0000950170-23-032929 | 10-K | XBRL Viewer

change in judgement of beginning of year U.S. valuation allowance

beginning balance

$ 11,857

$ 11,674

$ 3,148

^[1]

6,964

change in valuation allowance associated with current year earnings

7,252

1,640

1,004

change in estimate during current year

^[2]

(434)

(1,457)

558

ending balance

$ 18,675

$ 11,857

$ 11,674

[1]

Refer to the above "Assessment" subsection within the section titled Deferred Income Taxes – Valuation Allowance for further details regarding our assessment and conclusions reached for providing a full valuation allowance against our U.S net deferred income tax assets during the first quarter of fiscal 2021.

[2]

Amounts represent changes in our U.S. net deferred income tax asset balances during the current year that pertain to (i) income tax provision to return adjustments, (ii) changes in estimates of our U.S. effective income tax rate that pertain to U.S. state income tax rates and apportionment percentages, (iii) recognition of an uncertain income tax position due to the expiration of statute of limitations, (iv) expiration of certain U.S. state loss carryforwards, and (v) other immaterial items.

Dividend Program - Narrative (Detail) - USD ($)	12 Months Ended
Dividend Program - Narrative (Detail) - USD ($)	Apr. 30, 2023	May 01, 2022	May 02, 2021
Dividends [Line Items]
Cash dividends paid		$ 5,511,000	$ 5,292,000
Quarterly Dividend [Member]
Dividends [Line Items]
Cash dividends paid	$ 0	$ 5,500,000	$ 5,300,000
Minimum [Member] \| Quarterly Dividend [Member]
Dividends [Line Items]
Cash dividend payment, per share		$ 0.11	$ 0.105
Maximum [Member] \| Quarterly Dividend [Member]
Dividends [Line Items]
Cash dividend payment, per share		$ 0.115	$ 0.11

Accounts Receivable - Narrative (Detail) - USD ($)	Apr. 30, 2023	May 01, 2022	May 02, 2021	May 03, 2020
Allowance for doubtful accounts [Member]
Valuation and Qualifying Accounts Disclosure [Line Items]
Allowance for doubtful accounts	$ 342,000	$ 292,000	$ 591,000	$ 472,000

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

Aug. 10, 2022

Jul. 22, 2021

Senior Executives [Member]

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

^[1],[2]

178,714

122,476

^[2]

$ 5.77

^[3]

$ 15.93

^[4]

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

^[2]

3 years

Key Employees [Member]

^[1],[5]

20,500

^[5],[6]

$ 14.75

Business Combination Achieved in Stages

^[5]

3 years

[1]	Amounts represent the maximum number of common stock shares that could be earned if certain performance targets are met, as defined in the related restricted stock unit award agreements.
[2]	Performance-based restricted stock units awarded to certain senior executives.
[3]	Price per share represents the fair market value per share ($1.14 per $1, or an increase of $0.71 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 ($5.06) for the performance-based component of the performance-based restricted stock units granted to senior executives on August 10, 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 certain senior executives on July 22, 2021.
[5]	Performance-based restricted stock units awarded to key employees.
[6]	Price per share represents the closing price of our common stock on the date of grant.

Business Combination Achieved in Stages

12 Months Ended

Apr. 30, 2023

Business Combinations [Abstract]

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). CIH produces cut and sewn mattress covers housed in two facilities totaling 120,000 square feet, located in a modern industrial park on the northeastern border of Haiti. 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.

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

The consideration transferred for our now-100% ownership interest in connection with this acquisition totaled $2.7 million, of which $1.7 million represented the fair value of our previously held 50% ownership interest in CIH, 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. 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	)
Fair value of identifiable assets acquired and liabilities assumed		3,497
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 related 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, we (i) reassessed the recognition and measurement of the assets acquired, liabilities assumed, and our 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 described below. As part of our review of the rebate and supply agreements, we verified that the terms of these agreements were consistent with fair market value terms and are considered separate transactions and not considered part of the business combination. Accordingly, this acquisition has been accounted for as a bargain purchase and, as a result, we recognized a gain of $819,000, which was reported in the line-item “gain on bargain purchase” in the fiscal 2021 Consolidated Statement of Net Income.

