0001564590-22-009749 | 10-Q | XBRL Viewer

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CONSOLIDATED STATEMENTS OF NET INCOME (LOSS) - USD ($) shares in Thousands	3 Months Ended		9 Months Ended
	Jan. 30, 2022	Jan. 31, 2021	Jan. 30, 2022	Jan. 31, 2021
Income Statement [Abstract]
Net sales	$ 80,291,000	$ 79,341,000	$ 237,899,000	$ 220,656,000
Cost of sales	(71,181,000)	(65,469,000)	(205,563,000)	(182,621,000)
Gross profit	9,110,000	13,872,000	32,336,000	38,035,000
Selling, general and administrative expenses	(8,007,000)	(9,835,000)	(26,275,000)	(27,597,000)
Income from operations	1,103,000	4,037,000	6,061,000	10,438,000
Interest expense				(51,000)
Interest income	214,000	90,000	347,000	208,000
Other expense	(322,000)	(1,010,000)	(963,000)	(2,057,000)
Income before income taxes	995,000	3,117,000	5,445,000	8,538,000
Income tax expense	(1,284,000)	(899,000)	(2,633,000)	(6,836,000)
(Loss) income from investment in unconsolidated joint venture		(136,000)		31,000
Net (loss) income	$ (289,000)	$ 2,082,000	$ 2,812,000	$ 1,733,000
Net (loss) income per share - basic	$ (0.02)	$ 0.17	$ 0.23	$ 0.14
Net (loss) income per share - diluted	$ (0.02)	$ 0.17	$ 0.23	$ 0.14
Average shares outstanding, basic	12,212	12,305	12,249	12,297
Average shares outstanding, diluted	12,212	12,369	12,341	12,299

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jan. 30, 2022	Jan. 31, 2021	Jan. 30, 2022	Jan. 31, 2021
Consolidated Statements of Comprehensive Income (Loss)
Net (loss) income	$ (289)	$ 2,082	$ 2,812	$ 1,733
Unrealized holding (loss) gain on investments, net of tax	(229)	91	(86)	121
Reclassification adjustment for realized loss on sale of investments	32		28	6
Comprehensive (loss) income	$ (486)	$ 2,173	$ 2,754	$ 1,860

- 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 ($)

Jan. 30, 2022

May 02, 2021

^[1]

Jan. 31, 2021

Current assets:

Cash and cash equivalents

$ 11,780,000

$ 37,009,000

$ 35,987,000

Short-term investments - held-to-maturity

1,315,000

3,161,000

9,785,000

Short-term investments - available for sale

438,000

5,542,000

5,548,000

Accounts receivable, net

38,998,000

37,726,000

36,397,000

Inventories

73,133,000

55,917,000

57,794,000

Current income taxes receivable

367,000

Other current assets

4,419,000

3,852,000

3,116,000

Total current assets

130,450,000

143,207,000

148,627,000

Property, plant and equipment, net

42,778,000

44,003,000

42,385,000

Right of use assets

16,595,000

11,730,000

6,206,000

Intangible assets

2,722,000

3,004,000

3,098,000

Long-term investments - rabbi trust

9,223,000

8,415,000

8,232,000

Long-term investments - held-to-maturity

8,677,000

1,141,000

512,000

Deferred income taxes

500,000

545,000

640,000

Investment in unconsolidated joint venture

1,723,000

Other assets

622,000

2,035,000

555,000

Total assets

211,567,000

214,080,000

211,978,000

Current liabilities:

Accounts payable - trade

46,690,000

42,540,000

44,946,000

Accounts payable - capital expenditures

33,000

348,000

240,000

Operating lease liability - current

3,295,000

2,736,000

2,273,000

Deferred revenue

518,000

540,000

228,000

Accrued expenses

8,446,000

14,839,000

13,574,000

Income taxes payable - current

240,000

229,000

1,129,000

Total current liabilities

59,222,000

61,232,000

62,390,000

Operating lease liability - long-term

7,848,000

6,821,000

4,179,000

Income taxes payable - long-term

3,099,000

3,326,000

3,325,000

Deferred income taxes

5,484,000

5,330,000

5,543,000

Deferred compensation

9,180,000

8,365,000

8,179,000

Total liabilities

84,833,000

85,074,000

83,616,000

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 12,218,067 at January 30, 2022; 12,308,357 at January 31, 2021; and 12,312,822 at May 2, 2021

611,000

616,000

615,000

Capital contributed in excess of par value

42,890,000

43,807,000

43,323,000

Accumulated earnings

83,145,000

84,437,000

84,307,000

Accumulated other comprehensive income

88,000

146,000

117,000

Total shareholders' equity

126,734,000

129,006,000

128,362,000

Total liabilities and shareholders' equity

$ 211,567,000

$ 214,080,000

$ 211,978,000

[1]	Derived from audited financial statements.

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Jan. 30, 2022	May 02, 2021	Jan. 31, 2021
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	12,218,067	12,312,822	12,308,357
Common stock, outstanding	12,218,067	12,312,822	12,308,357

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	9 Months Ended
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	Jan. 30, 2022	Jan. 31, 2021
Cash flows from operating activities:
Net income	$ 2,812,000	$ 1,733,000
Adjustments to reconcile net income to net cash (used in) provided by operating activities:
Depreciation	5,203,000	5,203,000
Amortization	417,000	350,000
Stock-based compensation	880,000	766,000
Deferred income taxes	199,000	3,878,000
Realized loss from the sale of short-term investments (Available for Sale)	28,000	6,000
Income from investment in unconsolidated joint venture		(31,000)
Foreign currency exchange loss	240,000	1,554,000
Changes in assets and liabilities:
Accounts receivable	(1,228,000)	(10,951,000)
Inventories	(17,046,000)	(9,067,000)
Other current assets	(571,000)	(709,000)
Other assets	(1,404,000)	(57,000)
Accounts payable – trade	3,865,000	19,615,000
Deferred revenue	(22,000)	(274,000)
Accrued expenses and deferred compensation	(5,130,000)	7,920,000
Income taxes	(612,000)	1,715,000
Net cash (used in) provided by operating activities	(12,369,000)	21,651,000
Cash flows from investing activities:
Capital expenditures	(5,288,000)	(4,320,000)
Proceeds from the sale of equipment		12,000
Investment in unconsolidated joint venture		(90,000)
Proceeds from the maturity of short-term investments (Held to Maturity)	3,953,000	3,450,000
Purchase of short-term and long-term investments (Held to Maturity)	(9,751,000)	(7,440,000)
Purchase of short-term investments (Available for Sale)	(4,392,000)	(5,036,000)
Proceeds from the sale of short-term investments (Available for Sale)	9,442,000	455,000
Proceeds from the sale of long-term investments (rabbi trust)	33,000	117,000
Purchase of long-term investments (rabbi trust)	(873,000)	(438,000)
Net cash used in investing activities	(6,876,000)	(13,290,000)
Cash flows from financing activities:
Payments associated with lines of credit	(3,000,000)	(30,772,000)
Proceeds associated with line of credit	3,000,000
Payment associated with Paycheck Protection Program Loan		(7,606,000)
Dividends paid	(4,104,000)	(3,937,000)
Common stock repurchased	(1,752,000)
Common stock surrendered for payment of withholding taxes payable	(50,000)	(25,000)
Payments of debt issuance costs	(110,000)	(15,000)
Net cash used in financing activities	(6,016,000)	(42,355,000)
Effect of exchange rate changes on cash and cash equivalents	32,000	191,000
Decrease in cash and cash equivalents	(25,229,000)	(33,803,000)
Cash and cash equivalents at beginning of period	37,009,000	69,790,000
Cash and cash equivalents at end of period	$ 11,780,000	$ 35,987,000

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

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

$ 615

$ 42,582

$ 86,511

$ (10)

Balance (in shares) at May. 03, 2020

^[1]

12,284,946

Net income (loss)

(2,733)

Stock-based compensation

126

Unrealized gain (loss) on investments

Immediately vested common stock award, (in shares)

7,000

Dividends paid

(1,291)

Balance at Aug. 02, 2020

125,869

$ 615

42,708

82,487

Balance (in shares) at Aug. 02, 2020

12,291,946

Balance at May. 03, 2020

^[1]

129,698

$ 615

42,582

86,511

(10)

Balance (in shares) at May. 03, 2020

^[1]

12,284,946

Net income (loss)

1,733

Common stock repurchased (in shares)

Balance at Jan. 31, 2021

128,362

$ 615

43,323

84,307

117

Balance (in shares) at Jan. 31, 2021

12,308,357

Balance at Aug. 02, 2020

125,869

$ 615

42,708

82,487

Balance (in shares) at Aug. 02, 2020

12,291,946

Net income (loss)

2,384

Stock-based compensation

348

Unrealized gain (loss) on investments

(33)

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

8,019

Common stock surrendered for payment of withholding taxes payable

(25)

Common stock surrendered for payment of withholding taxes payable (in shares)

(2,135)

Immediately vested common stock award, (in shares)

5,193

Dividends paid

(1,292)

Balance at Nov. 01, 2020

127,251

$ 615

43,031

83,579

Balance (in shares) at Nov. 01, 2020

12,303,023

Net income (loss)

2,082

Stock-based compensation

292

Unrealized gain (loss) on investments

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

824

Common stock surrendered for payment of withholding taxes payable (in shares)

(52)

Immediately vested common stock award, (in shares)

4,562

Dividends paid

(1,354)

Balance at Jan. 31, 2021

128,362

$ 615

43,323

84,307

117

Balance (in shares) at Jan. 31, 2021

12,308,357

Balance at May. 02, 2021

^[1]

129,006

$ 616

43,807

84,437

146

Balance (in shares) at May. 02, 2021

^[1]

12,312,822

Net income (loss)

2,250

Stock-based compensation

274

Unrealized gain (loss) on investments

148

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

10,863

Common stock surrendered for payment of withholding taxes payable

(50)

Common stock surrendered for payment of withholding taxes payable (in shares)

(3,025)

Immediately vested common stock award, (in shares)

4,312

Common stock repurchased

(723)

$ (2)

(721)

Common stock repurchased (in shares)

(48,686)

Dividends paid

(1,356)

Balance at Aug. 01, 2021

129,549

$ 614

43,310

85,331

294

Balance (in shares) at Aug. 01, 2021

12,276,286

Balance at May. 02, 2021

^[1]

129,006

$ 616

43,807

84,437

146

Balance (in shares) at May. 02, 2021

^[1]

12,312,822

Net income (loss)

2,812

Common stock repurchased (in shares)

(121,688)

Balance at Jan. 30, 2022

126,734

$ 611

42,890

83,145

Balance (in shares) at Jan. 30, 2022

12,218,067

Balance at Aug. 01, 2021

129,549

$ 614

43,310

85,331

294

Balance (in shares) at Aug. 01, 2021

12,276,286

Net income (loss)

851

Stock-based compensation

435

Unrealized gain (loss) on investments

(9)

Immediately vested common stock award, (in shares)

6,426

Common stock repurchased

(1,029)

$ (3)

(1,026)

Common stock repurchased (in shares)

(73,002)

Dividends paid

(1,343)

Balance at Oct. 31, 2021

128,454

$ 611

42,719

84,839

285

Balance (in shares) at Oct. 31, 2021

12,209,710

Net income (loss)

(289)

Stock-based compensation

171

Unrealized gain (loss) on investments

(197)

Immediately vested common stock award, (in shares)

8,357

Dividends paid

(1,405)

Balance at Jan. 30, 2022

$ 126,734

$ 611

$ 42,890

$ 83,145

$ 88

Balance (in shares) at Jan. 30, 2022

12,218,067

[1]	Derived from audited financial statements.

Basis of Presentation

9 Months Ended

Jan. 30, 2022

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 nine-month periods ended January 30, 2022, and January 31, 2021, each represent 39-week periods.

