0001564590-21-047568 | 10-Q | XBRL Viewer

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Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Aug. 01, 2021	Sep. 08, 2021
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Aug. 01, 2021
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1
Entity Registrant Name	CULP INC
Entity Central Index Key	0000723603
Current Fiscal Year End Date	--05-01
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Trading Symbol	CULP
Entity Common Stock, Shares Outstanding		12,203,284
Entity File Number	1-12597
Entity Tax Identification Number	56-1001967
Entity Address, Address Line One	1823 Eastchester Drive
Entity Address, City or Town	High Point
Entity Address, State or Province	NC
Entity Address, Postal Zip Code	27265-1402
City Area Code	336
Local Phone Number	889-5161
Entity Incorporation, State or Country Code	NC
Title of 12(b) Security	Common Stock, par value $.05/ Share
Security Exchange Name	NYSE
Document Quarterly Report	true
Document Transition Report	false

CONSOLIDATED STATEMENTS OF NET INCOME (LOSS) - USD ($) shares in Thousands	3 Months Ended
	Aug. 01, 2021	Aug. 02, 2020
Income Statement [Abstract]
Net sales	$ 83,047,000	$ 64,464,000
Cost of sales	(70,548,000)	(54,563,000)
Gross profit	12,499,000	9,901,000
Selling, general and administrative expenses	(9,181,000)	(8,018,000)
Income from operations	3,318,000	1,883,000
Interest expense		(51,000)
Interest income	74,000	58,000
Other expense	(237,000)	(366,000)
Income before income taxes	3,155,000	1,524,000
Income tax expense	(905,000)	(4,324,000)
Income from investment in unconsolidated joint venture		67,000
Net income (loss)	$ 2,250,000	$ (2,733,000)
Net income (loss) per share - basic	$ 0.18	$ (0.22)
Net income (loss) per share - diluted	$ 0.18	$ (0.22)
Average shares outstanding, basic	12,313	12,287
Average shares outstanding, diluted	12,415	12,287

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended
	Aug. 01, 2021	Aug. 02, 2020
Consolidated Statements of Comprehensive Income (Loss)
Net income (loss)	$ 2,250	$ (2,733)
Unrealized holding gains on investments, net of tax	148	69
Comprehensive income (loss)	$ 2,398	$ (2,664)

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

+ References

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+ Details

CONSOLIDATED BALANCE SHEETS - USD ($)

Aug. 01, 2021

May 02, 2021

^[1]

Aug. 02, 2020

Current assets:

Cash and cash equivalents

$ 26,061,000

$ 37,009,000

$ 39,986,000

Short-term investments - held-to-maturity

1,661,000

3,161,000

5,092,000

Short-term investments - available for sale

9,698,000

5,542,000

983,000

Accounts receivable

35,008,000

37,726,000

29,893,000

Inventories

58,613,000

55,917,000

40,402,000

Current income taxes receivable

524,000

782,000

Other current assets

3,889,000

3,852,000

3,547,000

Total current assets

135,454,000

143,207,000

120,685,000

Property, plant and equipment, net

43,930,000

44,003,000

42,051,000

Intangible assets

2,910,000

3,004,000

3,286,000

Long-term investments - rabbi trust

8,841,000

8,415,000

7,916,000

Long-term investments - held-to-maturity

6,629,000

1,141,000

1,314,000

Right of use assets

11,447,000

11,730,000

6,443,000

Deferred income taxes

455,000

545,000

593,000

Investment in unconsolidated joint venture

1,759,000

Other assets

2,582,000

2,035,000

540,000

Total assets

212,248,000

214,080,000

184,587,000

Current liabilities:

Accounts payable - trade

45,285,000

42,540,000

25,746,000

Accounts payable - capital expenditures

48,000

348,000

333,000

Operating lease liability - current

2,727,000

2,736,000

2,387,000

Deferred revenue

694,000

540,000

685,000

Accrued expenses

9,950,000

14,839,000

7,852,000

Income taxes payable - current

253,000

229,000

613,000

Total current liabilities

58,957,000

61,232,000

37,616,000

Accrued expenses - long-term

117,000

Operating lease liability - long-term

6,665,000

6,821,000

4,214,000

Income taxes payable - long-term

3,365,000

3,326,000

3,591,000

Deferred income taxes

4,917,000

5,330,000

5,311,000

Deferred compensation

8,795,000

8,365,000

7,869,000

Total liabilities

82,699,000

85,074,000

58,718,000

Commitments and Contingencies (Notes 3, 9, 15, and 16)

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 12,276,286 at August 1, 2021; 12,291,946 at August 2, 2020; and 12,312,822 at May 2, 2021

614,000

616,000

615,000

Capital contributed in excess of par value

43,310,000

43,807,000

42,708,000

Accumulated earnings

85,331,000

84,437,000

82,487,000

Accumulated other comprehensive income

294,000

146,000

59,000

Total shareholders' equity

129,549,000

129,006,000

125,869,000

Total liabilities and shareholders' equity

$ 212,248,000

$ 214,080,000

$ 184,587,000

[1]	Derived from audited financial statements.

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Aug. 01, 2021	May 02, 2021	Aug. 02, 2020
Statement Of Financial Position [Abstract]
Preferred stock, par value	$ 0.05	$ 0.05	$ 0.05
Preferred stock, authorized shares	10,000,000	10,000,000	10,000,000
Common stock, par value	$ 0.05	$ 0.05	$ 0.05
Common stock, authorized shares	40,000,000	40,000,000	40,000,000
Common stock, issued	12,276,286	12,312,822	12,291,946
Common stock, outstanding	12,276,286	12,312,822	12,291,946

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	3 Months Ended
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	Aug. 01, 2021	Aug. 02, 2020
Cash flows from operating activities:
Net income (loss)	$ 2,250,000	$ (2,733,000)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation	1,726,000	1,822,000
Amortization	121,000	118,000
Stock-based compensation	274,000	126,000
Deferred income taxes	(323,000)	3,693,000
Income from investment in unconsolidated joint venture		(67,000)
Foreign currency exchange loss	3,000	154,000
Changes in assets and liabilities:
Accounts receivable	2,715,000	(4,757,000)
Inventories	(2,676,000)	7,592,000
Other current assets	(39,000)	(1,254,000)
Other assets	(556,000)	(24,000)
Accounts payable – trade	2,723,000	2,544,000
Deferred revenue	154,000	183,000
Accrued expenses and deferred compensation	(4,336,000)	2,377,000
Income taxes	(465,000)	807,000
Net cash provided by operating activities	1,571,000	10,581,000
Cash flows from investing activities:
Capital expenditures	(1,953,000)	(500,000)
Investment in unconsolidated joint venture		(90,000)
Proceeds from the maturity of short-term investments (Held to Maturity)	1,967,000	350,000
Purchase of short-term and long-term investments (Held to Maturity)	(5,973,000)	(423,000)
Purchase of short-term investments (Available for Sale)	(4,031,000)	(34,000)
Proceeds from the sale of long-term investments (rabbi trust)		39,000
Purchase of long-term investments (rabbi trust)	(403,000)	(78,000)
Net cash used in investing activities	(10,393,000)	(736,000)
Cash flows from financing activities:
Payments associated with lines of credit		(30,772,000)
Payment associated with Paycheck Protection Program Loan		(7,606,000)
Dividends paid	(1,356,000)	(1,291,000)
Common stock repurchased	(723,000)
Common stock surrendered for withholding taxes payable	(50,000)
Payments of debt issuance costs		(15,000)
Net cash used in financing activities	(2,129,000)	(39,684,000)
Effect of exchange rate changes on cash and cash equivalents	3,000	35,000
Decrease in cash and cash equivalents	(10,948,000)	(29,804,000)
Cash and cash equivalents at beginning of period	37,009,000	69,790,000
Cash and cash equivalents at end of period	$ 26,061,000	$ 39,986,000

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($)

Total

Common Stock

Capital Contributed in Excess of Par Value

Accumulated Earnings

Accumulated Other Comprehensive (Loss) Income

Balance at May. 03, 2020

^[1]

$ 129,698,000

$ 615,000

$ 42,582,000

$ 86,511,000

$ (10,000)

Balance (in shares) at May. 03, 2020

^[1]

12,284,946

Net income (loss)

(2,733,000)

Stock-based compensation

126,000

Unrealized gain on investments

69,000

Fully vested common stock award, (in shares)

7,000

Common stock repurchased (in shares)

Dividends paid

(1,291,000)

Balance at Aug. 02, 2020

125,869,000

$ 615,000

42,708,000

82,487,000

59,000

Balance (in shares) at Aug. 02, 2020

12,291,946

Balance at May. 02, 2021

^[1]

129,006,000

$ 616,000

43,807,000

84,437,000

146,000

Balance (in shares) at May. 02, 2021

^[1]

12,312,822

Net income (loss)

2,250,000

Stock-based compensation

274,000

Unrealized gain on investments

148,000

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

10,863

Common stock surrendered for withholding taxes payable

(50,000)

Common stock surrendered for withholding taxes payable (in shares)

(3,025)

Fully vested common stock award, (in shares)

4,312

Common stock repurchased

(723,000)

$ (2,000)

(721,000)

Common stock repurchased (in shares)

(48,686)

Dividends paid

(1,356,000)

Balance at Aug. 01, 2021

$ 129,549,000

$ 614,000

$ 43,310,000

$ 85,331,000

$ 294,000

Balance (in shares) at Aug. 01, 2021

12,276,286

[1]	Derived from audited financial statements.

Basis of Presentation

3 Months Ended

Aug. 01, 2021

Organization Consolidation And Presentation Of Financial Statements [Abstract]

Basis of Presentation

1. Basis of Presentation

The accompanying unaudited condensed 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 these adjustments are of a normal recurring nature. Results of operations for interim periods may not be indicative of future results. The unaudited condensed 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 16, 2021, for the fiscal year ended May 2, 2021.

The company’s three-months ended August 1, 2021, and August 2, 2020, each represent 13-week periods.

Significant Accounting Policies

3 Months Ended

Aug. 01, 2021

Accounting Policies [Abstract]

Significant Accounting Policies

2. Significant Accounting Policies

As of August 1, 2021, there were no changes in the nature of our significant accounting policies or the application of those policies from those reported in our annual report on Form 10-K for the year then ended May 2, 2021.

Recently Adopted Accounting Pronouncements

Income Taxes

In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes (“ASU 2019-12”), which is intended to simplify various aspects related to accounting for income taxes. ASU 2019-12 removes certain exceptions to the general principles in Topic 740 and clarifies and amends existing guidance to improve consistent application. This guidance was effective for fiscal years, and periods within those fiscal years, beginning after December 15, 2020, with early adoption permitted. As a result, we adopted the provisions of ASU 2019-12 on May 3, 2021 (the beginning of fiscal 2022). The adoption of ASU 2019-12 did not affect our financial position, results of operations, or cash flows.

Recently Issued Accounting Pronouncements

Currently, there are no new recent accounting pronouncements that are expected to have a material impact on our consolidated financial statements.

Business Combination Achieved in Stages

3 Months Ended

Aug. 01, 2021

Business Combinations [Abstract]

Business Combination Achieved in Stages

3.	BUSINESS COMBINATION ACHIEVED IN STAGES

Overview

Effective January 1, 2017, Culp International Holdings, Ltd. (“Culp International”), a wholly-owned subsidiary of the company entered into a joint venture agreement pursuant to which Culp International owned 50% of Class International Holdings, Ltd. (“CIH). Effective February 1, 2021 (sometimes referred to as the “acquisition date”), Culp International entered into a Share Purchase Agreement with its former joint venture partner pursuant to which Culp International acquired the remaining 50% ownership interest in CIH. CIH produces cut and sewn mattress covers and is housed in two facilities totaling 120,000 square feet, located in a modern industrial park on the northeastern border of Haiti. We believe having sole ownership of this operation increases our capacity and enhances our flexibility by having near-shore capabilities that will help us to meet the needs of our mattress cover customers.

Prior to the acquisition of the remaining 50% ownership interest in CIH, we accounted for our initial 50% ownership interest in CIH as an unconsolidated joint venture under the equity method of accounting. In connection with the acquisition of the remaining 50% ownership interest in CIH, our consolidated financial statements now include all of the accounts of CIH, and any significant intercompany balances and transactions have been eliminated in consolidation.

The consideration transferred for our now-100% ownership interest in connection with this acquisition totaled $2.7 million, of which $1.7 million represented the fair value of our previously held 50% ownership interest in CIH at the time of acquisition, and $954,000 represented the purchase price that was mostly paid at closing on February 1, 2021, for the remaining 50% ownership interest in CIH. In accordance with ASC Topic 805-10-25-10, we remeasured our previously held 50% ownership interest in CIH at its acquisition date fair value. As of the acquisition date, the fair value of our previously held 50% ownership interest totaling $1.7 million represented its carrying amount, and therefore, no gain or loss was recognized in earnings for the remeasurement of our previously held 50% ownership interest.

Assets Acquired and Liabilities Assumed

The following table presents the final allocation of the consideration transferred to the assets acquired and liabilities assumed based on their fair values:

(dollars in thousands)	Fair Value
Cash and cash equivalents	$	62
Accounts receivable		169
Inventory		31
Right of use assets		2,544
Equipment and leasehold improvements		846
Accounts payable		(155	)
Gain on bargain purchase		(819	)
	$	2,678

Equipment and leasehold improvements is being depreciated on a straight-line basis over their remaining useful lives ranging from 1 to 10 years.

Gain on Bargain Purchase

Concurrent with our acquisition of the remaining 50% ownership interest in CIH, our former joint venture partner sold its mattress business to a third party. Our acquisition of the remaining 50% ownership interest in CIH was undertaken due to this sale and the terms negotiated in connection therewith. As a result, the $3.5 million fair value of the identifiable assets acquired and liabilities assumed exceeded the consideration transferred of $2.7 million. Consequently, in accordance with ASC Topic 825-30-25-4, we (i) reassessed the recognition and measurement of the assets acquired, liabilities assumed, and previously held ownership interest; (ii) gained an understanding of why there was a bargain purchase; and (iii) reviewed the rebate and supply agreements that were executed concurrent with the Share Purchase Agreement. As part of our review of the rebate and supply agreements, we verified that the terms of these agreements were consistent with fair market terms and were considered separate transactions and not considered part of the business combination in accordance with ASC Topic 805-20-25-21. Accordingly, this acquisition was accounted for as a bargain purchase and, as a result, we recognized a gain of $819,000 as of the acquisition date.

Supply and Rebate Agreements

In connection with the Share Purchase Agreement, we entered into a supply agreement and rebate agreement with an affiliated company of our former joint venture partner to secure plant capacity utilization and preserve sales channels of certain mattress fabric products. The supply and rebate agreements are effective as of the acquisition date and are based on future sales orders consistent with current market conditions.

The transactions associated with the supply and rebate agreements are accounted for in accordance with ASC Topic 606 Revenue from Contract with Customers. During the first quarter of fiscal 2022, shipments pursuant to the supply agreement were $455,000. During the first quarter of fiscal 2022, a charge of $21,000 pursuant to the rebate agreement was included in net sales in the Consolidated Statement of Net Income for the three months ended August 1, 2021.

Pro Forma Financial Information

The following unaudited pro forma consolidated results of operations for the three-month periods ending August 1, 2021, and August 2, 2020, have been prepared as if this acquisition had occurred on April 29, 2019.

(dollars in thousands, except per share data)	August 1, 2021		August 2, 2020
Net Sales	$	83,047	$	64,761
Income from operations		3,318		2,017
Net income (loss)		2,250		(2,666	)
Net income (loss) per share - basic	$	0.18	$	(0.22	)
Net income (loss) per share - diluted	$	0.18	$	(0.22	)

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

Equity Method of Accounting

In accordance with the equity method of accounting, we reported our previous 50% proportionate share of net income of CIH as a separate line titled “income from investment in unconsolidated joint venture” in the accompanying Consolidated Statements of Net Income (Loss). Our 50% proportionate share of the net income of the unconsolidated joint venture was $67,000 during the first quarter of fiscal 2021.

