrealized gain on foreign currency cash flow hedge

(501)

Common stock issued in connection with vesting of performance based restricted stock units

134

$ 6

(6)

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

115,917

Common stock issued in connection with vesting of time-based restricted stock units (in shares)

1,200

Common stock surrendered for withholding taxes payable

(1,292)

$ (2)

(1,290)

(1,292)

Common stock surrendered for withholding taxes payable (in shares)

(42,157)

Common stock repurchased

(72)

Common stock repurchased (in shares)

(2,990)

Balance (in shares) at Jul. 29, 2018

(1,127)

Balance at Jul. 29, 2018

166,030

$ 627

46,334

114,465

161,490

4,540

12,522,246

Balance at Apr. 29, 2018

^[1]

163,376

$ 623

48,203

114,635

(85)

163,376

Balance (in shares) at Apr. 29, 2018

^[1]

12,450,276

Unrealized gain on foreign currency cash flow hedge

6,969

Balance (in shares) at Jan. 27, 2019

Balance at Jan. 27, 2019

167,232

$ 619

43,961

118,186

162,775

4,457

12,368,413

Balance at Jul. 29, 2018

166,030

$ 627

46,334

114,465

161,490

4,540

Balance (in shares) at Jul. 29, 2018

12,522,246

2,944

2,933

Unrealized gain on foreign currency cash flow hedge

395

Fully vested common stock award

(43)

3,600

Common stock repurchased

(772)

$ (2)

(770)

(772)

Common stock repurchased (in shares)

(33,890)

Balance (in shares) at Oct. 28, 2018

(1,126)

Balance at Oct. 28, 2018

167,469

$ 625

45,959

116,272

162,918

4,551

12,491,956

3,060

3,154

(94)

479

Common stock surrendered for withholding taxes payable

(53)

(11)

Common stock repurchased

(2,472)

$ (6)

(2,466)

(2,472)

Common stock repurchased (in shares)

(123,543)

Balance (in shares) at Jan. 27, 2019

(1,240)

Balance at Jan. 27, 2019

$ 167,232

$ 619

$ 43,961

$ 118,186

$ 9

$ 162,775

$ 4,457

12,368,413

[1]	Derived from audited financial statements.

Basis of Presentation	9 Months Ended
Basis of Presentation	Jan. 27, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	1. Basis of Presentation The accompanying unaudited consolidated financial statements of Culp, Inc. and its majority-owned 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 13, 2018, for the fiscal year ended April 29, 2018. The company’s nine-months ended January 27, 2019, and January 28, 2018, represent 39-week periods, respectively.

Significant Accounting Policies	9 Months Ended
Significant Accounting Policies	Jan. 27, 2019
Accounting Policies [Abstract]
Significant Accounting Policies	2. Significant Accounting Policies As of January 27, 2019, 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 April 29, 2018. Recently Adopted Accounting Pronouncements In May 2014, the FASB issued ASU No. 2014-09, which subsequently amended 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. The new revenue standard became effective at the beginning of our fiscal 2019, and therefore, we applied the new revenue guidance in our first quarter of fiscal 2019 interim financial statements. This guidance did not have a material impact on our results of operations and financial position but did have a material impact on the disclosures required in our notes to the consolidated financial statements, which are disclosed in Note 5. In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments, to address the diversity in how certain cash receipts and cash payments are presented in the statement of cash flows. This new guidance provides clarity around the cash flow classification for eight specific issues in an effort to reduce the current and potential future diversity in practice. This new standard, which is to be applied retrospectively, became effective at the beginning of our fiscal 2019, and therefore, we applied this new guidance in our first quarter of fiscal 2019 interim financial statements. During the first quarter of fiscal 2019, this new guidance did not impact our results of operations, balance sheet, or statement of cash flows. Currently, we do expect that this guidance will be applicable in determining how we classify certain contingent payments associated with our business combinations (see note 3) as either investing or financing activities. This guidance requires that cash payments not made soon after the acquisition date of a business combination by an acquirer to settle a contingent consideration liability should be separated and classified as cash outflows from financing activities. In comparison, cash payments made soon after the acquisition date should be separated and classified as cash outflows from investing activities. In October 2016, the FASB issued ASU No. 2016-16, Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other Than Inventory, to reduce the diversity in practice and complexity associated with accounting for the income tax consequences of intra-entity transfers of assets other than inventory. Prior GAAP prohibited recognition of deferred income taxes for an intra-entity transfer until the asset had been sold to an outside party. The new pronouncement stipulates that an entity should recognize the income tax consequences of an intra-entity transfer of an asset other than inventory when the transfer occurs. This new standard, which is required to be applied on a modified retrospective basis through a cumulative-effect adjustment directly to retained earnings, became effective at the beginning of our fiscal 2019. Therefore, we were required to apply this new guidance in our first quarter fiscal 2019 interim financial statements. This guidance did not impact our results of operations and financial position. Recently Issued Accounting Pronouncements Leases 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. The FASB recently issued ASU No. 2018-11, “Leases (Topic 842): Targeted Improvements”, which allows entities to apply the transition provisions of the new standard at its adoption date instead of the earliest comparative period presented in the consolidated financial statements. This ASU allows entities to continue to use Topic 840, Leases, including its disclosure requirements, in the comparative years presented in the year the new leases standard is adopted. Entities that elect this option would still adopt the new leases standard using a modified retrospective transition method but would recognize a cumulative effect adjustment to the opening balance of retained earnings in the period of adoption rather than the earliest years presented. We are required to apply this guidance in our fiscal 2020 interim and annual financial statements and are currently assessing the impact that this guidance will have on our consolidated financial statements. We do expect this guidance to have a material impact on our financial position due to the requirement to recognize right-of-use assets and lease liabilities on our Consolidated Balance Sheets and the disclosures required in our notes to the consolidated financial statements.

Business Combinations

9 Months Ended

Jan. 27, 2019

Business Combinations [Abstract]

Business Combinations

3. Business Combinations

Read Window Products, LLC (Read)

Overview

Effective April 1, 2018, we entered into an Asset Purchase Agreement (Asset Agreement) to acquire certain assets and assume certain liabilities of Read, a source of custom window treatments for the hospitality and commercial industries. Based in Knoxville, Tennessee, Read is a turn-key provider of window treatments that offers sourcing of upholstery fabrics and other products, measuring, and installation services of their own products. Read’s custom product line includes motorization, shades, upholstered drapery, upholstered headboards and shower curtains. In addition, Read supplies soft goods such as decorative top sheets, coverlets, duvet covers, bed skirts, bolsters and pillows, for leading hospitality brands worldwide. The addition of window treatments and other soft goods to our product line allows us to be a more complete source of fabrics for the hospitality market, in which we believe there are significant growth opportunities.

The purchase price for the net assets acquired was $5.7 million, of which $4.5 million was paid at closing on April 1, 2018, $375,000 was paid in May 2018, and $763,000 is to be paid in June 2019, subject to certain conditions as defined in the Asset Agreement.

Assets Acquired and Liabilities Assumed

The following table presents the final allocation of the acquisition cost to the assets acquired and liabilities assumed based on their fair values.


(dollars in thousands)	Fair Value
Customer relationships	$	2,247
Goodwill		2,107
Inventory		1,128
Accounts receivable		897
Tradename		683
Property, plant & equipment		379
Other assets		35
Deferred revenue		(903	)
Accounts payable		(719	)
Accrued expenses		(174	)

	$	5,680

We recorded customer relationships at fair market value based on a multi-period excess earnings valuation model. These customer relationships will be amortized on a straight-line basis over their nine-year useful life. We recorded the tradename at fair market value based on the relief from royalty method. This tradename was determined to have an indefinite useful life and, therefore, is not being amortized. Equipment will be depreciated on a straight-line basis over useful lives ranging from three to ten years.

The goodwill related to this acquisition is attributable to Read’s reputation with the products and services they provide and the collective experience of management with regards to its operations, customers, and industry. Goodwill is deductible for income tax purposes over the statutory period of fifteen years.

The Asset Agreement contains a contingent consideration arrangement that requires us to pay a former shareholder of Read an earn-out payment based on adjusted EBITDA as defined in the Asset Agreement, for calendar year 2018 in excess of fifty percent of a pre-established adjusted EBITDA target. As of January 27, 2019, based on actual financial results in relation to the pre-established adjusted EBITDA target, a contingent payment will not be made, and therefore, no contingent liability has been recorded.

Other

Acquisition costs totaling $339,000 were included in selling, general, and administrative expenses in our fiscal 2018 Consolidated Statement of Net Income.

eLuxury, LLC (eLuxury)

Overview

Effective June 22, 2018, we entered into an Equity Purchase Agreement (Equity Agreement) in which we acquired an initial 80% ownership interest in eLuxury, a company that offers bedding accessories and home goods directly to consumers. eLuxury’s primary products include a line of mattress pads manufactured at eLuxury’s facility located in Evansville, Indiana. eLuxury also offers handmade platform beds, cotton bed sheets, as well as other bedding items. Their products are available on eLuxury’s own branded website, eLuxury.com, Amazon, and other leading online retailers for specialty home goods.

We believe this acquisition will provide a new sales channel for eLuxury’s bedding accessories and will expand our opportunity to participate in the e-commerce direct-to-consumer space. This business combination brings together eLuxury’s experience in e-commerce, online brand building, and direct-to-consumer shopping and fulfillment expertise with our global production, sourcing, and distribution capabilities. We also have an opportunity to market our new line of bedding accessories, and home products, as well as other finished products that we may develop, through this e-commerce platform.

The estimated consideration given for the initial 80% ownership interest in eLuxury totaled $18.1 million, of which $12.5 million represents the estimated purchase price and $5.6 million represents the fair value for contingent consideration associated with an earn-out obligation (see below for further details). Of the $12.5 million estimated purchase price, $11.6 million was paid at closing on June 22, 2018, $185,000 was paid in August 2018, and $749,000 is to be paid in September 2019, subject to certain conditions as defined in the Equity Agreement.

Assets Acquired and Liabilities Assumed

The following table presents the final allocation of the acquisition cost to the assets acquired and liabilities assumed based on their fair values.


(dollars in thousands)	Fair Value
Goodwill	$	13,653
Tradename		6,549
Equipment		2,179
Inventory		1,804
Accounts receivable and other current assets		108
Accounts payable		(1,336	)
Accrued expenses		(295	)
Non-controlling interest in eLuxury		(4,532	)

	$	18,130

We recorded the tradename at fair market value based on the relief from royalty method. This tradename was determined to have an indefinite useful life and, therefore, is not being amortized. Equipment will be depreciated on a straight-line basis over useful lives ranging from five to ten years.

The goodwill related to this acquisition is attributable to eLuxury’s reputation with the products they offer and management’s experience in e-commerce, online brand building, and direct-to-consumer shopping and fulfillment expertise. Goodwill is deductible for income tax purposes over the statutory period of fifteen years.

As mentioned above, the Equity Agreement contains a contingent consideration arrangement that requires us to pay the seller, who is also the owner of the noncontrolling interest, an earn-out payment based on a multiple of adjusted EBITDA as defined in the Equity Agreement, for the twelve-month period ending August 31, 2021, less $12.0 million. We recorded a contingent liability at the acquisition date for this earn-out obligation at its fair value totaling $5.6 million based on the Black Scholes pricing model.

Consolidation and Non-Controlling Interest

The Equity Agreement contains substantive profit-sharing arrangement provisions in which it explicitly states the ownership interests at the effective date of this business combination and the allocation of net income or loss between the controlling interest (Culp) and the noncontrolling interest. The Equity Agreement states that at the effective date of this acquisition (June 22, 2018), we acquired an 80% ownership interest in eLuxury with the seller retaining a 20% noncontrolling interest. Additionally, the Equity Agreement states that eLuxury’s net income or loss will be allocated at a percentage of 70% and 30% to the company and the noncontrolling interest, respectively.

As result of the acquisition of our 80% controlling interest, we included all the accounts of eLuxury in our consolidated financial statements and have eliminated all significant intercompany balances and transactions. Net income (loss) attributable to the minority interest in eLuxury is excluded from total consolidated net income (loss) attributable to Culp, Inc. common shareholders.

Based on the terms of the Equity Agreement, we believe the related risks associated with the ownership interests are aligned and therefore, the total consideration of $18.1 million for the 80% controlling interest provides information for the equity value of eLuxury as a whole, and therefore, is useful in estimating fair value of the 20% noncontrolling interest. In order to determine the carrying value of our noncontrolling interest in eLuxury, we applied the Hypothetical-Liquidation-At-Book-Value method (HLBV). HLBV is an approach that is used in practice to determine the carrying value of a noncontrolling interest if it is consistent with an existing profit-sharing arrangement such as the Equity Agreement. Therefore, the carrying amount of the noncontrolling interest of $4.5 million represents the $4.5 million fair value determined at the acquisition date plus its allocation of net loss totaling $75,000 subsequent to the acquisition date and through the end of our third quarter of fiscal 2019.

Other

Acquisitions costs totaling $270,000 were included in selling, general, and administrative expenses in our Consolidated Statement of Net Income for the nine-month period ending January 27, 2019.

Actual revenue and net loss for the period June 22, 2018 through January 27, 2019 were included in our Consolidated Statement of Net Income for the nine-months ended January 27, 2019, and totaled $11.8 million and $248,000, respectively.

Pro Forma Financial Information

The following unaudited pro forma consolidated results of operations for the three-month and nine-month periods ending January 27, 2019, and January 28, 2018, have been prepared as if the acquisitions of Read had occurred on May 2, 2016 and eLuxury had occurred on May 1, 2017.


	Three Months Ended
(dollars in thousands, except per share data)	January 27, 2019		January 28, 2018
Net Sales	$	77,226	$	93,451
Income from operations		4,299		7,257
Net income (loss)		3,060		(1,073	)
Net loss (income)—noncontrolling interest		94		(36	)
Net income (loss)—Culp Inc. common shareholders		3,154		(1,109	)
Net income (loss) per share (basic)—Culp Inc. common shareholders		0.25		(0.09	)
Net income (loss) per share (diluted)—Culp Inc. common shareholders		0.25		(0.09	)


	Nine Months Ended
(dollars in thousands, except per share data)	January 27, 2019		January 28, 2018
Net Sales	$	228,830	$	270,950
Income from operations		10,657		20,799
Net income		6,943		7,901
Net loss (income)—noncontrolling interest		83		(27	)
Net income—Culp Inc. common shareholders		7,026		7,874
Net income per share (basic)—Culp Inc. common shareholders		0.56		0.63
Net income per share (diluted)—Culp Inc. common shareholders		0.56		0.62

The unaudited pro forma information is presented for informational purposes only and is not necessarily indicative of the results of operations that actually would have been achieved had the acquisition been consummated as of that time, nor is it intended to be a projection of future results.

Accounts Receivable

9 Months Ended

Jan. 27, 2019

Receivables [Abstract]

Revenue from Contract with Customer [Abstract]

4. Accounts Receivable

A summary of accounts receivable follows:


(dollars in thousands)	January 27, 2019			January 28, 2018			April 29, 2018
Customers	$	26,748		$	27,666		$	28,097
Allowance—doubtful accounts		(388	)		(357	)		(357	)
Allowance—cash discounts		(197	)		(222	)		(245	)
Allowance—sales returns & allowances (1)		(21	)		(990	)		(1,188	)

	$	26,142		$	26,097		$	26,307

(1)

Due to the adoption of ASC Topic 606, Revenue from Contracts with Customers, certain balance sheet reclassifications were required regarding our allowance for sales returns and allowances for the current year’s presentation only. See Note 5 to the consolidated financial statements for required balance sheet disclosures associated with the adoption of ASC Topic 606.

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


	Nine months ended
(dollars in thousands)	January 27, 2019			January 28, 2018
Beginning balance	$	(357	)	$	(414	)
Provision for bad debts		(78	)		57
Net write-offs, net of recoveries		47			—

Ending balance	$	(388	)	$	(357	)

A summary of the activity in the allowances for sales returns and allowances and cash discounts follows:


	Nine months ended
(dollars in thousands)	January 27, 2019			January 28, 2018
Beginning balance	$	(1,433	)	$	(1,220	)
Adoption of ASC Topic 606 (1)		1,145			—
Provision for returns, allowances and discounts		(1,612	)		(2,332	)
Credits issued		1,682			2,340

Ending balance	$	(218	)	$	(1,212	)

- Definition

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

Revenue

9 Months Ended

Jan. 27, 2019

Revenue

5. Revenue

Revenue from Contracts with Customers

On April 30, 2018, we adopted ASU 2014-09 “Revenue from Contracts with Customers” (ASC Topic 606 or the “new standard”) using the retrospective modified method. The retrospective modified method requires an adjustment to the opening balance of retained earnings for the cumulative effect of initially applying the new revenue standard. As permitted by the transition guidance, we elected to apply the new standard only to contracts that were not completed at the date of initial application, and therefore, we only evaluated those contracts that were in-process and not completed before April 30, 2018.

The application of the new standard did not result in a material impact to the opening balance of retained earnings, and therefore no adjustment to retained earnings was recorded. The largest impact of applying the new standard are the required qualitative and quantitative disclosures and the presentation and classification related to estimates of allowances for sales returns. The cumulative effect of the classification changes related to our allowances for sales returns on our April 30, 2018, balance sheet are as follows:


(dollars in thousands)	Balance at April 29, 2018		Adjustments Due to ASC 606 Adoption (1)		Balance at April 30, 2018
Balance Sheet
Assets:
Accounts Receivable	$	26,307	$	1,145	$	27,452
Other Current Assets		2,870		27		2,897
Liabilities:
Accrued Expenses		9,325		1,172		10,497

(1)

The adjustments associated with the adoption of the new standard are related to classifying allowances for estimated sales returns as a liability rather than as a contra account to accounts receivable on the consolidated balance sheet for the current year’s presentation only. As required under the new standard, we also recorded the estimated allowance for sales returns on a gross basis rather than a net basis by separately reflecting a return goods asset within other current assets rather than netting such amounts with the estimated sales returns liability.

Currently, we expect the adoption of this new standard to be immaterial to our net income on an ongoing basis. The effect of adopting ASC 606 on our Consolidated Statements of Net Income for the three-month and nine-month periods ended January 27, 2019, are as follows:


(dollars in thousands)	Three Months Ended January 27, 2019		Adjustments Due to ASC 606 Adoption (1)		Balances Without ASC 606 Adoption
Statements of Net Income
Net Sales	$	77,226	$	13	$	77,239
Cost of Sales		63,103		13		63,116


(dollars in thousands)	Nine Months Ended January 27, 2019		Adjustments Due to ASC 606 Adoption (1)			Balances Without ASC 606 Adoption
Statements of Net Income
Net Sales	$	225,705	$	(17	)	$	225,688
Cost of Sales		187,697		(17	)		187,680

The effect of adopting ASC 606 on our Consolidated Balance Sheets for the period ended January 27, 2019, is as follows:


(dollars in thousands)	January 27, 2019		Adjustments Due to ASC 606 Adoption (1)		Balances Without ASC 606 Adoption
Balance Sheet
Assets:
Accounts Receivable	$	26,142	$	(1,092)	$	25,050
Other Current Assets		2,954		(17)		2,937
Liabilities:
Accrued Expenses	$	9,740		(1,109)	$	8,631

(1)

Nature of Performance Obligations

Our operations are classified into three business segments: mattress fabrics, upholstery fabrics, and home accessories. The mattress fabrics segment manufactures, sources, and sells fabrics and mattress covers primarily to bedding manufacturers. The upholstery fabrics segment manufactures, sources, develops, and sells fabrics primarily to residential and commercial furniture manufacturers. Effective April 1, 2018, we acquired Read (see Note 3 for further details), a turn key provider of window treatments that offer sourcing of upholstery fabrics and other products, measurement, and installation services of their own products for the hospitality and commercial industries. In addition, Read supplies soft goods such as decorative top sheets, coverlets, duvet covers, bed skirts, bolsters and pillows. The home accessories segment is our new finished products business that manufactures, sources and sells bedding accessories and home goods directly to consumers and businesses through global e-commerce and business-to-business sales channels.