Significant Accounting Policies

9 Months Ended

Jan. 30, 2022

Accounting Policies [Abstract]

Significant Accounting Policies

2. Significant Accounting Policies

As of January 30, 2022, 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 of 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

9 Months Ended

Jan. 30, 2022

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. Due to 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 are 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 supply and rebate agreements 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 three-month and nine-month periods ending January 30, 2022, shipments pursuant to the supply agreement were $374,000 and $1.2 million, respectively. Pursuant to the rebate agreement, charges of $16,000 and $53,000 were included in net sales in the Consolidated Statements of Net Income (Loss) for the three-month and nine-month periods ended January 30, 2022.

Pro Forma Financial Information

The following unaudited pro forma consolidated results of operations for the three-month and nine-month periods ending January 30, 2022, and January 31, 2021, have been prepared as if this acquisition had occurred on May 4, 2020.

				Three Months Ended
(dollars in thousands, except per share data)	January 30, 2022				January 31, 2021
Net Sales	$	80,291			$	79,786
Income from operations		1,103				3,766
Net (loss) income		(289	)			1,947
Net (loss) income per share - basic	$	(0.02	)		$	0.16
Net (loss) income per share - diluted	$	(0.02	)		$	0.16

			Nine Months Ended
(dollars in thousands, except per share data)	January 30, 2022			January 31, 2021
Net Sales	$	237,899		$	221,931
Income from operations		6,061			10,500
Net income		2,812			1,764
Net income per share - basic	$	0.23		$	0.14
Net income per share - diluted	$	0.23		$	0.14

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. Our 50% proportionate share of the net income of the unconsolidated joint venture was $31,000 for the nine-month period ending January 31, 2021.

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

(dollars in thousands)	January 31, 2021
total assets	$	3,652
total liabilities	$	205
total members’ equity	$	3,447

As of January 31, 2021, our investment in unconsolidated joint venture totaled $1.7 million, which represented our 50% ownership interest in our investment in CIH.

Allowance for Doubtful Accounts

9 Months Ended

Jan. 30, 2022

Receivables [Abstract]

Allowance for Doubtful Accounts

4. Allowance for Doubtful Accounts

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

	Nine Months Ended
(dollars in thousands)	January 30, 2022			January 31, 2021
Beginning balance	$	591		$	472
Provision for bad debts		86			163
Write-offs, net of recoveries		(34	)	$	—
Ending balance	$	643		$	635

During the nine-month periods ended January 30, 2022, and January 31, 2021, 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. 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 $643,000 and $635,000 as of January 30, 2022, and January 31, 2021, respectively.

Revenue from Contracts with Customers

9 Months Ended

Jan. 30, 2022

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 range from 15-60 days. Our customary terms are common within the industries in which we operate and are not considered financing arrangements. There were no contract assets recognized as of January 30, 2022, January 31, 2021, and May 2, 2021.

A summary of the activity associated with deferred revenue follows:

	Nine months ended
(dollars in thousands)	January 30, 2022			January 31, 2021
Beginning balance	$	540		$	502
Revenue recognized on contract liabilities		(2,276	)		(1,893	)
Payments received for services not yet rendered		2,254			1,619
Ending balance	$	518		$	228

Disaggregation of Revenue

The following table presents our disaggregated revenue by segment, timing of revenue recognition, and product sales versus services rendered for the three-month period ending January 30, 2022:

	Mattress		Upholstery
(dollars in thousands)	Fabrics		Fabrics		Total
Products transferred at a point in time	$	38,439	$	39,400	$	77,839
Services transferred over time		—		2,452		2,452
Total Net Sales	$	38,439	$	41,852	$	80,291

The following table presents our disaggregated revenue by segment, timing of revenue recognition, and product sales versus services rendered for the nine-month period ending January 30, 2022:

	Mattress		Upholstery
(dollars in thousands)	Fabrics		Fabrics		Total
Products transferred at a point in time	$	122,380	$	109,105	$	231,485
Services transferred over time		—		6,414		6,414
Total Net Sales	$	122,380	$	115,519	$	237,899

The following table presents our disaggregated revenue by segment, timing of revenue recognition, and product sales versus services rendered for the three-month period ending January 31, 2021:

	Mattress		Upholstery
(dollars in thousands)	Fabrics		Fabrics		Total
Products transferred at a point in time	$	38,600	$	38,762	$	77,362
Services transferred over time		—		1,979		1,979
Total Net Sales	$	38,600	$	40,741	$	79,341

The following table presents our disaggregated revenue by segment, timing of revenue recognition, and product sales versus services rendered for the nine-month period ending January 31, 2021:

	Mattress		Upholstery
(dollars in thousands)	Fabrics		Fabrics		Total
Products transferred at a point in time	$	114,733	$	99,489	$	214,222
Services transferred over time		—		6,434		6,434
Total Net Sales	$	114,733	$	105,923	$	220,656

- 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

9 Months Ended

Jan. 30, 2022

Inventory Disclosure [Abstract]

Inventories

6. Inventories

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

A summary of inventories follows:

(dollars in thousands)	January 30, 2022		January 31, 2021		May 2, 2021
Raw materials	$	12,964	$	7,942	$	7,742
Work-in-process		4,679		2,701		3,156
Finished goods		55,490		47,151		45,019
	$	73,133	$	57,794	$	55,917

Intangible Assets

9 Months Ended

Jan. 30, 2022

Goodwill And Intangible Assets Disclosure [Abstract]

Intangible Assets

7. Intangible Assets

A summary of intangible assets follows:

(dollars in thousands)	January 30, 2022		January 31, 2021		May 2, 2021
Tradename	$	540	$	540	$	540
Customer relationships, net		1,711		2,012		1,937
Non-compete agreement, net		471		546		527
	$	2,722	$	3,098	$	3,004

Tradename

Our tradename totaling $540,000 as of January 30, 2022, 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 January 30, 2022, no indicators of impairment existed and therefore, no asset impairment charges associated with Read’s tradename were recorded through the third quarter of fiscal 2022.

Customer Relationships

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

	Nine months ended
(dollars in thousands)	January 30, 2022			January 31, 2021
Beginning balance	$	1,937		$	2,238
Amortization expense		(226	)		(226	)
Ending balance	$	1,711		$	2,012

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 January 30, 2022, January 31, 2021, and May 2, 2021, respectively. Accumulated amortization for these customer relationships was $1.4 million, $1.1 million, and $1.2 million as of January 30, 2022, January 31, 2021, and May 2, 2021, respectively.

The remaining amortization expense for the next five fiscal years and thereafter follows: FY 2022 - $75,000; 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 5.9 as of January 30, 2022.

Non-Compete Agreement

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

	Nine months ended
(dollars in thousands)	January 30, 2022			January 31, 2021
Beginning balance	$	527		$	602
Amortization expense		(56	)		(56	)
Ending balance	$	471		$	546

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 January 30, 2022, January 31, 2021, and May 2, 2021, respectively. Accumulated amortization for our non-compete agreement was $1.5 million as of January 30, 2022, January 31, 2021, and May 2, 2021, respectively.

The remaining amortization expense for the next five years and thereafter follows: FY 2022 - $19,000; 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 6.3 years as of January 30, 2022.

Accrued Expenses

9 Months Ended

Jan. 30, 2022

Text Block [Abstract]

Accrued Expenses

8. Accrued Expenses

A summary of accrued expenses follows:

(dollars in thousands)	January 30, 2022		January 31, 2021		May 2, 2021
Compensation, commissions, and related benefits	$	3,426	$	8,363	$	9,816
Other accrued expenses		5,020		5,211		5,023
	$	8,446	$	13,574	$	14,839

Lines of Credit

9 Months Ended

Jan. 30, 2022

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 1.71%, 1.72%, and 1.71% as of January 30, 2022, January 31, 2021, 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).

There were $275,000 of outstanding letters of credit provided by the Credit Agreement as of January 30, 2022, January 31, 2021, and May 2, 2021, respectively. As of January 30, 2022, we had $725,000 remaining for the issuance of additional letters of credit.

There were no borrowings outstanding under the Credit Agreement as of January 30, 2022, January 31, 2021, 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 ($6.3 million USD as of January 30, 2022). This agreement has an interest rate determined by the Chinese government at the time of borrowing and was renewed during the third quarter to extend the expiration date to November 15, 2022.

There were no borrowings outstanding under this agreement as of January 30, 2022, January 31, 2021, and May 2, 2021, respectively.

Denominated in United States Dollar (“USD”)

We have 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 expires on 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 of January 30, 2022, January 31, 2021, and May 2, 2021, respectively.

Overall

Our loan agreements require, among other things, that we maintain compliance with certain financial covenants. As of January 30, 2022, we complied with our financial covenants.

No interest payments were made during the nine-month period ending January 30, 2022. Interest paid during the nine-month period ending January 31, 2021, was $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.

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+ Details

Fair Value

9 Months Ended

Jan. 30, 2022

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 a range of 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 January 30, 2022, 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

8,531

N/A

8,531

Growth Allocation Mutual Funds

444

N/A

444

Bond Mutual Funds

267

N/A

267

Moderate Allocation Mutual Fund

N/A

Large Cap Equity Mutual Funds

N/A

Other

259

N/A

259

Fair value measurements as of January 31, 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

7,771

N/A

7,771

Inflation Protected Bond Mutual Funds

2,893

N/A

2,893

Bond Mutual Funds

2,655

N/A

2,655

Growth Allocation Mutual Funds

299

N/A

299

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 several types of bond and equity mutual funds and had an accumulated unrealized loss totaling $2,000 as of January 30, 2022, and unrealized gains totaling $30,000 and $24,000 as of January 31, 2021, and May 2, 2021, respectively. Our short-term investments classified as available for sale were recorded at their fair values of $438,000, $5.5 million, and $5.5 million as of January 30, 2022, January 31, 2021, and May 2, 2021, respectively. As of January 30, 2022, January 31, 2021, 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 a weighted average remaining maturity of 2.3 years as of January 30, 2022. 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 end of the respective reporting period, and were recorded at amortized cost.

As of January 30, 2022, January 31, 2021, and May 2, 2021, our held-to-maturity investments recorded at amortized cost totaled $10.0 million, $10.3 million, and $4.3 million, respectively. The fair value of our held-to-maturity investments as of January 30, 2022, January 31, 2021, and May 2, 2021, totaled $9.8 million, $10.3 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 January 30, 2022, January 31, 2021, and May 2, 2021, we did not record an allowance for credit losses related to our short-term investments classified as 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 January 30, 2022, we reported an accumulated unrealized loss of $2,000 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 nine-month period ending January 30, 2022. In addition, we did not record any credit loss expense during the nine-month period ending January 31, 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 $9.2 million, $8.2 million, and $8.4 million as of January 30, 2022, January 31, 2021, and May 2, 2021, respectively. The long-term investments associated with our rabbi trust had an accumulated unrealized gain of $90,000, $87,000, and $122,000 as of January 30, 2022, January 31, 2021, 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

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 on February 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:

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 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

9 Months Ended

Jan. 30, 2022

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 reporting period. Diluted net income (loss) per share uses the weighted-average number of shares outstanding during the reporting 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)	January 30, 2022		January 31, 2021
Weighted average common shares outstanding, basic		12,212		12,305
Dilutive effect of stock-based compensation		—		64
Weighted average common shares outstanding, diluted		12,212		12,369

During the third quarter of fiscal 2022, 44,616 shares of unvested common stock were not included in the computation of diluted net loss per share, as their effect would be antidilutive due to the decrease in the price per share of our common stock during the reporting period compared with the price per share of our common stock as of the respective grant dates of the related stock-based compensation awards. In addition, during the third quarter of fiscal 2022, 79,507 shares of unvested common stock were not included in the computation as we incurred a net loss during the reporting period.

During the third quarter of fiscal 2021, all unvested shares of common stock were included in the computation of diluted net income per share.

	Nine months ended
(amounts in thousands)	January 30, 2022		January 31, 2021
Weighted average common shares outstanding, basic		12,249		12,297
Dilutive effect of stock-based compensation		92		2
Weighted average common shares outstanding, diluted		12,341		12,299

During the nine-month periods ended January 30, 2022 and January 31, 2021, 11,711 and 9,136 shares, respectively, of unvested common stock were not included in the computation of diluted net income per share, as their effect would be antidilutive due to the decrease in the price per share of our common stock during the reporting period compared with the price per share of our common stock as of the respective grant dates of the related stock-based compensation awards.