The following table summarizes assets, liabilities, and members’ equity for our equity method investment in CIH:

(dollars in thousands)	August 2, 2020
total assets	$	3,668
total liabilities	$	149
total members’ equity	$	3,519

As of August 2, 2020, our investment in unconsolidated joint venture totaled $1.8 million, which represents our 50% ownership interest in our investment in CIH.

Allowance for Doubtful Accounts

3 Months Ended

Aug. 01, 2021

Receivables [Abstract]

Allowance for Doubtful Accounts

4. Allowance for Doubtful Accounts

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

	Three Months Ended
(dollars in thousands)	August 1, 2021			August 2, 2020
Beginning balance	$	591		$	472
Provision for bad debts		(11	)		80
Ending balance	$	580		$	552

During the three-month periods ended August 1, 2021, and August 2, 2020, we assessed the credit risk of our customers within our accounts receivable portfolio. Our risk assessment includes the respective customer’s (i) financial position; (ii) past payment history; (iii) management’s general ability; and (iv) historical loss experience; as well as (v) any other ongoing economic conditions (i.e., COVID-19). After our risk assessment was completed, we assigned credit grades to our customers, which in turn, were used to determine our allowance for doubtful accounts totaling $580,000 and $552,000 as of August 1, 2021 and August 2, 2020, respectively.

Revenue from Contracts with Customers

3 Months Ended

Aug. 01, 2021

Revenue From Contract With Customer [Abstract]

Revenue from Contracts with Customers

5. Revenue from Contracts with Customers

Nature of Performance Obligations

Our operations are classified into two business segments: mattress fabrics and upholstery fabrics. The mattress fabrics segment manufactures, sources, and sells fabrics and mattress covers primarily to bedding manufacturers. The upholstery fabrics segment develops, manufactures, sources, and sells fabrics primarily to residential and commercial furniture manufacturers. In addition, the upholstery fabrics segment includes Read Window Products LLC (“Read”), which provides window treatments and sourcing of upholstery fabrics and other products, as well as measuring and installation services for Read’s products, to customers in the hospitality and commercial industries. Read also supplies soft goods such as decorative top sheets, coverlets, duvet covers, bed skirts, bolsters, and pillows.

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

Contract Assets & Liabilities

Certain contracts, primarily those for customized fabrication and installation services associated with Read, require upfront customer deposits that result in a contract liability which is recorded on the Consolidated Balance Sheets as deferred revenue. If upfront deposits or prepayments are not required, customers may be granted credit terms which generally range from 15 – 60 days. During the first quarter of fiscal 2021, extended terms were granted to certain customers in response to the challenging business conditions resulting from the COVID-19 global pandemic. Our customary terms, as well as any limited extended terms, are common within the industries in which we operate and are not considered financing arrangements. There were no contract assets recognized as of August 1, 2021, August 2, 2020, and May 2, 2021.

A summary of the activity associated with deferred revenue follows:

	Three months ended
(dollars in thousands)	August 1, 2021			August 2, 2020
Beginning balance	$	540		$	502
Revenue recognized on contract liabilities		(611	)		(593	)
Payments received for services not yet rendered		765			776
Ending balance	$	694		$	685

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 August 1, 2021:

	Mattress		Upholstery
(dollars in thousands)	Fabrics		Fabrics		Total
Products transferred at a point in time	$	43,058	$	38,290	$	81,348
Services transferred over time		—		1,699		1,699
Total Net Sales	$	43,058	$	39,989	$	83,047

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 August 2, 2020:

	Mattress		Upholstery
(dollars in thousands)	Fabrics		Fabrics		Total
Products transferred at a point in time	$	36,103	$	26,061	$	62,164
Services transferred over time		—		2,300		2,300
Total Net Sales	$	36,103	$	28,361	$	64,464

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

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+ Details

Inventories

3 Months Ended

Aug. 01, 2021

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)	August 1, 2021		August 2, 2020		May 2, 2021
Raw materials	$	9,443	$	7,742	$	7,742
Work-in-process		3,637		2,292		3,156
Finished goods		45,533		30,368		45,019
	$	58,613	$	40,402	$	55,917

Intangible Assets

3 Months Ended

Aug. 01, 2021

Goodwill And Intangible Assets Disclosure [Abstract]

Intangible Assets

7. Intangible Assets

A summary of intangible assets follows:

(dollars in thousands)	August 1, 2021		August 2, 2020		May 2, 2021
Tradename	$	540	$	540	$	540
Customer relationships, net		1,862		2,162		1,937
Non-compete agreement, net		508		584		527
	$	2,910	$	3,286	$	3,004

Tradename

Our tradename totaling $540,000 as of August 1, 2021, pertained to Read, a separate reporting unit within the upholstery fabrics segment. Read’s tradename was determined to have an indefinite useful life at the time of its acquisition, and therefore, is not being amortized. However, we are required to assess this tradename annually or between annual tests if we believe indicators of impairment exist. Based on our assessment as of August 1, 2021, no indicators of impairment existed and therefore, no asset impairment charges associated with Read’s tradename were recorded during the first quarter of fiscal 2022.

Customer Relationships

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

	Three months ended
(dollars in thousands)	August 1, 2021			August 2, 2020
Beginning balance	$	1,937		$	2,238
Amortization expense		(75	)		(76	)
Ending balance	$	1,862		$	2,162

Our customer relationships are amortized on a straight-line basis over useful lives ranging from nine to seventeen years.

The gross carrying amount of our customer relationships was $3.1 million as of August 1, 2021, August 2, 2020, and May 2, 2021, respectively. Accumulated amortization for these customer relationships was $1.3 million, $953,000, and $1.2 million as of August 1, 2021, August 2, 2020, and May 2, 2021, respectively.

The remaining amortization expense for the next five fiscal years and thereafter follows: FY 2022 - $226,000; FY 2023 - $301,000; FY 2024 - $301,000; FY 2025 - $301,000; FY 2026 - $301,000; and thereafter - $432,000.

The weighted average amortization period for our customer relationships was 6.4 years as of August 1, 2021.

Non-Compete Agreement

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

	Three months ended
(dollars in thousands)	August 1, 2021			August 2, 2020
Beginning balance	$	527		$	602
Amortization expense		(19	)		(18	)
Ending balance	$	508		$	584

Our non-compete agreement is amortized on a straight-line basis over the fifteen-year life of the agreement.

The gross carrying amount of our non-compete agreement was $2.0 million as of August 1, 2021, August 2, 2020, and May 2, 2021, respectively. Accumulated amortization for our non-compete agreement was $1.6 million, $1.5 million, and $1.5 million as of August 1, 2021, August 2, 2020, and May 2, 2021, respectively.

The remaining amortization expense for the next five years and thereafter follows: FY 2022 - $56,000; FY 2023 - $76,000; FY 2024 - $76,000; FY 2025 - $76,000; FY 2026 - $76,000, and thereafter - $148,000.

The weighted average amortization period for the non-compete agreement was 6.8 years as of August 1, 2021.

Accrued Expenses

3 Months Ended

Aug. 01, 2021

Text Block [Abstract]

Accrued Expenses

8. Accrued Expenses

A summary of accrued expenses follows:

(dollars in thousands)	August 1, 2021		August 2, 2020		May 2, 2021
Compensation, commissions and related benefits	$	5,006	$	4,549	$	9,816
Other accrued expenses		4,944		3,420		5,023
	$	9,950	$	7,969	$	14,839

Our entire accrued expense balances totaling $10.0 million as of August 1, 2021, and $14.8 million as of May 2, 2021, were classified as current accrued expenses in the accompanying Consolidated Balance Sheets. As of August 2, 2020, we had accrued

expenses totaling $8.0 million, of which $7.9 million, and $117,000, were classified as current accrued expenses and long-term accrued expenses, respectively, in the accompanying Consolidated Balance Sheets.

Lines of Credit

3 Months Ended

Aug. 01, 2021

Debt Disclosure [Abstract]

Lines of Credit

9. Lines of Credit

Revolving Credit Agreement – United States

Our Credit Agreement (“Credit Agreement”) with Wells Fargo Bank, N.A. (“Wells Fargo”) provides a revolving loan commitment of $30 million, is set to expire on August 15, 2022, and allows us to issue letters of credit not to exceed $1 million.

Interest is charged at a rate (applicable interest rate of 1.69%, 1.75%, and 1.71% as of August 1, 2021, August 2, 2020, and May 2, 2021, respectively) calculated using 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 of August 1, 2021, August 2, 2020, and May 2, 2021, there were $275,000, $250,000, and $275,000, respectively, in outstanding letters of credit provided by the Credit Agreement. As of August 1, 2021, we had $725,000 remaining for the issuance of additional letters of credit.

There were no borrowings outstanding under the Credit Agreement as of August 1, 2021, August 2, 2020, and May 2, 2021, respectively.

Revolving Credit Agreements – China Operations

Denominated in Chinese Yuan Renminbi (“RMB”)

We have an unsecured credit agreement denominated in RMB with a bank located in China that provides for a line of credit of up to 40 million RMB ($6.2 million USD as of August 1, 2021). This agreement has an interest rate determined by the Chinese government at the time of borrowing and is set to expire on December 1, 2021.

There were no borrowings outstanding under this agreement as of August 1, 2021, August 2, 2020, and May 2, 2021, respectively.

Denominated in United States Dollar (“USD”)

As of May 2, 2021, we had an unsecured credit agreement denominated in USD with another bank located in China that provided for a line of credit up to $2 million USD and was set to expire on July 7, 2021. On August 30, 2021, we renewed this agreement, which maintains our borrowing capacity of $2.0 million and extends the expiration date to August 30, 2022. The interest rate regarding this agreement is determined by the Chinese government at the time of the borrowing.

There were no borrowings outstanding under this agreement as August 1, 2021, August 2, 2021, and May 2, 2021, respectively.

Overall

Our loan agreements require, among other things, that we maintain compliance with certain financial covenants. As of August 1, 2021, we complied with our financial covenants.

No interest payments were made during the first quarter of fiscal 2022. Interest paid during the first quarter of fiscal 2021 totaled $60,000.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

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+ Details

Fair Value

3 Months Ended

Aug. 01, 2021

Fair Value Disclosures [Abstract]

Fair Value

10. Fair Value

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.

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.

Recurring Basis

The following tables present information about assets measured at fair value on a recurring basis:

Fair value measurements as of August 1, 2021, using:

Quoted prices

Significant

in active

other

Significant

markets for

observable

unobservable

identical assets

inputs

(amounts in thousands)

Level 1

Level 2

Level 3

Total

Assets:

U.S. Government Money Market Fund

8,205

N/A

8,205

Bond Mutual Funds

4,656

N/A

4,656

Inflation Protected Bond Mutual Funds

2,979

N/A

2,979

Mortgage Securities Mutual Funds

1,124

N/A

1,124

Large Cap Equity Mutual Funds

708

N/A

708

Growth Allocation Mutual Funds

419

N/A

419

U.S. Event Driven Equity Mutual Fund

194

N/A

194

Moderate Allocation Mutual Fund

N/A

Other

163

N/A

163

Fair value measurements as of August 2, 2020, using:

Quoted prices

Significant

in active

other

Significant

markets for

observable

unobservable

identical assets

inputs

(amounts in thousands)

Level 1

Level 2

Level 3

Total

Assets:

Premier Money Market Fund

7,533

N/A

7,533

Bond Mutual Funds

983

N/A

983

Growth Allocation Mutual Funds

246

N/A

246

Moderate Allocation Mutual Fund

N/A

Other

N/A

Fair value measurements as of May 2, 2021, using:

Quoted prices

Significant

in active

other

Significant

markets for

observable

unobservable

identical assets

inputs

(amounts in thousands)

Level 1

Level 2

Level 3

Total

Assets:

Premier Money Market Fund

7,879

N/A

7,879

Bond Mutual Funds

4,101

N/A

4,101

Inflation Protected Bond Mutual Funds

722

N/A

722

Mortgage Securities Mutual Fund

719

N/A

719

Growth Allocation Mutual Funds

339

N/A

339

Moderate Allocation Mutual Fund

N/A

Other

111

N/A

111

Short-Term Investments – Available for Sale

Our short-term investments classified as available for sale consisted of various types of bond and equity mutual funds and had an accumulated unrealized gain totaling $143,000, $6,000 and $24,000 as of August 1, 2021, August 2, 2020, and May 2, 2021, respectively. Our short-term investments classified as available for sale were recorded at their fair values of $9.7 million, $983,000, and $5.5 million as of August 1, 2021, August 2, 2020, and May 2, 2021, respectively. As of August 1, 2021, August 2, 2020, and May 2, 2021, the fair value of our short-term investments classified as available for sale approximated their cost basis.

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

Our investments classified as held-to-maturity consisted of investment grade U.S. corporate bonds, foreign bonds, and government bonds with remaining maturities of less than 4 years as of August 1, 2021. These investments were classified as held-to-maturity as we have the positive intent and ability to hold these investments until maturity. Our held-to-maturity investments were recorded as either current or noncurrent on our Consolidated Balance Sheets, based on the maturity date in relation to the respective reporting period, and were recorded at amortized cost.

As of August 1, 2021, August 2, 2020, and May 2, 2021, our held-to-maturity investments recorded at amortized cost totaled $8.3 million, $6.4 million, and $4.3 million, respectively. The fair value of our held-to-maturity investments as of August 1, 2021, August 2, 2020, and May 2, 2021, totaled $8.3 million, $6.5 million, and $4.3 million, respectively.

Our bond investments were classified as level 2 within the fair value hierarchy as they were traded over the counter within a broker network and not on an active market. The fair value of our bond investments was determined based on a published source that provided an average bid price. The average bid price was based on various broker prices that were determined based on market conditions, interest rates, and the rating of the respective bond investment.

Current Expected Credit Loses (“CECL”)- Available for Sale and Held-To-Maturity Investments

As of August 1, 2021, August 2, 2020, and May 2, 2021, we did not record an allowance for credit losses related to our short-term available for sale or held-to-maturity investments, which are comprised of high-grade U.S. and foreign corporate bonds, U.S. Treasury bonds, and bond and equity mutual funds.

We determined that our credit loss exposure was immaterial as we have experienced historically low unrealized losses and gains during past reporting periods. In addition, it is not our intention to sell, and it is not likely that we will be required to sell, our held-to-maturity investments before the recovery of their amortized cost basis.

As of August 1, 2021, we reported an accumulated unrealized gain of $143,000 associated with our short-term investments classified as available for sale. As mentioned above, it is not our intention to sell nor is it likely that we will be required to sell, our held-to-maturity investments before the recovery of their amortized cost basis. Accordingly, we did not record any credit loss expense during the three-month period ending August 1, 2021.

Long-Term Investments - Rabbi Trust

We have a rabbi trust for the participants of our deferred compensation plan (the “Plan”), that enables our participants to credit their contributions to various investment options of the Plan. The investments associated with the rabbi trust consist of a U.S. Government money market fund and various equity related mutual funds that are classified as available for sale.

Our long-term investments associated with our rabbi trust are classified as available for sale and recorded at their fair values of $8.8 million, $7.9 million, and $8.4 million as of August 1, 2021, August 2, 2020, and May 2, 2021, respectively. The long-term investments associated with our rabbi trust had an accumulated unrealized gain of $151,000, $53,000, and 122,000, as of August 1, 2021, August 2, 2020, and May 2, 2021, respectively. The fair value of our long-term investments associated with our rabbi trust approximates their cost basis.

Other

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

Nonrecurring Basis – Fourth Quarter of Fiscal 2021

During the three-month period ending May 2, 2021, we had assets and liabilities that were required to be measured at fair value on a nonrecurring basis that pertained to assets acquired and certain liabilities that were assumed in connection with the CIH business combination effective February 1, 2021. See Note 3 of the consolidated financial statements for further details regarding this business combination.