Our primary performance obligations include the sale of mattress fabrics, upholstery fabrics, bedding and home accessories products, as well as the performance of customized fabrication and installation services associated with window treatments.

Significant Judgments

Revenue is recognized upon the transfer of control of promised products or services to customers in an amount that reflects the consideration we expect to receive in exchange for those products or services. We determined that our customer purchase orders represent contracts as defined in the new standard. In addition to purchase orders, we also have supply contracts with certain customers that define standard terms and conditions. Our contracts generally include promises to sell either upholstery fabric, mattress fabric, or bedding accessories and home goods products or promises to provide fabrication and installation services associated with customized window treatments. The transaction price is typically allocated to performance obligations based upon stand-alone selling prices. We did not disclose the value of unsatisfied performance obligations as substantially all of any unsatisfied performance obligations as of January 27, 2019, will be satisfied within one year or less. Revenue associated with sales of our products are recognized at the point-in-time when control of the promised goods has been transferred to the customer. The point-in-time when control transfers to the customer depends on the contractually agreed upon shipping terms, but typically occurs once the product has been shipped or once it has been delivered to a location specified by the customer. For certain warehousing arrangements, transfer of control to the customer is deemed to have occurred when the customer pulls the inventory for use in their production. Revenue associated with our customized fabrication services, which are performed on various types of window treatments, is recognized over time once the customized products are deemed to have no alternative use but for which we have an enforceable right to payment for the services performed. Revenue for our customized fabrication services is recognized over time using the output method based on units produced. Revenue associated with our installation services is also recognized over time as the customer receives and consumes the benefits of the promised installation services. Revenue associated with our installation services is recognized over time using the output method based on units installed.

We evaluated the nature of any guarantees or warranties related to our contracts with customers and determined that any such warranties are assurance-type warranties that cover only compliance with agreed upon specifications, and therefore are not considered separate performance obligations. We have elected to treat both shipping costs and handling costs as fulfillment costs which are classified in the Consolidated Statements of Net Income as cost of sales and selling, general and administrative expenses, respectively.

Revenue is measured as the amount of consideration we expect to receive in exchange for the transfer of the promised products and services. The amount of consideration we expect to receive changes due to variable consideration associated with allowances for sales returns, early payment discounts, and volume rebates that we offer to customers. The amount of variable consideration which is included in the transaction price is only included in net sales to the extent that it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur in a future period. Our mattress fabrics and upholstery fabrics business segments only allow product returns to the extent that the products or services did not meet the contractually agreed upon specifications at the time of the sale. Customers must receive authorization prior to returning those products. Our home accessories business segment allows product returns for any reason provided the product is returned within the stated time frame, generally 30 days, unless the product was customized in which case a defect must be present in order to return the product. Estimates of allowances for sales returns are based on historical data, current potential product return issues, and known sales returns for which customers have been granted return authorization. Known sales returns for which customers have been granted permission to return products for a refund or credit, continue to be recorded as a contra account receivable. Estimates for potential future sales returns and related customer accommodations are now recorded within accrued expenses as required by the new standard. Under the new standard we record estimates for sales returns on a gross basis rather than a net basis and an estimate for a right of return asset is recorded in other current assets and cost of goods sold. Variable consideration associated with early payment cash discounts are estimated using current payment trends and historical data on a customer-by-customer basis. The variable consideration associated with volume rebates are based on the portion of the rebate earned relative to the total amount of rebates the customer is expected to earn over the rebate period as determined using historical data and projections.

Revenue is recognized net of any taxes collected from customers which are subsequently remitted to governmental authorities. We generally recognize sales commission as expense when incurred because the amortization period is one year or less. Sales commissions are recorded within selling, general, and administrative expenses in the Consolidated Statements of Net Income.

Contract Assets & Liabilities

Certain contracts, primarily those for customized fabrication and installation services, require upfront customer deposits that result in a contract liability which is recorded on the Consolidated Balance Sheet as deferred revenue. If upfront deposits or prepayment are not required, customers may be granted credit terms which generally range from 15 – 45 days. Such terms are common within the industries in which we are associated and are not considered financing arrangements. There were no contract assets recognized as of January 27, 2019.

A summary of the activity of deferred revenue for the three-month and nine-month periods ended January 27, 2019 follows:


(dollars in thousands)	Three Months Ended January 27, 2019
Balance as of October 28, 2018	$	649
Revenue recognized on contract liabilities during the period		(637)
Payments received for services not yet rendered during the period		480

Balance as of January 27, 2019	$	492


(dollars in thousands)	Nine Months Ended January 27, 2019
Balance as of April 29, 2018	$	809
Revenue recognized on contract liabilities during the period		(2,171)
Payments received for services not yet rendered during the period		1,854

Balance as of January 27, 2019	$	492

Disaggregation of Revenue

The following table presents our disaggregated revenue by segment, timing of revenue recognition, and product sales versus services rendered for the three-month period ending January 27, 2019:


Net Sales
(dollars in thousands)	Mattress Fabrics		Upholstery Fabrics		Home Accessories		Total
Products transferred at a point in time	$	35,732	$	34,730	$	4,390	$	74,852
Services transferred over time		—		2,374		—		2,374

Total Net Sales	$	35,732	$	37,104	$	4,390	$	77,226

The following table presents our disaggregated revenue by segment, timing of revenue recognition, and product sales versus services rendered for the nine-month period ending January 27, 2019:


Net Sales
(dollars in thousands)	Mattress Fabrics		Upholstery Fabrics		Home Accessories		Total
Products transferred at a point in time	$	107,335	$	98,610	$	11,759	$	217,704
Services transferred over time		—		8,001		—		8,001

Total Net Sales	$	107,335	$	106,611	$	11,759	$	225,705

Inventories

9 Months Ended

Jan. 27, 2019

Inventory Disclosure [Abstract]

Inventories

6. Inventories

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

A summary of inventories follows:


(dollars in thousands)	January 27, 2019		January 28, 2018		April 29, 2018
Raw materials	$	5,745	$	6,654	$	6,024
Work-in-process		2,610		3,151		3,264
Finished goods		47,060		45,846		44,166

	$	55,415	$	55,651	$	53,454

Intangible Assets

9 Months Ended

Jan. 27, 2019

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets

7. Intangible Assets

A summary of intangible assets follows:


(dollars in thousands)	January 27, 2019		January 28, 2018		April 29, 2018
Tradenames	$	7,232	$	—	$	683
Customer relationships, net		2,613		625		2,839
Non-compete agreement, net		697		772		753

	$	10,542	$	1,397	$	4,275

Tradename

A summary of the carrying amount of our tradenames from our recent acquisitions (see Note 3) follow:


(dollars in thousands)	January 27, 2019		January 28, 2018		April 29, 2018
Read	$	683	$	—	$	683
eLuxury		6,549		—		—

	$	7,232	$	—	$	683

Our tradenames were recorded at their fair market values at the effective date of their acquisitions (see Note 3) and were based on the relief from royalty method. These tradenames were determined to have an indefinite useful life and therefore, are not being amortized. However, these tradenames will be assessed annually for impairment.

Customer Relationships

A summary of the change in the carrying amount of our customer relationships follows:


	Nine months ended
(dollars in thousands)	January 27, 2019		January 28, 2018
Beginning balance	$	2,839	$	664
Amortization expense		(226)		(39)

Ending balance	$	2,613	$	625

In connection with our asset purchase agreement with Read (see note 3) on April 1, 2018, we purchased certain customer relationships. We recorded these customer relationships at fair market value totaling $2.2 million based on a multi-period excess earnings valuation model. These customer relationships will be amortized on a straight-line basis over their nine-year useful life.

Additionally, we have customer relationships from a prior acquisition with a carrying amount of $574,000 at January 27, 2019. These customer relationships are being amortized on a straight-line basis over their seventeen-year useful life.

The gross carrying amount of our customer relationships were $3.1 million, $868,000 and $3.1 million at January 27, 2019, January 28, 2018, and April 29, 2018, respectively. Accumulated amortization for these customer relationships were $502,000, $243,000 and $276,000 at January 27, 2019, January 28, 2018, and April 29, 2018, respectively.

The remaining amortization expense for the next five fiscal years and thereafter follows: FY 2019 - $75,000; FY 2020 - $301,000; FY 2021 - $301,000; FY 2022 - $301,000; FY 2023 - $301,000; and Thereafter - $1,334,000.

The weighted average amortization period for our customer relationships is 8.9 years as of January 27, 2019.

Non-Compete Agreement

A summary of the change in the carrying amount of our non-compete agreement follows:


	Nine months ended
(dollars in thousands)	January 27, 2019		January 28, 2018
Beginning balance	$	753	$	828
Amortization expense		(56)		(56)

Ending balance	$	697	$	772

We have a non-compete agreement from a prior acquisition that is being amortized on a straight-line basis over the fifteen-year life of the agreement.

The gross carrying amount of this non-compete agreement was $2.0 million at January 27, 2019, January 28, 2018, and April 29, 2018, respectively. Accumulated amortization for this non-compete agreement was $1.3 million at January 27, 2019 and April 29, 2018, and $1.2 million at January 28, 2018.

The remaining amortization expense for the next five years and thereafter follows: FY 2019 - $19,000; FY 2020 - $75,000; FY 2021 - $75,000; FY 2022 - $75,000; FY 2023 - $75,000, and Thereafter - $378,000.

The weighted average amortization period for the non-compete agreement is 9.3 years as of January 27, 2019.

Goodwill

9 Months Ended

Jan. 27, 2019

Goodwill and Intangible Assets Disclosure [Abstract]

Equity Method Investments and Joint Ventures [Abstract]

8. Goodwill

A summary of the change in the carrying amount of goodwill follows:


	Nine months ended
(dollars in thousands)	January 27, 2019		January 28, 2018
Beginning balance	$	13,569	$	11,462
Acquisition of business (see note 3)		13,653		—
Loss on impairment		—		—

Ending balance	$	27,222	$	11,462

Investment in Unconsolidated Joint Venture

9 Months Ended

Jan. 27, 2019

Investment in Unconsolidated Joint Venture

9. Investment in Unconsolidated Joint Venture

Culp International Holdings, Ltd., (Culp International) a wholly-owned subsidiary of the company, entered into a joint venture agreement, pursuant to which Culp International owns fifty percent of Class International Holdings, Ltd. (CLIH). CLIH produces cut and sewn mattress covers, and its operations are located in a modern industrial park in northeastern Haiti, which borders the Dominican Republic. CLIH commenced production during the second quarter of fiscal 2018 (October 2017) and complements our mattress fabric operations with a mirrored platform that enhances our ability to meet customer demand while adding a lower cost operation to our platform.

CLIH incurred a net loss totaling $218,000 and $498,000 for the nine-month periods ending January 27, 2019 and January 28, 2018, respectively. CLIH’s net loss through the third quarter of fiscal 2018 included a significant amount of initial start-up operating expenses. Our equity interests in these net losses were $109,000 and $249,000 for the nine-month periods ending January 27, 2019 and January 28, 2018, respectively.

The following table summarizes information on assets, liabilities and members’ equity of our equity method investment in CLIH:


(dollars in thousands)	January 27, 2019		January 28, 2018		April 29, 2018
Total assets	$	3,255	$	3,186	$	3,130
Total liabilities	$	230	$	150	$	128
Total members’ equity	$	3,025	$	3,036	$	3,002

At January 27, 2019, January 28, 2018, and April 29, 2018, our investment in CLIH totaled $1.5 million, which represents the company’s fifty percent ownership interest in CLIH.

Accrued Expenses

9 Months Ended

Jan. 27, 2019

Text Block [Abstract]

Accrued Expenses

10. Accrued Expenses

A summary of accrued expenses follows:


(dollars in thousands)	January 27, 2019		January 28, 2018		April 29, 2018
Compensation, commissions and related benefits	$	4,848	$	6,288	$	6,918
Interest		—		5		20
Other accrued expenses		4,892		2,549		3,150

	$	9,740	$	8,842	$	10,088

At January 27, 2019 and January 28, 2018, we had accrued expenses totaling $9.7 million and $8.8 million, respectively, all of which were classified as current accrued expenses in the accompanying Consolidated Balance Sheets. At April 29, 2018, we had accrued expenses totaling $10.1 million, of which $9.3 million and $763,000 were classified as current accrued expenses and long-term accrued expenses, respectively, in the accompanying Consolidated Balance Sheets.

Exit and Disposal Activity

9 Months Ended

Jan. 27, 2019

Restructuring and Related Activities [Abstract]

Exit and Disposal Activity

11. Exit and Disposal Activity

On June 12, 2018, our board of directors announced the closure of our upholstery fabrics manufacturing facility in Anderson, South Carolina. This closure was completed during the second quarter of fiscal 2019 and was due to a continued decline in demand for the products manufactured at this facility, reflecting a change in consumer style preferences.

The following summarizes our restructuring credit and related charges totaling $1.6 million that were associated with the above exit and disposal activity:


(dollars in thousands)	Nine months ended January 27, 2019
Inventory markdowns	$	1,564
Other operating costs associated with a closed facility		824
Employee termination benefits		661
Gain on sale of property, plant, and equipment		(1,486	)

	$	1,563

Of this total net charge, a charge of $2.3 million, a charge of $40,000 and a credit of $825,000 were recorded in cost of sales, selling, general, and administrative expenses, and restructuring credit, respectively in the Consolidated Statement of Net Income for the nine-month period ending January 27, 2019.

The following summarizes the activity in the restructuring accrual:


(dollars in thousands)	Nine months ended January 27, 2019
Accrual established in fiscal 2019	$	451
Paid in fiscal 2019		(434	)
Adjustments in fiscal 2019		211

	$	228

The above restructuring accrual pertains to employee termination benefits that were associated with the above exit and disposal activity.

Assets Held for Sale	9 Months Ended
Assets Held for Sale	Jan. 27, 2019
Text Block [Abstract]
Assets Held for Sale	Note 12. Assets Held for Sale In connection with our exit and disposal activity noted above, property, plant and equipment with a carrying value totaling $393,000 were classified as held for sale during our second quarter of fiscal 2019. We determined that the fair value of the property, plant and equipment exceeded its carrying value and therefore, no impairment was recorded. During the second and third quarters of fiscal 2019, we received cash proceeds totaling $1.9 million for all of the property, plant, and equipment that were classified as held for sale and recorded a corresponding gain on sale totaling $1.5 million. As of January 27, 2019, we had no assets held for sale associated with the exit and disposal activity noted above.

Lines of Credit	9 Months Ended
Lines of Credit	Jan. 27, 2019
Debt Disclosure [Abstract]
Lines of Credit	13. Lines of Credit Revolving Credit Agreement – United States At April 29, 2018, our Credit Agreement with Wells Fargo Bank, N.A. (“Wells Fargo”) provided for a revolving loan commitment of $30 million. Effective August 13, 2018, we entered into a Fifth Amendment to our Credit Agreement which reduced the amount of our line of credit from $30 million to $25 million, reduced the amount of the Unencumbered Liquid Assets maintenance covenant from $20 million to $15 million, and set the expiration date to August 15, 2020. Additionally, this amendment reduced the limit of outstanding letters of credit to $1.0 million, which includes the $250,000 workers compensation letter of credit noted below. Interest was charged at a rate (applicable interest rate of 3.95%, 3.02%, and 3.36% at January 27, 2019, January 28, 2018, and April 29, 2018, respectively) as a variable spread over LIBOR based on our ratio of debt to EBITDA. 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 January 27, 2019, January 28, 2018, and April 29, 2018, respectively. At January 27, 2019, January 28, 2018, and April 29, 2018, 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 which allowed 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, 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 22 for further details). The terms of this $5.0 million letter credit expired on May 15, 2018. Revolving Credit Agreement – China At January 27, 2019, we had an unsecured credit agreement associated with our operations in China that provides for a line of credit up to 40 million RMB ($6.0 million USD at January 27, 2019) and was set to expire on March 2, 2019. This agreement has an interest rate determined by the Chinese government and there were no outstanding borrowings as of January 27, 2019, January 28, 2018, and April 29, 2018. On January 31, 2019, we renewed this unsecured credit agreement to extend the expiration date to January 31, 2020. Overall Our loan agreements require, among other things, that we maintain compliance with certain financial covenants. As of January 27, 2019, we were in compliance with these financial covenants.

Fair Value of Financial Instruments

9 Months Ended

Jan. 27, 2019

Fair Value Disclosures [Abstract]

Fair Value of Financial Instruments

14. 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 January 27, 2019 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

6,433

N/A

6,433

Growth Allocation Fund

184

N/A

184

Moderate Allocation Fund

119

N/A

119

Other

N/A

Fair value measurements at January 28, 2018 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

6,287

N/A

6,287

Low Duration Bond Fund

1,085

N/A

1,085

Intermediate Term Bond Fund

759

N/A

759

Strategic Income Fund

628

N/A

628

Large Blend Fund

431

N/A

431

Growth Allocation Fund

171

N/A

171

Moderate Allocation Fund

114

N/A

114

Other

173

N/A

173

Fair value measurements at April 29, 2018 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

6,492

N/A

6,492

Low Duration Bond Fund

1,085

N/A

1,085

Intermediate Term Bond Fund

747

N/A

747

Strategic Income Fund

619

N/A

619

Large Blend Fund

402

N/A

402

Growth Allocation Fund

169

N/A

169

Moderate Allocation Fund

113

N/A

113

Other

150

N/A

150

Liabilities:

EURO Foreign Currency

Cash Flow Hedge

N/A

Our EURO foreign exchange contract was recorded at a fair value provided by our bank and is classified within level 2 of the fair value hierarchy. Most derivative contracts are not listed on an exchange and require the use of valuation models. In accordance with ASC Topic 820, we attempted to maximize the use of observable inputs used in the valuation models used to determine the fair value of this contract. Derivative contracts valued based on valuation models with significant unobservable inputs and that are not actively traded, are classified within level 3 of the fair value hierarchy.

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 – Available for Sale

There were no short-term investments classified as available for sale held at January 27, 2019. At January 28, 2018 and April 29, 2018, our short-term investments classified as available for sale totaled $2.5 million and consisted of short-term bond funds. Since these short-term bond funds were classified as available for sale, these investments were recorded at their fair market value and their unrealized gains or losses are included in other comprehensive income (loss). Our short-term bond investments had an accumulated unrealized loss totaling $57,000 and $91,000 at January 28, 2018, and April 29, 2018, respectively. At January 28, 2018, and April 29, 2018, the fair value of our short-term bond funds approximated its cost basis.

Short-Term and Long-Term Investments—Held-To-Maturity

Our investments classified as held-to-maturity consist of investment grade U.S. Corporate bonds with maturities that ranged from 2 to 2.5 years. The purpose of these investments was to earn a higher rate of return on our excess cash located in the Cayman Islands. These investments are classified as held-to-maturity as we have the positive intent and ability to hold these investments until maturity. Our held-to-maturity investments are recorded as either current or noncurrent on our Consolidated Balance Sheets, based on contractual maturity date in relation to the respective reporting period and recorded at amortized cost.

At January 27, 2019, January 28, 2018, and April 29, 2018, our held-to-maturity investments recorded at amortized cost totaled $13.5 million, $30.8 million, and $30.8 million, respectively. The fair value of our held-to-maturity investments at January 27, 2019, January 28, 2018 and April 29, 2018 totaled $13.5 million, $30.7 million, and $30.6 million, respectively.