Separate Transactions

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 were effective as of the acquisition date and based on future sales orders consistent with current market conditions.

The transactions associated with the supply and rebate agreements were accounted for in accordance with ASC Topic 606 Revenue from Contract with Customers. During fiscal 2023, 2022 and the period from February 1, 2021, through May 2, 2021, shipments pursuant to the supply agreement were $198,000, $1.6 million and $379,000, respectively. During fiscal 2023, there was no charge pursuant to the rebate agreement as the terms of the rebate agreement were not met. During fiscal 2022 and the period from February 1, 2021, through May 2, 2021, charges of $73,000 and $25,000 pursuant to the rebate agreement were included in net sales in the Consolidated Statement of Net (Loss) Income for the respective periods.

Acquisition-Related Costs

Acquisition-related costs totaling $30,000 were included in selling, general, and administrative expenses in the fiscal 2021 Consolidated Statement of Net Income.

Other

Actual revenue and net loss from the acquisition date of February 1, 2021, through May 2, 2021, included in our fiscal 2021 Consolidated Statement of Net Income totaled $379,000 and $(2,000), respectively.

(Unaudited) Pro Forma Financial Information

The following unaudited pro forma consolidated results of operations for the fiscal year ending May 2, 2021, has been prepared as if this acquisition had occurred on April 29, 2019.


(dollars in thousands, except per share data)	May 2, 2021
Net Sales	$	300,995
Income from operations	$	12,138
Net income	$	2,430
Net income per share - basic	$	0.20
Net income per share - diluted	$	0.20

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 consolidated joint venture” in the accompanying Consolidated Statements of Net (Loss) Income. Our 50% proportionate share of the net income of the unconsolidated joint venture was $31,000 during fiscal 2021.

Inventories - Summary of Inventories (Detail) - USD ($) $ in Thousands	Apr. 30, 2023	May 01, 2022
Inventory Disclosure [Abstract]
raw materials	$ 7,908	$ 13,477
work-in-process	2,602	4,237
finished goods	34,570	48,843
Inventories	$ 45,080	$ 66,557

Intangible Assets

12 Months Ended

Apr. 30, 2023

Goodwill And Intangible Assets Disclosure [Abstract]

Intangible Assets

INTANGIBLE ASSETS

A summary of intangible assets follows:


(dollars in thousands)	April 30, 2023		May 1, 2022
Tradename	$	540	$	540
Customer relationships, net		1,335		1,636
Non-compete agreement, net		377		452
	$	2,252	$	2,628

Tradename

Our tradename pertains to Read, a separate reporting unit within our upholstery fabrics segment. This 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. Accordingly, we performed an annual assessment of Read's tradename as of April 30, 2023. First, we performed a qualitative assessment to determine if any impairment indicators existed. Based on this assessment we concluded that indicators of impairment did exist, such as unfavorable financial performance in that we have incurred net operating losses during the last two fiscal years, which stem from (i) tight labor supply and wage inflation; (ii) processing and pricing inefficiencies associated with customization and installation services; (iii) an unfavorable mix of small scale and larger scale projects; and (iv) changes in management and key personnel. Consequently, we conducted a quantitative impairment test to determine the fair value of Read's tradename by calculating Read's future discounted cash flows based on management's assumptions that involve unobservable inputs such as (i) discount rate, (ii) future growth rates, (iii) changes in working capital, and (iv) effect of strategic actions to be performed by management to address recent operating inefficiencies. Based on the

results of our quantitative impairment test, the fair value of Read's tradename exceeded its carrying amount, and therfore, no impairment was noted as of April 30, 2023.

Customer Relationships

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


(dollars in thousands)	2023			2022			2021
beginning balance	$	1,636		$	1,937		$	2,238
amortization expense		(301	)		(301	)		(301	)
ending balance		1,335			1,636			1,937

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 April 30, 2023, and May 1, 2022. Accumulated amortization for these customer relationships was $1.8 million and $1.5 million as of April 30, 2023, and May 1, 2022, respectively.