Fair value measurements as of May 2, 2021, using:

Quoted prices

Significant

in active

other

Significant

markets for

observable

unobservable

identical assets

inputs

(amounts in thousands)

Level 1

Level 2

Level 3

Total

Assets:

Right of use assets

N/A

2,544

N/A

2,544

Equipment and leasehold improvements

N/A

846

Inventory

N/A

The fair value of our right of use assets was based on our analysis of a recent appraisal of annual lease rates per square foot for industrial buildings that are similar in nature and within the same locale. We believe the annual lease rates per square foot presented in our recent appraisal represent significant observable inputs and therefore the right of use assets were classified as level 2.

Additionally, in connection with the CIH business combination effective February 1, 2021, we acquired cash, accounts receivable, and certain other current assets, and we assumed accounts payable. Based on the nature of these items and their short-term maturity, the carrying amount of these items approximated their fair values. See Note 3 of the consolidated financial statements for the final allocation of the acquisition cost to 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

Net Income (Loss) Per Share

3 Months Ended

Aug. 01, 2021

Earnings Per Share [Abstract]

Net Income (Loss) Per Share

11. 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 are as follows:

	Three months ended
(amounts in thousands)	August 1, 2021		August 2, 2020
Weighted average common shares outstanding, basic		12,313		12,287
Dilutive effect of stock-based compensation		102		—
Weighted average common shares outstanding, diluted		12,415		12,287

During the first quarter of fiscal 2022, all unvested shares of common stock were included in the computation of diluted net income per share.

During the first quarter of fiscal 2021, 33,828 shares of unvested common stock were not included in the computation of diluted net loss per share, as their effect would be antidilutive. Of the 33,828 shares of unvested common stock, 27,153 shares were not included in the computation as their effect would be antidilutive due to the decrease in the price per share of our common stock during the reporting period in relation to the price per share of our common stock as of the respective grant dates of the related stock-based compensation awards. In addition, 6,675 shares of unvested common stock were not included in the computation as we incurred a net loss for the first quarter of fiscal 2021, and therefore, their effect would be antidilutive.

Segment Information

3 Months Ended

Aug. 01, 2021

Segment Reporting [Abstract]

Segment Information

12. Segment Information

Overall

this segment includes Read, which provides window treatments and sourcing of upholstery fabrics and other products, as well as measuring and installation services for Read’s products, to customers in the hospitality and commercial industries. Read also supplies soft goods such as decorative top sheets, coverlets, duvet covers, bed skirts, bolsters, and pillows.

Financial Information

We evaluate the operating performance of our business segments based upon income (loss) from operations before certain unallocated corporate expenses, asset impairments, restructuring credit (expense) and related charges, and other non-recurring items. Cost of sales for each segment includes costs to develop, manufacture, or source our products, including costs such as raw material and finished goods purchases, direct and indirect labor, overhead, and incoming freight charges. Unallocated corporate expenses primarily represent compensation and benefits for certain executive officers and their support staff, 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, property, plant, and equipment, and right of use assets. The mattress fabrics segment also included in segment assets its investment in an unconsolidated joint venture as of August 2, 2020. Intangible assets are not included in segment assets as these assets are not used by the Chief Operating Decision Maker to evaluate the respective segment’s operating performance, allocate resources to individual segments, or determine executive compensation.

Statements of operations for our operating segments are as follows:

	Three months ended
	August 1, 2021			August 2, 2020
net sales by segment:
mattress fabrics	$	43,058		$	36,103
upholstery fabrics		39,989			28,361
net sales	$	83,047		$	64,464
gross profit:
mattress fabrics	$	6,795		$	4,608
upholstery fabrics		5,704			5,293
gross profit	$	12,499		$	9,901
selling, general, and administrative expenses by segment:
mattress fabrics	$	3,184		$	2,763
upholstery fabrics		3,437			3,180
unallocated corporate expenses		2,560			2,075
selling, general, and administrative expenses	$	9,181		$	8,018
income (loss) from operations by segment:
mattress fabrics	$	3,611		$	1,845
upholstery fabrics		2,267			2,113
unallocated corporate expenses		(2,560	)		(2,075	)
income from operations		3,318			1,883
interest expense		—			(51	)
interest income		74			58
other expense		(237	)		(366	)
income before income taxes	$	3,155		$	1,524

Balance sheet information for our operating segments follows:

(dollars in thousands)	August 1, 2021		August 2, 2020		May 2, 2021
Segment assets:
Mattress Fabrics:
Accounts receivable	$	18,016	$	15,585	$	20,427
Inventory		31,778		20,070		30,047
Property, plant and equipment (1)		40,881		39,597		41,264
Right of use assets (2)		4,058		832		4,278
Investment in unconsolidated joint venture		—		1,759		—
Total mattress fabrics assets		94,733		77,843		96,016
Upholstery Fabrics:
Accounts receivable		16,992		14,308		17,299
Inventory		26,835		20,332		25,870
Property, plant and equipment (3)		2,080		1,634		1,925
Right of use assets (4)		5,984		3,802		5,945
Total upholstery fabrics assets		51,891		40,076		51,039
Total segment assets		146,624		117,919		147,055
Non-segment assets:
Cash and cash equivalents		26,061		39,986		37,009
Short-term investments - available for sale		9,698		983		5,542
Short-term investments - held-to-maturity		1,661		5,092		3,161
Current income taxes receivable		524		782		—
Other current assets		3,889		3,547		3,852
Deferred income taxes		455		593		545
Property, plant and equipment (5)		969		820		814
Right of use assets (6)		1,405		1,809		1,507
Intangible assets		2,910		3,286		3,004
Long-term investments - rabbi trust		8,841		7,916		8,415
Long-term investments - held-to-maturity		6,629		1,314		1,141
Other assets		2,582		540		2,035
Total assets	$	212,248	$	184,587	$	214,080

	Three months ended
(dollars in thousands)	August 1, 2021		August 2, 2020
Capital expenditures (7):
Mattress Fabrics	$	1,117	$	545
Upholstery Fabrics		262		113
Unallocated Corporate		274		68
Total capital expenditures	$	1,653	$	726
Depreciation expense:
Mattress Fabrics	$	1,521	$	1,631
Upholstery Fabrics		205		191
Total depreciation expense	$	1,726	$	1,822

(1)

The $40.9 million as of August 1, 2021, represents property, plant, and equipment of $27.6 million, $12.4 million, and $875,000 located in the U.S., Canada, and Haiti, respectively. The $39.6 million as of August 2, 2020, represents property, plant, and equipment of $27.0 million and $12.6 million located in the U.S. and Canada, respectively. The $41.3 million as of May 2, 2021, represents property, plant, and equipment of $28.4 million, $12.0 million, and $855,000 located in the U.S., Canada, and Haiti, respectively.

(2)

The $4.1 million as of August 1, 2021, represents right of use assets of $2.3 million, $1.4 million, and $355,000 located in Haiti, the U.S., and Canada, respectively. The $832,000 as of August 2, 2020, represents right of use assets of $535,000 and $297,000 located in Canada and the U.S., respectively. The $4.3 million as of May 2, 2021, represents right of use assets of $2.4 million, $1.4 million, and $400,000 located in Haiti, the U.S., and Canada, respectively.

(3)

The $2.1 million as of August 1, 2021, represents property, plant, and equipment of $1.1 million, $830,000, and $130,000 located in the U.S., China, and Haiti, respectively. The $1.6 million as of August 2, 2020, represents property, plant, and equipment of $1.2 million and $456,000 located in the U.S. and China, respectively. The $1.9 million as of May 2, 2021, represents property, plant, and equipment of $1.1 million and $850,000 located in the U.S. and China, respectively.

(4)

The $6.0 million as of August 1, 2021, represents right of use assets of $4.6 million and $1.4 million located in China and the U.S., respectively. The $3.8 million as of August 2, 2020, represents right of use assets of $3.1 million and $710,000 located in China and the U.S., respectively. The $5.9 million as of May 2, 2021, represents right of use assets of $5.0 million and $952,000 located in China and the U.S., respectively.

(5)

The $969,000, $820,000, and $814,000 as of August 1, 2021, August 2, 2020, and May 2, 2021, respectively, represent property, plant, and equipment associated with unallocated corporate departments and corporate departments shared by our mattress fabrics and upholstery fabrics segments. Property, plant, and equipment associated with our corporate departments reside in the U.S.

(6)	The $1.4 million, $1.8 million, and $1.5 million as of August 1, 2021, August 2, 2020, and May 2, 2021, respectively, represent right of use assets located in the U.S.

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

- Definition

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

+ References

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+ Details

Income Taxes

3 Months Ended

Aug. 01, 2021

Income Tax Disclosure [Abstract]

Income Taxes

13. Income Taxes

Effective Income Tax Rate

We recorded income tax expense of $905,000, or 28.7% of income before income taxes, for the three-month period ending August 1, 2021, compared with income tax expense of $4.3 million, or 283.7% of income before income taxes, for the three-month period ending August 2, 2020.

Our effective income tax rates for the three-month periods ended August 1, 2021, and August 2, 2020, 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. When calculating the annual estimated effective income tax rate for the three-month periods ended August 1, 2021, and August 2, 2020, we were subject to a loss limitation rule in accordance with ASC Topic 740-270-30-36(a). This loss limitation rule requires any taxable loss associated with our U.S. or foreign operations to be excluded from the annual estimated effective income tax rate calculation if it was determined that no tax benefit could be recognized during the current fiscal year. 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, Canada, and Haiti versus annual projections, as well as changes in foreign currency exchange rates in relation to the U.S. dollar.

The following schedule summarizes the principal differences between income tax expense at the U.S. federal income tax rate and the effective income tax rate reflected in the consolidated financial statements for the three-month periods ending August 1, 2021, and August 2, 2020:

	August 1,			August 2,
	2021			2020
U.S. federal income tax rate		21.0	%		21.0	%
U.S. valuation allowance		(3.9	)		474.4
U.S. income tax law change		—			(232.5	)
Withholding taxes associated with foreign jurisdictions		6.2			10.1
Foreign income tax rate differential		1.6			9.1
Global Intangible Low Taxed Income Tax ("GILTI")		3.4			—
Other		0.4			1.6
		28.7	%		283.7	%

Our effective income tax rate during the first quarter of fiscal 2022 was negatively affected, but not nearly to the extent as in the first quarter of fiscal 2021, by the mix of taxable income that is mostly earned by our foreign operations located in China and Canada, which have higher income tax rates than the U.S. This is due mostly to higher annual forecasted taxable income from our U.S. operations as of the end of the first quarter of fiscal 2022, as compared with lower annual forecasted taxable as of the end of the first quarter of fiscal 2021. The annual forecasted taxable income at the end of the first quarter of fiscal 2021 was significantly affected by the ongoing disruption and uncertain economic conditions relating to the COVID-19 pandemic. As a result of the increase in forecasted taxable income, the principal differences in the above table are not as pronounced during the first quarter of fiscal 2022 as compared with those differences during the first quarter of fiscal 2021.

GILTI

Fiscal 2021

Effective July 20, 2020, the U.S. Treasury Department finalized and enacted previously proposed regulations regarding the GILTI tax provisions of the Tax Cuts and Jobs Act of 2017 (“TCJA”). With the enactment of these final regulations, we became eligible for an exclusion from GILTI if we meet the provisions of the GILTI High-Tax exception included in these final regulations. To meet the provisions of the GILTI high tax exception, the tested foreign entity’s effective income tax rate related to current year’s earnings must be higher than 90% of the U.S. Federal income tax rate of 21% (i.e., 18.9%). In addition, the enactment of the new regulations and the provisions for the GILTI High-Tax exception are retroactive to the original enactment of the GILTI tax provision, which includes our 2019 and 2020 fiscal years.

Since we met the requirements for the High-Tax exception for our 2019 and 2020 fiscal years, we recorded a non-cash income tax benefit of $3.5 million resulting from the re-establishment of certain U.S. federal net operating loss carryforwards. This $3.5 million income tax benefit was recorded as a discrete event in which its full income tax effects were recorded in the first quarter of fiscal 2021.

Additionally, we met the requirements for the High-Tax exception for our 2021 fiscal year, and therefore, were not subject to GILTI tax.

Fiscal 2022

As of the end of the first quarter of fiscal 2022, we believe we will not meet the requirements for the GILTI High-Tax exception regarding our foreign subsidiaries located in Canada and Haiti, and therefore, will be subject to GILTI tax for the 2022 fiscal year.

Based on our assessment associated with our operation located in Canada, we expect that several significant capital projects will be placed into service during fiscal 2022, and therefore we will be eligible for a significant amount of deductible accelerated depreciation. As a result, our current year’s income tax expense is expected to be much lower than prior fiscal years’, and therefore, our projected current effective income tax rate is expected to be lower than the required 18.9% current effective income tax rate to meet the GILTI High-Tax exception.

Based on our assessment associated with our operations located in Haiti, we expect to earn taxable income that is not subject to income tax, as we are located in an economic zone that permits a 0% income tax rate for the first fifteen years of operations, for which we have ten years remaining. Since our operations located in Haiti are not expected to be subject to income tax, our projected current effective income tax rate of 0% will be lower than the required 18.9% current effective income tax rate to meet the GILTI High-Tax exception. Fiscal 2022 is the first fiscal year in which we expect to earn taxable income from our operations located in Haiti.

Valuation Allowance

In accordance with ASC Topic 740, we evaluate the realizability of 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, considering the effects of local tax law.

As a result of the U.S. tax law change relating to the GILTI tax provisions of the TCJA, we assessed the need for an additional valuation allowance against our U.S. net deferred income taxes as of the end of the first quarter of fiscal 2021. GILTI represented a significant source of our U.S. taxable income during fiscal 2019 and 2020 that offset our U.S. pre-tax losses during such years, and which offset was reversed as a result of the retroactivity of the new GILTI regulations. Consequently, due to the retroactivity of the new regulations, we experienced a recent history of cumulative U.S. taxable losses during our last two fiscal years, and we expected at the time of this assessment that our history of U.S. pre-tax losses would continue into fiscal 2021. As a result of the significant weight of this negative evidence, we believed it was more-likely-than-not that our U.S. net deferred income tax assets would not be fully realizable. Accordingly, we recorded a non-cash income tax charge of $7.0 million to provide for a full valuation allowance against our U.S. net deferred income tax assets. This $7.0 million income tax charge was recorded as a discrete event in which its full income tax effects were recorded during the first quarter of fiscal 2021.

As of August 1, 2021, we evaluated the realizability of our U.S. net deferred income tax assets to determine if a full valuation allowance was required. Based on our assessment, we determined we have a recent history of cumulative U.S. taxable losses, in

that we experienced U.S. taxable losses during each of the fiscal years 2020 and 2021. In addition, as of August 1, 2021, we are currently expecting U.S. taxable income during fiscal 2022 stemming from the source of taxable income provided by GILTI noted above. However, the cumulative losses that we have experienced during fiscal years 2020 and 2021 significantly exceed the U.S. taxable income expected during fiscal 2022. As a result of the significant weight of this negative evidence, we believe it is more likely than not that our U.S. deferred income tax assets will not be fully realizable, and therefore we provided for a full valuation allowance against our U.S. net deferred income tax assets.

Based on our assessments as of August 1, 2021, August 2, 2020, and May 2, 2021, valuation allowances against our net deferred income taxes pertain to the following:

(dollars in thousands)	August 1, 2021		August 2, 2020		May 2, 2021
U.S. federal and state net deferred income tax assets	$	9,221		7,830		9,344
U.S. capital loss carryforward		2,330		2,281		2,330
	$	11,551		10,111		11,674

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 income tax liability should be recorded for undistributed earnings from foreign subsidiaries that will not be reinvested indefinitely. As of August 1, 2021, we assessed the liquidity requirements of our U.S. parent company and determined that our undistributed earnings and profits from our foreign subsidiaries would not be reinvested indefinitely and would be eventually distributed to our U.S. parent company. The conclusion reached from this assessment was consistent with prior years.

As a result of the TCJA, a U.S. corporation is allowed a 100% dividend received deduction for earnings and profits received from a 10% owned foreign corporation. Therefore, a deferred income tax liability will be required for unremitted withholding taxes associated with earnings and profits generated by our foreign subsidiaries that will ultimately be repatriated to the U.S. parent company. As a result, as of August 1, 2021, August 2, 2020, and May 2, 2021, we recorded a deferred income tax liability of $3.2 million, $3.6 million, and $3.5 million, respectively, for withholding taxes associated with undistributed earnings and profits from our foreign subsidiaries.