Our U.S. corporate bonds are classified as level 2 as they are traded over the counter within a broker network and not on an active market. The fair value of our U.S. corporate bonds is determined based on a published source that provides an average bid price. The average bid price is based on various broker prices that are determined based on market conditions, interest rates, and the rating of the respective U.S. corporate bond.

Long-Term Investments—Rabbi Trust

We have a Rabbi Trust to set aside funds for participants of our deferred compensation plan (the “Plan”) which enables 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.

These long-term investments are recorded at their fair values of $6.8 million, $7.2 million, and $7.3 million at January 27, 2019, January 28, 2018, and April 29, 2018, respectively. Our long-term investments had an accumulated unrealized gain of $9,000, $113,000, and $61,000 at January 27, 2019, January 28, 2018, and April 29, 2018, respectively. The fair value of our long-term investments associated with our Rabbi Trust approximates its cost basis.

Other

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

Nonrecurring Basis

At January 27, 2019, we had no assets that were required to be measured at fair value on a nonrecurring basis other than the assets acquired from eLuxury (see note 3) that were acquired at fair value:

Fair value measurements at January 27, 2019 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:

Goodwill

N/A

13,653

Tradename

N/A

6,549

Equipment

N/A

2,179

Inventory

N/A

1,804

Liabilities:

Contingent Consideration –

Earn-Out Obligation

N/A

5,781

The tradename was recorded at fair market value using the royalty from relief method that used significant unobservable inputs and were classified as level 3. The contingent consideration – earn-out obligation was recorded at fair market value using Black Sholes pricing model.

Additionally, we acquired certain current assets such as accounts receivable and prepaid expenses and assumed certain liabilities such as accounts payable and accrued expenses. Based on the nature of these items and their short maturity, the carrying amount of these items approximated their fair values. See note 3 for the final allocation of the acquisition cost to the assets acquired and liabilities assumed based on their fair values.

At April 29, 2018, we had no assets that were required to be measured at fair value on a nonrecurring basis other than the assets acquired from Read (see note 3) that were acquired at fair value:

Fair value measurements at April 29, 2018 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:

Customer Relationships

N/A

2,247

Goodwill

N/A

2,107

Inventory

N/A

1,128

Tradename

N/A

683

Equipment

N/A

379

Liabilities:

None

N/A

These customer relationships were recorded at fair market value using a multi-period excess earnings valuation model that used significant unobservable inputs and were classified as level 3. The tradename was recorded at fair market value using the royalty from relief method that used significant unobservable inputs and were classified as level 3.

Additionally, we acquired certain current assets such as accounts receivable and other assets and assumed certain liabilities such as deferred revenue, accounts payable and accrued expenses. Based on the nature of these items and their short maturity, the carrying amount of these items approximated their fair values. See note 3 for the allocation of the acquisition cost to the assets acquired and liabilities assumed based on their fair values.

- Definition

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

Derivatives

9 Months Ended

Jan. 27, 2019

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivatives

15. Derivatives

During the fourth quarter of fiscal 2018, we entered into a EURO foreign exchange contract to mitigate the risk of foreign exchange rate fluctuations associated with certain capital expenditures. The contract effectively converts our EURO capital expenditures at a fixed EURO foreign exchange rate compared with the United States dollar of 1.263. This contract expired in August 2018.

In accordance with the provisions of ASC Topic 815, Derivatives and Hedging, our EURO foreign exchange contract was designated as a cash flow hedge, with the fair value of these financial instruments recorded in accrued expenses and changes in fair value recorded in accumulated other comprehensive income (loss). ASC Topic 815 requires disclosure of gains and losses on derivative instruments in the following tabular format.

(Amounts in Thousands)
Fair Values of Derivative Instruments

January 27, 2019

April 29, 2018

Derivatives designated as hedging instruments under ASC Topic 815

Balance
Sheet
Location

Fair
Value

Balance
Sheet
Location

Fair
Value

Euro Foreign Exchange Contract

Accrued
Expenses

—

Accrued
Expenses

At January 28, 2018, we did not have any derivatives designated as hedging instruments under ASC Topic 815.


Derivatives in ASC Topic 815 Net Investment Hedging Relationships	Amt of Gain (Loss) (net of tax) Recognized in OCI on Derivative (Effective Portion) and recorded in Accrued Expenses at Fair Value				Location of Gain or (Loss) Reclassified from Accumulated OCI into Income (Effective Portion)		Amount of Gain or (Loss) Reclassified from Accumulated OCI into Income (Effective Portion)					Location of Gain or (Loss) Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing)		Amount of Gain (loss) (net of tax) Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing)
	Nine Months Ended January 27, 2019		Nine Months Ended January 28, 2018				Nine Months Ended January 27, 2019			Nine Months Ended January 28, 2018				Nine Months Ended January 27, 2019		Nine Months Ended January 28, 2018
EURO Foreign Exchange Contract	$	56	$	—		Other Expense	$	(64	)	$	—		Other Expense	$	—	$	—

Cash Flow Information

9 Months Ended

Jan. 27, 2019

Supplemental Cash Flow Elements [Abstract]

Cash Flow Information

16. Cash Flow Information

Interest and income taxes paid are as follows:


	Nine months ended
(dollars in thousands)	January 27, 2019		January 28, 2018
Interest	$	54	$	181
Income taxes		6,226		3,426

Interest costs charged to operations were $38,000 and $168,000 for the nine months ended January 27, 2019 and January 28, 2018, respectively.

No interest costs for the construction of qualifying fixed assets were capitalized for the nine-months ended January 27, 2019. Interest costs totaling $99,000 for the construction of qualifying fixed assets were capitalized for the nine-months ended January 28, 2018. As a result, these interest costs will be amortized over the related assets’ useful lives.

Net Income (Loss) Per Share

9 Months Ended

Jan. 27, 2019

Earnings Per Share [Abstract]

Net Income (Loss) Per Share

17. Net Income (Loss) Per Share

Basic net income (loss) per share is computed using the weighted-average number of shares outstanding during the period. Diluted net income (loss) 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 (loss) per share follows:


	Three months ended
(amounts in thousands)	January 27, 2019		January 28, 2018
Weighted average common shares outstanding, basic		12,438		12,436
Dilutive effect of stock-based compensation		27		—

Weighted average common shares outstanding, diluted		12,465		12,436

At January 27, 2019 and April 29, 2018, there were no options to purchase shares of our common stock outstanding. Therefore, options to purchase shares of our common stock were not included in the computation of diluted net income for the three-months ending January 27, 2019. Stock-based compensation awards totaling 160,743 shares of common stock were not included in the computation of diluted net loss per share for the three-months ending January 28, 2018, as we incurred a net loss for that reporting period.


	Nine months ended
(amounts in thousands)	January 27, 2019		January 28, 2018
Weighted average common shares outstanding, basic		12,488		12,425
Dilutive effect of stock-based compensation		105		201

Weighted average common shares outstanding, diluted		12,593		12,626

At January 27, 2019 and April 29, 2018, there were no options to purchase shares of our common stock outstanding. Therefore, options to purchase shares of our common stock were not included in the computation of diluted net income for the nine-months ending January 27, 2019. All options to purchase shares of common stock were included in the computation of diluted net income for the nine-months ending January 28, 2018, as the exercise price of the options was less than the average market price of the common shares.

Segment Information

9 Months Ended

Jan. 27, 2019

Segment Reporting [Abstract]

Segment Information

18. Segment Information

Effective April 1, 2018, we acquired Read (see Note 3 for further details), a turn key provider of window treatments that offer the sourcing of upholstery fabrics and other products, measuring, and installation services of their own products for the hospitality and commercial industries. Read’s financial information is aggregated with our upholstery fabric segment.

Effective June 22, 2018, we acquired an initial 80% ownership in eLuxury (see Note 3 for further details), a company that offers bedding accessories and home goods directly to consumers and businesses through its e-commerce platform. eLuxury’s financial information is included in our home accessories segment.

We evaluate the operating performance of our segments based upon income from operations before certain unallocated corporate expenses, restructuring expense (credit) and related charges, and other non-recurring items. Cost of sales in all of our segments include costs to manufacture, develop, 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 associated with 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 their investment in an unconsolidated joint venture. During fiscal 2019, we elected to no longer include goodwill and intangible assets in segment assets, as these assets are not used by the Chief Operating Decision Maker to evaluate the respective segment’s operating performance, to allocate resources to the individual segments, or determine executive compensation.

Financial information for the company’s operating segments follows:


	Three months ended
	January 27, 2019			January 28, 2018
Net sales:
Mattress Fabrics	$	35,732		$	49,042
Upholstery Fabrics		37,104			36,268
Home Accessories		4,390			—

	$	77,226		$	85,310

Gross profit:
Mattress Fabrics	$	5,963		$	10,146
Upholstery Fabrics		7,624			7,457
Home Accessories		1,050			—

Total segment gross profit	$	14,637		$	17,603
Restructuring related charges (1)		(514	)		—

	$	14,123		$	17,603

Selling, general, and administrative expenses
Mattress Fabrics	$	2,755		$	3,309
Upholstery Fabrics		3,825			3,947
Home Accessories		1,361			—
Unallocated corporate expenses		1,628			2,703

Total segment selling, general, and administrative expenses		9,569			9,959
Other non-recurring charges (2)		429			—
Restructuring related charges (2)		40			—

	$	10,038		$	9,959

Income (loss) from operations:
Mattress Fabrics	$	3,208		$	6,837
Upholstery Fabrics		3,799			3,510
Home Accessories		(311	)		—
Unallocated corporate expenses		(1,628	)		(2,703	)

Total segment income from operations		5,068			7,644
Other non-recurring charges (2)		(429	)		—
Restructuring credit and related charges (2) (3)		(340	)		—

Total income from operations		4,299			7,644
Interest expense		—			(31	)
Interest income		251			132
Other expense		(288	)		(229	)

Income before income taxes	$	4,262		$	7,516

(1)	The $514 represents a restructuring related charge for other operating costs associated with our closed upholstery fabrics plant facility located in Anderson, SC.

(2)	Amounts represent non-recurring charges associated with accelerated vesting of certain stock-based compensation agreements. The $429 and $40 pertain to unallocated corporate expenses and a restructuring related charge associated with our closed Anderson, SC upholstery fabrics plant facility.

(3)

The $340 represents restructuring related charges totaling $554 noted in notes 1 and 2 above, partially offset by a restructuring credit of $214. The $214 restructuring credit represents a $362 gain on the sale of the building and land associated with our Anderson, SC upholstery fabrics plant facility, partially offset by a charge of $148 for employee termination benefits.


	Nine months ended
	January 27, 2019			January 28, 2018
Net sales:
Mattress Fabrics	$	107,335		$	146,072
Upholstery Fabrics		106,611			99,469
Home Accessories		11,759			—

	$	225,705		$	245,541

Gross profit:
Mattress Fabrics	$	17,050		$	29,641
Upholstery Fabrics		20,031			20,232
Home Accessories		3,435			—

Total segment gross profit	$	40,516		$	49,873
Other non-recurring charges (4)		(159	)		—
Restructuring related charges (5)		(2,349	)		—

	$	38,008		$	49,873

Selling, general, and administrative expenses
Mattress Fabrics	$	8,141		$	9,868
Upholstery Fabrics		10,985			11,458
Home Accessories		3,690			—
Unallocated corporate expenses		4,800			7,550

Total segment selling, general, and administrative expenses		27,616			28,876
Other non-recurring charges (6)		518			—
Restructuring related charges (2)		40			—

	$	28,174		$	28,876

Income (loss) from operations:
Mattress Fabrics	$	8,910		$	19,774
Upholstery Fabrics		9,044			8,773
Home Accessories		(254	)		—
Unallocated corporate expenses		(4,800	)		(7,550	)

Total segment income from operations		12,900			20,997
Other non-recurring charges (4) (6)		(678	)		—
Restructuring credit and related charges (7)		(1,563	)		—

Total income from operations		10,659			20,997
Interest expense		(38	)		(69	)
Interest income		552			391
Other expense		(688	)		(903	)

Income before income taxes	$	10,485		$	20,416

(4)	The $159 represents a non-recurring charge regarding employee termination benefits and other operational reorganization costs associated with our mattress fabrics segment.

(5)	The $2.4 million consists of a restructuring related charges of $1.6 million for inventory markdowns and $784 for other operating costs associated with our closed upholstery fabrics plant facility located in Anderson, SC.

(6)	The $518 represents non-recurring charges of $429 for accelerated vesting of certain stock-based compensation agreements associated with unallocated corporate expenses and $89 for employee termination benefits and operational reorganization costs associated with our mattress fabrics segment.

(7)

The $1.6 million represents restructuring related charges totaling $2.4 million noted in notes 2 and 5 above, partially offset by a restructuring credit of $825. The $825 restructuring credit represents a $1.5 million gain on the sale of property, plant, and equipment associated with our Anderson, SC upholstery fabrics plant facility, partially offset by a charge of $661 for employee termination benefits.

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


(dollars in thousands)	January 27, 2019		January 28, 2018		April 29, 2018
Segment assets:
Mattress Fabrics
Accounts receivable	$	12,373	$	12,840	$	15,195
Inventory		26,243		29,355		28,740
Property, plant and equipment (1)		45,845		49,289		48,797
Investment in unconsolidated joint venture		1,512		1,518		1,501

Total mattress fabrics assets		85,973		93,002		94,233

Upholstery Fabrics
Accounts receivable		13,367		13,257		11,112
Inventory		26,067		26,296		24,714
Property, plant and equipment (2)		1,957		2,101		2,445

Total upholstery fabrics assets		41,391		41,654		38,271

Home Accessories
Accounts receivable		402		—		—
Inventory		3,105		—		—
Property, plant and equipment (3)		1,985		—		—

Total home accessories assets		5,492		—		—

Total segment assets		132,856		134,656		132,504
Non-segment assets:
Cash and cash equivalents		26,418		22,428		21,228
Short-term investments (Available for Sale)		—		2,472		2,451
Short-term investments (Held-to-Maturity)		13,544		17,206		25,759
Other current assets		2,954		3,114		2,870
Deferred income taxes		3,224		1,942		1,458
Property, plant and equipment (4)		342		448		552
Goodwill		27,222		11,462		13,569
Intangible assets		10,542		1,397		4,275
Long-term investments (Held-to-Maturity)		—		13,625		5,035
Long-term investments (Rabbi Trust)		6,834		7,176		7,326
Other assets		972		918		957

Total assets	$	224,908	$	216,844	$	217,984


	Nine months ended
(dollars in thousands)	January 27, 2019		January 28, 2018
Capital expenditures (5):
Mattress Fabrics	$	2,342	$	5,445
Upholstery Fabrics		294		379
Home Accessories		33		—
Unallocated Corporate		11		47

Total capital expenditures	$	2,680	$	5,871

Depreciation expense:
Mattress Fabrics	$	5,265	$	5,068
Upholstery Fabrics		595		611
Home Accessories		227		—

Total depreciation expense	$	6,087	$	5,679

(1)

The $45.8 million at January 27, 2019, represents property, plant, and equipment of $33.5 million and $12.3 million located in the U.S. and Canada, respectively. The $49.3 million at January 28, 2018, represents property, plant, and equipment of $35.6 million and $13.7 million located in the U.S. and Canada, respectively. The $48.8 million at April 29, 2018, represents property, plant, and equipment of $35.4 million and $13.4 million located in the U.S. and Canada, respectively.

(2)

The $2.0 million at January 27, 2019, represents property, plant, and equipment of $1.3 million and $615 located in the U.S. and China, respectively. The $2.1 million at January 28, 2018, represents property, plant, and equipment of $1.4 million and $711 located in the U.S. and China, respectively. The $2.4 million at April 29, 2018, represents property, plant, and equipment of $1.8 million and $661 located in the U.S. and China, respectively.

(3)	The $2.0 million at January 27, 2019, represents property, plant and equipment located in the U.S.

(4)

The $342, $448, and $552 at January 27, 2019, January 28, 2018, and April 29, 2018, respectively, represent property, plant, and equipment associated with unallocated corporate departments and corporate departments shared by our mattress fabrics, upholstery fabrics, and home accessories 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.

Income Taxes

9 Months Ended

Jan. 27, 2019

Income Tax Disclosure [Abstract]

Income Taxes

19. Income Taxes

Effective Income Tax Rate

We recorded income tax expense of $3.4 million, or 32.5% of income before income taxes, for the nine- month period ended January 27, 2019, compared to income tax expense of $12.0 million or 58.6% of income before income taxes, for the nine-month period ended January 28, 2018. Our effective income tax rates for these nine-month periods, 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 subsidiaries located in China and Canada versus annual projections, as well as changes in foreign currency exchange rates in relation to the U.S. dollar.

The following schedule summarizes the factors that contributed 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 for the nine months of each fiscal year:


	2019			2018
Federal income tax rate		21.0	%		30.4	%
Tax effects of the 2017 Tax Cuts and Jobs Act		(5.7	)		28.4
Foreign income tax rate differential		10.1			3.9
Global Intangible Low Taxed Income Tax (GILTI)		2.6			—
Tax effects of Chinese foreign exchange gains (losses)		1.4			(2.9	)
Excess income tax deficiency (benefits) related to stock-based compensation		0.7			(2.3	)
Other		2.4			1.1

		32.5	%		58.6	%

2017 Tax Cuts and Jobs Act

On December 22, 2017 (the Enactment Date), the Tax Cuts and Jobs Act (H.R.1) (the Tax Act) was signed into law. The key effects of the Tax Act on our financial statements during fiscal 2019 will include the reduction of our U.S federal statutory income tax rate to 21% compared with the blended statutory income tax rate of 30.4% during fiscal 2018 and the creation of the Global Intangible Low Taxed Income Tax (GILTI).

In order to calculate GILTI on an interim basis, estimates were required based on (i) projections and estimates associated with U.S. and foreign pre-tax earnings and income tax expense for fiscal 2019, (ii) projections and estimates regarding certain assets that will be held in our domestic operations or foreign subsidiaries, and (iii) projections and estimates associated with our net sales with foreign jurisdictions. Our estimates may change based on actual versus projected results. Our policy to account for GILTI will be to expense this tax in the period incurred.

During our third quarter of fiscal 2019, we completed our assessment of the effects of the Tax Act in connection with our fiscal 2018 U.S. Federal income tax return filing. In accordance with SEC Staff Accounting Bulletin No. 118, we recorded our final provisional adjustments within the one-year time period from the Enactment Date. Our final provisional adjustments recorded during the third quarter of fiscal 2019 totaled to an income tax benefit of $593,000, and represented a discrete event for which the full income tax effects were recorded in the three-month and nine-month periods ending January 27, 2019. The $593,000 final provisional adjustment represents $310,000 for the re-measurement of our U.S. deferred income taxes and $283,000 for the one-time mandatory repatriation tax on our undistributed earnings from our foreign subsidiaries.

During the third quarter of fiscal 2018, we recorded a provisional income tax charge of $5.9 million, which represented a discrete event for which the full income tax effects were recorded during the three-month and nine-month periods ending January 28, 2018. The $5.9 million provisional income tax charge represents $1.1 million for the re-measurement of our U.S. deferred income tax taxes and $4.8 million for the one-time mandatory repatriation tax on our undistributed earnings from our foreign subsidiaries.

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 assessments at January 27, 2019, January 28, 2018, and April 29, 2018, valuation allowances against our deferred income taxes pertain to the following jurisdictions:


(dollars in thousands)	January 27, 2019		January 28, 2018		April 29, 2018
U.S. foreign income tax credits	$	4,550		2,277		4,550
U.S. state loss carryforwards and credits		903		495		578
Polish loss carryforwards		—		73		76

	$	5,453		2,845		5,204

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 January 27, 2019, 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.