Segment Information

9 Months Ended

Jan. 30, 2022

Segment Reporting [Abstract]

Segment Information

12. Segment Information

Overall

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, 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 and other items that are not expected to occur on a regular basis. 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, amortization of intangible assets, 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 January 31, 2021 (see note 3 to the consolidated financial statements for further details). 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
	January 30, 2022			January 31, 2021
net sales by segment:
mattress fabrics	$	38,439		$	38,600
upholstery fabrics		41,852			40,741
net sales	$	80,291		$	79,341
gross profit:
mattress fabrics	$	3,164		$	6,458
upholstery fabrics		5,946			7,414
gross profit	$	9,110		$	13,872
selling, general, and administrative expenses by segment:
mattress fabrics	$	2,800		$	3,161
upholstery fabrics		3,500			3,551
unallocated corporate expenses		1,707			3,123
selling, general, and administrative expenses	$	8,007		$	9,835
income (loss) from operations by segment:
mattress fabrics	$	364		$	3,297
upholstery fabrics		2,446			3,863
unallocated corporate expenses		(1,707	)		(3,123	)
income from operations		1,103			4,037
interest income		214			90
other expense		(322	)		(1,010	)
income before income taxes	$	995		$	3,117

	Nine months ended
	January 30, 2022			January 31, 2021
net sales by segment:
mattress fabrics	$	122,380		$	114,733
upholstery fabrics		115,519			105,923
net sales	$	237,899		$	220,656
gross profit by segment:
mattress fabrics	$	16,106		$	18,650
upholstery fabrics		16,230			19,385
gross profit	$	32,336		$	38,035
selling, general, and administrative expenses by segment:
mattress fabrics	$	8,991		$	9,125
upholstery fabrics		10,491			10,122
unallocated corporate expenses		6,793			8,350
selling, general, and administrative expenses	$	26,275		$	27,597
income (loss) from operations by segment:
mattress fabrics	$	7,115		$	9,525
upholstery fabrics		5,739			9,263
unallocated corporate expenses		(6,793	)		(8,350	)
income from operations		6,061			10,438
interest expense		—			(51	)
interest income		347			208
other expense		(963	)		(2,057	)
income before income taxes	$	5,445		$	8,538

Balance sheet information for our operating segments follows:

(dollars in thousands)	January 30, 2022		January 31, 2021		May 2, 2021
Segment assets:
Mattress Fabrics:
Accounts receivable, net	$	17,617	$	17,722	$	20,427
Inventory		39,544		30,326		30,047
Property, plant and equipment (1)		39,483		39,550		41,264
Right of use assets (2)		3,706		1,077		4,278
Investment in unconsolidated joint venture		—		1,723		—
Total mattress fabrics assets		100,350		90,398		96,016
Upholstery Fabrics:
Accounts receivable, net		21,381		18,675		17,299
Inventory		33,589		27,468		25,870
Property, plant and equipment (3)		2,448		1,953		1,925
Right of use assets (4)		8,727		3,519		5,945
Total upholstery fabrics assets		66,145		51,615		51,039
Total segment assets		166,495		142,013		147,055
Non-segment assets:
Cash and cash equivalents		11,780		35,987		37,009
Short-term investments - available for sale		438		5,548		5,542
Short-term investments - held-to-maturity		1,315		9,785		3,161
Current income taxes receivable		367		—		—
Other current assets		4,419		3,116		3,852
Deferred income taxes		500		640		545
Property, plant and equipment (5)		847		882		814
Right of use assets (6)		4,162		1,610		1,507
Intangible assets		2,722		3,098		3,004
Long-term investments - rabbi trust		9,223		8,232		8,415
Long-term investments - held-to-maturity		8,677		512		1,141
Other assets		622		555		2,035
Total assets	$	211,567	$	211,978	$	214,080

	Nine months ended
(dollars in thousands)	January 30, 2022		January 31, 2021
Capital expenditures (7):
Mattress Fabrics	$	2,828	$	3,886
Upholstery Fabrics		815		259
Unallocated Corporate		1,330		308
Total capital expenditures	$	4,973	$	4,453
Depreciation expense:
Mattress Fabrics	$	4,613	$	4,579
Upholstery Fabrics		590		624
Total depreciation expense	$	5,203	$	5,203

(1)

The $39.5 million as of January 30, 2022, represents property, plant, and equipment of $26.2 million, $12.5 million, and $796,000 located in the U.S., Canada, and Haiti, respectively. The $39.6 million as of January 31, 2021, represents property, plant, and equipment of $27.3 million and $12.3 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 $3.7 million as of January 30, 2022, represents right of use assets of $2.1 million, $1.3 million, and $352,000 located in Haiti, the U.S., and Canada, respectively. The $1.1 million as of January 31, 2021, represents right of use assets of $632,000 and $445,000 located in the U.S. and Canada, 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 $2.4 million as of January 30, 2022, represents property, plant, and equipment of $1.1 million, $774,000 and $585,000 located in the U.S., China, and Haiti, respectively. The $2.0 million as of January 31, 2021, represents property, plant, and equipment of $1.1 million and $881,000 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 $8.7 million as of January 30, 2022, represents right of use assets of $4.1 million, $2.7 million, and $1.9 million located in China, Haiti, and the U.S., respectively. The $3.5 million as of January 31, 2021, represents right of use assets of $2.4 million and $1.1 million 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 $847,000, $882,000, and $814,000 as of January 30, 2022, January 31, 2021, 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 $4.2 million, $1.6 million, and $1.5 million as of January 30, 2022, January 31, 2021, 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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Section 50
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+ Details

Income Taxes

9 Months Ended

Jan. 30, 2022

Income Tax Disclosure [Abstract]

Income Taxes

13. Income Taxes

Effective Income Tax Rate

We recorded income tax expense of $2.6 million, or 48.4% of income before income taxes, for the nine-month period ending January 30, 2022, compared with income tax expense of $6.8 million, or 80.1% of income before income taxes, for the nine-month period ending January 31, 2021.

Our effective income tax rates for the nine-month periods ended January 30, 2022, and January 31, 2021, 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 nine-month periods ended January 30, 2022, and January 31, 2021, 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 is determined that no income 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 nine-month periods ending January 30, 2022, and January 31, 2021:

	January 30,			January 31,
	2022			2021
U.S. federal income tax rate		21.0	%		21.0	%
U.S. valuation allowance		(26.9	)		89.9
U.S. income tax law change - Global Intangible Low Taxed Income Tax ("GILTI")		37.4			(41.3	)
Withholding taxes associated with foreign jurisdictions		9.8			7.5
Foreign income tax rate differential		5.1			8.9
Tax effects of deductible foreign exchange rate losses		(1.0	)		(6.7	)
Other		3.0			0.8
		48.4	%		80.1	%

Our effective income tax rates during the nine-month periods ended January 30, 2022, and January 31, 2021, were negatively affected by the mix of taxable income, as losses were incurred by our U.S. operations and all our taxable income was earned by our foreign operations located in China and Canada, which have higher income tax rates than the U.S. As a result, income tax expense incurred stems from taxable income from our foreign jurisdictions that exceeds our overall consolidated taxable income.

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 GILTI 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 and the nine-month year-to-date periods of fiscal 2021.

We did not meet the GILTI High-Tax exception for fiscal 2021 regarding our operations located in China. This was due primarily to significant income tax deductible foreign exchange losses that significantly lowered income tax expense associated with current year’s earnings. As a result, the current effective income tax rate was lower than the required 18.9% current effective income tax rate to meet the GILTI High-Tax exception. Consequently, we incurred a non-cash income tax charge of $1.8 million, which such charge was fully offset by a $1.8 million non-cash income tax benefit due to a corresponding reversal of our full valuation allowance associated with our U.S. net deferred income tax assets.

Fiscal 2022

As of the end of the third 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 will have taxable income or losses that are not subject to income tax, as we are 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.

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 because 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 in 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 and the nine-month year-to-date period of fiscal 2021.

As of January 30, 2022, we evaluated the realizability of our U.S. net deferred income tax assets to determine if a full valuation allowance was still required. Based on our assessment, we determined we still 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 as defined in Topic 740-10-30-22c. In addition, as of January 30, 2022, we are currently expecting U.S. taxable losses to continue in 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 January 30, 2022, January 31, 2021, and May 2, 2021, valuation allowances against our U.S. net deferred income taxes pertain to the following:

(dollars in thousands)	January 30, 2022		January 31, 2021		May 2, 2021
U.S. federal and state net deferred income tax assets	$	7,802		8,544		9,344
U.S. capital loss carryforward		2,330		2,281		2,330
	$	10,132		10,825		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 January 30, 2022, 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 be repatriated to the U.S. parent company. As a result, as of January 30, 2022, January 31, 2021, and May 2, 2021, we recorded a deferred income tax liability of $3.6 million, $3.3 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 January 30, 2022, January 31, 2021, 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 (Refunded)

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

	Nine Months Ended
(dollars in thousands)	January 30, 2022		January 31, 2021
United States Federal - Alternative Minimum Tax (AMT) credit refunds (1)	$	—	$	(1,509	)
United States Transition Tax Payment		266		227
China - Income Taxes		2,036		867
China - Withholding Taxes Associated with Earnings and Profits Distribution to U.S. Parent		487		798
Canada - Income Taxes		256		809
	$	3,045	$	1,192

(1)

In accordance with the provisions of the TCJA, we elected to treat our prior AMT credit carryforward balance of $1.5 million as refundable. We received refunds totaling $1.5 million in two separate installments totaling $746,000 and $764,000 during the first and second quarters of fiscal 2021, respectively.

- 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
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-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

9 Months Ended

Jan. 30, 2022

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 January 30, 2022, there were 462,590 shares available for future equity-based grants under the 2015 Plan.

Performance-Based Restricted Stock Units

Senior Executives

We grant 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.

The following table provides assumptions used to determine the fair market value of the market-based total shareholder return component using the Monte Carlo simulation model on our outstanding performance-based restricted stock units granted to senior executives on July 22, 2021:

	July 22,
	2021
Closing price of our common stock	$ 14. 75
Expected volatility of our common stock		54.2	%
Expected volatility of peer companies (1)	45.7% - 101.5%
Risk-free interest rate		0.33	%
Dividend yield		3.00	%
Correlation coefficient of peer companies (1)	0.03 - 0.35

(1) The expected volatility and correlation coefficient of our peer companies for the July 22, 2021, grant date was based on peer companies that were approved by the Compensation Committee of our board of directors as an aggregate benchmark for determining the market-based total shareholder return component. Therefore, we disclosed ranges of the expected volatility and correlation coefficient for the companies that represented this peer group.

Key Employees

We grant 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 January 30, 2022:

	(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		—	$	15.93	(5)	3 years
July 22, 2021 (2)		21,900		—	$	14.75	(7)	3 years
July 18, 2019 (1)		93,653		2,421	$	19.04	(6)	3 years
July 18, 2019 (2)		29,227		1,450	$	18.49	(7)	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 January 30, 2022.

(5)

Price per share represents the fair market value per share ($1.08 per $1, or an increase of $1.18 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 ($14.75) for the performance-based component of the performance-based restricted stock units granted to senior executives on July 22, 2021.

(6)

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.

(7)	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 nine-month periods ending January 30, 2022, and January 31, 2021:

	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 credit to compensation expense totaling $40,000 and a charge to compensation of $127,000 within selling, general, and administrative expenses for the nine-month periods ending January 30, 2022, and January 31, 2021, 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 will not be recorded, and any previously recognized compensation cost will be reversed.

As of January 30, 2022, the remaining unrecognized compensation cost related to our performance-based restricted stock units was $11,000, which is expected to be recognized over a weighted average vesting period of 0.5 years. As of January 30, 2022, the performance-based restricted stock units that were expected to vest had a fair value totaling $4,000.