Uncertain Income Tax Positions

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 end of the reporting period, or is effectively settled through examination, negotiation, 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 benefit will be recorded at that time.

As of August 1, 2021, August 2, 2020, and May 2, 2021, we had a $1.4 million total gross unrecognized income tax benefit, of which $1.1 million and $380,000 were recorded to income taxes payable-long-term and noncurrent deferred income taxes, respectively, in the accompanying Consolidated Balance Sheets. Of this $1.4 million total gross unrecognized income tax benefit, $1.1 million would favorably affect the income tax rate in future periods.

Our gross unrecognized income tax benefit of $1.4 million 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.

Income Taxes Paid

The following table sets forth taxes paid (refunded) by jurisdiction:

			Three Months Ended
	August 1,			August 2,
(dollars in thousands)	2021			2020
United States Federal - Alternative Minimum Tax (AMT) credit refunds (1)	$	—		$	(745	)
China		1,408			349
Canada		280			405
	$	1,688		$	9

(1)	In accordance with the provisions of the TCJA, corporate taxpayers were eligible to treat prior AMT credit carryforwards as refundable. Accordingly, we elected to treat our prior AMT credit carryforward balance of $1.5 million as refundable, and as

a result, 50% of the $1.5 million refundable balance was received during the first quarter of fiscal 2021, with the remaining balance expected to be received in fiscal 2022. In accordance with the provisions of the U.S. federal Coronavirus Aid, Relief, and Economic Security (CARES) Act (2020), 100% of AMT credit carryforwards for years beginning in the 2019 tax year were immediately refundable. Accordingly, we claimed credit for the remaining 50% installment of our refundable AMT credit carryforward in May 2020. We received our remaining 50% installment, plus interest, totaling $764,000 during the second quarter of fiscal 2021.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 21
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-URI http://asc.fasb.org/extlink&oid=122134291&loc=d3e330215-122817

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 17
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32809-109319

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-URI http://asc.fasb.org/extlink&oid=122134291&loc=d3e330036-122817

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 14
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32705-109319

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 270
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6424409&loc=d3e44925-109338

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-URI http://asc.fasb.org/topic&trid=2144680

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 30
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

Stock-Based Compensation

3 Months Ended

Aug. 01, 2021

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Stock-Based Compensation

14. Stock-Based Compensation

Equity Incentive Plan Description

On September 16, 2015, our shareholders approved an equity incentive plan titled the Culp, Inc. 2015 Equity Incentive Plan (the “2015 Plan”). 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.

As of August 1, 2021, there were 474,575 shares available for future equity-based grants under the 2015 Plan.

Performance-Based Restricted Stock Units

Senior Executives

We have granted performance-based restricted stock units to senior executives 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 performance targets that have been achieved may be adjusted based on a market-based total shareholder return component as defined in the related restricted stock unit agreements.

Our performance-based restricted stock units granted to senior executives were measured based on their fair market value on the date of grant. 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.

Key Employees

We have 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. No market-based total shareholder return component was included in these awards.

Overall

The following table summarizes information related to our grants of performance-based restricted stock units associated with senior executives and key employees that are unvested as of August 1, 2021:

	(3)		(4)
	Performance-Based		Restricted Stock
	Restricted Stock		Units Expected
Date of Grant	Units Awarded		to Vest		Price Per Share			Vesting Period
July 22, 2021 (1)		122,477		61,237	$	14.75	(6)	3 years
July 22, 2021 (2)		21,900		10,950	$	14.75	(6)	3 years
July 18, 2019 (1)		93,653		5,749	$	19.04	(5)	3 years
July 18, 2019 (2)		29,227		3,442	$	18.49	(6)	3 years

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

(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)

Compensation cost is based on an assessment each reporting period to determine the probability of whether or not certain performance goals will be met and how many shares are expected to be earned as of the end of the vesting period. These amounts represent the number of shares that were expected to vest as of August 1, 2021.

(5)

Price per share represents the fair market value per share ($1.03 per $1, or an increase of $0.55 to the closing price of our common stock on the date of grant) determined using the Monte Carlo simulation model for the market-based total shareholder return component and the closing price of our common stock ($18.49) for the performance-based component of the performance-based restricted stock units granted to senior executives on July 18, 2019.

(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 performance-based restricted stock units that vested during the three-month periods ending August 1, 2021, and August 2, 2020:

	Performance-Based				(4)
	Restricted Stock		(3)		Price
Fiscal Year	Units Vested		Fair Value		Per Share
Fiscal 2022 (1)		6,734	$	115	$	17.14
Fiscal 2022 (2)		5,812	$	100	$	17.14
Fiscal 2021 (1)		3,277	$	33	$	9.96
Fiscal 2021 (2)		3,710	$	37	$	9.96

(1)	Performance-based restricted stock units vested by senior executives.

(2)	Performance-based restricted stock units vested by key employees.

(3)	Dollar amounts are in thousands.

(4)	Price per share is derived from the closing price of our common stock on the date the respective performance-based restricted stock units vested.

We recorded a charge or a (credit) to compensation expense of $20,000 and $(11,000) within selling, general, and administrative expenses for the three-month periods ending August 1, 2021, and August 2, 2020, respectively. Compensation cost is recorded based on an assessment each reporting period to determine the probability of whether or not certain performance targets will be met and how many shares are expected to be earned as of the end of the vesting period. If certain performance goals are not expected to be achieved, compensation cost would not be recorded, and any previously recognized compensation cost would be reversed.

As of August 1, 2021, the remaining unrecognized compensation cost related to our performance-based restricted stock units was $1.1 million, which is expected to be recognized over a weighted average vesting period of 2.8 years. As of August 1, 2021, the performance-based restricted stock units that were expected to vest had a fair value totaling $1.1 million.

Time-Based Restricted Stock Units

The following table summarizes information related to our grants of time-based restricted stock unit awards associated with senior executives and key members of management that are unvested as of August 1, 2021:

	Time-Based
	Restricted Stock		(1)
Date of Grant	Units Awarded		Price Per Share		Vesting Period
July 22, 2021		38,289	$	14.75	3 years
August 6, 2020		129,896	$	11.01	3 years
July 18, 2019		34,399	$	18.49	3 years
August 2, 2018		10,000	$	24.35	5 years

(1)	Price per share represents closing price of common stock on the date the respective award was granted.

Overall

We recorded compensation expense of $184,000 and $67,000 within selling, general, and administrative expenses associated with our time-based restricted stock unit awards for the three-month periods ending August 1, 2021, and August 2, 2020, respectively.

As of August 1, 2021, the remaining unrecognized compensation cost related to our time-based restricted stock units was $1.8 million, which is expected to be recognized over a weighted average vesting period of 1.3 years. As of August 1, 2021, the time-based restricted stock units that are expected to vest had a fair value totaling $3.2 million.

Common Stock Award

We granted a total of 4,312 shares of common stock to our outside directors on July 1, 2021. These shares of common stock vested immediately and were measured at their fair value on the date of grant. The fair value of these awards was $16.24 per share on July 1, 2021, which represents the closing price of our common stock on the date of grant.

We granted a total of 7,000 shares of common stock to our outside directors on July 1, 2020. These shares of common stock vested immediately and were measured at their fair value on the date of grant. The fair value of these awards was $10.00 per share on July 1, 2020 which represents the closing price of our common stock on the date of grant.

We recorded $70,000 of compensation expense within selling, general, and administrative expenses for common stock awards to our outside directors for each of the three-month periods ending August 1, 2021, and August 2, 2020.

Leases

3 Months Ended

Aug. 01, 2021

Assets And Liabilities Lessee [Abstract]

Leases

15. Leases

Overview

We lease manufacturing facilities, showroom and office space, distribution centers, and equipment under operating lease arrangements. Our operating leases have remaining lease terms of one to ten years, with renewal options for additional periods ranging up to twelve years.

Balance Sheet

The right of use assets and lease liabilities associated with our operating leases as of August 1, 2021, August 2, 2020, and May 2, 2021, are as follows:


(dollars in thousands)	August 1, 2021		August 2, 2020		May 2, 2021
Right of use assets	$	11,447	$	6,443	$	11,730
Operating lease liability - current		2,727		2,387		2,736
Operating lease liability – noncurrent		6,665		4,214		6,821

Supplemental Cash Flow Information

	Three Months Ended		Three Months Ended
(dollars in thousands)	August 1, 2021		August 2, 2020
Operating lease liability payments	$	717	$	445
Right of use assets exchanged for lease liabilities		547		3,154

Operating lease expense for the three-month periods ended August 1, 2021, and August 2, 2020, was $876,000 and $658,000, respectively. Short-term lease and variable lease expenses were immaterial for the three-month periods ended August 1, 2021, and August 2, 2020.

Other Information

Maturity of our operating lease liabilities for the remainder of fiscal 2022, the subsequent next four fiscal years, and thereafter follows:

(dollars in thousands)
2022	$	2,098
2023		2,760
2024		2,458
2025		1,525
2026		272
Thereafter		617
	$	9,730
Less: interest		(338	)
Present value of lease liabilities	$	9,392

As of August 1, 2021, the weighted average remaining lease term and discount rate for our operating leases follows:

	August 1, 2021
Weighted average lease term	3.9 years
Weighted average discount rate		1.95	%

Lease Contracts

Culp Upholstery Fabrics – Haiti, Ltd.

Effective April 9, 2021, we entered into an agreement to lease a 90,000 square foot facility located in a modern industrial park on the northeastern border of Haiti. This facility will be dedicated to the production of cut and sewn upholstery kits and is expected to be operational during the second quarter of fiscal 2022. The lease agreement has an initial non-cancelable lease term of eight years, which will commence after the construction of the facility has been completed, and at such time we will have control of the facility based on the terms of the lease. The rent payments for the initial term of the lease total $2.8 million and will be paid in advance of the commencement of the lease. Of the $2.8 million rent payments, $1.4 million was paid during April 2021, $558,000 was paid during July 2021, $418,500 is due August 30, 2021, and $418,500 is due October 30, 2021, or 30 days after commencement of the lease as defined in the agreement. As of August 1, 2021, the $2.0 million paid in April and July 2021 was classified as other assets in the accompanying Consolidated Balance Sheets.

The initial non-cancelable term of the lease can be subsequently renewed and extended for successive eight-year periods by written communication as defined in the lease agreement.

High Point, NC – Design and Innovation Campus

Effective May 7, 2021, we entered into an agreement to lease showroom and office space encompassing 21,000 square feet located in downtown High Point, NC. This facility will be used to advance synergies between our upholstery fabrics and mattress fabrics business segments by bringing our creative talent together to collaborate, develop new products through shared innovation and technology, and meet with new and existing customers. The lease agreement has an initial non-cancelable lease term of ten years, which will commence once certain lessor-owned leasehold improvements have been completed, and at such time we will have control of the facility based on the terms of the lease. The rent payments for the initial term of the lease total $2.2 million and will be paid in monthly installments beginning at the commencement of the lease, which is expected to occur near the end of the second quarter of fiscal 2022.

The initial non-cancelable term of the lease can be subsequently renewed and extended up to four additional periods of three years each by written communication as defined in the lease agreement.

As of August 1, 2021, we had a commitment for the construction of leasehold improvements associated with this lease totaling $865,000.

Commitments, Contingencies, and Guarantees

3 Months Ended

Aug. 01, 2021

Commitments And Contingencies Disclosure [Abstract]

Commitments, Contingencies, and Guarantees

16. Commitments, Contingencies, and Guarantees

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

As of August 1, 2021, August 2, 2020, and May 2, 2021, we had total amounts due regarding capital expenditures totaling $48,000, $333,000, and $348,000, respectively, which pertained to outstanding vendor invoices, none of which were financed. .

Purchase Commitments – Capital Expenditures

As of August 1, 2021, we had open purchase commitments to acquire equipment for our mattress fabrics segment totaling $1.2 million.

Discontinued Operations

Supply and Royalty Agreements

In connection with the sale of our entire ownership interest in eLuxury, LLC (“eLuxury”) on March 31, 2020, we entered into supply and royalty agreements with eLuxury to preserve an additional sales channel for our core products – upholstery and mattress fabrics. The supply agreement requires eLuxury to purchase all its requirements at fair market prices for mattress and upholstery fabric products of the type we were supplying to eLuxury at the time of the sale transaction, as well as certain home accessories and soft good products, subject to our ability to provide competitive pricing and delivery terms for such products. The royalty agreement requires eLuxury to pay us a royalty fee based on a percentage of sales, as defined in the royalty agreement, for sales of eLuxury’s products to certain business-to-business customers, including customers which we referred to eLuxury prior to the sale transaction and new customer relationships we develop for eLuxury going forward, as well as sales of eLuxury products generated by sales representatives that we develop or introduce to eLuxury.

There are no guarantees or provisions under either the supply or royalty agreements that require eLuxury to purchase a minimum amount of our products or sell a certain amount of eLuxury products to customers or through sales representatives developed or introduced by us. As a result, the success of these agreements and the period of time in which our involvement with eLuxury is expected to continue are based on eLuxury’s ability to sell products that require mattress and upholstery fabrics and our ability to provide an additional sales channel for eLuxury to grow its business-to-business sales platform.

During the three-month periods ending August 1, 2021, and August 2, 2020, shipments to eLuxury under the supply agreement totaled $43,000 and $244,000, respectively. During the three-month periods ending August 1, 2021, and August 2, 2020, we received payments pursuant to the royalty agreement totaling $14,000 and $17,000, respectively.

Financial Guarantee

Currently, we have an agreement that guarantees 70% of any unpaid lease payments associated with eLuxury’s facility located in Evansville, Indiana. The lease agreement expires in September 2024 and requires monthly payments of $18,865. Under the terms of the sale of our controlling interest in eLuxury, the buyer (the former noncontrolling interest holder) must use commercially reasonable efforts to cause the lessor to release us from this financial guarantee of eLuxury’s lease agreement. Following the sale transaction, eLuxury and its sole owner have indemnified us from any liabilities and obligations that we would be required to pay regarding this lease agreement.

Statutory Reserves

3 Months Ended

Aug. 01, 2021

Text Block [Abstract]

Statutory Reserves

17. Statutory Reserves

Our subsidiary located in China was required to transfer 10% of its 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 reached 50% of the company’s registered capital. As of August 1, 2021, the statutory surplus reserve fund represents the 50% registered capital requirement, and therefore, our subsidiary located in China is no longer required to transfer 10% of its net income in accordance with PRC accounting rules and regulations.

The transfer to this reserve must be made before distributions of any dividend to shareholders. As of August 1, 2021, the company’s statutory surplus reserve was $4.5 million. The statutory surplus reserve fund is non-distributable other than during liquidation and can be used to fund previous years’ losses, if any. The statutory surplus reserve fund 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.

The company’s subsidiary located in China can transfer funds to the parent company, except for the statutory surplus reserve of $4.5 million, to assist with debt repayment, capital expenditures, and other expenses of the company’s business.

Common Stock Repurchase Program

3 Months Ended

Aug. 01, 2021

Text Block [Abstract]

Common Stock Repurchase Program

18. Common Stock Repurchase Program

In March 2020, 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 number 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 first quarter of fiscal 2022, we repurchased 48,686 shares of our common stock at a cost of $723,000. As a result, as of August 1, 2021, we had $4.3 million available for additional repurchases of our common stock.

During the first quarter of fiscal 2021, we did not repurchase any shares of our common stock.

Dividend Program

3 Months Ended

Aug. 01, 2021

Text Block [Abstract]

Dividend Program

19. Dividend Program

On September 1, 2021, our board of directors approved a quarterly cash dividend of $0.11 per share. This payment will be made on October 18, 2021, to shareholders of record as of October 11, 2021.

During the first quarter of fiscal 2022, dividend payments totaled $1.4 million, which represented a quarterly dividend payment of $0.11 per share. During the first quarter of fiscal 2021, dividend payments totaled $1.3 million, which represented a quarterly dividend payment of $0.105 per share.