For fiscal 2019 and beyond, the Tax Act allows a U.S. corporation a 100% dividend received deduction for earnings and profits received from a 10% owned foreign corporation. Therefore, a deferred tax liability will be required for withholding taxes that are incurred by our foreign subsidiaries at the time earnings and profits are distributed. As a result, at January 27, 2019, January 28, 2018, and April 29, 2018, we recorded a deferred income tax liability of $3.4 million, $3.1 million, and $4.3 million for withholding taxes on undistributed earnings and profits from our foreign subsidiaries.

Uncertainty In Income Taxes

In accordance with ASC Topic 740, an unrecognized income tax benefit for an uncertain income tax position can be recognized in the first interim period if the more-likely-than-not recognition threshold is met by the reporting period, or is effectively settled through examination, negotiation, or litigation, or the statute of limitations for the relevant taxing authority to examine and challenge the tax position has expired. If it is determined that any of the above conditions occur regarding our uncertain income tax positions, an adjustment to our unrecognized income tax benefits will be recorded at that time.

At January 27, 2019, we had a $880,000 total gross unrecognized income tax benefit, of which $500,000 and $380,000 were classified as income taxes payable- long-term and non-current deferred income taxes, respectively, in the accompanying Consolidated Balance Sheets. At January 28, 2018, we had a $12.4 million total gross unrecognized income tax benefit, of which $9.9 million and $2.5 million were classified as income taxes payable—long term and non-current deferred income taxes, respectively, in the accompanying Consolidated Balance Sheets. At April 29, 2018, we had a $844,000 total gross unrecognized income tax benefit, of which $464,000 and $380,000 were classified as income taxes payable – long-term and non-current deferred income taxes respectively, in the accompanying Consolidated Balance Sheets.

At January 27, 2019, our $880,000 total gross unrecognized income tax benefit included $500,000 that, if recognized, would favorably affect the income tax rate in future periods. At January 28, 2018, our $12.4 million total gross unrecognized income tax benefit, included $9.9 million that, if recognized, would favorably affect the income tax rate in future periods. At April 29, 2018, our $844,000 total gross unrecognized income tax benefit included $464,000 that, if recognized, would favorably affect the income tax rate in future periods.

Our gross unrecognized income tax benefit of $880,000, relates to income tax positions for which significant change is currently not expected within the next year. This amount primarily relates to double taxation under applicable income tax treaties with foreign tax jurisdictions.

Stock-Based Compensation

9 Months Ended

Jan. 27, 2019

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Stock-Based Compensation

20. 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 January 27, 2019, there were 969,406 shares available for future equity-based grants under our 2015 plan.

Performance Based Restricted Stock Units

Executive Management (NEOs)

Fiscal 2019 and 2018

On August 2, 2018 (Fiscal 2019), and July 13, 2017 (Fiscal 2018), we granted performance-based restricted stock units to NEOs which could earn up to a certain number of shares of common stock if certain performance targets are met over a three-fiscal year performance period as defined in the related restricted stock unit agreements. The number of shares of common stock that are earned based on the performance targets that have been achieved will be adjusted based on a market-based total shareholder return component as defined in the related restricted stock unit agreements.

Compensation cost was measured based at the fair market value on the date of grant (August 2, 2018 and July 13, 2017). The fair market value per share was determined using the Monte Carlo simulation model for the market-based total shareholder return component and the closing price of our common stock for the performance-based component.

The following table provides assumptions used to determine the fair market value of the market-based shareholder return component using the Monte Carlo simulation model on the date of grants noted above:


	Fiscal 2019		Fiscal 2018
Closing price of our common stock	$	24.35	$	32.50
Expected volatility of our common stock		33.5%		31.0%
Expected volatility of peer companies		16.0%		16.5%
Risk-free interest rate		2.74%		1.56%
Dividend yield		1.35%		1.66%
Correlation coefficient of peer companies		0.47		0.46

Fiscal 2017

On July 14, 2016 we granted performance-based restricted stock units to NEOs which could earn up to a certain number of shares of common stock if certain performance targets were met over a three-fiscal year performance period as defined in the related restricted stock unit agreements. These awards were measured based on the fair market value (closing price of our common stock) on the date of grant. No market-based total shareholder return component was included in this award.

Key Employees and a Non-Employee

Fiscal 2019, 2018, and 2017

We granted performance-based restricted stock units which could earn up to a certain number of shares of common stock if certain performance targets are met over a three-fiscal year performance period as defined in the related restricted stock unit agreements. Our performance based restricted stock units granted to key employees were measured based on the fair market value (the closing price of our common stock) on the date of grant. Our performance based restricted stock units granted to a non-employee (fiscal 2017 only) were measured based on the fair market value (the closing price of our common stock) at the earlier date of when the performance criteria are met or the end of the reporting period. No market-based total shareholder return component was included in these awards.

The following table summarizes information related to our grants of performance based restricted stock units associated with NEOs and key employees that are currently unvested:


Date of Grant	(3) Restricted Stock Units Awarded		Price Per Share		Vesting Period
August 2, 2018 (1)		86,599	$	18.51 (4)		3 years
August 2, 2018 (2)		47,800	$	24.35 (6)		3 years
July 13, 2017 (1)		78,195	$	31.85 (5)		3 years
July 13, 2017 (2)		44,000	$	32.50 (6)		3 years
July 14, 2016 (1) (2)		107,880	$	28.00 (6)		3 years

(1)	Performance-based restricted stock units awarded to NEOs.

(2)	Performance-based restricted stock units awarded to key employees.

(3)	Amounts represent the maximum number of common stock shares that could be earned if certain performance targets are met as defined in the related restricted stock unit agreements.

(4)

Price per share represents the fair market value per share ($0.76 per $1 or a reduction of $5.84 to the closing price of the our common stock) determined using the Monte Carlo simulation model for the market-based total shareholder return component and the closing price of our common stock ($24.35) for the performance-based components of the performance-based restricted stock units granted to our NEOs on August 2, 2018.

(5)

Price per share represents the fair market value per share ($0.98 per $1 or a reduction of $0.65 to the closing price of the our common stock) determined using the Monte Carlo simulation model for the market-based total shareholder return component and the closing price of our common stock ($32.50) for the performance-based components of the performance-based restricted stock units granted to our NEOs on July 13, 2017.

(6)	Price per share represents the closing price of our common stock on the date of grant.

The following table summarizes information related to our grants of performance-based restricted stock units associated with a non-employee that are currently unvested:

Date of Grant

(1)
Restricted Stock
Units Awarded

Price Per
Share

Vesting
Period

July 14, 2016

11,549

18.47 (2)

3 years

(1)	Amounts represent the maximum number of common stock shares that could be earned if certain performance targets are met as defined in the related restricted stock unit agreements.

(2)	The respective grant was unvested at the end of our reporting period. Accordingly, the price per share represents the closing price of our common stock on January 27, 2019, the end of our reporting period.

The following table summarizes information related to our performance based restricted stock units that vested during the nine-month periods ending January 27, 2019 and January 28, 2018:


Fiscal Year	Restricted Stock Units Vested		(3) Fair Value		Weighted Average Price Per Share
Fiscal 2019 (1)		126,232	$	3,707	$	29.37 (4)
Fiscal 2019 (2)		10,364	$	320	$	30.90 (4)
Fiscal 2018 (1)		102,845	$	3,342	$	32.50 (4)
Fiscal 2018 (2)		16,000	$	520	$	32.50 (4)

(1)	NEOs and key employees.

(2)	Non-employee

(3)	Dollar amounts are in thousands.

(4)	The weighted average price per share is derived from the closing prices of our common stock on the dates the respective performance based restricted stock units vested.

Overall

We recorded compensation expense of $259,000 and $2.2 million within selling, general, and administrative expenses for the nine-month periods ending January 27, 2019 and January 28, 2018, respectively. Compensation cost is recorded based on an assessment each reporting period of the probability that certain performance goals will be met during the vesting period. If performance goals are not probable of occurrence, compensation cost will not be recognized and any recognized compensation cost would be reversed.

At January 27, 2019, the remaining unrecognized compensation cost related to our performance based restricted stock units was $760,000, which is expected to be recognized over a weighted average vesting period of 2.0 years. At January 27, 2019, the performance based restricted stock units that were expected to vest had a fair value totaling $1.2 million.

Time Based Restricted Stock Units

Fiscal 2019

On August 2, 2018, we granted 10,000 shares of time-based restricted stock units to certain key employees. These awards will vest over a period of 59 months and were measured at their fair market value, which was $24.35 per share, and represents the closing price of our common stock at the date of grant.

Fiscal 2018 Grant

On July 13, 2017, an employee was granted 1,200 shares of time vested restricted stock units which vested over the requisite service period of 11 months. This award was measured at its fair market value, which was $32.50 per share, and represented the closing price of our common stock on the date of grant.

During the first quarter of fiscal 2019, 1,200 shares of common stock associated with this grant vested and had a weighted average grant date fair value of $39,000 or $32.50 per share.

Fiscal 2017 Grant

On July 14, 2016, an employee was granted 1,200 shares of time vested restricted stock units which vested over the requisite service period of 11 months. This award was measured at its fair market value, which was $28 per share, and represented the closing price of our common stock on the date of grant.

During the first quarter of fiscal 2018, 1,200 shares of common stock associated with this grant vested and had a weighted average grant date fair value of $34,000 or $28 per share.

Overall

We recorded compensation expense of $30,000 and $28,000 within selling, general, and administrative expense associated with our time vested restricted stock unit awards for the nine-month periods ending January 27, 2019 and January 28, 2018, respectively.

At January 27, 2019, the remaining unrecognized compensation cost related to our time vested restricted stock units was $219,000, which is expected to be recognized over a weighted average vesting period of 4.4 years. At January 27, 2019, the time vested restricted stock awards that were expected to vest had a fair value totaling $185,000.

Common Stock Awards

We granted a total of 3,600 and 4,800 shares of common stock to our outside directors on October 1, 2018, and October 2, 2017, respectively. These shares of common stock vested immediately and were valued based on the fair market value on the date of grant. The fair value of these awards were $23.45 and $33.20 per share, on October 1, 2018, and October 2, 2017, which represents the closing price of our common stock on the date of grant.

We recorded $84,000 and $159,000 of compensation expense within selling, general, and administrative expense for these common stock awards for the nine-month periods ending January 27, 2019 and January 28, 2018, respectively.

Statutory Reserves	9 Months Ended
Statutory Reserves	Jan. 27, 2019
Text Block [Abstract]
Statutory Reserves	21. 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 January 27, 2019, the company’s statutory surplus reserve was $4.3 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 $4.3 million to assist with debt repayment, capital expenditures, and other expenses of the company’s business.

Commitments and Contingencies	9 Months Ended
Commitments and Contingencies	Jan. 27, 2019
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	22. 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. Accounts Payable – Capital Expenditures At January 27, 2019, we had total amounts due regarding capital expenditures totaling $91,000, which pertained to outstanding vendor invoices, none of which were financed. The total outstanding amount of $91,000 is required to be paid based on normal credit terms. At January 28, 2018, and April 29, 2018, we had total amounts due regarding capital expenditures totaling $1.6 million and $1.8 million, respectively, of which $1.4 million was financed and pertained to completed work for the construction of a new building (see below). Purchase Commitments – Capital Expenditures At January 27, 2019, we had open purchase commitments to acquire equipment for our mattress fabrics segment totaling $632,000. Mattress Fabrics Building Effective May 16, 2016, we entered into an agreement with a contractor to construct a new building located in North Carolina to expand our distribution capabilities and office space at a cost of $11.3 million. This agreement required an installment payment of $1.9 million that was made in April 2016, with additional installment payments of $4.3 million that were made in fiscal 2017, $3.7 million that were made in fiscal 2018, and a final installment payment of $1.4 million made in May 2018 (first quarter of fiscal 2019). Interest was charged on the required outstanding installment payments for services that were previously 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 charged on the outstanding installment payments noted above, there was 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 13 for further details). This new building was placed into service in July 2017 (first quarter of fiscal 2018).

Common Stock Repurchase Program	9 Months Ended
Common Stock Repurchase Program	Jan. 27, 2019
Text Block [Abstract]
Common Stock Repurchase Program	23. 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 nine-month period ended January 27, 2019, we purchased 160,423 shares of our common stock at a cost of $3.3 million. During the nine-month period ended January 28, 2018, we did not purchase any shares of our common stock. At January 27, 2019, we had $1.7 million available for repurchases of our common stock.

Dividend Program	9 Months Ended
Dividend Program	Jan. 27, 2019
Text Block [Abstract]
Dividend Program	24. Dividend Program On February 27, 2019, we announced that our board of directors approved a quarterly cash dividend of $0.10 per share. This payment will be made on April 15, 2019, to shareholders of record as of April 1, 2019. During the nine months ended January 27, 2019, dividend payments totaled $3.5 million, which represented quarterly dividend payments ranging from $0.09 per share to $0.10 per share. During the nine months ended January 28, 2018, dividend payments totaled $5.7 million, of which $2.6 million represented a special cash dividend payment of $0.21 per share, and $3.1 million represented quarterly dividend payments ranging from $0.08 per share to $0.09 per share. 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)	9 Months Ended
Significant Accounting Policies (Policies)	Jan. 27, 2019
Accounting Policies [Abstract]
Recently Adopted and Issued Accounting Pronouncements	Recently Adopted Accounting Pronouncements In May 2014, the FASB issued ASU No. 2014-09, which subsequently amended 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. The new revenue standard became effective at the beginning of our fiscal 2019, and therefore, we applied the new revenue guidance in our first quarter of fiscal 2019 interim financial statements. This guidance did not have a material impact on our results of operations and financial position but did have a material impact on the disclosures required in our notes to the consolidated financial statements, which are disclosed in Note 5. In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments, to address the diversity in how certain cash receipts and cash payments are presented in the statement of cash flows. This new guidance provides clarity around the cash flow classification for eight specific issues in an effort to reduce the current and potential future diversity in practice. This new standard, which is to be applied retrospectively, became effective at the beginning of our fiscal 2019, and therefore, we applied this new guidance in our first quarter of fiscal 2019 interim financial statements. During the first quarter of fiscal 2019, this new guidance did not impact our results of operations, balance sheet, or statement of cash flows. Currently, we do expect that this guidance will be applicable in determining how we classify certain contingent payments associated with our business combinations (see note 3) as either investing or financing activities. This guidance requires that cash payments not made soon after the acquisition date of a business combination by an acquirer to settle a contingent consideration liability should be separated and classified as cash outflows from financing activities. In comparison, cash payments made soon after the acquisition date should be separated and classified as cash outflows from investing activities. In October 2016, the FASB issued ASU No. 2016-16, Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other Than Inventory, to reduce the diversity in practice and complexity associated with accounting for the income tax consequences of intra-entity transfers of assets other than inventory. Prior GAAP prohibited recognition of deferred income taxes for an intra-entity transfer until the asset had been sold to an outside party. The new pronouncement stipulates that an entity should recognize the income tax consequences of an intra-entity transfer of an asset other than inventory when the transfer occurs. This new standard, which is required to be applied on a modified retrospective basis through a cumulative-effect adjustment directly to retained earnings, became effective at the beginning of our fiscal 2019. Therefore, we were required to apply this new guidance in our first quarter fiscal 2019 interim financial statements. This guidance did not impact our results of operations and financial position. Recently Issued Accounting Pronouncements Leases 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. The FASB recently issued ASU No. 2018-11, “Leases (Topic 842): Targeted Improvements”, which allows entities to apply the transition provisions of the new standard at its adoption date instead of the earliest comparative period presented in the consolidated financial statements. This ASU allows entities to continue to use Topic 840, Leases, including its disclosure requirements, in the comparative years presented in the year the new leases standard is adopted. Entities that elect this option would still adopt the new leases standard using a modified retrospective transition method but would recognize a cumulative effect adjustment to the opening balance of retained earnings in the period of adoption rather than the earliest years presented. We are required to apply this guidance in our fiscal 2020 interim and annual financial statements and are currently assessing the impact that this guidance will have on our consolidated financial statements. We do expect this guidance to have a material impact on our financial position due to the requirement to recognize right-of-use assets and lease liabilities on our Consolidated Balance Sheets and the disclosures required in our notes to the consolidated financial statements.

Business Combinations (Tables)

9 Months Ended

Jan. 27, 2019

Schedule of Unaudited Pro Forma Consolidated Results of Operations


	Three Months Ended
(dollars in thousands, except per share data)	January 27, 2019		January 28, 2018
Net Sales	$	77,226	$	93,451
Income from operations		4,299		7,257
Net income (loss)		3,060		(1,073	)
Net loss (income)—noncontrolling interest		94		(36	)
Net income (loss)—Culp Inc. common shareholders		3,154		(1,109	)
Net income (loss) per share (basic)—Culp Inc. common shareholders		0.25		(0.09	)
Net income (loss) per share (diluted)—Culp Inc. common shareholders		0.25		(0.09	)


	Nine Months Ended
(dollars in thousands, except per share data)	January 27, 2019		January 28, 2018
Net Sales	$	228,830	$	270,950
Income from operations		10,657		20,799
Net income		6,943		7,901
Net loss (income)—noncontrolling interest		83		(27	)
Net income—Culp Inc. common shareholders		7,026		7,874
Net income per share (basic)—Culp Inc. common shareholders		0.56		0.63
Net income per share (diluted)—Culp Inc. common shareholders		0.56		0.62

Read Window Products, LLC [Member]

Schedule of Allocation of Acquisition Cost to Assets Acquired and Liabilities Assumed

The following table presents the final allocation of the acquisition cost to the assets acquired and liabilities assumed based on their fair values.


(dollars in thousands)	Fair Value
Customer relationships	$	2,247
Goodwill		2,107
Inventory		1,128
Accounts receivable		897
Tradename		683
Property, plant & equipment		379
Other assets		35
Deferred revenue		(903	)
Accounts payable		(719	)
Accrued expenses		(174	)

	$	5,680

eLuxury [Member]

Schedule of Allocation of Acquisition Cost to Assets Acquired and Liabilities Assumed

The following table presents the final allocation of the acquisition cost to the assets acquired and liabilities assumed based on their fair values.