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 January 30, 2022:

	Time-Based
	Restricted Stock		(1)
Date of Grant	Units Awarded		Price Per Share		Vesting Period
July 22, 2021		37,991	$	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 $682,000 and $429,000 within selling, general, and administrative expenses associated with our time-based restricted stock unit awards for the nine-month periods ending January 30, 2022, and January 31, 2021, respectively.

As of January 30, 2022, the remaining unrecognized compensation cost related to our time-based restricted stock units was $1.3 million, which is expected to be recognized over a weighted average vesting period of 1.8 years. As of January 30, 2022, the time-based restricted stock units that are expected to vest had a fair value totaling $1.9 million.

Common Stock Award

We granted a total of 8,357, 6,426, and 4,312 shares of common stock to our outside directors on January 3, 2022, October 1, 2021, and July 1, 2021, respectively. 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 $10.02, $13.03, and $16.24 per share on January 3, 2022, October 1, 2021. and July 1, 2021, respectively, which represents the closing price of our common stock on the date of grant.

We granted a total of 4,563, 5,193 and 7,000 shares of common stock to our outside directors on January 4, 2021, October 1, 2020, and July 1, 2020, respectively. 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 $15.34, $13.48, and $10.00 per share on January 4, 2021, October 1, 2020, and July 1, 2020, respectively, which represents the closing price of our common stock on the date of grant.

We recorded $238,000 and $210,000 of compensation expense within selling, general, and administrative expenses for common stock awards to our outside directors for the nine-month periods ending January 30, 2022, and January 31, 2021, respectively.

Leases

9 Months Ended

Jan. 30, 2022

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 noncancellable 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 January 30, 2022, January 31, 2021, and May 2, 2021, are as follows:


(dollars in thousands)	January 30, 2022		January 31, 2021		May 2, 2021
Right of use assets	$	16,595	$	6,206	$	11,730
Operating lease liability - current		3,295		2,273		2,736
Operating lease liability – noncurrent		7,848		4,179		6,821

Supplemental Cash Flow Information

	Nine Months Ended		Nine Months Ended
(dollars in thousands)	January 30, 2022		January 31, 2021
Operating lease liability payments	$	2,249	$	1,930
Right of use assets exchanged for lease liabilities		3,763		4,309

Operating lease expense for the three-month periods ended January 30, 2022, and January 31, 2021, was $1.0 million and $713,000, respectively. Operating lease expense for the nine-month periods ended January 30, 2022, and January 31, 2021, was $2.8 million and $2.1 million, respectively. Short-term lease and variable lease expenses were immaterial for the three-month and nine-month periods ended January 30, 2022, and January 31, 2021.

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	$	740
2023		3,440
2024		3,045
2025		1,983
2026		493
Thereafter		1,868
	$	11,569
Less: interest		(426	)
Present value of lease liabilities	$	11,143

As of January 30, 2022, the weighted average remaining lease term and discount rate for our operating leases follows:

	January 30, 2022
Weighted average lease term	4.6 years
Weighted average discount rate		1.77	%

As of January 31, 2021, the weighted average remaining lease term and discount rate for our operating leases follows:

	January 31, 2021
Weighted average lease term	3.3 years
Weighted average discount rate		2.39	%

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 that is dedicated to the production of cut and sewn upholstery kits. The lease agreement has an initial non-cancelable lease term of eight years that commenced during December 2021 after the construction of the facility was completed, and at such time we obtained control of the facility based on the terms of the lease. The rent payments for the initial non-cancelable lease term totaled $2.8 million and was paid in advance of the commencement of the lease. As of January 30, 2022, the $2.8 million of rent payments were classified as right of use 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 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 commenced during the second quarter of fiscal 2022, has an initial non-cancelable lease term of ten years, and requires lease payments totaling $2.2 million to be made in monthly installments that began on November 1, 2021.

In addition to the required lease payments, we invested $995,000 in certain leasehold improvements that were determined to be lessor owned assets in accordance with ASC Topic 842, Leases and therefore, are classified as a right of use asset in the accompanying Consolidated Balance Sheets.

The initial noncancellable 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.

Commitments, Contingencies, and Guarantees

9 Months Ended

Jan. 30, 2022

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 these actions when ultimately concluded and settled, will not have a material adverse effect upon the financial position, results of operations, or cash flows of the company.

Accounts Payable – Capital Expenditures

As of January 30, 2022, January 31, 2021, and May 2, 2021, we had total amounts due regarding capital expenditures totaling $33,000, $240,000, and $348,000, respectively, which pertained to outstanding vendor invoices, none of which were financed.

Purchase Commitments – Capital Expenditures

As of January 30, 2022, we had open purchase commitments to acquire equipment for our mattress fabrics segment totaling $812,000.

Discontinued Operations

Supply Agreement

In connection with the sale of our entire ownership interest in eLuxury, LLC (“eLuxury”) on March 31, 2020, we entered into a supply agreement 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. There are no guarantees or provisions under the supply agreement that requires eLuxury to purchase a minimum amount of our products.

On January 12, 2022, we entered into an agreement with eLuxury that extended this supply agreement from its original expiration date of March 31, 2022, to March 31, 2027.

During the nine-month periods ending January 30, 2022, and January 31, 2021, shipments to eLuxury under the supply agreement totaled $102,000 and $59,000, respectively.

Royalty Agreement

Also, in connection with the sale of our entire ownership interest in eLuxury noted above, we entered into a royalty agreement with eLuxury that required eLuxury to pay us a royalty fee based on a percentage of sales, as defined in the royalty agreement. On January 12, 2022, we entered into an agreement with eLuxury that terminated this royalty agreement and required eLuxury to pay us a termination fee of $150,000.

During the three-month and nine-month periods ending January 30, 2022, and January 31, 2021, royalty payments received pursuant to the royalty agreement were immaterial.

Financial Guarantee

As of May 2, 2021, we had an agreement that guaranteed 70% of any unpaid lease payments associated with eLuxury’s facility located in Evansville, Indiana. The lease agreement expires during September 2024 and requires monthly payments of $18,865. In connection with the termination of the royalty agreement noted above, we were fully released from our guarantee associated with this lease.

Statutory Reserves

9 Months Ended

Jan. 30, 2022

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 January 30, 2022, 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 January 30, 2022, the company’s statutory surplus reserve was $4.6 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 $4.6 million, to assist with debt repayment, capital expenditures, and other expenses of the company’s business.

Common Stock Repurchase Program

9 Months Ended

Jan. 30, 2022

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 and timing of shares purchases will be based on working capital requirements, market and general business conditions, and other factors, including alternative investment opportunities.

During the nine-month period ended January 30, 2022, we repurchased 121,688 shares of our common stock at a cost of $1.8 million. As a result, as of January 30, 2022, we had $3.2 million available for additional repurchases of our common stock.

During the nine-month period ended January 31, 2021, we did not repurchase any shares of our common stock.

Dividend Program

9 Months Ended

Jan. 30, 2022

Text Block [Abstract]

Dividend Program

19. Dividend Program

On March 2, 2022, our board of directors approved a quarterly cash dividend of $0.115 per share. This payment will be made on April 19, 2022, to shareholders of record as of April 11, 2022.

During the nine-month period ended January 30, 2022, dividend payments totaled $4.1 million, which represented quarterly dividend payments ranging from $0.11 per share to $0.115 per share. During the nine-month period ended January 31, 2021, dividend payments totaled $3.9 million, which represented quarterly dividend payments ranging from $0.105 per share to $0.11 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)

9 Months Ended

Jan. 30, 2022

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)

9 Months Ended

Jan. 30, 2022

Schedule of Unaudited Pro Forma Consolidated Results of Operations

				Three Months Ended
(dollars in thousands, except per share data)	January 30, 2022				January 31, 2021
Net Sales	$	80,291			$	79,786
Income from operations		1,103				3,766
Net (loss) income		(289	)			1,947
Net (loss) income per share - basic	$	(0.02	)		$	0.16
Net (loss) income per share - diluted	$	(0.02	)		$	0.16

			Nine Months Ended
(dollars in thousands, except per share data)	January 30, 2022			January 31, 2021
Net Sales	$	237,899		$	221,931
Income from operations		6,061			10,500
Net income		2,812			1,764
Net income per share - basic	$	0.23		$	0.14
Net income per share - diluted	$	0.23		$	0.14

Summary of Equity Method Investment

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

(dollars in thousands)	January 31, 2021
total assets	$	3,652
total liabilities	$	205
total members’ equity	$	3,447

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)

9 Months Ended

Jan. 30, 2022

Receivables [Abstract]

Summary of the Activity in the Allowance for Doubtful Accounts

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

	Nine Months Ended
(dollars in thousands)	January 30, 2022			January 31, 2021
Beginning balance	$	591		$	472
Provision for bad debts		86			163
Write-offs, net of recoveries		(34	)	$	—
Ending balance	$	643		$	635

Revenue from Contracts with Customers (Tables)

9 Months Ended

Jan. 30, 2022

Revenue From Contract With Customer [Abstract]

Summary of Activity Associated with Deferred Revenue

A summary of the activity associated with deferred revenue follows:

	Nine months ended
(dollars in thousands)	January 30, 2022			January 31, 2021
Beginning balance	$	540		$	502
Revenue recognized on contract liabilities		(2,276	)		(1,893	)
Payments received for services not yet rendered		2,254			1,619
Ending balance	$	518		$	228

Summary of Disaggregation of Revenue

The following table presents our disaggregated revenue by segment, timing of revenue recognition, and product sales versus services rendered for the three-month period ending January 30, 2022:

	Mattress		Upholstery
(dollars in thousands)	Fabrics		Fabrics		Total
Products transferred at a point in time	$	38,439	$	39,400	$	77,839
Services transferred over time		—		2,452		2,452
Total Net Sales	$	38,439	$	41,852	$	80,291

The following table presents our disaggregated revenue by segment, timing of revenue recognition, and product sales versus services rendered for the nine-month period ending January 30, 2022:

	Mattress		Upholstery
(dollars in thousands)	Fabrics		Fabrics		Total
Products transferred at a point in time	$	122,380	$	109,105	$	231,485
Services transferred over time		—		6,414		6,414
Total Net Sales	$	122,380	$	115,519	$	237,899

The following table presents our disaggregated revenue by segment, timing of revenue recognition, and product sales versus services rendered for the three-month period ending January 31, 2021:

	Mattress		Upholstery
(dollars in thousands)	Fabrics		Fabrics		Total
Products transferred at a point in time	$	38,600	$	38,762	$	77,362
Services transferred over time		—		1,979		1,979
Total Net Sales	$	38,600	$	40,741	$	79,341

The following table presents our disaggregated revenue by segment, timing of revenue recognition, and product sales versus services rendered for the nine-month period ending January 31, 2021:

	Mattress		Upholstery
(dollars in thousands)	Fabrics		Fabrics		Total
Products transferred at a point in time	$	114,733	$	99,489	$	214,222
Services transferred over time		—		6,434		6,434
Total Net Sales	$	114,733	$	105,923	$	220,656

Inventories (Tables)

9 Months Ended

Jan. 30, 2022

Inventory Disclosure [Abstract]

Summary of Inventories

A summary of inventories follows:

(dollars in thousands)	January 30, 2022		January 31, 2021		May 2, 2021
Raw materials	$	12,964	$	7,942	$	7,742
Work-in-process		4,679		2,701		3,156
Finished goods		55,490		47,151		45,019
	$	73,133	$	57,794	$	55,917

Intangible Assets (Tables)

9 Months Ended

Jan. 30, 2022

Summary of Intangible Assets

A summary of intangible assets follows:

(dollars in thousands)	January 30, 2022		January 31, 2021		May 2, 2021
Tradename	$	540	$	540	$	540
Customer relationships, net		1,711		2,012		1,937
Non-compete agreement, net		471		546		527
	$	2,722	$	3,098	$	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:

	Nine months ended
(dollars in thousands)	January 30, 2022			January 31, 2021
Beginning balance	$	1,937		$	2,238
Amortization expense		(226	)		(226	)
Ending balance	$	1,711		$	2,012