Our board of directors has sole authority to determine if and when we will declare future dividends and on what terms. Future dividend payments will depend on our earnings, capital requirements, financial condition, excess availability under our lines of credit, market and economic conditions, and other factors we consider relevant.

Significant Accounting Policies (Policies)

3 Months Ended

Aug. 01, 2021

Accounting Policies [Abstract]

Recently Adopted and Issued Accounting Pronouncements

Recently Adopted Accounting Pronouncements

Income Taxes

Recently Issued Accounting Pronouncements

Currently, there are no new recent accounting pronouncements that are expected to have a material impact on our consolidated financial statements.

Business Combination Achieved in Stages (Tables)

3 Months Ended

Aug. 01, 2021

Schedule of Unaudited Pro Forma Consolidated Results of Operations

(dollars in thousands, except per share data)	August 1, 2021		August 2, 2020
Net Sales	$	83,047	$	64,761
Income from operations		3,318		2,017
Net income (loss)		2,250		(2,666	)
Net income (loss) per share - basic	$	0.18	$	(0.22	)
Net income (loss) per share - diluted	$	0.18	$	(0.22	)

Summary of Equity Method Investment

The following table summarizes assets, liabilities, and members’ equity for our equity method investment in CIH:

(dollars in thousands)	August 2, 2020
total assets	$	3,668
total liabilities	$	149
total members’ equity	$	3,519

CIH [Member]

Schedule of Allocation of Consideration Transferred to Assets Acquired and Liabilities Assumed

The following table presents the final allocation of the consideration transferred to the assets acquired and liabilities assumed based on their fair values:

(dollars in thousands)	Fair Value
Cash and cash equivalents	$	62
Accounts receivable		169
Inventory		31
Right of use assets		2,544
Equipment and leasehold improvements		846
Accounts payable		(155	)
Gain on bargain purchase		(819	)
	$	2,678

Allowance for Doubtful Accounts (Tables)

3 Months Ended

Aug. 01, 2021

Receivables [Abstract]

Summary of the Activity in the Allowance for Doubtful Accounts

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

	Three Months Ended
(dollars in thousands)	August 1, 2021			August 2, 2020
Beginning balance	$	591		$	472
Provision for bad debts		(11	)		80
Ending balance	$	580		$	552

Revenue from Contracts with Customers (Tables)

3 Months Ended

Aug. 01, 2021

Revenue From Contract With Customer [Abstract]

Summary of Activity Associated with Deferred Revenue

A summary of the activity associated with deferred revenue follows:

	Three months ended
(dollars in thousands)	August 1, 2021			August 2, 2020
Beginning balance	$	540		$	502
Revenue recognized on contract liabilities		(611	)		(593	)
Payments received for services not yet rendered		765			776
Ending balance	$	694		$	685

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 August 1, 2021:

	Mattress		Upholstery
(dollars in thousands)	Fabrics		Fabrics		Total
Products transferred at a point in time	$	43,058	$	38,290	$	81,348
Services transferred over time		—		1,699		1,699
Total Net Sales	$	43,058	$	39,989	$	83,047

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 August 2, 2020:

	Mattress		Upholstery
(dollars in thousands)	Fabrics		Fabrics		Total
Products transferred at a point in time	$	36,103	$	26,061	$	62,164
Services transferred over time		—		2,300		2,300
Total Net Sales	$	36,103	$	28,361	$	64,464

Inventories (Tables)

3 Months Ended

Aug. 01, 2021

Inventory Disclosure [Abstract]

Summary of Inventories

A summary of inventories follows:

(dollars in thousands)	August 1, 2021		August 2, 2020		May 2, 2021
Raw materials	$	9,443	$	7,742	$	7,742
Work-in-process		3,637		2,292		3,156
Finished goods		45,533		30,368		45,019
	$	58,613	$	40,402	$	55,917

Intangible Assets (Tables)

3 Months Ended

Aug. 01, 2021

Summary of Intangible Assets

A summary of intangible assets follows:

(dollars in thousands)	August 1, 2021		August 2, 2020		May 2, 2021
Tradename	$	540	$	540	$	540
Customer relationships, net		1,862		2,162		1,937
Non-compete agreement, net		508		584		527
	$	2,910	$	3,286	$	3,004

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:

	Three months ended
(dollars in thousands)	August 1, 2021			August 2, 2020
Beginning balance	$	1,937		$	2,238
Amortization expense		(75	)		(76	)
Ending balance	$	1,862		$	2,162

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:

	Three months ended
(dollars in thousands)	August 1, 2021			August 2, 2020
Beginning balance	$	527		$	602
Amortization expense		(19	)		(18	)
Ending balance	$	508		$	584

Accrued Expenses (Tables)

3 Months Ended

Aug. 01, 2021

Text Block [Abstract]

Summary of Accrued Expenses

A summary of accrued expenses follows:

(dollars in thousands)	August 1, 2021		August 2, 2020		May 2, 2021
Compensation, commissions and related benefits	$	5,006	$	4,549	$	9,816
Other accrued expenses		4,944		3,420		5,023
	$	9,950	$	7,969	$	14,839

Fair Value (Tables)

3 Months Ended

Aug. 01, 2021

Fair Value Disclosures [Abstract]

Schedule of Assets Measured at Fair Value on a Recurring Basis

The following tables present information about assets measured at fair value on a recurring basis:

Fair value measurements as of August 1, 2021, using:

Quoted prices

Significant

in active

other

Significant

markets for

observable

unobservable

identical assets

inputs

(amounts in thousands)

Level 1

Level 2

Level 3

Total

Assets:

U.S. Government Money Market Fund

8,205

N/A

8,205

Bond Mutual Funds

4,656

N/A

4,656

Inflation Protected Bond Mutual Funds

2,979

N/A

2,979

Mortgage Securities Mutual Funds

1,124

N/A

1,124

Large Cap Equity Mutual Funds

708

N/A

708

Growth Allocation Mutual Funds

419

N/A

419

U.S. Event Driven Equity Mutual Fund

194

N/A

194

Moderate Allocation Mutual Fund

N/A

Other

163

N/A

163

Fair value measurements as of August 2, 2020, using:

Quoted prices

Significant

in active

other

Significant

markets for

observable

unobservable

identical assets

inputs

(amounts in thousands)

Level 1

Level 2

Level 3

Total

Assets:

Premier Money Market Fund

7,533

N/A

7,533

Bond Mutual Funds

983

N/A

983

Growth Allocation Mutual Funds

246

N/A

246

Moderate Allocation Mutual Fund

N/A

Other

N/A

Fair value measurements as of May 2, 2021, using:

Quoted prices

Significant

in active

other

Significant

markets for

observable

unobservable

identical assets

inputs

(amounts in thousands)

Level 1

Level 2

Level 3

Total

Assets:

Premier Money Market Fund

7,879

N/A

7,879

Bond Mutual Funds

4,101

N/A

4,101

Inflation Protected Bond Mutual Funds

722

N/A

722

Mortgage Securities Mutual Fund

719

N/A

719

Growth Allocation Mutual Funds

339

N/A

339

Moderate Allocation Mutual Fund

N/A

Other

111

N/A

111

Schedule of Assets Measured at Fair Value on a Nonrecurring Basis

Fair value measurements as of May 2, 2021, using:

Quoted prices

Significant

in active

other

Significant

markets for

observable

unobservable

identical assets

inputs

(amounts in thousands)

Level 1

Level 2

Level 3

Total

Assets:

Right of use assets

N/A

2,544

N/A

2,544

Equipment and leasehold improvements

N/A

846

Inventory

N/A

Net Income (Loss) Per Share (Tables)

3 Months Ended

Aug. 01, 2021

Earnings Per Share [Abstract]

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

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

	Three months ended
(amounts in thousands)	August 1, 2021		August 2, 2020
Weighted average common shares outstanding, basic		12,313		12,287
Dilutive effect of stock-based compensation		102		—
Weighted average common shares outstanding, diluted		12,415		12,287

Segment Information (Tables)

3 Months Ended

Aug. 01, 2021

Segment Reporting [Abstract]

Schedule of Operating Segments Information

Statements of operations for our operating segments are as follows:

	Three months ended
	August 1, 2021			August 2, 2020
net sales by segment:
mattress fabrics	$	43,058		$	36,103
upholstery fabrics		39,989			28,361
net sales	$	83,047		$	64,464
gross profit:
mattress fabrics	$	6,795		$	4,608
upholstery fabrics		5,704			5,293
gross profit	$	12,499		$	9,901
selling, general, and administrative expenses by segment:
mattress fabrics	$	3,184		$	2,763
upholstery fabrics		3,437			3,180
unallocated corporate expenses		2,560			2,075
selling, general, and administrative expenses	$	9,181		$	8,018
income (loss) from operations by segment:
mattress fabrics	$	3,611		$	1,845
upholstery fabrics		2,267			2,113
unallocated corporate expenses		(2,560	)		(2,075	)
income from operations		3,318			1,883
interest expense		—			(51	)
interest income		74			58
other expense		(237	)		(366	)
income before income taxes	$	3,155		$	1,524

Balance sheet information for our operating segments follows:

(dollars in thousands)	August 1, 2021		August 2, 2020		May 2, 2021
Segment assets:
Mattress Fabrics:
Accounts receivable	$	18,016	$	15,585	$	20,427
Inventory		31,778		20,070		30,047
Property, plant and equipment (1)		40,881		39,597		41,264
Right of use assets (2)		4,058		832		4,278
Investment in unconsolidated joint venture		—		1,759		—
Total mattress fabrics assets		94,733		77,843		96,016
Upholstery Fabrics:
Accounts receivable		16,992		14,308		17,299
Inventory		26,835		20,332		25,870
Property, plant and equipment (3)		2,080		1,634		1,925
Right of use assets (4)		5,984		3,802		5,945
Total upholstery fabrics assets		51,891		40,076		51,039
Total segment assets		146,624		117,919		147,055
Non-segment assets:
Cash and cash equivalents		26,061		39,986		37,009
Short-term investments - available for sale		9,698		983		5,542
Short-term investments - held-to-maturity		1,661		5,092		3,161
Current income taxes receivable		524		782		—
Other current assets		3,889		3,547		3,852
Deferred income taxes		455		593		545
Property, plant and equipment (5)		969		820		814
Right of use assets (6)		1,405		1,809		1,507
Intangible assets		2,910		3,286		3,004
Long-term investments - rabbi trust		8,841		7,916		8,415
Long-term investments - held-to-maturity		6,629		1,314		1,141
Other assets		2,582		540		2,035
Total assets	$	212,248	$	184,587	$	214,080

	Three months ended
(dollars in thousands)	August 1, 2021		August 2, 2020
Capital expenditures (7):
Mattress Fabrics	$	1,117	$	545
Upholstery Fabrics		262		113
Unallocated Corporate		274		68
Total capital expenditures	$	1,653	$	726
Depreciation expense:
Mattress Fabrics	$	1,521	$	1,631
Upholstery Fabrics		205		191
Total depreciation expense	$	1,726	$	1,822

(1)

(2)

(3)

(4)

(5)

(6)	The $1.4 million, $1.8 million, and $1.5 million as of August 1, 2021, August 2, 2020, and May 2, 2021, respectively, represent right of use assets located in the U.S.

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

Income Taxes (Tables)

3 Months Ended

Aug. 01, 2021

Income Tax Disclosure [Abstract]

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

	August 1,			August 2,
	2021			2020
U.S. federal income tax rate		21.0	%		21.0	%
U.S. valuation allowance		(3.9	)		474.4
U.S. income tax law change		—			(232.5	)
Withholding taxes associated with foreign jurisdictions		6.2			10.1
Foreign income tax rate differential		1.6			9.1
Global Intangible Low Taxed Income Tax ("GILTI")		3.4			—
Other		0.4			1.6
		28.7	%		283.7	%

Summary of Valuation Allowances Against Net Deferred Income Taxes

Based on our assessments as of August 1, 2021, August 2, 2020, and May 2, 2021, valuation allowances against our net deferred income taxes pertain to the following:

(dollars in thousands)	August 1, 2021		August 2, 2020		May 2, 2021
U.S. federal and state net deferred income tax assets	$	9,221		7,830		9,344
U.S. capital loss carryforward		2,330		2,281		2,330
	$	11,551		10,111		11,674

Summary of Taxes Paid (Refunded)

The following table sets forth taxes paid (refunded) by jurisdiction:

			Three Months Ended
	August 1,			August 2,
(dollars in thousands)	2021			2020
United States Federal - Alternative Minimum Tax (AMT) credit refunds (1)	$	—		$	(745	)
China		1,408			349
Canada		280			405
	$	1,688		$	9

(1)	In accordance with the provisions of the TCJA, corporate taxpayers were eligible to treat prior AMT credit carryforwards as refundable. Accordingly, we elected to treat our prior AMT credit carryforward balance of $1.5 million as refundable, and as

Stock-Based Compensation (Tables)

3 Months Ended

Aug. 01, 2021

Performance-Based Restricted Stock Units [Member]

Summary of Vested Restricted Stock Units

The following table summarizes information related to our performance-based restricted stock units that vested during the three-month periods ending August 1, 2021, and August 2, 2020:

	Performance-Based				(4)
	Restricted Stock		(3)		Price
Fiscal Year	Units Vested		Fair Value		Per Share
Fiscal 2022 (1)		6,734	$	115	$	17.14
Fiscal 2022 (2)		5,812	$	100	$	17.14
Fiscal 2021 (1)		3,277	$	33	$	9.96
Fiscal 2021 (2)		3,710	$	37	$	9.96

(1)	Performance-based restricted stock units vested by senior executives.

(2)	Performance-based restricted stock units vested by key employees.

(3)	Dollar amounts are in thousands.

(4)	Price per share is derived from the closing price of our common stock on the date the respective performance-based restricted stock units vested.

Executive officers and key employees [Member]

Summary of Grants of Performance-Based Restricted Stock Units

	(3)		(4)
	Performance-Based		Restricted Stock
	Restricted Stock		Units Expected
Date of Grant	Units Awarded		to Vest		Price Per Share			Vesting Period
July 22, 2021 (1)		122,477		61,237	$	14.75	(6)	3 years
July 22, 2021 (2)		21,900		10,950	$	14.75	(6)	3 years
July 18, 2019 (1)		93,653		5,749	$	19.04	(5)	3 years
July 18, 2019 (2)		29,227		3,442	$	18.49	(6)	3 years

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

(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.

Senior Executives and Management [Member] | Time-Based Restricted Stock Units [Member]

Summary of Grants of Time-Based Restricted Stock Unit Awards

	Time-Based
	Restricted Stock		(1)
Date of Grant	Units Awarded		Price Per Share		Vesting Period
July 22, 2021		38,289	$	14.75	3 years
August 6, 2020		129,896	$	11.01	3 years
July 18, 2019		34,399	$	18.49	3 years
August 2, 2018		10,000	$	24.35	5 years

(1)	Price per share represents closing price of common stock on the date the respective award was granted.