(dollars in thousands)	Fair Value
Goodwill	$	13,653
Tradename		6,549
Equipment		2,179
Inventory		1,804
Accounts receivable and other current assets		108
Accounts payable		(1,336	)
Accrued expenses		(295	)
Non-controlling interest in eLuxury		(4,532	)

	$	18,130

Accounts Receivable (Tables)

9 Months Ended

Jan. 27, 2019

Receivables [Abstract]

Summary of Accounts Receivable

A summary of accounts receivable follows:


(dollars in thousands)	January 27, 2019			January 28, 2018			April 29, 2018
Customers	$	26,748		$	27,666		$	28,097
Allowance—doubtful accounts		(388	)		(357	)		(357	)
Allowance—cash discounts		(197	)		(222	)		(245	)
Allowance—sales returns & allowances (1)		(21	)		(990	)		(1,188	)

	$	26,142		$	26,097		$	26,307

(1)

Summary of the Activity in the Allowance for Doubtful Accounts

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


	Nine months ended
(dollars in thousands)	January 27, 2019			January 28, 2018
Beginning balance	$	(357	)	$	(414	)
Provision for bad debts		(78	)		57
Net write-offs, net of recoveries		47			—

Ending balance	$	(388	)	$	(357	)

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

A summary of the activity in the allowances for sales returns and allowances and cash discounts follows:


	Nine months ended
(dollars in thousands)	January 27, 2019			January 28, 2018
Beginning balance	$	(1,433	)	$	(1,220	)
Adoption of ASC Topic 606 (1)		1,145			—
Provision for returns, allowances and discounts		(1,612	)		(2,332	)
Credits issued		1,682			2,340

Ending balance	$	(218	)	$	(1,212	)

Revenue (Tables)

9 Months Ended

Jan. 27, 2019

Revenue from Contract with Customer [Abstract]

Summary of Adjustments Due to ASC 606 Adoption

The cumulative effect of the classification changes related to our allowances for sales returns on our April 30, 2018, balance sheet are as follows:


(dollars in thousands)	Balance at April 29, 2018		Adjustments Due to ASC 606 Adoption (1)		Balance at April 30, 2018
Balance Sheet
Assets:
Accounts Receivable	$	26,307	$	1,145	$	27,452
Other Current Assets		2,870		27		2,897
Liabilities:
Accrued Expenses		9,325		1,172		10,497

(1)


(dollars in thousands)	Three Months Ended January 27, 2019		Adjustments Due to ASC 606 Adoption (1)		Balances Without ASC 606 Adoption
Statements of Net Income
Net Sales	$	77,226	$	13	$	77,239
Cost of Sales		63,103		13		63,116


(dollars in thousands)	Nine Months Ended January 27, 2019		Adjustments Due to ASC 606 Adoption (1)			Balances Without ASC 606 Adoption
Statements of Net Income
Net Sales	$	225,705	$	(17	)	$	225,688
Cost of Sales		187,697		(17	)		187,680

The effect of adopting ASC 606 on our Consolidated Balance Sheets for the period ended January 27, 2019, is as follows:


(dollars in thousands)	January 27, 2019		Adjustments Due to ASC 606 Adoption (1)		Balances Without ASC 606 Adoption
Balance Sheet
Assets:
Accounts Receivable	$	26,142	$	(1,092)	$	25,050
Other Current Assets		2,954		(17)		2,937
Liabilities:
Accrued Expenses	$	9,740		(1,109)	$	8,631

(1)

Summary of Activity for Deferred Revenue

A summary of the activity of deferred revenue for the three-month and nine-month periods ended January 27, 2019 follows:


(dollars in thousands)	Three Months Ended January 27, 2019
Balance as of October 28, 2018	$	649
Revenue recognized on contract liabilities during the period		(637)
Payments received for services not yet rendered during the period		480

Balance as of January 27, 2019	$	492


(dollars in thousands)	Nine Months Ended January 27, 2019
Balance as of April 29, 2018	$	809
Revenue recognized on contract liabilities during the period		(2,171)
Payments received for services not yet rendered during the period		1,854

Balance as of January 27, 2019	$	492

Summary of Disaggregation of Revenue

The following table presents our disaggregated revenue by segment, timing of revenue recognition, and product sales versus services rendered for the three-month period ending January 27, 2019:


Net Sales
(dollars in thousands)	Mattress Fabrics		Upholstery Fabrics		Home Accessories		Total
Products transferred at a point in time	$	35,732	$	34,730	$	4,390	$	74,852
Services transferred over time		—		2,374		—		2,374

Total Net Sales	$	35,732	$	37,104	$	4,390	$	77,226

The following table presents our disaggregated revenue by segment, timing of revenue recognition, and product sales versus services rendered for the nine-month period ending January 27, 2019:


Net Sales
(dollars in thousands)	Mattress Fabrics		Upholstery Fabrics		Home Accessories		Total
Products transferred at a point in time	$	107,335	$	98,610	$	11,759	$	217,704
Services transferred over time		—		8,001		—		8,001

Total Net Sales	$	107,335	$	106,611	$	11,759	$	225,705

Inventories (Tables)

9 Months Ended

Jan. 27, 2019

Inventory Disclosure [Abstract]

Summary of Inventories

A summary of inventories follows:


(dollars in thousands)	January 27, 2019		January 28, 2018		April 29, 2018
Raw materials	$	5,745	$	6,654	$	6,024
Work-in-process		2,610		3,151		3,264
Finished goods		47,060		45,846		44,166

	$	55,415	$	55,651	$	53,454

Intangible Assets (Tables)

9 Months Ended

Jan. 27, 2019

Summary of Intangible Assets

A summary of intangible assets follows:


(dollars in thousands)	January 27, 2019		January 28, 2018		April 29, 2018
Tradenames	$	7,232	$	—	$	683
Customer relationships, net		2,613		625		2,839
Non-compete agreement, net		697		772		753

	$	10,542	$	1,397	$	4,275

Summary of Acquired Tradenames

A summary of the carrying amount of our tradenames from our recent acquisitions (see Note 3) follow:


(dollars in thousands)	January 27, 2019		January 28, 2018		April 29, 2018
Read	$	683	$	—	$	683
eLuxury		6,549		—		—

	$	7,232	$	—	$	683

Customer Relationships [Member]

Summary of Change in Carrying Amount of Finite-Lived Intangible Assets

A summary of the change in the carrying amount of our customer relationships follows:


	Nine months ended
(dollars in thousands)	January 27, 2019		January 28, 2018
Beginning balance	$	2,839	$	664
Amortization expense		(226)		(39)

Ending balance	$	2,613	$	625

Non-Compete Agreement [Member]

Summary of Change in Carrying Amount of Finite-Lived Intangible Assets

A summary of the change in the carrying amount of our non-compete agreement follows:


	Nine months ended
(dollars in thousands)	January 27, 2019		January 28, 2018
Beginning balance	$	753	$	828
Amortization expense		(56)		(56)

Ending balance	$	697	$	772

Goodwill (Tables)

9 Months Ended

Jan. 27, 2019

Goodwill and Intangible Assets Disclosure [Abstract]

Summary of Change in Carrying Amount of Goodwill

A summary of the change in the carrying amount of goodwill follows:


	Nine months ended
(dollars in thousands)	January 27, 2019		January 28, 2018
Beginning balance	$	13,569	$	11,462
Acquisition of business (see note 3)		13,653		—
Loss on impairment		—		—

Ending balance	$	27,222	$	11,462

Investment in Unconsolidated Joint Venture (Tables)

9 Months Ended

Jan. 27, 2019

Equity Method Investments and Joint Ventures [Abstract]

Summary of Equity Method Investment

The following table summarizes information on assets, liabilities and members’ equity of our equity method investment in CLIH:


(dollars in thousands)	January 27, 2019		January 28, 2018		April 29, 2018
Total assets	$	3,255	$	3,186	$	3,130
Total liabilities	$	230	$	150	$	128
Total members’ equity	$	3,025	$	3,036	$	3,002

Accrued Expenses (Tables)

9 Months Ended

Jan. 27, 2019

Text Block [Abstract]

Summary of Accrued Expenses

A summary of accrued expenses follows:


(dollars in thousands)	January 27, 2019		January 28, 2018		April 29, 2018
Compensation, commissions and related benefits	$	4,848	$	6,288	$	6,918
Interest		—		5		20
Other accrued expenses		4,892		2,549		3,150

	$	9,740	$	8,842	$	10,088

Exit and Disposal Activity (Tables)

9 Months Ended

Jan. 27, 2019

Restructuring and Related Activities [Abstract]

Summary of Restructuring Credit and Related Charges Associated with Exit and Disposal Activity

The following summarizes our restructuring credit and related charges totaling $1.6 million that were associated with the above exit and disposal activity:


(dollars in thousands)	Nine months ended January 27, 2019
Inventory markdowns	$	1,564
Other operating costs associated with a closed facility		824
Employee termination benefits		661
Gain on sale of property, plant, and equipment		(1,486	)

	$	1,563

Summary of Activity in Restructuring Accrual

The following summarizes the activity in the restructuring accrual:


(dollars in thousands)	Nine months ended January 27, 2019
Accrual established in fiscal 2019	$	451
Paid in fiscal 2019		(434	)
Adjustments in fiscal 2019		211

	$	228

Fair Value of Financial Instruments (Tables)

9 Months Ended

Jan. 27, 2019

Fair Value Disclosures [Abstract]

Schedule of Assets Measured at Fair Value on a Recurring Basis

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

Fair value measurements at January 27, 2019 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

6,433

N/A

6,433

Growth Allocation Fund

184

N/A

184

Moderate Allocation Fund

119

N/A

119

Other

N/A

Fair value measurements at January 28, 2018 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

6,287

N/A

6,287

Low Duration Bond Fund

1,085

N/A

1,085

Intermediate Term Bond Fund

759

N/A

759

Strategic Income Fund

628

N/A

628

Large Blend Fund

431

N/A

431

Growth Allocation Fund

171

N/A

171

Moderate Allocation Fund

114

N/A

114

Other

173

N/A

173

Fair value measurements at April 29, 2018 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

6,492

N/A

6,492

Low Duration Bond Fund

1,085

N/A

1,085

Intermediate Term Bond Fund

747

N/A

747

Strategic Income Fund

619

N/A

619

Large Blend Fund

402

N/A

402

Growth Allocation Fund

169

N/A

169

Moderate Allocation Fund

113

N/A

113

Other

150

N/A

150

Liabilities:

EURO Foreign Currency

Cash Flow Hedge

N/A

Schedule of Assets Measured at Fair Value on a Nonrecurring Basis

Fair value measurements at January 27, 2019 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:

Goodwill

N/A

13,653

Tradename

N/A

6,549

Equipment

N/A

2,179

Inventory

N/A

1,804

Liabilities:

Contingent Consideration –

Earn-Out Obligation

N/A

5,781

At April 29, 2018, we had no assets that were required to be measured at fair value on a nonrecurring basis other than the assets acquired from Read (see note 3) that were acquired at fair value:

Fair value measurements at April 29, 2018 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:

Customer Relationships

N/A

2,247

Goodwill

N/A

2,107

Inventory

N/A

1,128

Tradename

N/A

683

Equipment

N/A

379

Liabilities:

None

N/A

Derivatives (Tables)

9 Months Ended

Jan. 27, 2019

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Fair Value of Derivative Instruments

ASC Topic 815 requires disclosure of gains and losses on derivative instruments in the following tabular format.

(Amounts in Thousands)
Fair Values of Derivative Instruments

January 27, 2019

April 29, 2018

Derivatives designated as hedging instruments under ASC Topic 815

Balance
Sheet
Location

Fair
Value

Balance
Sheet
Location

Fair
Value

Euro Foreign Exchange Contract

Accrued
Expenses

—

Accrued
Expenses

Schedule of Gains and Losses on Derivative Instruments

At January 28, 2018, we did not have any derivatives designated as hedging instruments under ASC Topic 815.


Derivatives in ASC Topic 815 Net Investment Hedging Relationships	Amt of Gain (Loss) (net of tax) Recognized in OCI on Derivative (Effective Portion) and recorded in Accrued Expenses at Fair Value				Location of Gain or (Loss) Reclassified from Accumulated OCI into Income (Effective Portion)		Amount of Gain or (Loss) Reclassified from Accumulated OCI into Income (Effective Portion)					Location of Gain or (Loss) Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing)		Amount of Gain (loss) (net of tax) Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing)
	Nine Months Ended January 27, 2019		Nine Months Ended January 28, 2018				Nine Months Ended January 27, 2019			Nine Months Ended January 28, 2018				Nine Months Ended January 27, 2019		Nine Months Ended January 28, 2018
EURO Foreign Exchange Contract	$	56	$	—		Other Expense	$	(64	)	$	—		Other Expense	$	—	$	—

Cash Flow Information (Tables)

9 Months Ended

Jan. 27, 2019

Supplemental Cash Flow Elements [Abstract]

Schedule of Interest and Income Taxes Paid

Interest and income taxes paid are as follows:


	Nine months ended
(dollars in thousands)	January 27, 2019		January 28, 2018
Interest	$	54	$	181
Income taxes		6,226		3,426

Net Income (Loss) Per Share (Tables)

9 Months Ended

Jan. 27, 2019

Earnings Per Share [Abstract]

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

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


	Three months ended
(amounts in thousands)	January 27, 2019		January 28, 2018
Weighted average common shares outstanding, basic		12,438		12,436
Dilutive effect of stock-based compensation		27		—

Weighted average common shares outstanding, diluted		12,465		12,436


	Nine months ended
(amounts in thousands)	January 27, 2019		January 28, 2018
Weighted average common shares outstanding, basic		12,488		12,425
Dilutive effect of stock-based compensation		105		201

Weighted average common shares outstanding, diluted		12,593		12,626

Segment Information (Tables)

9 Months Ended

Jan. 27, 2019

Segment Reporting [Abstract]

Schedule of Operating Segments Information

Financial information for the company’s operating segments follows:


	Three months ended
	January 27, 2019			January 28, 2018
Net sales:
Mattress Fabrics	$	35,732		$	49,042
Upholstery Fabrics		37,104			36,268
Home Accessories		4,390			—

	$	77,226		$	85,310

Gross profit:
Mattress Fabrics	$	5,963		$	10,146
Upholstery Fabrics		7,624			7,457
Home Accessories		1,050			—

Total segment gross profit	$	14,637		$	17,603
Restructuring related charges (1)		(514	)		—

	$	14,123		$	17,603

Selling, general, and administrative expenses
Mattress Fabrics	$	2,755		$	3,309
Upholstery Fabrics		3,825			3,947
Home Accessories		1,361			—
Unallocated corporate expenses		1,628			2,703

Total segment selling, general, and administrative expenses		9,569			9,959
Other non-recurring charges (2)		429			—
Restructuring related charges (2)		40			—

	$	10,038		$	9,959

Income (loss) from operations:
Mattress Fabrics	$	3,208		$	6,837
Upholstery Fabrics		3,799			3,510
Home Accessories		(311	)		—
Unallocated corporate expenses		(1,628	)		(2,703	)

Total segment income from operations		5,068			7,644
Other non-recurring charges (2)		(429	)		—
Restructuring credit and related charges (2) (3)		(340	)		—

Total income from operations		4,299			7,644
Interest expense		—			(31	)
Interest income		251			132
Other expense		(288	)		(229	)

Income before income taxes	$	4,262		$	7,516

(1)	The $514 represents a restructuring related charge for other operating costs associated with our closed upholstery fabrics plant facility located in Anderson, SC.

(2)	Amounts represent non-recurring charges associated with accelerated vesting of certain stock-based compensation agreements. The $429 and $40 pertain to unallocated corporate expenses and a restructuring related charge associated with our closed Anderson, SC upholstery fabrics plant facility.

(3)


	Nine months ended
	January 27, 2019			January 28, 2018
Net sales:
Mattress Fabrics	$	107,335		$	146,072
Upholstery Fabrics		106,611			99,469
Home Accessories		11,759			—

	$	225,705		$	245,541

Gross profit:
Mattress Fabrics	$	17,050		$	29,641
Upholstery Fabrics		20,031			20,232
Home Accessories		3,435			—

Total segment gross profit	$	40,516		$	49,873
Other non-recurring charges (4)		(159	)		—
Restructuring related charges (5)		(2,349	)		—

	$	38,008		$	49,873

Selling, general, and administrative expenses
Mattress Fabrics	$	8,141		$	9,868
Upholstery Fabrics		10,985			11,458
Home Accessories		3,690			—
Unallocated corporate expenses		4,800			7,550

Total segment selling, general, and administrative expenses		27,616			28,876
Other non-recurring charges (6)		518			—
Restructuring related charges (2)		40			—

	$	28,174		$	28,876

Income (loss) from operations:
Mattress Fabrics	$	8,910		$	19,774
Upholstery Fabrics		9,044			8,773
Home Accessories		(254	)		—
Unallocated corporate expenses		(4,800	)		(7,550	)

Total segment income from operations		12,900			20,997
Other non-recurring charges (4) (6)		(678	)		—
Restructuring credit and related charges (7)		(1,563	)		—

Total income from operations		10,659			20,997
Interest expense		(38	)		(69	)
Interest income		552			391
Other expense		(688	)		(903	)

Income before income taxes	$	10,485		$	20,416

(4)	The $159 represents a non-recurring charge regarding employee termination benefits and other operational reorganization costs associated with our mattress fabrics segment.

(5)	The $2.4 million consists of a restructuring related charges of $1.6 million for inventory markdowns and $784 for other operating costs associated with our closed upholstery fabrics plant facility located in Anderson, SC.

(6)	The $518 represents non-recurring charges of $429 for accelerated vesting of certain stock-based compensation agreements associated with unallocated corporate expenses and $89 for employee termination benefits and operational reorganization costs associated with our mattress fabrics segment.

(7)

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


(dollars in thousands)	January 27, 2019		January 28, 2018		April 29, 2018
Segment assets:
Mattress Fabrics
Accounts receivable	$	12,373	$	12,840	$	15,195
Inventory		26,243		29,355		28,740
Property, plant and equipment (1)		45,845		49,289		48,797
Investment in unconsolidated joint venture		1,512		1,518		1,501

Total mattress fabrics assets		85,973		93,002		94,233

Upholstery Fabrics
Accounts receivable		13,367		13,257		11,112
Inventory		26,067		26,296		24,714
Property, plant and equipment (2)		1,957		2,101		2,445

Total upholstery fabrics assets		41,391		41,654		38,271

Home Accessories
Accounts receivable		402		—		—
Inventory		3,105		—		—
Property, plant and equipment (3)		1,985		—		—

Total home accessories assets		5,492		—		—

Total segment assets		132,856		134,656		132,504
Non-segment assets:
Cash and cash equivalents		26,418		22,428		21,228
Short-term investments (Available for Sale)		—		2,472		2,451
Short-term investments (Held-to-Maturity)		13,544		17,206		25,759
Other current assets		2,954		3,114		2,870
Deferred income taxes		3,224		1,942		1,458
Property, plant and equipment (4)		342		448		552
Goodwill		27,222		11,462		13,569
Intangible assets		10,542		1,397		4,275
Long-term investments (Held-to-Maturity)		—		13,625		5,035
Long-term investments (Rabbi Trust)		6,834		7,176		7,326
Other assets		972		918		957

Total assets	$	224,908	$	216,844	$	217,984


	Nine months ended
(dollars in thousands)	January 27, 2019		January 28, 2018
Capital expenditures (5):
Mattress Fabrics	$	2,342	$	5,445
Upholstery Fabrics		294		379
Home Accessories		33		—
Unallocated Corporate		11		47

Total capital expenditures	$	2,680	$	5,871

Depreciation expense:
Mattress Fabrics	$	5,265	$	5,068
Upholstery Fabrics		595		611
Home Accessories		227		—

Total depreciation expense	$	6,087	$	5,679

(1)

(2)

(3)	The $2.0 million at January 27, 2019, represents property, plant and equipment located in the U.S.

(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)

9 Months Ended

Jan. 27, 2019

Income Tax Disclosure [Abstract]

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


	2019			2018
Federal income tax rate		21.0	%		30.4	%
Tax effects of the 2017 Tax Cuts and Jobs Act		(5.7	)		28.4
Foreign income tax rate differential		10.1			3.9
Global Intangible Low Taxed Income Tax (GILTI)		2.6			—
Tax effects of Chinese foreign exchange gains (losses)		1.4			(2.9	)
Excess income tax deficiency (benefits) related to stock-based compensation		0.7			(2.3	)
Other		2.4			1.1

		32.5	%		58.6	%

Summary of Valuation Allowances Against Deferred Income Taxes

Based on our assessments at January 27, 2019, January 28, 2018, and April 29, 2018, valuation allowances against our deferred income taxes pertain to the following jurisdictions:


(dollars in thousands)	January 27, 2019		January 28, 2018		April 29, 2018
U.S. foreign income tax credits	$	4,550		2,277		4,550
U.S. state loss carryforwards and credits		903		495		578
Polish loss carryforwards		—		73		76

	$	5,453		2,845		5,204

Stock-Based Compensation (Tables)

9 Months Ended

Jan. 27, 2019

Summary of Assumptions Used to Determine Fair Value of Performance Based Restricted Stock Units


	Fiscal 2019		Fiscal 2018
Closing price of our common stock	$	24.35	$	32.50
Expected volatility of our common stock		33.5%		31.0%
Expected volatility of peer companies		16.0%		16.5%
Risk-free interest rate		2.74%		1.56%
Dividend yield		1.35%		1.66%
Correlation coefficient of peer companies		0.47		0.46

Summary of Vested Performance Based Restricted Stock Units

The following table summarizes information related to our performance based restricted stock units that vested during the nine-month periods ending January 27, 2019 and January 28, 2018:


Fiscal Year	Restricted Stock Units Vested		(3) Fair Value		Weighted Average Price Per Share
Fiscal 2019 (1)		126,232	$	3,707	$	29.37 (4)
Fiscal 2019 (2)		10,364	$	320	$	30.90 (4)
Fiscal 2018 (1)		102,845	$	3,342	$	32.50 (4)
Fiscal 2018 (2)		16,000	$	520	$	32.50 (4)

(1)	NEOs and key employees.