The remaining amortization expense for the next five fiscal years and thereafter follows: FY 2024 - $301,000; FY 2025 - $301,000; FY 2026 - $301,000; FY 2027 - $278,000; FY 2028 - $52,000; and thereafter - $102,000.

The weighted average amortization period for our customer relationships is 4.8 years as of April 30, 2023.

Non-Compete Agreement

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


(dollars in thousands)	2023			2022			2021
beginning balance	$	452		$	527		$	602
amortization expense		(75	)		(75	)		(75	)
ending balance	$	377		$	452			527

Our non-compete agreement is associated with a prior acquisition by our mattress fabrics segment and is amortized on a straight-line basis over the fifteen-year life of the agreement.

The gross carrying amount of this non-compete agreement was $2.0 million as of April 30, 2023, and May 1, 2022. Accumulated amortization for this non-compete agreement was $1.6 million as of April 30, 2023, and May 1, 2022.

The remaining amortization expense for the next five years and thereafter follows: FY 2024 - $76,000; FY 2025 - $76,000; FY 2026 - $76,000; FY 2027 - $76,000; and FY 2028 - $73,000.

The weighted average amortization period for the non-compete agreement is 5.0 years as of April 30, 2023.

Impairment - Mattress Fabrics Segment

As of October 30, 2022 (the end of our second quarter of fiscal 2023), management reviewed the long-lived assets associated with our mattress fabrics segment, which consisted of property, plant, and equipment, right of use assets, and finite-lived intangible assets (collectively known as the "Mattress Asset Group"), for impairment, as events and changes in circumstances occurred that indicated the carrying amount of the Mattress Asset Group may not be recoverable. During the second quarter of fiscal 2023, our mattress fabrics segment experienced a 35.8% decline in net sales compared with the second quarter of fiscal 2022. This decline in net sales led to a significant decrease in gross margin to (23.1%) during the second quarter of 2023, compared with gross margin of 15.0% during second quarter of fiscal 2022. The significant decline in net sales and profitability during the second quarter of fiscal 2023 stemmed from a greater than anticipated decline in consumer discretionary spending on mattress products, which we believed was due to the following factors: (i) inflationary effects of commodities such as gas, food, and other necessities; (ii) a significant increase in interest rates; (iii) the pulling forward of demand for home goods products during the early years of the COVID-19 pandemic, which demand subsequently shifted to travel, leisure, and other services; and (iv) excess inventory held by customers due to a decline in consumer demand.

Based on the above evidence, we were required to determine the recoverability of the Mattress Asset Group, which was classified as held and used, by comparing the carrying amount of the Mattress Asset Group to the sum of the future undiscounted cash flows expected

to result from its use and eventual disposition. If the carrying amount of an asset group exceeds its estimated future undiscounted cash flows, an impairment charge is recognized for the excess of the carrying amount over the sum of the future undiscounted cash flows of the asset group. As of October 30, 2022, the carrying amount of the Mattress Asset Group totaled $38.8 million, which related to property, plant, and equipment of $35.9 million, right of use assets of $2.1 million, a non-compete agreement of $414,000, and customer relationships of $383,000. The total carrying amount of the Mattress Asset Group did not exceed the sum of its future undiscounted cash flows from its use and eventual disposition. As a result, we determined no impairment associated with the Mattress Asset Group existed as of October 30, 2022.

Since the end of the second quarter on October 30, 2022, and through the end of fiscal 2023, our mattress fabrics segment remained unprofitable, as it incurred operating losses totaling $(4.2) million and $(2.5) million during the third quarter and fourth quarter of fiscal 2023, respectively. As of April 30, 2023, the carrying amount of the Mattress Asset Group totaled $36.8 million, which represents property, plant, and equipment of $33.7 million, right use assets of $2.3 million, a non-compete agreement of $377,000, and customer relationships of $358,000. The total carrying amount of the Mattress Asset Group did not exceed the sum of its future undiscounted cash flows from its use and eventual disposition. As result, we maintain our position that no impairment associated with the Mattress Asset Group existed as of April 30, 2023.