Leases (Tables)

3 Months Ended

Aug. 01, 2021

Assets And Liabilities Lessee [Abstract]

Summary of right of use assets and lease liabilities

The right of use assets and lease liabilities associated with our operating leases as of August 1, 2021, August 2, 2020, and May 2, 2021, are as follows:


(dollars in thousands)	August 1, 2021		August 2, 2020		May 2, 2021
Right of use assets	$	11,447	$	6,443	$	11,730
Operating lease liability - current		2,727		2,387		2,736
Operating lease liability – noncurrent		6,665		4,214		6,821

Supplemental Cash Flow Information

	Three Months Ended		Three Months Ended
(dollars in thousands)	August 1, 2021		August 2, 2020
Operating lease liability payments	$	717	$	445
Right of use assets exchanged for lease liabilities		547		3,154

Leases-Other Information

Other Information

Maturity of our operating lease liabilities for the remainder of fiscal 2022, the subsequent next four fiscal years, and thereafter follows:

(dollars in thousands)
2022	$	2,098
2023		2,760
2024		2,458
2025		1,525
2026		272
Thereafter		617
	$	9,730
Less: interest		(338	)
Present value of lease liabilities	$	9,392

Summary of weighted average remaining lease term and discount rate

As of August 1, 2021, the weighted average remaining lease term and discount rate for our operating leases follows:

	August 1, 2021
Weighted average lease term	3.9 years
Weighted average discount rate		1.95	%

Business Combination Achieved in Stages - Narrative (Detail)		3 Months Ended
	Feb. 01, 2021 USD ($) ft²	Aug. 01, 2021 USD ($)	Aug. 02, 2020 USD ($)	Jan. 01, 2017
Business Acquisition [Line Items]
Equity method investment, ownership percentage			50.00%
Net sales related to inventory shipments in supply agreement		$ 455,000
Charges related to rebate agreement		$ 21,000
Income from investment in unconsolidated joint venture			$ 67,000
Proportionate share			50.00%
Investment in unconsolidated joint venture			$ 1,759,000
CIH [Member]
Business Acquisition [Line Items]
Equity method investment, ownership percentage				50.00%
Acquisition of additional ownership percentage	50.00%
Area of additional plant facility \| ft²	120,000
Date of acquisition	Feb. 01, 2021
Consideration transferred	$ 2,700,000
Payment for acquisition	954,000
Fair value of previously held ownership interest	$ 1,700,000
Majority ownership percentage acquired	100.00%
Gain loss on remeasurement of previously held ownership interest	$ 0
Fair value of the identifiable assets acquired, and liabilities assumed	2,678,000
Proportionate share				50.00%
CIH [Member] \| Mattress Fabrics [Member]
Business Acquisition [Line Items]
Consideration transferred	2,700,000
Fair value of the identifiable assets acquired, and liabilities assumed	$ 3,500,000
CIH [Member] \| Minimum [Member] \| Equipment and Leasehold Improvements [Member]
Business Acquisition [Line Items]
Property, plant and equipment, remaining useful life		1 year
CIH [Member] \| Maximum [Member] \| Equipment and Leasehold Improvements [Member]
Business Acquisition [Line Items]
Property, plant and equipment, remaining useful life		10 years

Business Combination Achieved in Stages - Schedule of Allocation of Consideration Transferred to Assets Acquired And Liabilities Assumed (Detail) - CIH [Member] $ in Thousands	Feb. 01, 2021 USD ($)
Business Acquisition [Line Items]
Cash and cash equivalents	$ 62
Accounts receivable	169
Inventory	31
Right of use assets	2,544
Equipment and leasehold improvements	846
Accounts payable	(155)
Gain on bargain purchase	(819)
Assets acquired and liabilities assumed, net	$ 2,678

Business Combination Achieved in Stages - Schedule of Unaudited Pro Forma Consolidated Results of Operations (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Aug. 01, 2021	Aug. 02, 2020
Business Combinations [Abstract]
Net Sales	$ 83,047	$ 64,761
Income from operations	3,318	2,017
Net income (loss)	$ 2,250	$ (2,666)
Net income (loss) per share - basic	$ 0.18	$ (0.22)
Net income (loss) per share - diluted	$ 0.18	$ (0.22)

Business Combination Achieved in Stages - Summary of Equity Method Investment (Detail) - USD ($)
$ in Thousands

Aug. 01, 2021

May 02, 2021

^[1]

Aug. 02, 2020

May 03, 2020

^[1]

Business Acquisition [Line Items]

total assets

$ 212,248

$ 214,080

$ 184,587

total liabilities

82,699

85,074

58,718

total members’ equity

$ 129,549

$ 129,006

125,869

$ 129,698

CIH [Member]

Business Acquisition [Line Items]

total assets

3,668

total liabilities

149

total members’ equity

$ 3,519

[1]	Derived from audited financial statements.

- Definition

Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.

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Sum of the carrying amounts as of the balance sheet date of all liabilities that are recognized. Liabilities are probable future sacrifices of economic benefits arising from present obligations of an entity to transfer assets or provide services to other entities in the future.

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+ Details

- Definition

Amount of stockholders' equity (deficit), net of receivables from officers, directors, owners, and affiliates of the entity, attributable to both the parent and noncontrolling interests. Amount excludes temporary equity. Alternate caption for the concept is permanent equity.

+ References

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+ Details

Allowance for Doubtful Accounts - Summary of the Activity in the Allowance for Doubtful Accounts (Detail) - Allowance for doubtful accounts [Member] - USD ($)	3 Months Ended
	Aug. 01, 2021	Aug. 02, 2020
Valuation and Qualifying Accounts Disclosure [Line Items]
Beginning balance	$ 591,000	$ 472,000
Provision for bad debts	(11,000)	80,000
Ending balance	$ 580,000	$ 552,000

Allowance for Doubtful Accounts - Narrative (Detail) - USD ($)	Aug. 01, 2021	May 02, 2021	Aug. 02, 2020	May 03, 2020
Allowance for doubtful accounts [Member]
Valuation and Qualifying Accounts Disclosure [Line Items]
Allowance for doubtful accounts	$ 580,000	$ 591,000	$ 552,000	$ 472,000

Revenue from Contracts with Customers - Narrative (Detail)	3 Months Ended
	Aug. 01, 2021 USD ($) Segment	May 02, 2021 USD ($)	Aug. 02, 2020 USD ($)
Contract Assets and Liabilities [Line Items]
Number of operating segments \| Segment	2
Contract assets recognized \| $	$ 0	$ 0	$ 0
Minimum [Member]
Contract Assets and Liabilities [Line Items]
Contract with customers credit period	15 days
Maximum [Member]
Contract Assets and Liabilities [Line Items]
Contract with customers credit period	60 days

Revenue from Contracts with Customers - Summary of the activity associated with deferred revenue (Detail) - USD ($)
$ in Thousands

3 Months Ended

Aug. 01, 2021

Aug. 02, 2020

Revenue From Contract With Customer [Abstract]

Beginning balance

$ 540

^[1]

$ 502

Revenue recognized on contract liabilities

(611)

(593)

Payments received for services not yet rendered

765

776

Ending balance

$ 694

$ 685

[1]	Derived from audited financial statements.

Revenue from Contracts with Customers - Disaggregation of Revenue (Detail) - USD ($) $ in Thousands	3 Months Ended
	Aug. 01, 2021	Aug. 02, 2020
Disaggregation of Revenue [Line Items]
Total Net Sales	$ 83,047	$ 64,464
Transferred at Point in Time [Member] \| Product [Member]
Disaggregation of Revenue [Line Items]
Total Net Sales	81,348	62,164
Transferred over Time [Member] \| Services [Member]
Disaggregation of Revenue [Line Items]
Total Net Sales	1,699	2,300
Mattress Fabrics [Member]
Disaggregation of Revenue [Line Items]
Total Net Sales	43,058	36,103
Mattress Fabrics [Member] \| Transferred at Point in Time [Member] \| Product [Member]
Disaggregation of Revenue [Line Items]
Total Net Sales	43,058	36,103
Upholstery Fabrics [Member]
Disaggregation of Revenue [Line Items]
Total Net Sales	39,989	28,361
Upholstery Fabrics [Member] \| Transferred at Point in Time [Member] \| Product [Member]
Disaggregation of Revenue [Line Items]
Total Net Sales	38,290	26,061
Upholstery Fabrics [Member] \| Transferred over Time [Member] \| Services [Member]
Disaggregation of Revenue [Line Items]
Total Net Sales	$ 1,699	$ 2,300

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

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-Name Accounting Standards Codification
-Topic 280
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-Paragraph 30
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-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130545-203045

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 924
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-URI http://asc.fasb.org/extlink&oid=6472922&loc=d3e499488-122856

+ Details

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

Aug. 01, 2021

May 02, 2021

Aug. 02, 2020

Inventory Disclosure [Abstract]

Raw materials

$ 9,443

$ 7,742

Work-in-process

3,637

3,156

2,292

Finished goods

45,533

45,019

30,368

Inventories

$ 58,613

$ 55,917

^[1]

$ 40,402

[1]	Derived from audited financial statements.

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

Aug. 01, 2021

May 02, 2021

Aug. 02, 2020

May 03, 2020

Intangible Assets [Line Items]

Tradename

$ 540,000

Intangible assets

2,910,000

3,004,000

^[1]

3,286,000

Customer Relationships [Member]

Intangible Assets [Line Items]

Finite-lived intangible assets, net

1,862,000

1,937,000

2,162,000

$ 2,238,000

Non-Compete Agreement [Member]

Intangible Assets [Line Items]

Finite-lived intangible assets, net

$ 508,000

$ 527,000

$ 584,000

$ 602,000

[1]	Derived from audited financial statements.

Intangible Assets - Narrative (Detail) - USD ($)	3 Months Ended
Intangible Assets - Narrative (Detail) - USD ($)	Aug. 01, 2021	May 02, 2021	Aug. 02, 2020
Intangible Assets [Line Items]
Tradename	$ 540,000	$ 540,000	$ 540,000
Asset impairment charges	0
Gross carrying amount of customer relationships	3,100,000	3,100,000	3,100,000
Gross carrying amount of non-compete agreement	2,000,000.0	2,000,000.0	2,000,000.0
Customer Relationships [Member]
Intangible Assets [Line Items]
Accumulated amortization	1,300,000	1,200,000	953,000
Remaining amortization expense for the fiscal year	226,000
Remaining amortization expense for the first fiscal year	301,000
Remaining amortization expense for the second fiscal year	301,000
Remaining amortization expense for the third fiscal year	301,000
Remaining amortization expense for the fourth fiscal year	301,000
Remaining amortization expense for the fiscal year thereafter	$ 432,000
Weighted average remaining amortization period	6 years 4 months 24 days
Customer Relationships [Member] \| Minimum [Member]
Intangible Assets [Line Items]
Useful life	9 years
Customer Relationships [Member] \| Maximum [Member]
Intangible Assets [Line Items]
Useful life	17 years
Non-Compete Agreement [Member]
Intangible Assets [Line Items]
Useful life	15 years
Accumulated amortization	$ 1,600,000	$ 1,500,000	$ 1,500,000
Remaining amortization expense for the fiscal year	56,000
Remaining amortization expense for the first fiscal year	76,000
Remaining amortization expense for the second fiscal year	76,000
Remaining amortization expense for the third fiscal year	76,000
Remaining amortization expense for the fourth fiscal year	76,000
Remaining amortization expense for the fiscal year thereafter	$ 148,000
Weighted average remaining amortization period	6 years 9 months 18 days

Intangible Assets - Summary of Change in Carrying Amount of Finite-Lived Intangible Assets (Detail) - USD ($) $ in Thousands	3 Months Ended
	Aug. 01, 2021	Aug. 02, 2020
Customer Relationships [Member]
Finite Lived Intangible Assets [Line Items]
Beginning balance	$ 1,937	$ 2,238
Amortization expense	(75)	(76)
Ending balance	1,862	2,162
Non-Compete Agreement [Member]
Finite Lived Intangible Assets [Line Items]
Beginning balance	527	602
Amortization expense	(19)	(18)
Ending balance	$ 508	$ 584

Accrued Expenses - Summary of Accrued Expenses (Detail) - USD ($) $ in Thousands	Aug. 01, 2021	May 02, 2021	Aug. 02, 2020
Payables And Accruals [Abstract]
Compensation, commissions and related benefits	$ 5,006	$ 9,816	$ 4,549
Other accrued expenses	4,944	5,023	3,420
Accrued expenses	$ 9,950	$ 14,839	$ 7,969

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

Aug. 01, 2021

May 02, 2021

Aug. 02, 2020

Payables And Accruals [Abstract]

Accrued expenses

$ 9,950,000

$ 14,839,000

$ 7,969,000

Current accrued expenses

$ 9,950,000

$ 14,839,000

^[1]

7,852,000

Long-term accrued expenses

$ 117,000

[1]	Derived from audited financial statements.

Lines of Credit - Narrative (Detail)		3 Months Ended		12 Months Ended
Lines of Credit - Narrative (Detail)	Aug. 30, 2021 USD ($)	Aug. 01, 2021 USD ($)	Aug. 02, 2020 USD ($)	May 02, 2021 USD ($)	Aug. 01, 2021 CNY (¥)
Revolving Credit Facility [Member] \| United States [Member]
Line Of Credit Facility [Line Items]
Maximum borrowing capacity		$ 30,000,000
Expiration date		Aug. 15, 2022
Maximum amount of letters of credit		$ 1,000,000
Applicable interest rate at end of period		1.69%	1.75%	1.71%	1.69%
Interest rate description		Interest is charged at a rate calculated using a variable spread over LIBOR based on our ratio of debt to EBITDA.
Reference rate on which the interest rate is based		LIBOR
Percentage of common stock in subsidiary pledge as collateral		65.00%
Letters of credit, outstanding amount		$ 275,000	$ 250,000	$ 275,000
Outstanding amount		0	0	0
Interest paid during the year		0	60,000
Revolving Credit Facility [Member] \| United States [Member] \| Letters of Credit [Member]
Line Of Credit Facility [Line Items]
Remaining letters of credit		725,000
Revolving credit agreements [Member] \| China [Member] \| Chinese Yuan Renminbi [Member]
Line Of Credit Facility [Line Items]
Maximum borrowing capacity		$ 6,200,000			¥ 40,000,000
Expiration date		Dec. 01, 2021
Interest rate description		This agreement has an interest rate determined by the Chinese government at the time of borrowing
Outstanding amount		$ 0	0	0
Revolving credit agreements [Member] \| China [Member] \| United States Dollar [Member]
Line Of Credit Facility [Line Items]
Maximum borrowing capacity				$ 2,000,000
Expiration date				Jul. 07, 2021
Interest rate description		The interest rate regarding this agreement is determined by the Chinese government at the time of the borrowing.
Outstanding amount		$ 0	$ 0	$ 0
Revolving credit agreements [Member] \| China [Member] \| United States Dollar [Member] \| Subsequent Event [Member]
Line Of Credit Facility [Line Items]
Maximum borrowing capacity	$ 2,000,000.0
Expiration date	Aug. 30, 2022

Fair Value - Recurring Basis (Detail) - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Thousands	Aug. 01, 2021	May 02, 2021	Aug. 02, 2020
U.S. Government Money Market Fund [Member]
Assets:
Investments at fair value	$ 8,205
Premier Money Market Fund [Member]
Assets:
Investments at fair value		$ 7,879	$ 7,533
Bond Mutual Funds [Member]
Assets:
Investments at fair value	4,656	4,101	983
Inflation Protected Bond Mutual Funds [Member]
Assets:
Investments at fair value	2,979	722
Mortgage Securities Mutual Funds [Member]
Assets:
Investments at fair value	1,124	719
Large Cap Equity Mutual Funds [Member]
Assets:
Investments at fair value	708
Growth Allocation Mutual Funds [Member]
Assets:
Investments at fair value	419	339	246
U.S. Event Driven Equity Mutual Fund [Member]
Assets:
Investments at fair value	194
Moderate Allocation Mutual Fund [Member]
Assets:
Investments at fair value	91	86	71
Other [Member]
Assets:
Investments at fair value	163	111	66
Quoted prices in active markets for identical assets - Level 1 [Member] \| U.S. Government Money Market Fund [Member]
Assets:
Investments at fair value	8,205
Quoted prices in active markets for identical assets - Level 1 [Member] \| Premier Money Market Fund [Member]
Assets:
Investments at fair value		7,879	7,533
Quoted prices in active markets for identical assets - Level 1 [Member] \| Bond Mutual Funds [Member]
Assets:
Investments at fair value	4,656	4,101	983
Quoted prices in active markets for identical assets - Level 1 [Member] \| Inflation Protected Bond Mutual Funds [Member]
Assets:
Investments at fair value	2,979	722
Quoted prices in active markets for identical assets - Level 1 [Member] \| Mortgage Securities Mutual Funds [Member]
Assets:
Investments at fair value	1,124	719
Quoted prices in active markets for identical assets - Level 1 [Member] \| Large Cap Equity Mutual Funds [Member]
Assets:
Investments at fair value	708
Quoted prices in active markets for identical assets - Level 1 [Member] \| Growth Allocation Mutual Funds [Member]
Assets:
Investments at fair value	419	339	246
Quoted prices in active markets for identical assets - Level 1 [Member] \| U.S. Event Driven Equity Mutual Fund [Member]
Assets:
Investments at fair value	194
Quoted prices in active markets for identical assets - Level 1 [Member] \| Moderate Allocation Mutual Fund [Member]
Assets:
Investments at fair value	91	86	71
Quoted prices in active markets for identical assets - Level 1 [Member] \| Other [Member]
Assets:
Investments at fair value	$ 163	$ 111	$ 66

Fair Value - Narrative (Detail) - USD ($)

3 Months Ended

Aug. 01, 2021

May 02, 2021

Aug. 02, 2020

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

Short-term investments - available for sale

$ 9,700,000

$ 5,500,000

$ 983,000

Amortized cost of held-to-maturity investments

8,300,000

4,300,000

6,400,000

Fair value of held-to-maturity investments

8,300,000

4,300,000

6,500,000

Long-term investments (Rabbi Trust) - available for sale

$ 8,841,000

8,415,000

^[1]

7,916,000

Maximum [Member]

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

Investment remaining maturity period

4 years

Short-term Investments [Member]

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

Accumulated unrealized gain on investments

$ 143,000

24,000

6,000

Current Expected Credit Loses [Member]

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

Accumulated unrealized gain on investments

143,000

Allowance for credit losses related to short-term available for sale or held-to-maturity investments

Credit loss expense

Long-term Investments (Rabbi Trust) [Member]

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

Accumulated unrealized gain on investments

$ 151,000

$ 122,000

$ 53,000

[1]	Derived from audited financial statements.