Non-Compete Agreement [Member]

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

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

	Nine months ended
(dollars in thousands)	January 30, 2022			January 31, 2021
Beginning balance	$	527		$	602
Amortization expense		(56	)		(56	)
Ending balance	$	471		$	546

Accrued Expenses (Tables)

9 Months Ended

Jan. 30, 2022

Text Block [Abstract]

Summary of Accrued Expenses

A summary of accrued expenses follows:

(dollars in thousands)	January 30, 2022		January 31, 2021		May 2, 2021
Compensation, commissions, and related benefits	$	3,426	$	8,363	$	9,816
Other accrued expenses		5,020		5,211		5,023
	$	8,446	$	13,574	$	14,839

Fair Value (Tables)

9 Months Ended

Jan. 30, 2022

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 January 30, 2022, 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

8,531

N/A

8,531

Growth Allocation Mutual Funds

444

N/A

444

Bond Mutual Funds

267

N/A

267

Moderate Allocation Mutual Fund

N/A

Large Cap Equity Mutual Funds

N/A

Other

259

N/A

259

Fair value measurements as of January 31, 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

7,771

N/A

7,771

Inflation Protected Bond Mutual Funds

2,893

N/A

2,893

Bond Mutual Funds

2,655

N/A

2,655

Growth Allocation Mutual Funds

299

N/A

299

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 on February 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:

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)

9 Months Ended

Jan. 30, 2022

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)	January 30, 2022		January 31, 2021
Weighted average common shares outstanding, basic		12,212		12,305
Dilutive effect of stock-based compensation		—		64
Weighted average common shares outstanding, diluted		12,212		12,369

	Nine months ended
(amounts in thousands)	January 30, 2022		January 31, 2021
Weighted average common shares outstanding, basic		12,249		12,297
Dilutive effect of stock-based compensation		92		2
Weighted average common shares outstanding, diluted		12,341		12,299

Segment Information (Tables)

9 Months Ended

Jan. 30, 2022

Segment Reporting [Abstract]

Schedule of Operating Segments Information

Statements of operations for our operating segments are as follows:

	Three months ended
	January 30, 2022			January 31, 2021
net sales by segment:
mattress fabrics	$	38,439		$	38,600
upholstery fabrics		41,852			40,741
net sales	$	80,291		$	79,341
gross profit:
mattress fabrics	$	3,164		$	6,458
upholstery fabrics		5,946			7,414
gross profit	$	9,110		$	13,872
selling, general, and administrative expenses by segment:
mattress fabrics	$	2,800		$	3,161
upholstery fabrics		3,500			3,551
unallocated corporate expenses		1,707			3,123
selling, general, and administrative expenses	$	8,007		$	9,835
income (loss) from operations by segment:
mattress fabrics	$	364		$	3,297
upholstery fabrics		2,446			3,863
unallocated corporate expenses		(1,707	)		(3,123	)
income from operations		1,103			4,037
interest income		214			90
other expense		(322	)		(1,010	)
income before income taxes	$	995		$	3,117

	Nine months ended
	January 30, 2022			January 31, 2021
net sales by segment:
mattress fabrics	$	122,380		$	114,733
upholstery fabrics		115,519			105,923
net sales	$	237,899		$	220,656
gross profit by segment:
mattress fabrics	$	16,106		$	18,650
upholstery fabrics		16,230			19,385
gross profit	$	32,336		$	38,035
selling, general, and administrative expenses by segment:
mattress fabrics	$	8,991		$	9,125
upholstery fabrics		10,491			10,122
unallocated corporate expenses		6,793			8,350
selling, general, and administrative expenses	$	26,275		$	27,597
income (loss) from operations by segment:
mattress fabrics	$	7,115		$	9,525
upholstery fabrics		5,739			9,263
unallocated corporate expenses		(6,793	)		(8,350	)
income from operations		6,061			10,438
interest expense		—			(51	)
interest income		347			208
other expense		(963	)		(2,057	)
income before income taxes	$	5,445		$	8,538

Balance sheet information for our operating segments follows:

(dollars in thousands)	January 30, 2022		January 31, 2021		May 2, 2021
Segment assets:
Mattress Fabrics:
Accounts receivable, net	$	17,617	$	17,722	$	20,427
Inventory		39,544		30,326		30,047
Property, plant and equipment (1)		39,483		39,550		41,264
Right of use assets (2)		3,706		1,077		4,278
Investment in unconsolidated joint venture		—		1,723		—
Total mattress fabrics assets		100,350		90,398		96,016
Upholstery Fabrics:
Accounts receivable, net		21,381		18,675		17,299
Inventory		33,589		27,468		25,870
Property, plant and equipment (3)		2,448		1,953		1,925
Right of use assets (4)		8,727		3,519		5,945
Total upholstery fabrics assets		66,145		51,615		51,039
Total segment assets		166,495		142,013		147,055
Non-segment assets:
Cash and cash equivalents		11,780		35,987		37,009
Short-term investments - available for sale		438		5,548		5,542
Short-term investments - held-to-maturity		1,315		9,785		3,161
Current income taxes receivable		367		—		—
Other current assets		4,419		3,116		3,852
Deferred income taxes		500		640		545
Property, plant and equipment (5)		847		882		814
Right of use assets (6)		4,162		1,610		1,507
Intangible assets		2,722		3,098		3,004
Long-term investments - rabbi trust		9,223		8,232		8,415
Long-term investments - held-to-maturity		8,677		512		1,141
Other assets		622		555		2,035
Total assets	$	211,567	$	211,978	$	214,080

	Nine months ended
(dollars in thousands)	January 30, 2022		January 31, 2021
Capital expenditures (7):
Mattress Fabrics	$	2,828	$	3,886
Upholstery Fabrics		815		259
Unallocated Corporate		1,330		308
Total capital expenditures	$	4,973	$	4,453
Depreciation expense:
Mattress Fabrics	$	4,613	$	4,579
Upholstery Fabrics		590		624
Total depreciation expense	$	5,203	$	5,203

(1)

(2)

(3)

(4)

(5)

(6)	The $4.2 million, $1.6 million, and $1.5 million as of January 30, 2022, January 31, 2021, 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)

9 Months Ended

Jan. 30, 2022

Income Tax Disclosure [Abstract]

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

	January 30,			January 31,
	2022			2021
U.S. federal income tax rate		21.0	%		21.0	%
U.S. valuation allowance		(26.9	)		89.9
U.S. income tax law change - Global Intangible Low Taxed Income Tax ("GILTI")		37.4			(41.3	)
Withholding taxes associated with foreign jurisdictions		9.8			7.5
Foreign income tax rate differential		5.1			8.9
Tax effects of deductible foreign exchange rate losses		(1.0	)		(6.7	)
Other		3.0			0.8
		48.4	%		80.1	%

Summary of Valuation Allowances Against Net Deferred Income Taxes

Based on our assessments as of January 30, 2022, January 31, 2021, and May 2, 2021, valuation allowances against our U.S. net deferred income taxes pertain to the following:

(dollars in thousands)	January 30, 2022		January 31, 2021		May 2, 2021
U.S. federal and state net deferred income tax assets	$	7,802		8,544		9,344
U.S. capital loss carryforward		2,330		2,281		2,330
	$	10,132		10,825		11,674

Summary of Taxes Paid (Refunded)

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

	Nine Months Ended
(dollars in thousands)	January 30, 2022		January 31, 2021
United States Federal - Alternative Minimum Tax (AMT) credit refunds (1)	$	—	$	(1,509	)
United States Transition Tax Payment		266		227
China - Income Taxes		2,036		867
China - Withholding Taxes Associated with Earnings and Profits Distribution to U.S. Parent		487		798
Canada - Income Taxes		256		809
	$	3,045	$	1,192

(1)

Stock-Based Compensation (Tables)

9 Months Ended

Jan. 30, 2022

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

	July 22,
	2021
Closing price of our common stock	$ 14. 75
Expected volatility of our common stock		54.2	%
Expected volatility of peer companies (1)	45.7% - 101.5%
Risk-free interest rate		0.33	%
Dividend yield		3.00	%
Correlation coefficient of peer companies (1)	0.03 - 0.35

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 nine-month periods ending January 30, 2022, and January 31, 2021:

	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		—	$	15.93	(5)	3 years
July 22, 2021 (2)		21,900		—	$	14.75	(7)	3 years
July 18, 2019 (1)		93,653		2,421	$	19.04	(6)	3 years
July 18, 2019 (2)		29,227		1,450	$	18.49	(7)	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)

(7)	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		37,991	$	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)

9 Months Ended

Jan. 30, 2022

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 January 30, 2022, January 31, 2021, and May 2, 2021, are as follows:


(dollars in thousands)	January 30, 2022		January 31, 2021		May 2, 2021
Right of use assets	$	16,595	$	6,206	$	11,730
Operating lease liability - current		3,295		2,273		2,736
Operating lease liability – noncurrent		7,848		4,179		6,821

Supplemental Cash Flow Information

	Nine Months Ended		Nine Months Ended
(dollars in thousands)	January 30, 2022		January 31, 2021
Operating lease liability payments	$	2,249	$	1,930
Right of use assets exchanged for lease liabilities		3,763		4,309

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	$	740
2023		3,440
2024		3,045
2025		1,983
2026		493
Thereafter		1,868
	$	11,569
Less: interest		(426	)
Present value of lease liabilities	$	11,143

Summary of weighted average remaining lease term and discount rate

As of January 30, 2022, the weighted average remaining lease term and discount rate for our operating leases follows:

	January 30, 2022
Weighted average lease term	4.6 years
Weighted average discount rate		1.77	%

As of January 31, 2021, the weighted average remaining lease term and discount rate for our operating leases follows:

	January 31, 2021
Weighted average lease term	3.3 years
Weighted average discount rate		2.39	%

Significant Accounting Policies - Narrative (Detail) - ASU 2019-12 [Member]	Jan. 30, 2022
Summary Of Significant Accounting Policies [Line Items]
Change in Accounting Principle, Accounting Standards Update, Adopted [true false]	true
Change in Accounting Principle, Accounting Standards Update, Adoption Date	May 03, 2021
Change in Accounting Principle, Accounting Standards Update, Immaterial Effect [true false]	true

- Definition

Indicates (true false) whether accounting standards update was adopted.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Section 65
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-URI http://asc.fasb.org/extlink&oid=121483254&loc=SL120254523-199619

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Topic 326
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-Section 65
-Paragraph 4
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=122640432&loc=SL121648383-210437

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S65
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=124359872&loc=SL124427846-239511

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-URI http://asc.fasb.org/extlink&oid=124402435&loc=SL124402458-218513

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
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-URI http://asc.fasb.org/extlink&oid=123459177&loc=SL121830611-158277

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=122640432&loc=SL121648383-210437

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Business Combination Achieved in Stages - Narrative (Detail)		3 Months Ended		9 Months Ended
	Feb. 01, 2021 USD ($) ft²	Jan. 30, 2022 USD ($)	Jan. 31, 2021 USD ($)	Jan. 30, 2022 USD ($)	Jan. 31, 2021 USD ($)	Jan. 01, 2017
Business Acquisition [Line Items]
Equity method investment, ownership percentage			50.00%		50.00%
Net sales related to inventory shipments in supply agreement		$ 374,000		$ 1,200,000
Charges related to rebate agreement		$ 16,000		$ 53,000
(Loss) income from investment in unconsolidated joint venture			$ (136,000)		$ 31,000
Proportionate share			50.00%		50.00%
Investment in unconsolidated joint venture			$ 1,723,000		$ 1,723,000
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	$ 2,678,000
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
Gain on bargain purchase	819,000
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
Gain on bargain purchase	$ 819,000
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)
Consideration transferred	$ 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		9 Months Ended
	Jan. 30, 2022	Jan. 31, 2021	Jan. 30, 2022	Jan. 31, 2021
Business Combinations [Abstract]
Net Sales	$ 80,291	$ 79,786	$ 237,899	$ 221,931
Income from operations	1,103	3,766	6,061	10,500
Net (loss) income	$ (289)	$ 1,947	$ 2,812	$ 1,764
Net (loss) income per share - basic	$ (0.02)	$ 0.16	$ 0.23	$ 0.14
Net (loss) income per share - diluted	$ (0.02)	$ 0.16	$ 0.23	$ 0.14

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

Jan. 30, 2022

Oct. 31, 2021

Aug. 01, 2021

May 02, 2021

^[1]

Jan. 31, 2021

Nov. 01, 2020

Aug. 02, 2020

May 03, 2020

^[1]

Business Acquisition [Line Items]

total assets

$ 211,567

$ 214,080

$ 211,978

total liabilities

84,833

85,074

83,616

total members’ equity

$ 126,734

$ 128,454

$ 129,549

$ 129,006

128,362

$ 127,251

$ 125,869

$ 129,698

CIH [Member]

Business Acquisition [Line Items]

total assets

3,652

total liabilities

205

total members’ equity

$ 3,447

[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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+ Details

- Definition

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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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.