Impairment - Read

As of April 30, 2023, management reviewed the long-lived assets associated with Read, a separate reporting unit within our upholstery fabrics segment. Read's long-lived assets consist of property, plant, and equipment, a right of use asset, and finite-lived intangible assets (collectively known as "Read's Asset Group"). Read's Asset Group was reviewed for impairment because events and changes in circumstances occurred that indicated the carrying amount of the Read's Asset Group may not be recoverable. As a result, we performed a qualitative assessment to determine if any impairment indicators existed. Based on this assessment we concluded that indicators of impairment did exist, such as unfavorable financial performance in that we have incurred net operating losses during the last two fiscal years, which stem from (i) tight labor supply and wage inflation, (ii) processing and pricing inefficiencies associated with customization and installation services, (iii) an unfavorable mix of small scale and larger scale projects; and (iv) changes in management and key personnel.

Based on the above evidence, we were required to determine the recoverability of Read's Asset Group, which was classified as held and used, by comparing the carrying amount of Read's Asset Group to the sum of the future undiscounted cash flows expected to result from its use and eventual disposition. If the carrying amount of an asset group exceeds its estimated future undiscounted cash flows, an impairment charge is recognized for the excess of the carrying amount over the sum of the future undiscounted cash flows of the asset group. As of April 30, 2023, the carrying amount of Read's Asset Group totaled $1.5 million, which represents customer relationships of $978,000, property, plant, and equipment of $329,000, and a right of use asset of $215,000. The total carrying amount of Read's Asset Group did not exceed the sum of its future undiscounted cash flows from its use and eventual disposition. As a result, we determined no impairment associated with Read's Asset Group existed as of April 30, 2023.

Revenue from Contracts with Customers - Disaggregation of Revenue (Detail) - USD ($) $ in Thousands	12 Months Ended
	Apr. 30, 2023	May 01, 2022	May 02, 2021
Disaggregation of Revenue [Line Items]
Total Net Sales	$ 234,934	$ 294,839	$ 299,720
Transferred at Point in Time [Member] \| Product [Member]
Disaggregation of Revenue [Line Items]
Total Net Sales	225,991	285,781	291,172
Transferred over Time [Member] \| Services [Member]
Disaggregation of Revenue [Line Items]
Total Net Sales	8,943	9,058	8,548
Mattress Fabrics [Member]
Disaggregation of Revenue [Line Items]
Total Net Sales	110,995	152,159	157,671
Mattress Fabrics [Member] \| Transferred at Point in Time [Member] \| Product [Member]
Disaggregation of Revenue [Line Items]
Total Net Sales	110,995	152,159	157,671
Upholstery Fabrics [Member]
Disaggregation of Revenue [Line Items]
Total Net Sales	123,939	142,680	142,049
Upholstery Fabrics [Member] \| Transferred at Point in Time [Member] \| Product [Member]
Disaggregation of Revenue [Line Items]
Total Net Sales	114,996	133,622	133,501
Upholstery Fabrics [Member] \| Transferred over Time [Member] \| Services [Member]
Disaggregation of Revenue [Line Items]
Total Net Sales	$ 8,943	$ 9,058	$ 8,548

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.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Section 50
-Paragraph 30
-Subparagraph (a)
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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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-Section 50
-Paragraph 40
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9031-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Paragraph 41
-Subparagraph (a)
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (a)
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-SubTopic 10
-Section 50
-Paragraph 4
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130543-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 22
-Subparagraph (b)
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-Name Accounting Standards Codification
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-Paragraph 22
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9054-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 10
-Section 50
-Paragraph 5
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130545-203045

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-URI https://asc.fasb.org/extlink&oid=6472922&loc=d3e499488-122856

Senior Executives [Member]

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

12 Months Ended

Apr. 30, 2023

May 01, 2022

May 02, 2021

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

Performance-Based Restricted Stock Units Vested

^[1]

545

5,051

3,277

Weighted Average Fair Value

^[1],[2]

$ 3

$ 87

$ 33

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

^[1],[3]