(2)	Non-employee

(3)	Dollar amounts are in thousands.

(4)	The weighted average price per share is derived from the closing prices of our common stock on the dates the respective performance based restricted stock units vested.

NEOs and Key Employees [Member]

Summary of Grants of Performance Based Restricted Stock Units

The following table summarizes information related to our grants of performance based restricted stock units associated with NEOs and key employees that are currently unvested:


Date of Grant	(3) Restricted Stock Units Awarded		Price Per Share		Vesting Period
August 2, 2018 (1)		86,599	$	18.51 (4)		3 years
August 2, 2018 (2)		47,800	$	24.35 (6)		3 years
July 13, 2017 (1)		78,195	$	31.85 (5)		3 years
July 13, 2017 (2)		44,000	$	32.50 (6)		3 years
July 14, 2016 (1) (2)		107,880	$	28.00 (6)		3 years

(1)	Performance-based restricted stock units awarded to NEOs.

(2)	Performance-based restricted stock units awarded to key employees.

(3)	Amounts represent the maximum number of common stock shares that could be earned if certain performance targets are met as defined in the related restricted stock unit agreements.

(4)

(5)

(6)	Price per share represents the closing price of our common stock on the date of grant.

Non-employee [Member]

Summary of Grants of Performance Based Restricted Stock Units

The following table summarizes information related to our grants of performance-based restricted stock units associated with a non-employee that are currently unvested:

Date of Grant

(1)
Restricted Stock
Units Awarded

Price Per
Share

Vesting
Period

July 14, 2016

11,549

18.47 (2)

3 years

(1)	Amounts represent the maximum number of common stock shares that could be earned if certain performance targets are met as defined in the related restricted stock unit agreements.

(2)	The respective grant was unvested at the end of our reporting period. Accordingly, the price per share represents the closing price of our common stock on January 27, 2019, the end of our reporting period.

Business Combinations (Detail) - USD ($)			1 Months Ended				3 Months Ended	9 Months Ended	12 Months Ended
Business Combinations (Detail) - USD ($)	Jun. 22, 2018	Apr. 01, 2018	Sep. 30, 2019	Jun. 30, 2019	Aug. 31, 2018	May 31, 2018	Jan. 27, 2019	Jan. 27, 2019	Apr. 29, 2018
Business Acquisition [Line Items]
Contingent consideration-earn-out obligation							$ 5,781,000	$ 5,781,000
Carrying amount of non-controlling interest							4,457,000	4,457,000
Net loss attributable to non-controlling interest							(94,000)	$ (75,000)
Read Window Products, LLC [Member]
Business Acquisition [Line Items]
Base purchase price of consideration transferred		$ 5,700,000
Payment for acquisition		$ 4,500,000				$ 375,000
Goodwill, statutory period deductible for income tax purposes								15 years
Contingent consideration arrangement, description								The Asset Agreement contains a contingent consideration arrangement that requires us to pay a former shareholder of Read an earn-out payment based on adjusted EBITDA as defined in the Asset Agreement, for calendar year 2018 in excess of fifty percent of a pre-established adjusted EBITDA target.
Contingent consideration arrangement, basis for amount								Based on actual financial results in relation to the pre-established adjusted EBITDA target, a contingent payment will not be made, and therefore, no contingent liability has been recorded.
Contingent liability							0	$ 0
eLuxury [Member]
Business Acquisition [Line Items]
Base purchase price of consideration transferred	$ 12,500,000
Payment for acquisition	$ 11,600,000				$ 185,000
Goodwill, statutory period deductible for income tax purposes								15 years
Contingent consideration arrangement, description								The Equity Agreement contains a contingent consideration arrangement that requires us to pay the seller, who is also the owner of the noncontrolling interest, an earn-out payment based on a multiple of adjusted EBITDA as defined in the Equity Agreement, for the twelve-month period ending August 31, 2021, less $12.0 million.
Contingent consideration arrangement, basis for amount								We recorded a contingent liability at the acquisition date for this earn-out obligation at its fair value totaling $5.6 million based on the Black Scholes pricing model.
Majority ownership percentage acquired	80.00%
Consideration for acquisition	$ 18,130,000
Contingent consideration-earn-out obligation	5,600,000
Contingent consideration, minimum multiple of adjusted EBITDA for earn-out payment	12,000,000
Carrying amount of non-controlling interest							$ 4,457,000	$ 4,457,000
Non-controlling interest	$ 4,532,000
Net loss attributable to non-controlling interest								(75,000)
Revenue								11,800,000
Net loss								(248,000)
Selling, General and Administrative Expenses [Member] \| Read Window Products, LLC [Member]
Business Acquisition [Line Items]
Business acquisition costs									$ 339,000
Selling, General and Administrative Expenses [Member] \| eLuxury [Member]
Business Acquisition [Line Items]
Business acquisition costs								$ 270,000
Customer Relationships [Member] \| Read Window Products, LLC [Member]
Business Acquisition [Line Items]
Finite-lived intangible assets, useful life								9 years
Minimum [Member] \| Equipment [Member] \| Read Window Products, LLC [Member]
Business Acquisition [Line Items]
Property, plant and equipment, useful life								3 years
Minimum [Member] \| Equipment [Member] \| eLuxury [Member]
Business Acquisition [Line Items]
Property, plant and equipment, useful life								5 years
Maximum [Member] \| Equipment [Member] \| Read Window Products, LLC [Member]
Business Acquisition [Line Items]
Property, plant and equipment, useful life								10 years
Maximum [Member] \| Equipment [Member] \| eLuxury [Member]
Business Acquisition [Line Items]
Property, plant and equipment, useful life								10 years
eLuxury [Member]
Business Acquisition [Line Items]
Noncontrolling interest	20.00%
Shareholders' equity attributable to Culp Inc. \| eLuxury [Member]
Business Acquisition [Line Items]
Net income (loss) allocation percentage	70.00%
Non-Controlling Interest \| eLuxury [Member]
Business Acquisition [Line Items]
Net income (loss) allocation percentage	30.00%
Scenario, Forecast [Member] \| Read Window Products, LLC [Member]
Business Acquisition [Line Items]
Payment for acquisition				$ 763,000
Scenario, Forecast [Member] \| eLuxury [Member]
Business Acquisition [Line Items]
Payment for acquisition			$ 749,000

Business Combinations - Schedule of Allocation of Acquisition Cost to Assets Acquired and Liabilities Assumed (Detail) - USD ($)
$ in Thousands

Jan. 27, 2019

Jun. 22, 2018

Apr. 29, 2018

^[1]

Apr. 01, 2018

Jan. 28, 2018

Apr. 30, 2017

Read Window Products, LLC [Member]

$ 27,222

$ 13,569

$ 11,462

Property, plant & equipment

$ 2,107

1,128

897

(719)

(174)

379

Assets acquired and liabilities assumed, net

Deferred revenue

(903)

5,680

Read Window Products, LLC [Member] | Trade Names [Member]

Read Window Products, LLC [Member] | Customer Relationships [Member]

683

Customer relationships

$ 2,247

eLuxury [Member]

$ 13,653

Accounts receivable and other current assets

1,804

108

Accounts payable

(1,336)

Non-controlling interest in eLuxury

(295)

(4,532)

Assets acquired and liabilities assumed, net

18,130

eLuxury [Member] | Equipment [Member]

Property, plant & equipment

2,179

eLuxury [Member] | Trade Names [Member]

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

$ 6,549

[1]	Derived from audited financial statements.

Business Combinations - Schedule of Unaudited Pro Forma Consolidated Results of Operations (Detail) - Read Window Products, LLC and eLuxury [Member] - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Jan. 27, 2019	Jan. 28, 2018	Jan. 27, 2019	Jan. 28, 2018
Business Acquisition [Line Items]
Net Sales	$ 77,226	$ 93,451	$ 228,830	$ 270,950
Income from operations	4,299	7,257	10,657	20,799
Net income (loss)	3,060	(1,073)	6,943	7,901
Net loss (income)-noncontrolling interest	94	(36)	83	(27)
Net income (loss)-Culp Inc. common shareholders	$ 3,154	$ (1,109)	$ 7,026	$ 7,874
Net income (loss) per share (basic)-Culp Inc. common shareholders	$ 0.25	$ (0.09)	$ 0.56	$ 0.63
Net income (loss) per share (diluted)-Culp Inc. common shareholders	$ 0.25	$ (0.09)	$ 0.56	$ 0.62

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

Jan. 27, 2019

Apr. 30, 2018

Apr. 29, 2018

Jan. 28, 2018

Apr. 30, 2017

Customers

$ 26,748

$ 28,097

$ 27,666

Accounts receivable, net

26,142

$ 27,452

26,307

^[1]

26,097

Allowance for doubtful accounts [Member]

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

Valuation allowance, balance

(388)

(357)

$ (414)

Allowance for cash discounts [Member]

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

Valuation allowance, balance

(197)

(245)

(222)

Allowance for sales returns and allowances [Member]

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

Valuation allowance, balance

^[2]

$ (21)

$ (1,188)

$ (990)

[1]	Derived from audited financial statements.
[2]	Due to the adoption of ASC Topic 606, Revenue from Contracts with Customers, certain balance sheet reclassifications were required regarding our allowance for sales returns and allowances for the current year's presentation only. See Note 5 to the consolidated financial statements for required balance sheet disclosures associated with the adoption of ASC Topic 606.

Accounts Receivable - Allowance for Doubtful Accounts (Detail) - Allowance for doubtful accounts [Member] - USD ($) $ in Thousands	9 Months Ended
	Jan. 27, 2019	Jan. 28, 2018
Valuation and Qualifying Accounts Disclosure [Line Items]
Beginning balance	$ (357)	$ (414)
Provision for bad debts	(78)	57
Net write-offs, net of recoveries	47
Ending balance	$ (388)	$ (357)

Accounts Receivable - Allowance for Returns and Allowances and Discounts (Detail) - Reserve for returns and allowances and discounts [Member] - USD ($)
$ in Thousands

9 Months Ended

Jan. 27, 2019

Jan. 28, 2018

Valuation and Qualifying Accounts Disclosure [Line Items]

Beginning balance

$ (1,433)

$ (1,220)

Provision for returns, allowances and discounts

(1,612)

(2,332)

Credits issued

1,682

2,340

Ending balance

(218)

$ (1,212)

Adjustments Due to ASC 606 Adoption [Member]

Valuation and Qualifying Accounts Disclosure [Line Items]

Adoption of ASC Topic 606

^[1]

$ 1,145

[1]

Due to the adoption of ASC Topic 606, Revenue from Contracts with Customers, certain balance sheet reclassifications were required regarding our allowance for sales returns and allowances for the current year's presentation only. See Note 5 to the consolidated financial statements for required balance sheet disclosures associated with the adoption of ASC Topic 606.

Revenue - Effect of adopting ASC 606 (Detail) - USD ($)
$ in Thousands

3 Months Ended

9 Months Ended

Jan. 27, 2019

Jan. 28, 2018

Jan. 27, 2019

Jan. 28, 2018

Apr. 30, 2018

Apr. 29, 2018

Assets:

$ 26,142

$ 26,097

$ 26,142

$ 26,097

$ 27,452

$ 26,307

^[1]

2,954

3,114

2,954

3,114

2,897

2,870

^[1]

Liabilities:

Accounting Standards Update 2014-09 [Member] | Calculated under Revenue Guidance in Effect before Topic 606 [Member]

9,740

8,842

9,740

8,842

10,497

9,325

^[1]

Statements of Net Income

Net Sales

77,226

85,310

225,705

245,541

Cost of sales

63,103

$ 67,707

187,697

$ 195,668

Assets:

25,050

26,307

2,937

2,870

Liabilities:

Accounting Standards Update 2014-09 [Member] | Adjustments Due to ASC 606 Adoption [Member]

8,631

$ 9,325

Statements of Net Income

Net Sales

77,239

225,688

Cost of sales

63,116

187,680

Assets:

^[2]

(1,092)

1,145

^[2]

(17)

Liabilities:

Revenue from Contract with Customer [Abstract]

^[2]

(1,109)

$ 1,172

Statements of Net Income

Net Sales

^[2]

(17)

Cost of sales

^[2]

$ 13

$ (17)

[1]

Derived from audited financial statements.

[2]

The adjustments associated with the adoption of the new standard are related to classifying allowances for estimated sales returns as a liability rather than as a contra account to accounts receivable on the consolidated balance sheet for the current year's presentation only. As required under the new standard, we also recorded the estimated allowance for sales returns on a gross basis rather than a net basis by separately reflecting a return goods asset within other current assets rather than netting such amounts with the estimated sales returns liability.

Revenue - Narrative (Detail)	9 Months Ended
Revenue - Narrative (Detail)	Jan. 27, 2019 USD ($)
Disaggregation of Revenue [Line Items]
Contract assets recognized	$ 0
Home Accessories [Member]
Disaggregation of Revenue [Line Items]
Sales return period	30 days
Minimum [Member]
Disaggregation of Revenue [Line Items]
Contract with customers credit period	15 days
Maximum [Member]
Disaggregation of Revenue [Line Items]
Contract with customers credit period	45 days

Revenue - Summary of the activity for deferred revenue (Detail) - USD ($)
$ in Thousands

3 Months Ended

9 Months Ended

Jan. 27, 2019

Beginning balance

$ 649

$ 809

^[1]

Revenue recognized on contract liabilities during the period

(637)

(2,171)

Payments received for services not yet rendered during the period

480

1,854

Ending balance

$ 492

[1]	Derived from audited financial statements.

Revenue - Disaggregation of Revenue (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jan. 27, 2019	Jan. 28, 2018	Jan. 27, 2019	Jan. 28, 2018
Disaggregation of Revenue [Line Items]
Total Net Sales	$ 77,226	$ 85,310	$ 225,705	$ 245,541
Transferred at Point in Time [Member] \| Product [Member]
Disaggregation of Revenue [Line Items]
Total Net Sales	74,852		217,704
Transferred over Time [Member] \| Services [Member]
Disaggregation of Revenue [Line Items]
Total Net Sales	2,374		8,001
Mattress Fabrics [Member]
Disaggregation of Revenue [Line Items]
Total Net Sales	35,732		107,335
Mattress Fabrics [Member] \| Transferred at Point in Time [Member] \| Product [Member]
Disaggregation of Revenue [Line Items]
Total Net Sales	35,732		107,335
Upholstery Fabrics [Member]
Disaggregation of Revenue [Line Items]
Total Net Sales	37,104		106,611
Upholstery Fabrics [Member] \| Transferred at Point in Time [Member] \| Product [Member]
Disaggregation of Revenue [Line Items]
Total Net Sales	34,730		98,610
Upholstery Fabrics [Member] \| Transferred over Time [Member] \| Services [Member]
Disaggregation of Revenue [Line Items]
Total Net Sales	2,374		8,001
Home Accessories [Member]
Disaggregation of Revenue [Line Items]
Total Net Sales	4,390		11,759
Home Accessories [Member] \| Transferred at Point in Time [Member] \| Product [Member]
Disaggregation of Revenue [Line Items]
Total Net Sales	$ 4,390		$ 11,759

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

Jan. 27, 2019

Apr. 29, 2018

Jan. 28, 2018

Inventory Disclosure [Abstract]

Raw materials

$ 5,745

$ 6,024

$ 6,654

Work-in-process

2,610

3,264

3,151

Finished goods

47,060

44,166

45,846

Inventories

$ 55,415

$ 53,454

^[1]

$ 55,651

[1]	Derived from audited financial statements.

Intangible Assets - Summary of Intangible Assets (Detail) - USD ($)
$ in Thousands

Jan. 27, 2019

Apr. 29, 2018

Jan. 28, 2018

Apr. 30, 2017

Intangible Assets [Line Items]

Tradenames

$ 7,232

$ 683

Customer Relationships [Member]

10,542

4,275

^[1]

$ 1,397

Intangible Assets [Line Items]

Finite-lived intangible assets, net

2,613

2,839

625

$ 664

Non-Compete Agreement [Member]

Intangible Assets [Line Items]

Finite-lived intangible assets, net

$ 697

$ 753

$ 772

$ 828

[1]	Derived from audited financial statements.

Intangible Asset - Tradenames (Detail) - USD ($) $ in Thousands	Jan. 27, 2019	Apr. 29, 2018
Indefinite-lived Intangible Assets [Line Items]
Tradenames	$ 7,232	$ 683
Read Window Products, LLC [Member]
Indefinite-lived Intangible Assets [Line Items]
Tradenames	683	$ 683
eLuxury [Member]
Indefinite-lived Intangible Assets [Line Items]
Tradenames	$ 6,549

Intangible Assets - Summary of Change in Carrying Amount of Finite-Lived Intangible Assets (Detail) - USD ($) $ in Thousands	9 Months Ended
	Jan. 27, 2019	Jan. 28, 2018
Customer Relationships [Member]
Finite-Lived Intangible Assets [Line Items]
Beginning balance	$ 2,839	$ 664
Amortization expense	(226)	(39)
Ending balance	2,613	625
Non-Compete Agreement [Member]
Finite-Lived Intangible Assets [Line Items]
Beginning balance	753	828
Amortization expense	(56)	(56)
Ending balance	$ 697	$ 772

Intangible Assets - Narrative (Detail) - USD ($) $ in Thousands	9 Months Ended
	Jan. 27, 2019	Apr. 29, 2018	Apr. 01, 2018	Jan. 28, 2018	Apr. 30, 2017
Intangible Assets [Line Items]
Gross carrying amount of customer relationships	$ 3,100	$ 3,100		$ 868
Gross carrying amount of non-compete agreement	2,000	2,000		2,000
Customer Relationships [Member]
Intangible Assets [Line Items]
Finite-lived intangible assets, net	2,613	2,839		625	$ 664
Accumulated amortization	502	276		243
Remaining amortization expense for the fiscal year	75
Remaining amortization expense for the second fiscal year	301
Remaining amortization expense for the third fiscal year	301
Remaining amortization expense for the fourth fiscal year	301
Remaining amortization expense for the fifth fiscal year	301
Remaining amortization expense for the fiscal year thereafter	$ 1,334
Weighted average remaining amortization period	8 years 10 months 25 days
Customer Relationships [Member] \| Read Window Products, LLC [Member]
Intangible Assets [Line Items]
Fair market value of customer relationship			$ 2,247
Useful life	9 years
Customer Relationships [Member] \| Prior Acquisition [Member]
Intangible Assets [Line Items]
Useful life	17 years
Finite-lived intangible assets, net	$ 574
Non-Compete Agreement [Member]
Intangible Assets [Line Items]
Useful life	15 years
Finite-lived intangible assets, net	$ 697	753		772	$ 828
Accumulated amortization	1,300	$ 1,300		$ 1,200
Remaining amortization expense for the fiscal year	19
Remaining amortization expense for the second fiscal year	75
Remaining amortization expense for the third fiscal year	75
Remaining amortization expense for the fourth fiscal year	75
Remaining amortization expense for the fifth fiscal year	75
Remaining amortization expense for the fiscal year thereafter	$ 378
Weighted average remaining amortization period	9 years 3 months 19 days

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

9 Months Ended

Jan. 27, 2019

Jan. 28, 2018

Goodwill and Intangible Assets Disclosure [Abstract]

Beginning balance

$ 13,569

^[1]

$ 11,462

Acquisition of business

13,653

Loss on impairment

Ending balance

$ 27,222

$ 11,462

[1]	Derived from audited financial statements.