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Allowance for Doubtful Accounts - Summary of the Activity in the Allowance for Doubtful Accounts (Detail) - Allowance for doubtful accounts [Member] - USD ($)	9 Months Ended
	Jan. 30, 2022	Jan. 31, 2021
Valuation and Qualifying Accounts Disclosure [Line Items]
Beginning balance	$ 591,000	$ 472,000
Provision for bad debts	86,000	163,000
Write-offs, net of recoveries	(34,000)
Ending balance	$ 643,000	$ 635,000

Allowance for Doubtful Accounts - Narrative (Detail) - USD ($)	Jan. 30, 2022	May 02, 2021	Jan. 31, 2021	May 03, 2020
Allowance for doubtful accounts [Member]
Valuation and Qualifying Accounts Disclosure [Line Items]
Allowance for doubtful accounts	$ 643,000	$ 591,000	$ 635,000	$ 472,000

Revenue from Contracts with Customers - Narrative (Detail)	9 Months Ended
	Jan. 30, 2022 USD ($) Segment	May 02, 2021 USD ($)	Jan. 31, 2021 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

9 Months Ended

Jan. 30, 2022

Jan. 31, 2021

Revenue From Contract With Customer [Abstract]

Beginning balance

$ 540

^[1]

$ 502

Revenue recognized on contract liabilities

(2,276)

(1,893)

Payments received for services not yet rendered

2,254

1,619

Ending balance

$ 518

$ 228

[1]	Derived from audited financial statements.

Revenue from Contracts with Customers - Disaggregation of Revenue (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jan. 30, 2022	Jan. 31, 2021	Jan. 30, 2022	Jan. 31, 2021
Disaggregation of Revenue [Line Items]
Total Net Sales	$ 80,291	$ 79,341	$ 237,899	$ 220,656
Transferred at Point in Time [Member] \| Product [Member]
Disaggregation of Revenue [Line Items]
Total Net Sales	77,839	77,362	231,485	214,222
Transferred over Time [Member] \| Services [Member]
Disaggregation of Revenue [Line Items]
Total Net Sales	2,452	1,979	6,414	6,434
Mattress Fabrics [Member]
Disaggregation of Revenue [Line Items]
Total Net Sales	38,439	38,600	122,380	114,733
Mattress Fabrics [Member] \| Transferred at Point in Time [Member] \| Product [Member]
Disaggregation of Revenue [Line Items]
Total Net Sales	38,439	38,600	122,380	114,733
Upholstery Fabrics [Member]
Disaggregation of Revenue [Line Items]
Total Net Sales	41,852	40,741	115,519	105,923
Upholstery Fabrics [Member] \| Transferred at Point in Time [Member] \| Product [Member]
Disaggregation of Revenue [Line Items]
Total Net Sales	39,400	38,762	109,105	99,489
Upholstery Fabrics [Member] \| Transferred over Time [Member] \| Services [Member]
Disaggregation of Revenue [Line Items]
Total Net Sales	$ 2,452	$ 1,979	$ 6,414	$ 6,434

- 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.

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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

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

Jan. 30, 2022

May 02, 2021

Jan. 31, 2021

Inventory Disclosure [Abstract]

Raw materials

$ 12,964

$ 7,742

$ 7,942

Work-in-process

4,679

3,156

2,701

Finished goods

55,490

45,019

47,151

Inventories

$ 73,133

$ 55,917

^[1]

$ 57,794

[1]	Derived from audited financial statements.

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

Jan. 30, 2022

May 02, 2021

Jan. 31, 2021

May 03, 2020

Intangible Assets [Line Items]

Tradename

$ 540,000

Intangible assets

2,722,000

3,004,000

^[1]

3,098,000

Customer Relationships [Member]

Intangible Assets [Line Items]

Finite-lived intangible assets, net

1,711,000

1,937,000

2,012,000

$ 2,238,000

Non-Compete Agreement [Member]

Intangible Assets [Line Items]

Finite-lived intangible assets, net

$ 471,000

$ 527,000

$ 546,000

$ 602,000

[1]	Derived from audited financial statements.

Intangible Assets - Narrative (Detail) - USD ($)	9 Months Ended
Intangible Assets - Narrative (Detail) - USD ($)	Jan. 30, 2022	May 02, 2021	Jan. 31, 2021
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	1,400,000	1,200,000	1,100,000
Remaining amortization expense for the fiscal year	75,000
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	5 years 10 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	$ 1,500,000	$ 1,500,000	$ 1,500,000
Remaining amortization expense for the fiscal year	19,000
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 3 months 18 days

Intangible Assets - Summary of Change in Carrying Amount of Finite-Lived Intangible Assets (Detail) - USD ($) $ in Thousands	9 Months Ended
	Jan. 30, 2022	Jan. 31, 2021
Customer Relationships [Member]
Finite Lived Intangible Assets [Line Items]
Beginning balance	$ 1,937	$ 2,238
Amortization expense	(226)	(226)
Ending balance	1,711	2,012
Non-Compete Agreement [Member]
Finite Lived Intangible Assets [Line Items]
Beginning balance	527	602
Amortization expense	(56)	(56)
Ending balance	$ 471	$ 546

Accrued Expenses - Summary of Accrued Expenses (Detail) - USD ($) $ in Thousands	Jan. 30, 2022	May 02, 2021	Jan. 31, 2021
Payables And Accruals [Abstract]
Compensation, commissions, and related benefits	$ 3,426	$ 9,816	$ 8,363
Other accrued expenses	5,020	5,023	5,211
Accrued expenses	$ 8,446	$ 14,839	$ 13,574

Lines of Credit - Narrative (Detail)	3 Months Ended	9 Months Ended
Lines of Credit - Narrative (Detail)	Jan. 30, 2022 USD ($)	Jan. 30, 2022 USD ($)	Jan. 31, 2021 USD ($)	Jan. 30, 2022 CNY (¥)	May 02, 2021 USD ($)
Revolving Credit Facility [Member] \| United States [Member]
Line Of Credit Facility [Line Items]
Maximum borrowing capacity	$ 30,000,000	$ 30,000,000
Expiration date		Aug. 15, 2022
Maximum amount of letters of credit	$ 1,000,000	$ 1,000,000
Applicable interest rate at end of period	1.71%	1.71%	1.72%	1.71%	1.71%
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	$ 275,000	$ 275,000		$ 275,000
Outstanding amount	0	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	725,000
Revolving credit agreements [Member] \| China [Member] \| Chinese Yuan Renminbi [Member]
Line Of Credit Facility [Line Items]
Maximum borrowing capacity	$ 6,300,000	$ 6,300,000		¥ 40,000,000
Expiration date	Nov. 15, 2022
Interest rate description		This agreement has an interest rate determined by the Chinese government at the time of borrowing
Outstanding amount	$ 0	$ 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	$ 2,000,000
Expiration date		Aug. 30, 2022
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		$ 0

Fair Value - Recurring Basis (Detail) - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Thousands	Jan. 30, 2022	May 02, 2021	Jan. 31, 2021
U.S. Government Money Market Fund [Member]
Assets:
Investments at fair value	$ 8,531
Premier Money Market Fund [Member]
Assets:
Investments at fair value		$ 7,879	$ 7,771
Mortgage Securities Mutual Funds [Member]
Assets:
Investments at fair value		719
Large Cap Equity Mutual Funds [Member]
Assets:
Investments at fair value	74
Moderate Allocation Mutual Fund [Member]
Assets:
Investments at fair value	86	86	80
Other [Member]
Assets:
Investments at fair value	259	111	82
Bond Mutual Funds [Member]
Assets:
Investments at fair value	267	4,101	2,655
Growth Allocation Mutual Funds [Member]
Assets:
Investments at fair value	444	339	299
Inflation Protected Bond Mutual Funds [Member]
Assets:
Investments at fair value		722	2,893
Quoted prices in active markets for identical assets - Level 1 [Member] \| U.S. Government Money Market Fund [Member]
Assets:
Investments at fair value	8,531
Quoted prices in active markets for identical assets - Level 1 [Member] \| Premier Money Market Fund [Member]
Assets:
Investments at fair value		7,879	7,771
Quoted prices in active markets for identical assets - Level 1 [Member] \| Mortgage Securities Mutual Funds [Member]
Assets:
Investments at fair value		719
Quoted prices in active markets for identical assets - Level 1 [Member] \| Large Cap Equity Mutual Funds [Member]
Assets:
Investments at fair value	74
Quoted prices in active markets for identical assets - Level 1 [Member] \| Moderate Allocation Mutual Fund [Member]
Assets:
Investments at fair value	86	86	80
Quoted prices in active markets for identical assets - Level 1 [Member] \| Other [Member]
Assets:
Investments at fair value	259	111	82
Quoted prices in active markets for identical assets - Level 1 [Member] \| Bond Mutual Funds [Member]
Assets:
Investments at fair value	267	4,101	2,655
Quoted prices in active markets for identical assets - Level 1 [Member] \| Growth Allocation Mutual Funds [Member]
Assets:
Investments at fair value	$ 444	339	299
Quoted prices in active markets for identical assets - Level 1 [Member] \| Inflation Protected Bond Mutual Funds [Member]
Assets:
Investments at fair value		$ 722	$ 2,893

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

9 Months Ended

Jan. 30, 2022

Jan. 31, 2021

May 02, 2021

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

Short-term investments - available for sale

$ 438,000

$ 5,548,000

$ 5,542,000

^[1]

Investment remaining maturity period

2 years 3 months 18 days

Amortized cost of held-to-maturity investments

$ 10,000,000.0

10,300,000

4,300,000

Fair value of held-to-maturity investments

9,800,000

10,300,000

4,300,000

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

9,223,000

8,232,000

8,415,000

^[1]

Short-term Investments [Member]

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

Accumulated unrealized gain (loss) on investments

(2,000)

30,000

24,000

Current Expected Credit Loses [Member]

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

Accumulated unrealized gain (loss) on investments

(2,000)

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 (loss) on investments

$ 90,000

$ 87,000

$ 122,000

[1]	Derived from audited financial statements.