$ 5.10

$ 17.14

$ 9.96

Key Employees [Member]

Performance-Based Restricted Stock Units Vested

^[4]

437

5,812

3,710

Weighted Average Fair Value

^[2],[4]

$ 2

$ 100

$ 37

^[3],[4]

$ 5.10

$ 17.14

$ 9.96

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

Accrued Expenses - Summary of Accrued Expenses (Detail) - USD ($) $ in Thousands	Apr. 30, 2023	May 01, 2022
Payables And Accruals [Abstract]
compensation and related benefits	$ 5,800	$ 4,248
other	2,733	3,584
Accrued expenses	$ 8,533	$ 7,832

Intangible Assets - Summary of Change in Carrying Amount of Finite-Lived Intangible Assets (Detail) - USD ($) $ in Thousands	12 Months Ended
	Apr. 30, 2023	May 01, 2022	May 02, 2021
Customer Relationships [Member]
Finite Lived Intangible Assets [Line Items]
Beginning balance	$ 1,636	$ 1,937	$ 2,238
Amortization expense	(301)	(301)	(301)
Ending balance	1,335	1,636	1,937
Non-Compete Agreement [Member]
Finite Lived Intangible Assets [Line Items]
Beginning balance	452	527	602
Amortization expense	(75)	(75)	(75)
Ending balance	$ 377	$ 452	$ 527

Net (Loss) Income Per Share - Schedule of Unvested Common Stock not Included in the Computation of Diluted Net (Loss) Income Per Share (Detail) - shares shares in Thousands	12 Months Ended
	Apr. 30, 2023	May 01, 2022	May 02, 2021
Earnings Per Share [Abstract]
antidilutive effect from decrease in the price per share of our common stock	25	18	2
antidilutive effect from net loss incurred during the fiscal year	88	86
total unvested shares of common stock not included in computation of diluted net (loss) income per share	113	104	2

Stock-Based Compensation - Narrative (Detail) - USD ($)	12 Months Ended
Stock-Based Compensation - Narrative (Detail) - USD ($)	Apr. 30, 2023	May 01, 2022	May 02, 2021	Sep. 16, 2015
Time Based Restricted Stock Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Remaining unrecognized compensation cost	$ 759,000
Weighted average period over which unrecognized compensation cost is expected to be recognized	1 year 6 months
Fair value of units expected to vest	$ 1,600,000
Selling, General and Administrative Expenses [Member] \| Time Based Restricted Stock Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	808,000	$ 893,000	$ 614,000
Selling, General and Administrative Expenses [Member] \| Performance Based Restricted Stock Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	2,000	(81,000)	357,000
Selling, General and Administrative Expenses [Member] \| Common Stock Awards [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 335,000	$ 321,000	$ 280,000
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	224,266

Commitments and Contingencies - Lessee Operating Lease Right of Use Assets and Liabilities (Detail) - USD ($) $ in Thousands	Apr. 30, 2023	May 01, 2022
Assets And Liabilities Lessee [Abstract]
Right of use assets	$ 8,191	$ 15,577
Operating lease liability - current	2,640	3,219
Operating lease liability - noncurrent	$ 3,612	$ 7,062