Investment in Unconsolidated Joint Venture - Narrative (Detail) - USD ($)
$ in Thousands

3 Months Ended

9 Months Ended

Jan. 27, 2019

Jan. 28, 2018

Jan. 27, 2019

Jan. 28, 2018

Apr. 29, 2018

Schedule of Equity Method Investments [Line Items]

Income (loss) from investment in unconsolidated joint venture

$ 23

$ (56)

$ (109)

$ (249)

Schedule of Equity Method Investments [Line Items]

$ 1,512

1,518

$ 1,512

1,518

$ 1,501

^[1]

CLIH [Member]

Equity method investment, ownership percentage

50.00%

Unconsolidated joint venture, net loss

$ (218)

(498)

Income (loss) from investment in unconsolidated joint venture

(109)

(249)

$ 1,500

[1]	Derived from audited financial statements.

- Definition

This item represents the entity's proportionate share for the period of the net income (loss) of its investee (such as unconsolidated subsidiaries and joint ventures) to which the equity method of accounting is applied. This item includes income or expense related to stock-based compensation based on the investor's grant of stock to employees of an equity method investee.

+ References + Details

Investment in Unconsolidated Joint Venture - Summary of Equity Method Investment (Detail) - CLIH [Member] - USD ($) $ in Thousands	Jan. 27, 2019	Apr. 29, 2018	Jan. 28, 2018
Schedule of Equity Method Investments [Line Items]
Total assets	$ 3,255	$ 3,130	$ 3,186
Total liabilities	230	128	150
Total members' equity	$ 3,025	$ 3,002	$ 3,036

Accrued Expenses (Detail) - USD ($) $ in Thousands	Jan. 27, 2019	Apr. 29, 2018	Jan. 28, 2018
Payables and Accruals [Abstract]
Compensation, commissions and related benefits	$ 4,848	$ 6,918	$ 6,288
Interest		20	5
Other accrued expenses	4,892	3,150	2,549
Accrued expenses	$ 9,740	$ 10,088	$ 8,842

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

Jan. 27, 2019

Apr. 30, 2018

Apr. 29, 2018

Jan. 28, 2018

Payables and Accruals [Abstract]

Long-term accrued expenses

$ 9,740

$ 10,088

$ 8,842

Current accrued expenses

9,740

$ 10,497

9,325

^[1]

$ 8,842

$ 0

$ 763

^[1]

[1]	Derived from audited financial statements.

Exit and Disposal Activities - Narrative (Detail) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Jan. 27, 2019	Jan. 27, 2019
Restructuring Cost and Reserve [Line Items]
Description of exit and disposal activities		On June 12, 2018, our board of directors announced the closure of our upholstery fabrics manufacturing facility in Anderson, South Carolina. This closure was completed during the second quarter of fiscal 2019 and was due to a continued decline in demand for the products manufactured at this facility, reflecting a change in consumer style preferences.
Restructuring credit	$ 214	$ 825
Upholstery Fabrics [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring credit and related charges		1,563
Restructuring credit		825
Upholstery Fabrics [Member] \| Cost of Sales [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring related charges		2,349
Upholstery Fabrics [Member] \| Selling, General and Administrative Expenses [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring related charges		$ 40

Exit and Disposal Activity - Summary of Restructuring Credit and Related Charges Associated with Exit and Disposal Activity (Detail) $ in Thousands	9 Months Ended
	Jan. 27, 2019 USD ($)
Restructuring Cost and Reserve [Line Items]
Gain on sale of property, plant, and equipment	$ (1,456)
Upholstery Fabrics [Member]
Restructuring Cost and Reserve [Line Items]
Inventory markdowns	1,564
Other operating costs associated with a closed facility	824
Employee termination benefits	661
Gain on sale of property, plant, and equipment	(1,486)
Restructuring credit and related charges	$ 1,563

Exit and Disposal Activity - Summary of Activity in Restructuring Accrual (Detail) $ in Thousands	9 Months Ended
	Jan. 27, 2019 USD ($)
Restructuring Cost and Reserve [Line Items]
Restructuring accrual, ending balance	$ 228
Upholstery Fabrics [Member] \| Employee Termination Benefits [Member]
Restructuring Cost and Reserve [Line Items]
Accrual established in fiscal 2019	451
Paid in fiscal 2019	(434)
Adjustments in fiscal 2019	211
Restructuring accrual, ending balance	$ 228

Assets Held for Sale (Detail) - USD ($)	3 Months Ended	9 Months Ended
Assets Held for Sale (Detail) - USD ($)	Oct. 28, 2018	Jan. 27, 2019	Jan. 28, 2018
Long Lived Assets Held-for-sale [Line Items]
Proceeds from the sale of property, plant, and equipment		$ 1,894,000	$ 6,000
Gain on sale of property, plant, and equipment		1,456,000
Upholstery Fabrics [Member]
Long Lived Assets Held-for-sale [Line Items]
Property, plant, and equipment classified as held for sale	$ 393,000
Impairment of assets held for sale	$ 0
Proceeds from the sale of property, plant, and equipment		1,900,000
Gain on sale of property, plant, and equipment		1,486,000
Upholstery Fabrics [Member] \| Property, Plant and Equipment [Member]
Long Lived Assets Held-for-sale [Line Items]
Assets held for sale		$ 0

Lines of Credit - Narrative (Detail)		9 Months Ended
Lines of Credit - Narrative (Detail)	Aug. 13, 2018 USD ($)	Jan. 27, 2019 USD ($)	Jan. 27, 2019 CNY (¥)	Aug. 12, 2018 USD ($)	Apr. 29, 2018 USD ($)	Jan. 28, 2018 USD ($)	Aug. 03, 2016 USD ($)	Aug. 01, 2016 USD ($)
United States [Member] \| Revolving Credit Facility [Member]
Line of Credit Facility [Line Items]
Maximum borrowing capacity	$ 25,000,000			$ 30,000,000	$ 30,000,000
Unencumbered Liquid Assets maintenance covenant	15,000,000			$ 20,000,000
Maximum amount of letters of credit	1,000,000
Letters of credit, outstanding amount	$ 250,000	$ 250,000			$ 250,000	$ 250,000
Expiration date	Aug. 15, 2020
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		3.95%	3.95%		3.36%	3.02%
Reference rate on which the interest rate is based		LIBOR
Percentage of common stock in subsidiary pledge as collateral		65.00%
Outstanding amount		$ 0			$ 0	$ 0
United States [Member] \| Revolving Credit Facility [Member] \| Third Amendment to Credit Agreement [Member]
Line of Credit Facility [Line Items]
Maximum amount of letters of credit								$ 7,500,000
Letters of credit outstanding, additional amount							$ 5,000,000
Letter of credit expiration date		May 15, 2018
China [Member] \| Revolving credit agreement [Member]
Line of Credit Facility [Line Items]
Maximum borrowing capacity		$ 6,000,000	¥ 40,000,000
Expiration date		Mar. 02, 2019
Interest rate description		This agreement has an interest rate determined by the Chinese government
Outstanding amount		$ 0	¥ 0		$ 0	$ 0

Fair Value of Financial Instruments - Recurring Basis (Detail) - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Thousands	Jan. 27, 2019	Apr. 29, 2018	Jan. 28, 2018
Premier Money Market Fund [Member]
Assets:
Investments at fair value	$ 6,433	$ 6,492	$ 6,287
Low Duration Bond Fund [Member]
Assets:
Investments at fair value		1,085	1,085
Intermediate Term Bond Fund [Member]
Assets:
Investments at fair value		747	759
Strategic Income Fund [Member]
Assets:
Investments at fair value		619	628
Large Blend Fund [Member]
Assets:
Investments at fair value		402	431
Growth Allocation Fund [Member]
Assets:
Investments at fair value	184	169	171
Moderate Allocation Fund [Member]
Assets:
Investments at fair value	119	113	114
Other [Member]
Assets:
Investments at fair value	98	150	173
EURO [Member] \| Foreign Currency Contract [Member] \| Cash Flow Hedge [Member]
Liabilities:
Derivative liabilities at fair value		55
Quoted prices in active markets for identical assets - Level 1 [Member] \| Premier Money Market Fund [Member]
Assets:
Investments at fair value	6,433	6,492	6,287
Quoted prices in active markets for identical assets - Level 1 [Member] \| Low Duration Bond Fund [Member]
Assets:
Investments at fair value		1,085	1,085
Quoted prices in active markets for identical assets - Level 1 [Member] \| Intermediate Term Bond Fund [Member]
Assets:
Investments at fair value		747	759
Quoted prices in active markets for identical assets - Level 1 [Member] \| Strategic Income Fund [Member]
Assets:
Investments at fair value		619	628
Quoted prices in active markets for identical assets - Level 1 [Member] \| Large Blend Fund [Member]
Assets:
Investments at fair value		402	431
Quoted prices in active markets for identical assets - Level 1 [Member] \| Growth Allocation Fund [Member]
Assets:
Investments at fair value	184	169	171
Quoted prices in active markets for identical assets - Level 1 [Member] \| Moderate Allocation Fund [Member]
Assets:
Investments at fair value	119	113	114
Quoted prices in active markets for identical assets - Level 1 [Member] \| Other [Member]
Assets:
Investments at fair value	$ 98	150	$ 173
Significant other observable inputs - Level 2 [Member] \| EURO [Member] \| Foreign Currency Contract [Member] \| Cash Flow Hedge [Member]
Liabilities:
Derivative liabilities at fair value		$ 55

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

9 Months Ended

Jan. 27, 2019

Apr. 29, 2018

Jan. 28, 2018

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

Short-term investments - Available for Sale

$ 0

$ 2,451

^[1]

$ 2,472

Long-term investments (Rabbi Trust)

6,834

7,326

^[1]

7,176

U.S. Corporate Bonds [Member]

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

Held to maturity investments

13,500

30,800

Held to maturity investments, fair value

$ 13,500

30,600

30,700

U.S. Corporate Bonds [Member] | Minimum [Member]

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

Long-term investments, maturity period

2 years

U.S. Corporate Bonds [Member] | Maximum [Member]

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

Long-term investments, maturity period

2 years 6 months

Short-term Investments [Member]

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

Accumulated unrealized gain (loss) on investments

(91)

(57)

Long-term investments (Rabbi Trust) [Member]

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

Accumulated unrealized gain (loss) on investments

$ 9

$ 61

$ 113

[1]	Derived from audited financial statements.

Fair Value of Financial Instruments - Nonrecurring Basis (Detail) - USD ($)
$ in Thousands

Jan. 27, 2019

Jun. 22, 2018

Apr. 29, 2018

Jan. 28, 2018

$ 5,781

Assets

Read Window Products, LLC [Member] | Fair Value, Measurements, Nonrecurring [Member]

55,415

$ 53,454

^[1]

$ 55,651

Assets

2,107

Read Window Products, LLC [Member] | Fair Value, Measurements, Nonrecurring [Member] | Customer Relationships [Member]

1,128

Assets

Customer Relationships

2,247

Read Window Products, LLC [Member] | Fair Value, Measurements, Nonrecurring [Member] | Equipment [Member]

Assets

Read Window Products, LLC [Member] | Fair Value, Measurements, Nonrecurring [Member] | Trade Names [Member]

379

Assets

683

eLuxury [Member]

eLuxury [Member] | Fair Value, Measurements, Nonrecurring [Member]

$ 5,600

5,781

Assets

13,653

eLuxury [Member] | Fair Value, Measurements, Nonrecurring [Member] | Equipment [Member]

1,804

Assets

eLuxury [Member] | Fair Value, Measurements, Nonrecurring [Member] | Trade Names [Member]

2,179

Assets

Quoted prices in active markets for identical assets - Level 1 [Member] | Read Window Products, LLC [Member] | Fair Value, Measurements, Nonrecurring [Member]

6,549

Significant other observable inputs - Level 2 [Member] | Read Window Products, LLC [Member] | Fair Value, Measurements, Nonrecurring [Member]

Significant unobservable inputs - Level 3 [Member] | Read Window Products, LLC [Member] | Fair Value, Measurements, Nonrecurring [Member]

Assets

2,107

Significant unobservable inputs - Level 3 [Member] | Read Window Products, LLC [Member] | Fair Value, Measurements, Nonrecurring [Member] | Customer Relationships [Member]

1,128

Assets

Customer Relationships

2,247

Significant unobservable inputs - Level 3 [Member] | Read Window Products, LLC [Member] | Fair Value, Measurements, Nonrecurring [Member] | Equipment [Member]

Assets

Significant unobservable inputs - Level 3 [Member] | Read Window Products, LLC [Member] | Fair Value, Measurements, Nonrecurring [Member] | Trade Names [Member]

379

Assets

Significant unobservable inputs - Level 3 [Member] | eLuxury [Member] | Fair Value, Measurements, Nonrecurring [Member]

$ 683

5,781

Assets

13,653

Significant unobservable inputs - Level 3 [Member] | eLuxury [Member] | Fair Value, Measurements, Nonrecurring [Member] | Equipment [Member]

1,804

Assets

Significant unobservable inputs - Level 3 [Member] | eLuxury [Member] | Fair Value, Measurements, Nonrecurring [Member] | Trade Names [Member]

2,179

Assets

$ 6,549

[1]	Derived from audited financial statements.

Derivatives - Narrative (Detail) - Cash Flow Hedge [Member] - Foreign Currency Contract [Member] - EURO [Member]	3 Months Ended
	Apr. 29, 2018
Derivatives, Fair Value [Line Items]
Derivative exchange rate, EURO to U.S. Dollar	1.263
Derivative contract expiration	2018-08

Derivatives - Schedule of Fair Value of Derivative Instruments (Detail) $ in Thousands	Apr. 29, 2018 USD ($)
Accrued Expenses [Member] \| Cash Flow Hedge [Member] \| Foreign Currency Contract [Member] \| EURO [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Fair Value	$ 55

Derivatives - Schedule of Gains and Losses on Derivative Instruments (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 28, 2018	Jul. 29, 2018	Jan. 27, 2019	Jan. 28, 2018
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Amt of Gain (Loss) (net of tax) Recognized in OCI on Derivative (Effective Portion) and recorded in Accrued Expenses at Fair Value	$ 41	$ 15	$ 56
Cash Flow Hedge [Member] \| Foreign Currency Contract [Member] \| EURO [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Amt of Gain (Loss) (net of tax) Recognized in OCI on Derivative (Effective Portion) and recorded in Accrued Expenses at Fair Value			56
Other Expense [Member] \| Cash Flow Hedge [Member] \| Foreign Currency Contract [Member] \| EURO [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Amount of Gain or (Loss) Reclassified from Accumulated OCI into Income (Effective Portion)			(64)
Amount of Gain (loss) (net of tax) Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing)			$ 0	$ 0

Cash Flow Information - Interest and Income Taxes Paid (Detail) - USD ($) $ in Thousands	9 Months Ended
	Jan. 27, 2019	Jan. 28, 2018
Supplemental Cash Flow Elements [Abstract]
Interest	$ 54	$ 181
Income taxes	$ 6,226	$ 3,426

Cash Flow Information - Narrative (Detail) - USD ($)	9 Months Ended
Cash Flow Information - Narrative (Detail) - USD ($)	Jan. 27, 2019	Jan. 28, 2018
Supplemental Cash Flow Elements [Abstract]
Interest costs	$ 38,000	$ 168,000
Interest cost capitalized	$ 0	$ 99,000

Net (Loss) Income Per Share - Weighted Average Shares (Detail) - shares shares in Thousands	3 Months Ended		9 Months Ended
	Jan. 27, 2019	Jan. 28, 2018	Jan. 27, 2019	Jan. 28, 2018
Earnings Per Share [Abstract]
Weighted average common shares outstanding, basic	12,438	12,436	12,488	12,425
Dilutive effect of stock-based compensation	27		105	201
Weighted average common shares outstanding, diluted	12,465	12,436	12,593	12,626

Net Income (Loss) Per Share (Detail)	3 Months Ended
Net Income (Loss) Per Share (Detail)	Jan. 28, 2018 shares
Common Stock Awards [Member]
Shares excluded from computation of diluted net loss per share	160,743

Segment Information - Narrative (Detail) - Segment	9 Months Ended
Segment Information - Narrative (Detail) - Segment	Jan. 27, 2019	Jun. 22, 2018
Segment Reporting Information [Line Items]
Number of business segments	3
Description of changes in reporting goodwill and intangible assets in segment assets	During fiscal 2019, we elected to no longer include goodwill and intangible assets in segment assets, as these assets are not used by the Chief Operating Decision Maker to evaluate the respective segment’s operating performance, to allocate resources to the individual segments, or determine executive compensation.
eLuxury [Member]
Segment Reporting Information [Line Items]
Majority ownership percentage acquired		80.00%

Segment Information - Financial Information for Operating Segments (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jan. 27, 2019	Jan. 28, 2018	Jan. 27, 2019	Jan. 28, 2018
Segment Reporting Information [Line Items]
Net Sales	$ 77,226	$ 85,310	$ 225,705	$ 245,541
Gross profit	14,123	17,603	38,008	49,873
Selling, general, and administrative expenses	10,038	9,959	28,174	28,876
Income from operations	4,299	7,644	10,659	20,997
Interest expense	0	(31)	(38)	(69)
Interest income	251	132	552	391
Other expense	(288)	(229)	(688)	(903)
Income before income taxes	4,262	7,516	10,485	20,416
Selling, General and Administrative Expenses [Member]
Segment Reporting Information [Line Items]
Other non-recurring charges			518
Mattress Fabrics [Member]
Segment Reporting Information [Line Items]
Net Sales	35,732		107,335
Upholstery Fabrics [Member]
Segment Reporting Information [Line Items]
Net Sales	37,104		106,611
Restructuring credit and related charges			(1,563)
Upholstery Fabrics [Member] \| Cost of Sales [Member]
Segment Reporting Information [Line Items]
Restructuring related charges			2,349
Upholstery Fabrics [Member] \| Selling, General and Administrative Expenses [Member]
Segment Reporting Information [Line Items]
Restructuring related charges			40
Home Accessories [Member]
Segment Reporting Information [Line Items]
Net Sales	4,390		11,759
Operating Segments [Member]
Segment Reporting Information [Line Items]
Gross profit	14,637	17,603	40,516	49,873
Selling, general, and administrative expenses	9,569	9,959	27,616	28,876
Income from operations	5,068	7,644	12,900	20,997
Other non-recurring charges			678
Operating Segments [Member] \| Mattress Fabrics [Member]
Segment Reporting Information [Line Items]
Net Sales	35,732	49,042	107,335	146,072
Gross profit	5,963	10,146	17,050	29,641
Selling, general, and administrative expenses	2,755	3,309	8,141	9,868
Income from operations	3,208	6,837	8,910	19,774
Operating Segments [Member] \| Mattress Fabrics [Member] \| Cost of Sales [Member]
Segment Reporting Information [Line Items]
Other non-recurring charges			159
Operating Segments [Member] \| Upholstery Fabrics [Member]
Segment Reporting Information [Line Items]
Net Sales	37,104	36,268	106,611	99,469
Gross profit	7,624	7,457	20,031	20,232
Restructuring related charges	554		2,400
Selling, general, and administrative expenses	3,825	3,947	10,985	11,458
Income from operations	3,799	3,510	9,044	8,773
Restructuring credit and related charges	(340)		(1,563)
Operating Segments [Member] \| Upholstery Fabrics [Member] \| Cost of Sales [Member]
Segment Reporting Information [Line Items]
Restructuring related charges	514		2,349
Operating Segments [Member] \| Upholstery Fabrics [Member] \| Selling, General and Administrative Expenses [Member]
Segment Reporting Information [Line Items]
Restructuring related charges	40		40
Operating Segments [Member] \| Home Accessories [Member]
Segment Reporting Information [Line Items]
Net Sales	4,390		11,759
Gross profit	1,050		3,435
Selling, general, and administrative expenses	1,361		3,690
Income from operations	(311)		(254)
Unallocated Corporate [Member]
Segment Reporting Information [Line Items]
Selling, general, and administrative expenses	1,628	2,703	4,800	7,550
Income from operations	(1,628)	$ (2,703)	(4,800)	$ (7,550)
Other non-recurring charges	429
Unallocated Corporate [Member] \| Selling, General and Administrative Expenses [Member]
Segment Reporting Information [Line Items]
Other non-recurring charges	$ 429		$ 429