Fair Value - Nonrecurring Basis (Detail) - Fair Value, Measurements, Nonrecurring [Member] - CIH [Member] $ in Thousands	Feb. 01, 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		9 Months Ended
	Jan. 30, 2022	Jan. 31, 2021	Jan. 30, 2022	Jan. 31, 2021
Earnings Per Share [Abstract]
Weighted average common shares outstanding, basic	12,212	12,305	12,249	12,297
Dilutive effect of stock-based compensation		64	92	2
Weighted average common shares outstanding, diluted	12,212	12,369	12,341	12,299

Net Income (Loss) Per Share - Narrative (Detail) - Common Stock Awards [Member] - shares	3 Months Ended	9 Months Ended
	Jan. 30, 2022	Jan. 30, 2022	Jan. 31, 2021
Antidilutive securities due to decrease in stock price excluded from computation of loss per share	44,616	11,711	9,136
Antidilutive securities due to net loss recorded during the reporting period	79,507

Segment Information - Narrative (Detail)	9 Months Ended
Segment Information - Narrative (Detail)	Jan. 30, 2022 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		9 Months Ended
	Jan. 30, 2022	Jan. 31, 2021	Jan. 30, 2022	Jan. 31, 2021
Segment Reporting Information [Line Items]
net sales	$ 80,291	$ 79,341	$ 237,899	$ 220,656
gross profit	9,110	13,872	32,336	38,035
selling, general, and administrative expenses	8,007	9,835	26,275	27,597
income from operations	1,103	4,037	6,061	10,438
Interest expense				(51)
interest income	214	90	347	208
other expense	(322)	(1,010)	(963)	(2,057)
income before income taxes	995	3,117	5,445	8,538
Mattress Fabrics [Member]
Segment Reporting Information [Line Items]
net sales	38,439	38,600	122,380	114,733
Upholstery Fabrics [Member]
Segment Reporting Information [Line Items]
net sales	41,852	40,741	115,519	105,923
Operating Segments [Member]
Segment Reporting Information [Line Items]
net sales	80,291	79,341	237,899	220,656
selling, general, and administrative expenses	8,007	9,835	26,275	27,597
Operating Segments [Member] \| Mattress Fabrics [Member]
Segment Reporting Information [Line Items]
net sales	38,439	38,600	122,380	114,733
gross profit	3,164	6,458	16,106	18,650
selling, general, and administrative expenses	2,800	3,161	8,991	9,125
income from operations	364	3,297	7,115	9,525
Operating Segments [Member] \| Upholstery Fabrics [Member]
Segment Reporting Information [Line Items]
net sales	41,852	40,741	115,519	105,923
gross profit	5,946	7,414	16,230	19,385
selling, general, and administrative expenses	3,500	3,551	10,491	10,122
income from operations	2,446	3,863	5,739	9,263
Unallocated Corporate [Member]
Segment Reporting Information [Line Items]
selling, general, and administrative expenses	1,707	3,123	6,793	8,350
income from operations	$ (1,707)	$ (3,123)	$ (6,793)	$ (8,350)

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

9 Months Ended

Jan. 30, 2022

Jan. 31, 2021

May 02, 2021

Segment Reporting Information [Line Items]

Accounts receivable, net

$ 38,998,000

$ 36,397,000

$ 37,726,000

^[1]

Inventory

73,133,000

57,794,000

55,917,000

^[1]

Cash and cash equivalents

11,780,000

35,987,000

37,009,000

^[1]

Short-term investments - available for sale

438,000

5,548,000

5,542,000

^[1]

Short-term investments - held-to-maturity

1,315,000

9,785,000

3,161,000

^[1]

Current income taxes receivable

367,000

Other current assets

4,419,000

3,116,000

3,852,000

^[1]

Deferred income taxes

500,000

640,000

545,000

^[1]

Property, plant and equipment

42,778,000

42,385,000

44,003,000

^[1]

Right of use assets

16,595,000

6,206,000

11,730,000

^[1]

Intangible assets

2,722,000

3,098,000

3,004,000

^[1]

Long-term investments - rabbi trust

9,223,000

8,232,000

8,415,000

^[1]

Long-term investments - held-to-maturity

8,677,000

512,000

1,141,000

^[1]

Other assets

622,000

555,000

2,035,000

^[1]

Investment in unconsolidated joint venture

1,723,000

Total assets

211,567,000

211,978,000

214,080,000

^[1]

Capital expenditures

^[2]

4,973,000

4,453,000

Depreciation expense

5,203,000

Upholstery Fabrics [Member]

Segment Reporting Information [Line Items]

Right of use assets

2,800,000

Operating Segments [Member]

Segment Reporting Information [Line Items]

Total assets

166,495,000

142,013,000

147,055,000

Depreciation expense

5,203,000

Operating Segments [Member] | Mattress Fabrics [Member]

Segment Reporting Information [Line Items]

Accounts receivable, net

17,617,000

17,722,000

20,427,000

Inventory

39,544,000

30,326,000

30,047,000

Property, plant and equipment

^[3]

39,483,000

39,550,000

41,264,000

Right of use assets

^[4]

3,706,000

1,077,000

4,278,000

Investment in unconsolidated joint venture

1,723,000

Total assets

100,350,000

90,398,000

96,016,000

Capital expenditures

^[2]

2,828,000

3,886,000

Depreciation expense

4,613,000

4,579,000

Operating Segments [Member] | Upholstery Fabrics [Member]

Segment Reporting Information [Line Items]

Accounts receivable, net

21,381,000

18,675,000

17,299,000

Inventory

33,589,000

27,468,000

25,870,000

Property, plant and equipment

^[5]

2,448,000

1,953,000

1,925,000

Right of use assets

^[6]

8,727,000

3,519,000

5,945,000

Total assets

66,145,000

51,615,000

51,039,000

Capital expenditures

^[2]

815,000

259,000

Depreciation expense

590,000

624,000

Unallocated Corporate [Member]

Segment Reporting Information [Line Items]

Cash and cash equivalents

11,780,000

35,987,000

37,009,000

Short-term investments - available for sale

438,000

5,548,000

5,542,000

Short-term investments - held-to-maturity

1,315,000

9,785,000

3,161,000

Current income taxes receivable

367,000

Other current assets

4,419,000

3,116,000

3,852,000

Deferred income taxes

500,000

640,000

545,000

Property, plant and equipment

^[7]

847,000

882,000

814,000

Right of use assets

^[8]

4,162,000

1,610,000

1,507,000

Intangible assets

2,722,000

3,098,000

3,004,000

Long-term investments - rabbi trust

9,223,000

8,232,000

8,415,000

Long-term investments - held-to-maturity

8,677,000

512,000

1,141,000

Other assets

622,000

555,000

2,035,000

Total assets

211,567,000

211,978,000

$ 214,080,000

Capital expenditures

^[2]

$ 1,330,000

$ 308,000

[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 $39.5 million as of January 30, 2022, represents property, plant, and equipment of $26.2 million, $12.5 million, and $796,000 located in the U.S., Canada, and Haiti, respectively. The $39.6 million as of January 31, 2021, represents property, plant, and equipment of $27.3 million and $12.3 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 $3.7 million as of January 30, 2022, represents right of use assets of $2.1 million, $1.3 million, and $352,000 located in Haiti, the U.S., and Canada, respectively. The $1.1 million as of January 31, 2021, represents right of use assets of $632,000 and $445,000 located in the U.S. and Canada, 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 $2.4 million as of January 30, 2022, represents property, plant, and equipment of $1.1 million, $774,000 and $585,000 located in the U.S., China, and Haiti, respectively. The $2.0 million as of January 31, 2021, represents property, plant, and equipment of $1.1 million and $881,000 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 $8.7 million as of January 30, 2022, represents right of use assets of $4.1 million, $2.7 million, and $1.9 million located in China, Haiti, and the U.S., respectively. The $3.5 million as of January 31, 2021, represents right of use assets of $2.4 million and $1.1 million 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 $847,000, $882,000, and $814,000 as of January 30, 2022, January 31, 2021, 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 $4.2 million, $1.6 million, and $1.5 million as of January 30, 2022, January 31, 2021, 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 ($)

Jan. 30, 2022

May 02, 2021

Jan. 31, 2021

Segment Reporting Information [Line Items]

property, plant, and equipment

$ 42,778,000

$ 44,003,000

^[1]

$ 42,385,000

Right of use assets

16,595,000

11,730,000

^[1]

6,206,000

Upholstery Fabrics [Member]

Segment Reporting Information [Line Items]

Right of use assets

2,800,000

Operating Segments [Member] | Mattress Fabrics [Member]

Segment Reporting Information [Line Items]

property, plant, and equipment

^[2]

39,483,000

41,264,000

39,550,000

Right of use assets

^[3]

3,706,000

4,278,000

1,077,000

Operating Segments [Member] | Upholstery Fabrics [Member]

Segment Reporting Information [Line Items]

property, plant, and equipment

^[4]

2,448,000

1,925,000

1,953,000

Right of use assets

^[5]

8,727,000

5,945,000

3,519,000

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

Segment Reporting Information [Line Items]

property, plant, and equipment

26,200,000

28,400,000

27,300,000

Right of use assets

1,300,000

1,400,000

632,000

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

Segment Reporting Information [Line Items]

property, plant, and equipment

1,100,000

Right of use assets

1,900,000

952,000

1,100,000

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

Segment Reporting Information [Line Items]

property, plant, and equipment

12,500,000

12,000,000.0

12,300,000

Right of use assets

352,000

400,000

445,000

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

Segment Reporting Information [Line Items]

property, plant, and equipment

796,000

855,000

Right of use assets

2,100,000

2,400,000

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

Segment Reporting Information [Line Items]

property, plant, and equipment

585,000

Right of use assets

2,700,000

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

Segment Reporting Information [Line Items]

property, plant, and equipment

774,000

850,000

881,000

Right of use assets

4,100,000

5,000,000.0

2,400,000

Unallocated Corporate [Member]

Segment Reporting Information [Line Items]

property, plant, and equipment

^[6]

847,000

814,000

882,000

Right of use assets

^[7]

4,162,000

1,507,000

1,610,000

Unallocated Corporate [Member] | United States [Member]

Segment Reporting Information [Line Items]

property, plant, and equipment

847,000

814,000

882,000

Right of use assets

$ 4,200,000

$ 1,500,000

$ 1,600,000

[1]	Derived from audited financial statements.
[2]	The $39.5 million as of January 30, 2022, represents property, plant, and equipment of $26.2 million, $12.5 million, and $796,000 located in the U.S., Canada, and Haiti, respectively. The $39.6 million as of January 31, 2021, represents property, plant, and equipment of $27.3 million and $12.3 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 $3.7 million as of January 30, 2022, represents right of use assets of $2.1 million, $1.3 million, and $352,000 located in Haiti, the U.S., and Canada, respectively. The $1.1 million as of January 31, 2021, represents right of use assets of $632,000 and $445,000 located in the U.S. and Canada, 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 $2.4 million as of January 30, 2022, represents property, plant, and equipment of $1.1 million, $774,000 and $585,000 located in the U.S., China, and Haiti, respectively. The $2.0 million as of January 31, 2021, represents property, plant, and equipment of $1.1 million and $881,000 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 $8.7 million as of January 30, 2022, represents right of use assets of $4.1 million, $2.7 million, and $1.9 million located in China, Haiti, and the U.S., respectively. The $3.5 million as of January 31, 2021, represents right of use assets of $2.4 million and $1.1 million 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 $847,000, $882,000, and $814,000 as of January 30, 2022, January 31, 2021, 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 $4.2 million, $1.6 million, and $1.5 million as of January 30, 2022, January 31, 2021, and May 2, 2021, respectively, represent right of use assets located in the U.S.