Segment Information - Narrative (Detail)	12 Months Ended
Segment Information - Narrative (Detail)	Apr. 30, 2023 Customer Segment	May 01, 2022 Customer	May 02, 2021 Customer
Segment Reporting Information [Line Items]
Number of operating segments \| Segment	2
Concentration risk, labor subject to collective bargaining arrangements	The hourly employees associated with our manufacturing facility located in Canada (approximately 11% of our workforce) are represented by a local, unaffiliated union. The collective bargaining agreement for these employees expires on February 1, 2026. We are not aware of any efforts to organize any more of our employees, and we believe our relations with our employees are good.
Canada [Member]
Segment Reporting Information [Line Items]
Percentage of manufacturing facility workforce	11.00%
Currency Concentration Risk [Member] \| Net Sales [Member] \| USD [Member]
Segment Reporting Information [Line Items]
Concentration risk percentage	91.00%	90.00%	91.00%
Geographic Concentration Risk [Member] \| Net Sales [Member] \| International [Member]
Segment Reporting Information [Line Items]
Concentration risk percentage	29.00%	31.00%	27.00%
Customer Concentration Risk [Member] \| Net Sales [Member] \| Upholstery Fabrics [Member]
Segment Reporting Information [Line Items]
Concentration risk percentage	15.00%	13.00%	13.00%
Number of major customers	1	1	1
Customer Concentration Risk [Member] \| Net Sales [Member] \| Mattress Fabrics [Member] \| Minimum [Member]
Segment Reporting Information [Line Items]
Concentration risk percentage	10.00%	10.00%	10.00%
Number of major customers	0	0	0
Customer Concentration Risk [Member] \| Accounts Receivable [Member] \| Upholstery Fabrics [Member] \| Minimum [Member]
Segment Reporting Information [Line Items]
Concentration risk percentage	10.00%	10.00%
Number of major customers	0	0
Customer Concentration Risk [Member] \| Accounts Receivable [Member] \| Mattress Fabrics [Member]
Segment Reporting Information [Line Items]
Concentration risk percentage	10.00%	10.00%
Number of major customers	0	0

Income Taxes - Differences Between Income Tax Expense from Continuing Operations at Federal Income Tax Rate and Effective Income Tax Rate (Parenthetical) (Details) - USD ($)	12 Months Ended
	Apr. 30, 2023	May 01, 2022	May 02, 2021
Income Taxes [Line Items]
Pre-tax income (loss)	$ (28,390,000)	$ (325,000)	$ 10,880,000
United States [Member]
Income Taxes [Line Items]
Pre-tax income (loss)	$ (33,500,000)	$ (7,600,000)	$ (4,700,000)

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 2
-Subparagraph (SX 210.5-03(10))
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Upholstery Fabrics Segment Restructuring Activities - Narrative (Detail) - USD ($)

3 Months Ended

12 Months Ended

Jan. 29, 2023

Apr. 30, 2023

May 01, 2022

^[1]

$ 1,396,000

Fair value of right of use assets held for sale

^[2]

(98,000)

$ 2,000,000.0

Note receivable

24,778,000

$ 22,226,000

Upholstery Fabrics - China [Member]

615,000

CUF Haiti [Member]

Lease rent advance payment

781,000

$ 2,800,000

Lease expiration date

Dec. 31, 2029

Right of use asset held for sale carrying value

2,400,000

Fair value of right of use assets held for sale

2,000,000.0

Note receivable

$ 1,900,000

Note receivable, short-term

219,000

Note receivable, long-term

1,700,000

Restructuring expense and restructuring related charges

^[3]

1,494,000

Exit and Disposal Activity [Member] | Cost of Sales [Member]

51,000

Exit and Disposal Activity [Member] | Upholstery Fabrics - China [Member]

98,000

Restructuring expense and restructuring related charges

713,000

Exit and Disposal Activity [Member] | Upholstery Fabrics - China [Member] | Cost of Sales [Member]

Employee Termination Benefits [Member] | CUF Haiti [Member]

98,000

Employee Termination Benefits [Member] | Exit and Disposal Activity [Member]

39,000

Employee Termination Benefits [Member] | Exit and Disposal Activity [Member] | Upholstery Fabrics - China [Member]

507,000

Loss on Disposal and Markdowns of Inventory [Member] | Exit and Disposal Activity [Member]

468,000

Loss on Disposal and Markdowns of Inventory [Member] | Exit and Disposal Activity [Member] | Upholstery Fabrics - China [Member]

98,000

Impairment Loss on Equipment [Member] | Exit and Disposal Activity [Member] | Upholstery Fabrics - China [Member]

98,000

Lease Termination Costs [Member] | CUF Haiti [Member]

80,000

Lease Termination Costs [Member] | Exit and Disposal Activity [Member]

$ 434,000

434,000

Lease Termination Costs [Member] | Exit and Disposal Activity [Member] | Upholstery Fabrics - China [Member]

481,000

Other Associated Costs [Member] | CUF Haiti [Member]