Segment Information - Financial Information for Operating Segments (Parenthetical) (Detail) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Jan. 27, 2019	Jan. 27, 2019
Segment Reporting Information [Line Items]
Restructuring credit	$ 214	$ 825
Gain on sale of property, plant, and equipment		1,456
Upholstery Fabrics [Member]
Segment Reporting Information [Line Items]
Restructuring credit and related charges		1,563
Restructuring credit		825
Inventory markdowns		1,564
Gain on sale of property, plant, and equipment		1,486
Restructuring related charge for other operating costs		824
Employee termination benefits		661
Cost of Sales [Member] \| Upholstery Fabrics [Member]
Segment Reporting Information [Line Items]
Restructuring related charges		2,349
Selling, General and Administrative Expenses [Member]
Segment Reporting Information [Line Items]
Other non-recurring charges		518
Selling, General and Administrative Expenses [Member] \| Upholstery Fabrics [Member]
Segment Reporting Information [Line Items]
Restructuring related charges		40
Operating Segments [Member]
Segment Reporting Information [Line Items]
Other non-recurring charges		678
Operating Segments [Member] \| Upholstery Fabrics [Member]
Segment Reporting Information [Line Items]
Restructuring credit and related charges	340	1,563
Restructuring related charges	554	2,400
Restructuring credit	214	825
Gain on sale of property, plant, and equipment	362	1,456
Employee termination benefits	148	661
Operating Segments [Member] \| Cost of Sales [Member] \| Mattress Fabrics [Member]
Segment Reporting Information [Line Items]
Other non-recurring charges		159
Employee termination benefits		159
Operating Segments [Member] \| Cost of Sales [Member] \| Upholstery Fabrics [Member]
Segment Reporting Information [Line Items]
Restructuring related charges	514	2,349
Inventory markdowns		1,564
Restructuring related charge for other operating costs		784
Operating Segments [Member] \| Selling, General and Administrative Expenses [Member] \| Mattress Fabrics [Member]
Segment Reporting Information [Line Items]
Employee termination benefits		89
Operating Segments [Member] \| Selling, General and Administrative Expenses [Member] \| Upholstery Fabrics [Member]
Segment Reporting Information [Line Items]
Restructuring related charges	40	40
Unallocated Corporate [Member]
Segment Reporting Information [Line Items]
Other non-recurring charges	429
Unallocated Corporate [Member] \| Selling, General and Administrative Expenses [Member]
Segment Reporting Information [Line Items]
Other non-recurring charges	$ 429	$ 429

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

9 Months Ended

Jan. 27, 2019

Jan. 28, 2018

Apr. 30, 2018

Apr. 29, 2018

Apr. 30, 2017

$ 55,415

$ 55,651

$ 53,454

^[1]

50,129

51,838

51,794

^[1]

1,512

1,518

1,501

^[1]

Cash and cash equivalents

224,908

216,844

217,984

^[1]

26,418

22,428

21,228

^[1]

Short-term investments (Available for Sale)

2,472

2,451

^[1]

Short-term investments (Held-to-Maturity)

13,544

17,206

25,759

^[1]

2,954

3,114

$ 2,897

2,870

^[1]

3,224

1,942

1,458

^[1]

27,222

11,462

13,569

^[1]

$ 11,462

Long-term investments (Held-to-Maturity)

10,542

1,397

4,275

^[1]

13,625

5,035

^[1]

Long-term investments (Rabbi Trust)

6,834

7,176

7,326

^[1]

972

918

957

^[1]

^[2]

2,680

5,871

Operating Segments [Member]

6,087

5,679

Operating Segments [Member] | Mattress Fabrics [Member]

132,856

134,656

132,504

Accounts receivable

12,373

12,840

15,195

26,243

29,355

28,740

^[3]

45,845

49,289

48,797

1,512

1,518

1,501

85,973

93,002

94,233

2,342

5,445

Operating Segments [Member] | Upholstery Fabrics [Member]

5,265

5,068

Accounts receivable

13,367

13,257

11,112

26,067

26,296

24,714

^[4]

1,957

2,101

2,445

41,391

41,654

38,271

294

379

Operating Segments [Member] | Home Accessories [Member]

595

611

Accounts receivable

402

3,105

^[5]

1,985

5,492

Unallocated Corporate [Member]

227

Cash and cash equivalents

^[6]

342

448

552

26,418

22,428

21,228

Short-term investments (Available for Sale)

2,472

2,451

Short-term investments (Held-to-Maturity)

13,544

17,206

25,759

2,954

3,114

2,870

3,224

1,942

1,458

27,222

11,462

13,569

Long-term investments (Held-to-Maturity)

10,542

1,397

4,275

13,625

5,035

Long-term investments (Rabbi Trust)

6,834

7,176

7,326

972

918

$ 957

$ 11

$ 47

[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]	The $45.8 million at January 27, 2019, represents property, plant, and equipment of $33.5 million and $12.3 million located in the U.S. and Canada, respectively. The $49.3 million at January 28, 2018, represents property, plant, and equipment of $35.6 million and $13.7 million located in the U.S. and Canada, respectively. The $48.8 million at April 29, 2018, represents property, plant, and equipment of $35.4 million and $13.4 million located in the U.S. and Canada, respectively.
[4]	The $2.0 million at January 27, 2019, represents property, plant, and equipment of $1.3 million and $615 located in the U.S. and China, respectively. The $2.1 million at January 28, 2018, represents property, plant, and equipment of $1.4 million and $711 located in the U.S. and China, respectively. The $2.4 million at April 29, 2018, represents property, plant, and equipment of $1.8 million and $661 located in the U.S. and China, respectively.
[5]	The $2.0 million at January 27, 2019, represents property, plant and equipment located in the U.S.
[6]	The $342, $448, and $552 at January 27, 2019, January 28, 2018, and April 29, 2018, respectively, represent property, plant, and equipment associated with unallocated corporate departments and corporate departments shared by our mattress fabrics, upholstery fabrics, and home accessories 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

Jan. 27, 2019

Apr. 29, 2018

Jan. 28, 2018

Operating Segments [Member] | Mattress Fabrics [Member]

$ 50,129

$ 51,794

^[1]

$ 51,838

Operating Segments [Member] | Upholstery Fabrics [Member]

^[2]

45,845

48,797

49,289

Operating Segments [Member] | Home Accessories [Member]

^[3]

1,957

2,445

2,101

Operating Segments [Member] | United States [Member] | Mattress Fabrics [Member]

^[4]

1,985

Operating Segments [Member] | United States [Member] | Upholstery Fabrics [Member]

33,500

35,400

35,600

Operating Segments [Member] | United States [Member] | Home Accessories [Member]

1,300

1,800

1,400

Operating Segments [Member] | Canada [Member] | Mattress Fabrics [Member]

2,000

Operating Segments [Member] | China [Member] | Upholstery Fabrics [Member]

12,300

13,400

13,700

Unallocated Corporate [Member]

615

661

711

Unallocated Corporate [Member] | United States [Member]

^[5]

342

552

448

Performance Based Restricted Stock Units [Member]

$ 342

$ 552

$ 448

[1]	Derived from audited financial statements.
[2]	The $45.8 million at January 27, 2019, represents property, plant, and equipment of $33.5 million and $12.3 million located in the U.S. and Canada, respectively. The $49.3 million at January 28, 2018, represents property, plant, and equipment of $35.6 million and $13.7 million located in the U.S. and Canada, respectively. The $48.8 million at April 29, 2018, represents property, plant, and equipment of $35.4 million and $13.4 million located in the U.S. and Canada, respectively.
[3]	The $2.0 million at January 27, 2019, represents property, plant, and equipment of $1.3 million and $615 located in the U.S. and China, respectively. The $2.1 million at January 28, 2018, represents property, plant, and equipment of $1.4 million and $711 located in the U.S. and China, respectively. The $2.4 million at April 29, 2018, represents property, plant, and equipment of $1.8 million and $661 located in the U.S. and China, respectively.
[4]	The $2.0 million at January 27, 2019, represents property, plant and equipment located in the U.S.
[5]	The $342, $448, and $552 at January 27, 2019, January 28, 2018, and April 29, 2018, respectively, represent property, plant, and equipment associated with unallocated corporate departments and corporate departments shared by our mattress fabrics, upholstery fabrics, and home accessories 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		9 Months Ended
	Jan. 27, 2019	Jan. 28, 2018	Jan. 27, 2019	Jan. 28, 2018
Income Tax Disclosure [Abstract]
Income taxes	$ 1,225	$ 8,208	$ 3,407	$ 11,956
Effective income tax rate			32.50%	58.60%

Income Taxes - Differences Between Income Tax Expense at Federal Income Tax Rate and Effective Income Tax Rate (Detail)	9 Months Ended		12 Months Ended
	Jan. 27, 2019	Jan. 28, 2018	Apr. 29, 2018
Income Tax Disclosure [Abstract]
Federal income tax rate	21.00%	30.40%	30.40%
Tax effects of the 2017 Tax Cuts and Jobs Act	(5.70%)	28.40%
Foreign income tax rate differential	10.10%	3.90%
Global Intangible Low Taxed Income Tax (GILTI)	2.60%
Tax effects of Chinese foreign exchange gains (losses)	1.40%	(2.90%)
Excess income tax deficiency (benefits) related to stock-based compensation	0.70%	(2.30%)
Other	2.40%	1.10%
Effective income tax rate	32.50%	58.60%

Income Taxes - 2017 Tax Cuts and Jobs Act - Narrative (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Jan. 27, 2019	Jan. 28, 2018	Jan. 27, 2019	Jan. 28, 2018	Apr. 28, 2019	Apr. 29, 2018
Income Taxes [Line Items]
Federal statutory income tax rate			21.00%	30.40%		30.40%
Provisional income tax (benefit) expense	$ (593)	$ 5,900
Provisional income tax (benefit) expense for re-measurement of U.S. deferred income taxes	(310)	1,100
Provisional income tax (benefit) expense for repatriation tax	$ (283)	$ 4,800
Scenario, Forecast [Member]
Income Taxes [Line Items]
Federal statutory income tax rate					21.00%

Income Taxes - Summary of Valuation Allowances Against Deferred Income Taxes (Detail) - USD ($) $ in Thousands	Jan. 27, 2019	Apr. 29, 2018	Jan. 28, 2018
Valuation Allowance [Line Items]
Valuation allowance	$ 5,453	$ 5,204	$ 2,845
U.S. State Tax [Member] \| Loss Carryforwards and Credits [Member]
Valuation Allowance [Line Items]
Valuation allowance	903	578	495
Internal Revenue Service (IRS) [Member] \| Income Tax Credits [Member]
Valuation Allowance [Line Items]
Valuation allowance	$ 4,550	4,550	2,277
Poland [Member] \| Loss Carryforwards [Member]
Valuation Allowance [Line Items]
Valuation allowance		$ 76	$ 73

Income Taxes - Deferred Income Taxes - Undistributed Earnings from Foreign Subsidiaries - Narrative (Detail) - USD ($) $ in Millions	12 Months Ended
	Apr. 28, 2019	Jan. 27, 2019	Apr. 29, 2018	Jan. 28, 2018
Income Taxes [Line Items]
Deferred tax liability, undistributed earnings from foreign subsidiaries		$ 3.4	$ 4.3	$ 3.1
Scenario, Forecast [Member]
Income Taxes [Line Items]
Dividends received deduction percentage for earnings and profits received from foreign corporation	100.00%
Dividends received deduction, foreign corporation ownership percentage	10.00%

Income Taxes - Uncertainty in Income Taxes - Narrative (Detail) - USD ($) $ in Thousands	Jan. 27, 2019	Apr. 29, 2018	Jan. 28, 2018
Income Taxes [Line Items]
Unrecognized tax benefits	$ 880	$ 844	$ 12,400
Unrecognized tax benefits that would favorably impact effective income tax rate if recognized	500	464	9,900
Non-current Deferred Income Taxes [Member]
Income Taxes [Line Items]
Unrecognized tax benefits	380	380	2,500
Income Taxes Payable - Long-Term [Member]
Income Taxes [Line Items]
Unrecognized tax benefits	$ 500	$ 464	$ 9,900

Stock-Based Compensation - Narrative (Detail) - USD ($)
$ / shares in Units, $ in Thousands

3 Months Ended

9 Months Ended

Oct. 01, 2018

Aug. 02, 2018

Oct. 02, 2017

Jul. 13, 2017

Jul. 14, 2016

Jul. 29, 2018

Jul. 30, 2017

Jan. 27, 2019

Jan. 28, 2018

Sep. 16, 2015

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Remaining unrecognized compensation cost

$ 760

Weighted average period over which unrecognized compensation cost is expected to be recognized

2 years

Fair value of units expected to vest

$ 1,200

Performance Based Restricted Stock Units [Member] | Employee [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

^[1],[2]

47,800

44,000

^[2]

3 years

Time Vested Restricted Stock Units [Member]

^[2],[3]

$ 24.35

$ 32.50

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Remaining unrecognized compensation cost

$ 219

Weighted average period over which unrecognized compensation cost is expected to be recognized

4 years 4 months 24 days

Fair value of units expected to vest

$ 185

Time Vested Restricted Stock Units [Member] | Employee [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

1,200

11 months

Weighted average fair value of vested shares

$ 24.35

$ 32.50

$ 28

Number of shares vested

1,200

$ 39

$ 34

Weighted average fair value of vested shares, per share

$ 32.50

$ 28

Time Vested Restricted Stock Units [Member] | Employee [Member] | Requisite Service Period for 10,000 Restricted Stock Units [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

10,000

Common Stock Awards [Member] | Outside Directors [Member]

59 months

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

3,600

4,800

Selling, General and Administrative Expenses [Member] | Performance Based Restricted Stock Units [Member]

$ 23.45

$ 33.20

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Share-based compensation expense

259

$ 2,200

Selling, General and Administrative Expenses [Member] | Time Vested Restricted Stock Units [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Share-based compensation expense

Selling, General and Administrative Expenses [Member] | Common Stock Awards [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Share-based compensation expense

$ 84

$ 159

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

969,406

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

[1]	Amounts represent the maximum number of common stock shares that could be earned if certain performance targets are met as defined in the related restricted stock unit agreements.
[2]	Performance-based restricted stock units awarded to key employees.
[3]	Price per share represents the closing price of our common stock on the date of grant.

Stock-Based Compensation - Summary of Assumptions Used to Determine Fair Value of Performance Based Restricted Stock Units (Detail) - Performance Based Restricted Stock Units [Member] - NEOs [Member] - $ / shares	Aug. 02, 2018	Jul. 13, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Closing price of our common stock	$ 24.35	$ 32.50
Expected volatility of our common stock	33.50%	31.00%
Expected volatility of peer companies	16.00%	16.50%
Risk-free interest rate	2.74%	1.56%
Dividend yield	1.35%	1.66%
Correlation coefficient of peer companies	47.00%	46.00%

Stock-Based Compensation - Summary of Grants of Performance Based Restricted Stock Units Associated with NEOs and Key Employees (Detail) - Performance Based Restricted Stock Units [Member] - $ / shares

Aug. 02, 2018

Jul. 13, 2017

Jul. 14, 2016

NEOs [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

^[1],[2]

86,599

78,195

^[2]

$ 18.51

^[3]

$ 31.85

^[4]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

^[2]

3 years

Employee [Member]

^[1],[5]

47,800

44,000

^[5],[6]

$ 24.35

$ 32.50

NEOs and Key Employees [Member]

^[5]

3 years

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

^[1],[2],[5]

107,880

^[2],[5],[6]

$ 28.00

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

^[2],[5]

3 years

[1]	Amounts represent the maximum number of common stock shares that could be earned if certain performance targets are met as defined in the related restricted stock unit agreements.
[2]	Performance-based restricted stock units awarded to NEOs.
[3]	Price per share represents the fair market value per share ($0.76 per $1 or a reduction of $5.84 to the closing price of the our common stock) determined using the Monte Carlo simulation model for the market-based total shareholder return component and the closing price of our common stock ($24.35) for the performance-based components of the performance-based restricted stock units granted to our NEOs on August 2, 2018.
[4]	Price per share represents the fair market value per share ($0.98 per $1 or a reduction of $0.65 to the closing price of the our common stock) determined using the Monte Carlo simulation model for the market-based total shareholder return component and the closing price of our common stock ($32.50) for the performance-based components of the performance-based restricted stock units granted to our NEOs on July 13, 2017.
[5]	Performance-based restricted stock units awarded to key employees.
[6]	Price per share represents the closing price of our common stock on the date of grant.

Stock-Based Compensation - Summary of Grants of Performance Based Restricted Stock Units Associated with NEOs and Key Employees (Parenthetical) (Detail) - Performance Based Restricted Stock Units [Member] - NEOs [Member] - $ / shares	Aug. 02, 2018	Jul. 13, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value adjustment to closing price of common stock, percentage	76.00%	98.00%
Fair value adjustment to closing price of common stock, per share	$ (5.84)	$ (0.65)
Closing price of common stock	$ 24.35	$ 32.50

Stock-Based Compensation - Summary of Grants of Performance Based Restricted Stock Units Associated with Non-Employee (Detail) - Performance Based Restricted Stock Units [Member] - Non-employee [Member] - $ / shares

Jul. 14, 2016

Jan. 27, 2019

^[1]

11,549

Granted on July 14, 2016 [Member]

3 years

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

NEOs and Key Employees [Member]

^[2]

$ 18.47

[1]	Amounts represent the maximum number of common stock shares that could be earned if certain performance targets are met as defined in the related restricted stock unit agreements.
[2]	The respective grant was unvested at the end of our reporting period. Accordingly, the price per share represents the closing price of our common stock on January 27, 2019, the end of our reporting period.

Stock-Based Compensation - Summary of Vested Performance Based Restricted Stock Units (Detail) - Performance Based Restricted Stock Units [Member] - USD ($)
$ / shares in Units, $ in Thousands

9 Months Ended

Jan. 27, 2019

Jan. 28, 2018

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Restricted Stock Units Vested

^[1]

126,232

102,845

Weighted Average Fair Value

^[1],[2]

$ 3,707

$ 3,342

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

^[1],[3]

$ 29.37

$ 32.50

Non-employee [Member]

Restricted Stock Units Vested

^[4]

10,364

16,000

Weighted Average Fair Value

^[2],[4]

$ 320

$ 520