Fair Value - Nonrecurring Basis (Detail) - Fair Value, Measurements, Nonrecurring [Member] - CIH [Member] $ in Thousands	May 02, 2021 USD ($)
Assets:
Right of use assets	$ 2,544
Equipment and leasehold improvements	846
Inventory	31
Significant Other Observable Inputs - Level 2 [Member]
Assets:
Right of use assets	2,544
Significant Unobservable Inputs - Level 3 [Member]
Assets:
Equipment and leasehold improvements	846
Inventory	$ 31

Net Income (Loss) Per Share - Schedule of Weighted Average Shares Used in the Computation of Basic and Diluted Net Income (Loss) Per Share (Detail) - shares shares in Thousands	3 Months Ended
	Aug. 01, 2021	Aug. 02, 2020
Earnings Per Share [Abstract]
Weighted average common shares outstanding, basic	12,313	12,287
Dilutive effect of stock-based compensation	102
Weighted average common shares outstanding, diluted	12,415	12,287

Net Income (Loss) Per Share - Narrative (Detail) - Common Stock Awards [Member]	3 Months Ended
	Aug. 02, 2020 shares
Antidilutive securities due to decrease in stock price excluded from computation of loss per share	27,153
Shares excluded from computation of diluted net loss per share	33,828
Shares excluded from computation of diluted net loss per share	6,675

Segment Information - Narrative (Detail)	3 Months Ended
Segment Information - Narrative (Detail)	Aug. 01, 2021 Segment
Segment Reporting [Abstract]
Number of operating segments	2
Description of changes in reporting intangible assets in segment assets	Intangible assets are not included in segment assets as these assets are not used by the Chief Operating Decision Maker to evaluate the respective segment’s operating performance, allocate resources to individual segments, or determine executive compensation.

Segment Information - Statement of Operations for Operating Segments (Detail) - USD ($) $ in Thousands	3 Months Ended
	Aug. 01, 2021	Aug. 02, 2020
Segment Reporting Information [Line Items]
net sales	$ 83,047	$ 64,464
gross profit	12,499	9,901
selling, general, and administrative expenses	9,181	8,018
income from operations	3,318	1,883
interest expense		(51)
interest income	74	58
other expense	(237)	(366)
income before income taxes	3,155	1,524
Mattress Fabrics [Member]
Segment Reporting Information [Line Items]
net sales	43,058	36,103
Upholstery Fabrics [Member]
Segment Reporting Information [Line Items]
net sales	39,989	28,361
Operating Segments [Member]
Segment Reporting Information [Line Items]
net sales	83,047	64,464
selling, general, and administrative expenses	9,181	8,018
Operating Segments [Member] \| Mattress Fabrics [Member]
Segment Reporting Information [Line Items]
net sales	43,058	36,103
gross profit	6,795	4,608
selling, general, and administrative expenses	3,184	2,763
income from operations	3,611	1,845
Operating Segments [Member] \| Upholstery Fabrics [Member]
Segment Reporting Information [Line Items]
net sales	39,989	28,361
gross profit	5,704	5,293
selling, general, and administrative expenses	3,437	3,180
income from operations	2,267	2,113
Unallocated Corporate [Member]
Segment Reporting Information [Line Items]
selling, general, and administrative expenses	2,560	2,075
income from operations	$ (2,560)	$ (2,075)

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

3 Months Ended

Aug. 01, 2021

Aug. 02, 2020

May 02, 2021

Segment Reporting Information [Line Items]

Accounts receivable

$ 35,008,000

$ 29,893,000

$ 37,726,000

^[1]

Inventory

58,613,000

40,402,000

55,917,000

^[1]

Cash and cash equivalents

26,061,000

39,986,000

37,009,000

^[1]

Short-term investments - available for sale

9,698,000

983,000

5,542,000

^[1]

Short-term investments - held-to-maturity

1,661,000

5,092,000

3,161,000

^[1]

Current income taxes receivable

524,000

782,000

Other current assets

3,889,000

3,547,000

3,852,000

^[1]

Deferred income taxes

455,000

593,000

545,000

^[1]

Property, plant and equipment

43,930,000

42,051,000

44,003,000

^[1]

Right of use assets

11,447,000

6,443,000

11,730,000

^[1]

Intangible assets

2,910,000

3,286,000

3,004,000

^[1]

Long-term investments - rabbi trust

8,841,000

7,916,000

8,415,000

^[1]

Long-term investments - held-to-maturity

6,629,000

1,314,000

1,141,000

^[1]

Other assets

2,582,000

540,000

2,035,000

^[1]

Investment in unconsolidated joint venture

1,759,000

Total assets

212,248,000

184,587,000

214,080,000

^[1]

Capital expenditures

^[2]

1,653,000

726,000

Depreciation expense

1,726,000

1,822,000

Operating Segments [Member]

Segment Reporting Information [Line Items]

Total assets

146,624,000

117,919,000

147,055,000

Depreciation expense

1,726,000

1,822,000

Operating Segments [Member] | Mattress Fabrics [Member]

Segment Reporting Information [Line Items]

Accounts receivable

18,016,000

15,585,000

20,427,000

Inventory

31,778,000

20,070,000

30,047,000

Property, plant and equipment

^[3]

40,881,000

39,597,000

41,264,000

Right of use assets

^[4]

4,058,000

832,000

4,278,000

Investment in unconsolidated joint venture

1,759,000

Total assets

94,733,000

77,843,000

96,016,000

Capital expenditures

^[2]

1,117,000

545,000

Depreciation expense

1,521,000

1,631,000

Operating Segments [Member] | Upholstery Fabrics [Member]

Segment Reporting Information [Line Items]

Accounts receivable

16,992,000

14,308,000

17,299,000

Inventory

26,835,000

20,332,000

25,870,000

Property, plant and equipment

^[5]

2,080,000

1,634,000

1,925,000

Right of use assets

^[6]

5,984,000

3,802,000

5,945,000

Total assets

51,891,000

40,076,000

51,039,000

Capital expenditures

^[2]

262,000

113,000

Depreciation expense

205,000

191,000

Unallocated Corporate [Member]

Segment Reporting Information [Line Items]

Cash and cash equivalents

26,061,000

39,986,000

37,009,000

Short-term investments - available for sale

9,698,000

983,000

5,542,000

Short-term investments - held-to-maturity

1,661,000

5,092,000

3,161,000

Current income taxes receivable

524,000

782,000

Other current assets

3,889,000

3,547,000

3,852,000

Deferred income taxes

455,000

593,000

545,000

Property, plant and equipment

^[7]

969,000

820,000

814,000

Right of use assets

^[8]

1,405,000

1,809,000

1,507,000

Intangible assets

2,910,000

3,286,000

3,004,000

Long-term investments - rabbi trust

8,841,000

7,916,000

8,415,000

Long-term investments - held-to-maturity

6,629,000

1,314,000

1,141,000

Other assets

2,582,000

540,000

2,035,000

Total assets

212,248,000

184,587,000

$ 214,080,000

Capital expenditures

^[2]

$ 274,000

$ 68,000

[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 $40.9 million as of August 1, 2021, represents property, plant, and equipment of $27.6 million, $12.4 million, and $875,000 located in the U.S., Canada, and Haiti, respectively. The $39.6 million as of August 2, 2020, represents property, plant, and equipment of $27.0 million and $12.6 million located in the U.S. and Canada, respectively. The $41.3 million as of May 2, 2021, represents property, plant, and equipment of $28.4 million, $12.0 million, and $855,000 located in the U.S., Canada, and Haiti, respectively.
[4]	The $4.1 million as of August 1, 2021, represents right of use assets of $2.3 million, $1.4 million, and $355,000 located in Haiti, the U.S., and Canada, respectively. The $832,000 as of August 2, 2020, represents right of use assets of $535,000 and $297,000 located in Canada and the U.S., respectively. The $4.3 million as of May 2, 2021, represents right of use assets of $2.4 million, $1.4 million, and $400,000 located in Haiti, the U.S., and Canada, respectively.
[5]	The $2.1 million as of August 1, 2021, represents property, plant, and equipment of $1.1 million, $830,000, and $130,000 located in the U.S., China, and Haiti, respectively. The $1.6 million as of August 2, 2020, represents property, plant, and equipment of $1.2 million and $456,000 located in the U.S. and China, respectively. The $1.9 million as of May 2, 2021, represents property, plant, and equipment of $1.1 million and $850,000 located in the U.S. and China, respectively.
[6]	The $6.0 million as of August 1, 2021, represents right of use assets of $4.6 million and $1.4 million located in China and the U.S., respectively. The $3.8 million as of August 2, 2020, represents right of use assets of $3.1 million and $710,000 located in China and the U.S., respectively. The $5.9 million as of May 2, 2021, represents right of use assets of $5.0 million and $952,000 located in China and the U.S., respectively.
[7]	The $969,000, $820,000, and $814,000 as of August 1, 2021, August 2, 2020, and May 2, 2021, respectively, represent property, plant, and equipment associated with unallocated corporate departments and corporate departments shared by our mattress fabrics and upholstery fabrics segments. Property, plant, and equipment associated with our corporate departments reside in the U.S.
[8]	The $1.4 million, $1.8 million, and $1.5 million as of August 1, 2021, August 2, 2020, and May 2, 2021, respectively, represent right of use assets located in the U.S.

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

Aug. 01, 2021

May 02, 2021

Aug. 02, 2020

Segment Reporting Information [Line Items]

property, plant, and equipment

$ 43,930,000

$ 44,003,000

^[1]

$ 42,051,000

Right of use assets

11,447,000

11,730,000

^[1]

6,443,000

Operating Segments [Member] | Mattress Fabrics [Member]

Segment Reporting Information [Line Items]

property, plant, and equipment

^[2]

40,881,000

41,264,000

39,597,000

Right of use assets

^[3]

4,058,000

4,278,000

832,000

Operating Segments [Member] | Upholstery Fabrics [Member]

Segment Reporting Information [Line Items]

property, plant, and equipment

^[4]

2,080,000

1,925,000

1,634,000

Right of use assets

^[5]

5,984,000

5,945,000

3,802,000

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

Segment Reporting Information [Line Items]

property, plant, and equipment

27,600,000

28,400,000

27,000,000.0

Right of use assets

1,400,000

297,000

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

Segment Reporting Information [Line Items]

property, plant, and equipment

1,100,000

1,200,000

Right of use assets

1,400,000

952,000

710,000

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

Segment Reporting Information [Line Items]

property, plant, and equipment

12,400,000

12,000,000.0

12,600,000

Right of use assets

355,000

400,000

535,000

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

Segment Reporting Information [Line Items]

property, plant, and equipment

875,000

855,000

Right of use assets

2,300,000

2,400,000

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

Segment Reporting Information [Line Items]

property, plant, and equipment

130,000

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

Segment Reporting Information [Line Items]

property, plant, and equipment

830,000

850,000

456,000

Right of use assets

4,600,000

5,000,000.0

3,100,000

Unallocated Corporate [Member]

Segment Reporting Information [Line Items]

property, plant, and equipment

^[6]

969,000

814,000

820,000

Right of use assets

^[7]

1,405,000

1,507,000

1,809,000

Unallocated Corporate [Member] | United States [Member]

Segment Reporting Information [Line Items]

property, plant, and equipment

969,000

814,000

820,000

Right of use assets

$ 1,400,000

$ 1,500,000

$ 1,800,000

[1]	Derived from audited financial statements.
[2]	The $40.9 million as of August 1, 2021, represents property, plant, and equipment of $27.6 million, $12.4 million, and $875,000 located in the U.S., Canada, and Haiti, respectively. The $39.6 million as of August 2, 2020, represents property, plant, and equipment of $27.0 million and $12.6 million located in the U.S. and Canada, respectively. The $41.3 million as of May 2, 2021, represents property, plant, and equipment of $28.4 million, $12.0 million, and $855,000 located in the U.S., Canada, and Haiti, respectively.
[3]	The $4.1 million as of August 1, 2021, represents right of use assets of $2.3 million, $1.4 million, and $355,000 located in Haiti, the U.S., and Canada, respectively. The $832,000 as of August 2, 2020, represents right of use assets of $535,000 and $297,000 located in Canada and the U.S., respectively. The $4.3 million as of May 2, 2021, represents right of use assets of $2.4 million, $1.4 million, and $400,000 located in Haiti, the U.S., and Canada, respectively.
[4]	The $2.1 million as of August 1, 2021, represents property, plant, and equipment of $1.1 million, $830,000, and $130,000 located in the U.S., China, and Haiti, respectively. The $1.6 million as of August 2, 2020, represents property, plant, and equipment of $1.2 million and $456,000 located in the U.S. and China, respectively. The $1.9 million as of May 2, 2021, represents property, plant, and equipment of $1.1 million and $850,000 located in the U.S. and China, respectively.
[5]	The $6.0 million as of August 1, 2021, represents right of use assets of $4.6 million and $1.4 million located in China and the U.S., respectively. The $3.8 million as of August 2, 2020, represents right of use assets of $3.1 million and $710,000 located in China and the U.S., respectively. The $5.9 million as of May 2, 2021, represents right of use assets of $5.0 million and $952,000 located in China and the U.S., respectively.
[6]	The $969,000, $820,000, and $814,000 as of August 1, 2021, August 2, 2020, and May 2, 2021, respectively, represent property, plant, and equipment associated with unallocated corporate departments and corporate departments shared by our mattress fabrics and upholstery fabrics segments. Property, plant, and equipment associated with our corporate departments reside in the U.S.
[7]	The $1.4 million, $1.8 million, and $1.5 million as of August 1, 2021, August 2, 2020, and May 2, 2021, respectively, represent right of use assets located in the U.S.