47,000

Other Associated Costs [Member] | Exit and Disposal Activity [Member]

31,000

Other Associated Costs [Member] | Exit and Disposal Activity [Member] | Upholstery Fabrics - China [Member]

51,000

Leasehold Improvements Impairment Loss [Member] | CUF Haiti [Member]

20,000

Revenues from External Customers and Long-Lived Assets [Line Items]

$ 277,000

[1]	Restructuring expense totaling $1.4 million for fiscal 2023 relates to both our restructuring activities for our cut and sew upholstery fabrics operations (i) located in Shanghai, China, which occurred during the second quarter of fiscal 2023, and (ii) located in Ouanaminthe, Haiti, which occurred during the third and fourth quarters of fiscal 2023. Restructuring expense represents employee termination benefits of $507,000, lease termination costs of $481,000, impairment losses totaling $357,000 that relate to leasehold improvements and equipment, and $51,000 for other associated costs.
[2]	Cost of sales for fiscal 2023 includes a restructuring related charge totaling $98,000, which pertained to a loss on disposal and markdowns of inventory related to the exit of our cut and sew upholstery fabrics operation located in Shanghai, China.
[3]	Of the total $1.5 million, $1.4 million and $98,000 were recorded to restructuring expense and cost of sales, respectively, in the fiscal 2023 Consolidated Statement of Net Loss.

Segment Information - International Net Sales (Detail) - USD ($)
$ in Thousands

12 Months Ended

Apr. 30, 2023

May 01, 2022

May 02, 2021

North America (Excluding USA) [Member]

$ 234,934

$ 294,839

$ 299,720

Revenues from External Customers and Long-Lived Assets [Line Items]

Far East and Asia [Member]

^[1]

29,756

39,256

32,925

Revenues from External Customers and Long-Lived Assets [Line Items]

Revenues from External Customers and Long-Lived Assets [Line Items]

^[2]

31,339

43,015

43,764

All Other Areas [Member]

Revenues from External Customers and Long-Lived Assets [Line Items]

8,032

8,114

5,558

International [Member]

$ 69,127

$ 90,385

$ 82,247

[1]	Of this amount, $24.9 million, $33.5 million, and $27.2 million are attributable to shipments to Mexico in fiscal 2023, 2022, and 2021, respectively.
[2]	Of this amount $20.0 million, $26.9 million, and $28.1 million are attributable to shipments to China in fiscal 2023, 2022, and 2021, respectively

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

Stock-Based Compensation - Time Based Restricted Stock Unit Activity (Parenthetical) (Details) - Time Vested Restricted Stock Awards [Member]

12 Months Ended

Apr. 30, 2023

USD ($)

$ / shares

vested | shares

(32,799)

^[1]

Fair value | $

$ 167,000

Price per share | $ / shares

$ 5.10

[1]	During fiscal 2023, time-based restricted stock units totaling 32,799 vested at a fair value of $167,000, or $5.10 per share.

Commitments and Contingencies - Narrative (Detail)		12 Months Ended
Commitments and Contingencies - Narrative (Detail)	Mar. 23, 2023 ft²	Apr. 30, 2023 USD ($)	May 01, 2022 USD ($)	May 02, 2021 USD ($)
Commitments and Contingencies Disclosure [Line Items]
Area of facility \| ft²	63,522
leasehold improvements		$ 2,368,000	$ 3,474,000
Accounts payable for capital expenditures		56,000	473,000
Mattress Fabrics [Member]
Commitments and Contingencies Disclosure [Line Items]
Rental payments		123,000	148,000	$ 151,000
leasehold improvements		67,000
Mattress Fabrics [Member] \| Capital Addition Purchase Commitments [Member]
Commitments and Contingencies Disclosure [Line Items]
Open purchase commitments for equipment		629,000
Continuing Operation [Member]
Commitments and Contingencies Disclosure [Line Items]
Operating lease costs		3,600,000	3,900,000	2,900,000
Short-term lease costs		$ 44,000	$ 68,000	$ 55,000

Property, Plant, and Equipment (Tables)

12 Months Ended

Apr. 30, 2023

Property Plant And Equipment [Abstract]