Income Taxes - Effective Income Tax Rate - Narrative (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jan. 30, 2022	Jan. 31, 2021	Jan. 30, 2022	Jan. 31, 2021
Income Tax Disclosure [Abstract]
Income taxes	$ 1,284	$ 899	$ 2,633	$ 6,836
Effective income tax rate			48.40%	80.10%

- 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)	9 Months Ended
	Jan. 30, 2022	Jan. 31, 2021
Income Tax Disclosure [Abstract]
U.S. federal income tax rate	21.00%	21.00%
U.S. valuation allowance	(26.90%)	89.90%
U.S. income tax law change - Global Intangible Low Taxed Income Tax ("GILTI")	37.40%	(41.30%)
Withholding taxes associated with foreign jurisdictions	9.80%	7.50%
Foreign income tax rate differential	5.10%	8.90%
Tax effects of deductible foreign exchange rate losses	(1.00%)	(6.70%)
Other	3.00%	0.80%
Effective income tax rate	48.40%	80.10%

Income Taxes - GILTI - Narrative (Detail) - USD ($) $ in Thousands	3 Months Ended			9 Months Ended		12 Months Ended
	Jan. 30, 2022	Jan. 31, 2021	Aug. 02, 2020	Jan. 30, 2022	Jan. 31, 2021	May 02, 2021
Income Taxes [Line Items]
U.S. Federal income tax rate				21.00%	21.00%
Income tax charge (Benefit)	$ 1,284	$ 899		$ 2,633	$ 6,836
Effective income tax rate				48.40%	80.10%
GILTI [Member]
Income Taxes [Line Items]
Non-cash income tax benefit			$ 3,500		$ 3,500
GILTI [Member] \| Valuation Allowance, Net Deferred Tax Assets [Member]
Income Taxes [Line Items]
Income tax charge (Benefit)			$ 7,000		7,000
GILTI [Member] \| China [Member]
Income Taxes [Line Items]
Minimum effective income tax rate required to meet the high-tax exception provision						18.90%
Income tax charge (Benefit)					1,800
GILTI [Member] \| China [Member] \| Valuation Allowance, Net Deferred Tax Assets [Member]
Income Taxes [Line Items]
Income tax charge (Benefit)					$ (1,800)
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]
Minimum effective income tax rate required to meet the high-tax exception provision				18.90%
Effective income tax rate				0.00%
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%
U.S. Federal income tax rate			21.00%	21.00%		21.00%
Minimum effective income tax rate required to meet the high-tax exception provision			18.90%	18.90%		18.90%

Income Taxes - Valuation Allowance - Narrative (Detail) - USD ($) $ in Thousands	3 Months Ended			9 Months Ended
	Jan. 30, 2022	Jan. 31, 2021	Aug. 02, 2020	Jan. 30, 2022	Jan. 31, 2021
Income Taxes [Line Items]
Income tax charge	$ 1,284	$ 899		$ 2,633	$ 6,836
Valuation Allowance, Net Deferred Tax Assets [Member] \| GILTI [Member]
Income Taxes [Line Items]
Income tax charge			$ 7,000		$ 7,000

- 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	Jan. 30, 2022	May 02, 2021	Jan. 31, 2021
Valuation Allowance [Line Items]
Valuation allowance	$ 10,132	$ 11,674	$ 10,825
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	$ 7,802	$ 9,344	$ 8,544

Income Taxes - Undistributed Earnings - Narrative (Detail) - USD ($) $ in Millions	9 Months Ended
	Jan. 30, 2022	May 02, 2021	Jan. 31, 2021
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	$ 3.6	$ 3.5	$ 3.3

Income Taxes - Uncertain Income Tax Positions - Narrative (Detail) - USD ($)	Jan. 30, 2022	May 02, 2021	Jan. 31, 2021
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	6 Months Ended	9 Months Ended
	Nov. 01, 2020	Jan. 30, 2022	Jan. 31, 2021
Income Taxes [Line Items]
United States Federal - Alternative Minimum Tax (AMT) credit refunds	$ 1,500
Total income tax payments, net		$ 3,045	$ 1,192
Domestic Tax Authority [Member] \| United States [Member]
Income Taxes [Line Items]
United States Federal - Alternative Minimum Tax (AMT) credit refunds			(1,509)
United States Transition Tax Payment		266	227
Foreign Tax Authority \| China [Member]
Income Taxes [Line Items]
Total income tax payments, net		2,036	867
China - Withholding Taxes Associated with Earnings and Profits Distribution to U.S. Parent		487	798
Foreign Tax Authority \| Canada [Member]
Income Taxes [Line Items]
Total income tax payments, net		$ 256	$ 809

Income Taxes - Summary of Taxes Paid (Refunded) (Parenthetical) (Detail)	3 Months Ended		6 Months Ended
	Nov. 01, 2020 USD ($)	Aug. 02, 2020 USD ($)	Nov. 01, 2020 USD ($) Installment
Income Tax Disclosure [Abstract]
United States Federal - Alternative Minimum Tax (AMT) credit refunds			$ 1,500,000
Number of separate installments \| Installment			2
AMT credit carryforward remaining refundable balance amount received	$ 764,000	$ 746,000

Stock-Based Compensation - Narrative (Detail) - USD ($)							9 Months Ended
Stock-Based Compensation - Narrative (Detail) - USD ($)	Jan. 03, 2022	Oct. 01, 2021	Jul. 01, 2021	Jan. 04, 2021	Oct. 01, 2020	Jul. 01, 2020	Jan. 30, 2022	Jan. 31, 2021	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							$ 4,000
Remaining unrecognized compensation cost							$ 11,000
Weighted average period over which unrecognized compensation cost is expected to be recognized							6 months
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 (credit) expense							$ (40,000)	$ 127,000
Time-Based Restricted Stock Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value of units expected to vest							1,900,000
Remaining unrecognized compensation cost							$ 1,300,000
Weighted average period over which unrecognized compensation cost is expected to be recognized							1 year 9 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 (credit) expense							$ 682,000	429,000
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	8,357	6,426	4,312	4,563	5,193	7,000
Price Per Share	$ 10.02	$ 13.03	$ 16.24	$ 15.34	$ 13.48	$ 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 (credit) expense							$ 238,000	$ 210,000
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							462,590

Stock-Based Compensation - Summary of Assumptions Used to Determine Fair Value of Performance Based Restricted Stock Units (Detail) - Performance-Based Restricted Stock Units [Member] - Senior Executives [Member] - $ / shares

Jul. 22, 2021

Jul. 18, 2019

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

Closing price of our common stock

$ 14.75

$ 18.49

Expected volatility of our common stock

54.20%

Risk-free interest rate

0.33%

Dividend yield

3.00%

Minimum [Member]

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

Expected volatility of peer companies

^[1]

45.70%

Correlation coefficient of peer companies

^[1]

0.03

Maximum [Member]

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

Expected volatility of peer companies

^[1]

101.50%

Correlation coefficient of peer companies

^[1]

0.35

[1]

The expected volatility and correlation coefficient of our peer companies for the July 22, 2021, grant date was based on peer companies that were approved by the Compensation Committee of our board of directors as an aggregate benchmark for determining the market-based total shareholder return component. Therefore, we disclosed ranges of the expected volatility and correlation coefficient for the companies that represented this peer group.

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]

2,421

Price Per Share

^[2]

$ 15.93

^[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]

1,450

Price Per Share

^[6],[7]

$ 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 January 30, 2022.
[4]	Price per share represents the fair market value per share ($1.08 per $1, or an increase of $1.18 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 ($14.75) for the performance-based component of the performance-based restricted stock units granted to senior executives on July 22, 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]	Performance-based restricted stock units awarded to key employees.
[7]	Price per share represents the closing price of our common stock on the date of grant.

Stock-Based Compensation - Summary of Grants of Performance-Based Restricted Stock Units Associated with Senior Executives and Key Employees (Parenthetical) (Detail) - Performance-Based Restricted Stock Units [Member] - Senior Executives [Member] - $ / shares	Jul. 22, 2021	Jul. 18, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value adjustment to closing price of common stock, percentage	108.00%	103.00%
Fair value adjustment to closing price of common stock, per share	$ 1.18	$ 0.55
Closing price of common stock	$ 14.75	$ 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

9 Months Ended

Jan. 30, 2022

Jan. 31, 2021

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

37,991

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)

3 Months Ended

9 Months Ended

Nov. 01, 2021

USD ($)

May 07, 2021

ft²

Apr. 09, 2021

USD ($)

ft²

Jan. 30, 2022

USD ($)

Jan. 31, 2021

USD ($)

Jan. 30, 2022

USD ($)

Jan. 31, 2021

USD ($)

May 02, 2021

USD ($)

^[1]

Lessee, operating lease, option to extend

renewal options for additional periods ranging up to twelve years.

Operating lease expenses

$ 1,000,000.0

$ 713,000

$ 2,800,000

$ 2,100,000

Total operating lease payments

2,249,000

1,930,000

Right of use assets

16,595,000

$ 6,206,000

16,595,000

$ 6,206,000

$ 11,730,000

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 periods

Area of facility | ft²

90,000

Lease term

8 years

Total operating lease payments

$ 2,800,000

Right of use assets

2,800,000

Lease renewal term

8 years

High Point ,NC [Member]

Lessee, operating lease, option to extend

The initial noncancellable 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

Total operating lease payments

$ 2,200,000

Lease renewal term

3 years

Leasehold improvements

$ 995,000

Minimum [Member]

Operating lease remaining lease terms

1 year

Maximum [Member]

Operating lease remaining lease terms

10 years

[1]	Derived from audited financial statements.

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

Jan. 30, 2022

May 02, 2021

^[1]

Jan. 31, 2021

Assets And Liabilities Lessee [Abstract]

Right of use assets

$ 16,595

$ 11,730

$ 6,206

Operating lease liability - current

3,295

2,736

2,273

Operating lease liability – noncurrent

$ 7,848

$ 6,821

$ 4,179

[1]	Derived from audited financial statements.

Leases - Operating Leases of Lessee Disclosure (Details) - USD ($) $ in Thousands	9 Months Ended
	Jan. 30, 2022	Jan. 31, 2021
Lessee Disclosure [Abstract]
Operating lease liability payments	$ 2,249	$ 1,930
Right of use assets exchanged for lease liabilities	$ 3,763	$ 4,309

Leases - Lessee Operating Lease Liability Maturity (Details) $ in Thousands	Jan. 30, 2022 USD ($)
Lessee Disclosure [Abstract]
2022	$ 740
2023	3,440
2024	3,045
2025	1,983
2026	493
Thereafter	1,868
Total	11,569
Less: interest	(426)
Present value of lease liabilities	$ 11,143

Leases - Weighted Average Lease Term and Discount Rate (Detail)	Jan. 30, 2022	Jan. 31, 2021
Lessee Disclosure [Abstract]
Weighted average lease term	4 years 7 months 6 days	3 years 3 months 18 days
Weighted average discount rate	1.77%	2.39%

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

9 Months Ended

12 Months Ended

Jan. 12, 2022

Jan. 30, 2022

Jan. 31, 2021

May 02, 2021

Commitments and Contingencies Disclosure [Line Items]

Accounts payable for capital expenditures

$ 33,000

$ 240,000

$ 348,000

^[1]

Monthly operating lease liability payments

2,249,000

1,930,000

eLuxury [Member]

Commitments and Contingencies Disclosure [Line Items]

Agreement initiated date

Jan. 12, 2022

Agreement expiration date

Mar. 31, 2027

102,000

$ 59,000

Agreement termination fee

$ 150,000

Unpaid Lease Payments Guarantees Percentage

70.00%

Lease agreement expiry date

2024-09

Monthly 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

$ 812,000

[1]	Derived from audited financial statements.

Statutory Reserves - Narrative (Detail) - Subisidiary [Member] - China [Member] $ in Millions	9 Months Ended
	Jan. 30, 2022 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	$ 4.6
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 ($)	3 Months Ended		9 Months Ended
Common Stock Repurchase Program (Detail) - USD ($)	Oct. 31, 2021	Aug. 01, 2021	Jan. 30, 2022	Jan. 31, 2021	Mar. 31, 2020
Stockholders Equity Note [Line Items]
Cost of common stock repurchase			$ 1,752,000
Common Stock [Member]
Stockholders Equity Note [Line Items]
Common stock repurchased	73,002	48,686	121,688	0
Remaining authorized repurchase amount			$ 3,200,000
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		9 Months Ended
	Mar. 02, 2022	Jan. 30, 2022	Jan. 31, 2021
Dividends [Line Items]
Cash dividends paid		$ 4,104	$ 3,937
Quarterly Dividend [Member]
Dividends [Line Items]
Cash dividends paid		$ 4,100	$ 3,900
Quarterly Dividend [Member] \| Minimum [Member]
Dividends [Line Items]
Cash dividend payment, per share		$ 0.11	$ 0.105
Quarterly Dividend [Member] \| Maximum [Member]
Dividends [Line Items]
Cash dividend payment, per share		$ 0.115	$ 0.11
Subsequent Event [Member] \| Quarterly Dividend [Member]
Dividends [Line Items]
Cash dividend declared, per share	$ 0.115
Date of payment to shareholders entitled to dividends	Apr. 19, 2022
Date of record of shareholders entitled to dividends	Apr. 11, 2022