Income Taxes - Effective Income Tax Rate - Narrative (Detail) - USD ($)	3 Months Ended
	Aug. 01, 2021	Aug. 02, 2020
Income Tax Disclosure [Abstract]
Income taxes	$ 905,000	$ 4,324,000
Effective income tax rate	28.70%	283.70%

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Income Taxes - Differences Between Income Tax Expense from Continuing Operations at Federal Income Tax Rate and Effective Income Tax Rate (Detail)	3 Months Ended
	Aug. 01, 2021	Aug. 02, 2020
Income Tax Disclosure [Abstract]
U.S. federal income tax rate	21.00%	21.00%
U.S. valuation allowance	(3.90%)	474.40%
U.S. income tax law change		(232.50%)
Withholding taxes associated with foreign jurisdictions	6.20%	10.10%
Foreign income tax rate differential	1.60%	9.10%
Global Intangible Low Taxed Income Tax ("GILTI")	3.40%
Other	0.40%	1.60%
Effective income tax rate	28.70%	283.70%

Income Taxes - GILTI - Narrative (Detail) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Aug. 01, 2021	Aug. 02, 2020	May 02, 2021	May 03, 2020	Apr. 28, 2019
Income Taxes [Line Items]
U.S. Federal income tax rate	21.00%	21.00%
Effective income tax rate	28.70%	283.70%
GILTI [Member]
Income Taxes [Line Items]
Non-cash income tax benefit		$ 3.5		$ 3.5	$ 3.5
GILTI [Member] \| Canada [Member]
Income Taxes [Line Items]
Minimum effective income tax rate required to meet the high-tax exception provision	18.90%
GILTI [Member] \| Haiti [Member]
Income Taxes [Line Items]
Effective income tax rate	0.00%
Minimum effective income tax rate required to meet the high-tax exception provision	18.90%
GILTI [Member] \| Haiti [Member] \| Economic Zone [Member]
Income Taxes [Line Items]
Effective income tax rate	0.00%
Income tax rate exemption for available period	first fifteen years
Income tax rate exemption for remaining period	10 years
GILTI [Member] \| High Tax Exception [Member]
Income Taxes [Line Items]
Minimum percentage of high tax exception foreign effective income tax rate to current year earnings of us federal income tax rate	90.00%	90.00%	90.00%	90.00%	90.00%
U.S. Federal income tax rate	21.00%	21.00%	21.00%	21.00%	21.00%
Effective income tax rate	18.90%	18.90%	18.90%	18.90%	18.90%

Income Taxes - Valuation Allowance - Narrative (Detail) - USD ($)	3 Months Ended
	Aug. 01, 2021	Aug. 02, 2020
Income Taxes [Line Items]
Income tax charge	$ 905,000	$ 4,324,000
Valuation Allowance, Net Deferred Tax Assets [Member] \| GILTI [Member]
Income Taxes [Line Items]
Income tax charge		$ 7,000,000.0

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Income Taxes - Summary of Valuation Allowances Against Net Deferred Income Taxes (Detail) - USD ($) $ in Thousands	Aug. 01, 2021	May 02, 2021	Aug. 02, 2020
Valuation Allowance [Line Items]
Valuation allowance	$ 11,551	$ 11,674	$ 10,111
Capital Loss Carry Forwards and Credits [Member]
Valuation Allowance [Line Items]
Valuation allowance	2,330	2,330	2,281
U.S. Federal and State [Member] \| Deferred Income Tax Assets [Member]
Valuation Allowance [Line Items]
Valuation allowance	$ 9,221	$ 9,344	$ 7,830

Income Taxes - Undistributed Earnings - Narrative (Detail) - USD ($) $ in Millions	3 Months Ended
	Aug. 01, 2021	May 02, 2021	Aug. 02, 2020
Income Tax Disclosure [Abstract]
Dividends received deduction percentage for earnings and profits received from foreign corporation	100.00%
Dividends received deduction, foreign corporation ownership percentage	10.00%
Deferred tax liability, undistributed earnings from foreign subsidiaries	$ 3.2	$ 3.5	$ 3.6

Income Taxes - Uncertain Income Tax Positions - Narrative (Detail) - USD ($)	Aug. 01, 2021	May 02, 2021	Aug. 02, 2020
Income Taxes [Line Items]
Unrecognized tax benefits	$ 1,400,000	$ 1,400,000	$ 1,400,000
Unrecognized tax benefits that would favorably impact effective income tax rate if recognized	1,100,000	1,100,000	1,100,000
Non-current Deferred Income Taxes [Member]
Income Taxes [Line Items]
Unrecognized tax benefits	380,000	380,000	380,000
Income Taxes Payable - Long-Term [Member]
Income Taxes [Line Items]
Unrecognized tax benefits	$ 1,100,000	$ 1,100,000	$ 1,100,000

Income Taxes - Summary of Taxes Paid (Refunded) (Detail) - USD ($) $ in Thousands	3 Months Ended
	Aug. 01, 2021	Aug. 02, 2020
Income Taxes [Line Items]
United States Federal - Alternative Minimum Tax (AMT) credit refunds		$ 1,500
Total income tax payments, net	$ 1,688	9
Domestic Tax Authority [Member] \| United States [Member]
Income Taxes [Line Items]
United States Federal - Alternative Minimum Tax (AMT) credit refunds		(745)
Foreign Tax Authority [Member] \| China [Member]
Income Taxes [Line Items]
Total income tax payments, net	1,408	349
Foreign Tax Authority [Member] \| Canada [Member]
Income Taxes [Line Items]
Total income tax payments, net	$ 280	$ 405

Income Taxes - Summary of Taxes Paid (Refunded) (Parenthetical) (Detail) - USD ($)	1 Months Ended	3 Months Ended
	May 31, 2020	Nov. 01, 2020	Aug. 02, 2020
Income Tax Disclosure [Abstract]
United States Federal - Alternative Minimum Tax (AMT) credit refunds			$ 1,500,000
Percentage of received alternative minimum tax		50.00%	50.00%
Percentage of AMT credits refundable under CARES Act			100.00%
Percentage of remaining refundable AMT credit carryforward	50.00%
AMT credit carryforward remaining refundable balance amount received		$ 764,000

Stock-Based Compensation - Narrative (Detail) - USD ($)			3 Months Ended
Stock-Based Compensation - Narrative (Detail) - USD ($)	Jul. 01, 2021	Jul. 01, 2020	Aug. 01, 2021	Aug. 02, 2020	Sep. 16, 2015
Performance-Based Restricted Stock Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value of units expected to vest			$ 1,100,000
Remaining unrecognized compensation cost			$ 1,100,000
Weighted average period over which unrecognized compensation cost is expected to be recognized			2 years 9 months 18 days
Performance-Based Restricted Stock Units [Member] \| Selling, General and Administrative Expenses [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense			$ 20,000	$ (11,000)
Time-Based Restricted Stock Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value of units expected to vest			3,200,000
Remaining unrecognized compensation cost			$ 1,800,000
Weighted average period over which unrecognized compensation cost is expected to be recognized			1 year 3 months 18 days
Time-Based Restricted Stock Units [Member] \| Selling, General and Administrative Expenses [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense			$ 184,000	67,000
Common Stock Awards [Member] \| Outside Directors [Member] \| Immediate Vesting [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares/units granted	4,312	7,000
Price Per Share	$ 16.24	$ 10.00
Common Stock Awards [Member] \| Selling, General and Administrative Expenses [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense			$ 70,000	$ 70,000
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			474,575

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

Jul. 22, 2021

Jul. 18, 2019

Senior Executives [Member]

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

Performance-Based Restricted Stock Units Awarded

^[1],[2]

122,477

93,653

Restricted Stock Units Expected to Vest

^[2],[3]

61,237

5,749

Price Per Share

^[2]

$ 14.75

^[4]

$ 19.04

^[5]

Vesting Period

^[2]

3 years

Key Employees [Member]

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

Performance-Based Restricted Stock Units Awarded

^[1],[6]

21,900

29,227

Restricted Stock Units Expected to Vest

^[3],[6]

10,950

3,442

Price Per Share

^[4],[6]

$ 14.75

$ 18.49

Vesting Period

^[6]

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 senior executives.
[3]	Compensation cost is based on an assessment each reporting period to determine the probability of whether or not certain performance goals will be met and how many shares are expected to be earned as of the end of the vesting period. These amounts represent the number of shares that were expected to vest as of August 1, 2021.
[4]	Price per share represents the closing price of our common stock on the date of grant.
[5]	Price per share represents the fair market value per share ($1.03 per $1, or an increase of $0.55 to the closing price of our common stock on the date of grant) determined using the Monte Carlo simulation model for the market-based total shareholder return component and the closing price of our common stock ($18.49) for the performance-based component of the performance-based restricted stock units granted to senior executives on July 18, 2019.
[6]	Performance-based restricted stock units awarded to key employees.

Stock-Based Compensation - Summary of Grants of Performance-Based Restricted Stock Units Associated with Senior Executives and Key Employees (Parenthetical) (Detail) - Performance-Based Restricted Stock Units [Member] - Senior Executives [Member]	Jul. 18, 2019 $ / shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value adjustment to closing price of common stock, percentage	1.03%
Fair value adjustment to closing price of common stock, per share	$ 0.55
Closing price of common stock	$ 18.49

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

3 Months Ended

Aug. 01, 2021

Aug. 02, 2020

Senior Executives [Member]

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

Performance-Based Restricted Stock Units Vested

^[1]

6,734

3,277

Fair Value

^[1],[2]

$ 115

$ 33

Price Per Share

^[1],[3]

$ 17.14

$ 9.96

Key Employees [Member]

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

Performance-Based Restricted Stock Units Vested

^[4]

5,812

3,710

Fair Value

^[2],[4]

$ 100

$ 37

Price Per Share

^[3],[4]

$ 17.14

$ 9.96

[1]	Performance-based restricted stock units vested by senior executives.
[2]	Dollar amounts are in thousands.
[3]	Price per share is derived from the closing price of our common stock on the date the respective performance-based restricted stock units vested.
[4]	Performance-based restricted stock units vested by key employees.

Stock-Based Compensation - Summary of Grants of Time-Based Restricted Stock Unit Awards Associated with Key Member of Management (Detail) - Time-Based Restricted Stock Units [Member] - Senior Executives and Management [Member] - $ / shares

Jul. 22, 2021

Aug. 06, 2020

Jul. 18, 2019

Aug. 02, 2018

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

Time-Based Restricted Stock Units Awarded

38,289

129,896

34,399

10,000

Price Per Share

^[1]

$ 14.75

$ 11.01

$ 18.49

$ 24.35

Vesting Period

3 years

5 years

[1]	Price per share represents closing price of common stock on the date the respective award was granted.

Leases - Narrative (Detail)					1 Months Ended		3 Months Ended
Leases - Narrative (Detail)	Oct. 30, 2021 USD ($)	Aug. 30, 2021 USD ($)	May 07, 2021 USD ($) ft²	Apr. 09, 2021 USD ($) ft²	Jul. 31, 2021 USD ($)	Apr. 30, 2021 USD ($)	Aug. 01, 2021 USD ($)	Aug. 02, 2020 USD ($)
Lessee, Operating Lease, Option to Extend							renewal options for additional periods ranging up to twelve years
Operating lease expenses							$ 876,000	$ 658,000
Operating lease liability payments							$ 717,000	$ 445,000
Upholstery Fabrics [Member]
Lessee, Operating Lease, Option to Extend							The initial non-cancelable term of the lease can be subsequently renewed and extended for successive eight-year
Area of facility \| ft²				90,000
Lease term				8 years
Operating lease liability payments				$ 2,800,000
Lease renewal term				8 years
High Point ,NC [Member]
Lessee, Operating Lease, Option to Extend							The initial non-cancelable term of the lease can be subsequently renewed and extended up to four additional periods of three years
Area of facility \| ft²			21,000
Lease term			10 years
Operating lease liability payments			$ 2,200,000
Lease renewal term			3 years
Commitment for construction of leasehold improvements							$ 865,000
Other Assets [Member] \| Upholstery Fabrics [Member]
Operating lease liability payments					$ 558,000	$ 1,400,000	$ 2,000,000.0
Subsequent Event [Member] \| Upholstery Fabrics [Member]
Operating lease liability payments		$ 418,500
Forecast [Member] \| Upholstery Fabrics [Member]
Operating lease liability payments	$ 418,500
Minimum [Member]
Operating Lease Remaining Lease Terms							1 year
Maximum [Member]
Operating Lease Remaining Lease Terms							10 years

Leases - Lessee Operating Lease Right of Use Assets and Liabilities (Detail) - USD ($)
$ in Thousands

Aug. 01, 2021

May 02, 2021

^[1]

Aug. 02, 2020

Assets And Liabilities Lessee [Abstract]

Right of use assets

$ 11,447

$ 11,730

$ 6,443

Operating lease liability - current

2,727

2,736

2,387

Operating lease liability – noncurrent

$ 6,665

$ 6,821

$ 4,214

[1]	Derived from audited financial statements.

Leases - Operating Leases of Lessee Disclosure (Details) - USD ($) $ in Thousands	3 Months Ended
	Aug. 01, 2021	Aug. 02, 2020
Lessee Disclosure [Abstract]
Operating lease liability payments	$ 717	$ 445
Right of use assets exchanged for lease liabilities	$ 547	$ 3,154

Leases - Lessee Operating Lease Liability Maturity (Details) $ in Thousands	Aug. 01, 2021 USD ($)
Lessee Disclosure [Abstract]
2022	$ 2,098
2023	2,760
2024	2,458
2025	1,525
2026	272
Thereafter	617
Total	9,730
Less: interest	(338)
Present value of lease liabilities	$ 9,392

Leases - Weighted Average Lease Term and Discount Rate (Detail)	Aug. 01, 2021
Lessee Disclosure [Abstract]
Weighted average lease term	3 years 10 months 24 days
Weighted average discount rate	1.95%

Commitments, Contingencies, and Guarantees - Narrative (Detail) - USD ($)

3 Months Ended

Aug. 01, 2021

Aug. 02, 2020

May 02, 2021

^[1]

Commitments and Contingencies Disclosure [Line Items]

Accounts payable for capital expenditures

$ 48,000

$ 333,000

$ 348,000

Payment received from royalty agreement

14,000

17,000

Operating lease liability payments

717,000

445,000

eLuxury [Member]

Commitments and Contingencies Disclosure [Line Items]

$ 43,000

$ 244,000

Unpaid Lease Payments Guarantees Percentage

70.00%

Lease agreement expiry date

2024-09

Operating lease liability payments

$ 18,865

Mattress Fabrics [Member] | Capital Addition Purchase Commitments [Member]

Commitments and Contingencies Disclosure [Line Items]

Open purchase commitments for equipment

$ 1,200,000

[1]	Derived from audited financial statements.

Statutory Reserves - Narrative (Detail) - Subisidiary [Member] - China [Member] $ in Millions	3 Months Ended
	Aug. 01, 2021 USD ($)
Statutory Reserves [Line Items]
Percentage of net income required to be transferred to a statutory surplus reserve fund	10.00%
Maximum required percentage of statutory surplus reserve fund to registered capital	50.00%
Percentage of statutory surplus reserve fund to registered capital	50.00%
Statutory surplus reserve fund balance	$ 4.5
Minimum threshold percentage for statutory surplus reserve fund as percentage of registered capital, below which certain capital transactions are prohibited	25.00%

Common Stock Repurchase Program (Detail) - USD ($)	3 Months Ended
Common Stock Repurchase Program (Detail) - USD ($)	Aug. 01, 2021	Aug. 02, 2020	Mar. 31, 2020
Stockholders Equity Note [Line Items]
Cost of common stock repurchase	$ 723,000
Common Stock [Member]
Stockholders Equity Note [Line Items]
Common stock repurchased	48,686	0
Cost of common stock repurchase	$ 2,000
Remaining authorized repurchase amount	$ 4,300,000
Stock Repurchase Program March 2020 [Member] \| Common Stock [Member]
Stockholders Equity Note [Line Items]
Authorization amount for repurchase of common stock			$ 5,000,000.0

Dividend Program - Narrative (Detail) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended
	Sep. 01, 2021	Aug. 01, 2021	Aug. 02, 2020
Dividends [Line Items]
Cash dividends paid		$ 1,356	$ 1,291
Quarterly Dividend [Member]
Dividends [Line Items]
Cash dividends paid		$ 1,400	$ 1,300
Cash dividend payment, per share		$ 0.11	$ 0.105
Subsequent Event [Member] \| Quarterly Dividend [Member]
Dividends [Line Items]
Cash dividend declared, per share	$ 0.11
Date of payment to shareholders entitled to dividends	Oct. 18, 2021
Date of record of shareholders entitled to dividends	Oct. 11, 2021