Summary of Property, Plant, and Equipment

A summary of property, plant, and equipment follows:


(dollars in thousands)	depreciable lives (in years)	April 30, 2023			May 1, 2022
land and improvements	0-10	$	947		$	947
buildings and improvements	7-40		30,411			31,628
leasehold improvements	**		2,368			3,474
machinery and equipment	3-15		68,070			67,827
data processing equipment and software	3-7		8,241			8,706
office furniture and equipment	3-10		1,443			1,643
capital projects in progress			455			613
			111,935			114,838
accumulated depreciation			(75,824	)		(73,136	)
		$	36,111		$	41,702

** Shorter of life of lease or useful life.

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)

12 Months Ended

Apr. 30, 2023

May 01, 2022

May 02, 2021

cash flows from operating activities:

net (loss) income

$ (31,520,000)

$ (3,211,000)

$ 3,218,000

adjustments to reconcile net (loss) income to net cash provided by (used in) operating activities:

depreciation

6,845,000

6,994,000

6,846,000

non-cash inventory charges

5,819,000

1,927,000

882,000

amortization

438,000

559,000

466,000

stock-based compensation

1,145,000

1,133,000

1,251,000

deferred income taxes

(2,000)

691,000

3,760,000

gain on sale of property, plant, and equipment

^[1]

(819,000)

(314,000)

(57,000)

non-cash restructuring expense

791,000

income from investment in unconsolidated joint venture

(31,000)

realized loss (gain) from the sale of investments

450,000

(6,000)

foreign currency exchange (gain) loss

(537,000)

16,000

1,520,000

changes in assets and liabilities, net of effects of acquisition and disposal of businesses:

accounts receivable

(2,642,000)

15,416,000

(12,117,000)

inventories

15,370,000

(12,714,000)

(8,107,000)

other current assets

(297,000)

946,000

(1,442,000)

other assets

86,000

(1,386,000)

(1,452,000)

accounts payable-trade

10,274,000

(22,131,000)

17,228,000

accrued expenses and deferred compensation

853,000

(5,204,000)

9,457,000

deferred revenue

672,000

(20,000)

38,000

income taxes

823,000

(907,000)

843,000

net cash provided by (used in) operating activities

7,804,000

(17,441,000)

21,478,000

cash flows from investing activities:

cash paid for acquisition of assets, net of cash acquired

(892,000)

capital expenditures

(2,108,000)

(5,695,000)

(6,664,000)

proceeds from the sale of property, plant, and equipment

468,000

12,000

proceeds from note receivable

15,000

investment in unconsolidated joint venture

(90,000)

proceeds from the sale of short-term investments (available for sale)

9,879,000

468,000

proceeds from the sale and maturity of investments (held to maturity)

13,486,000

10,165,000

purchase of short-term investments (available for sale)

(4,391,000)

(5,044,000)

purchase of investments (held-to-maturity)

(9,751,000)

(8,173,000)

proceeds from the sale of investments (rabbi trust)

2,058,000

56,000

157,000

purchase of long-term investments (rabbi trust)

(1,185,000)

(1,088,000)

(619,000)

net cash (used in) provided by investing activities

(752,000)

2,496,000

(10,680,000)

cash flows from financing activities:

proceeds from lines of credit

9,000,000

payments associated with lines of credit

(9,000,000)

(30,772,000)

payments associated with Paycheck Protection Program loan

(7,606,000)

dividends paid

(5,511,000)

(5,292,000)

repurchases of common stock

(1,752,000)

common stock surrendered for payroll withholding taxes

(33,000)

(50,000)

(25,000)

payments for debt issuance costs

(403,000)

(110,000)

(15,000)

net cash used in financing activities

(436,000)

(7,423,000)

(43,710,000)

effect of exchange rate changes on cash and cash equivalents

(202,000)

(91,000)

131,000

increase (decrease) in cash and cash equivalents

6,414,000

(22,459,000)

(32,781,000)

cash and cash equivalents at beginning of year

14,550,000

37,009,000

69,790,000

cash and cash equivalents at end of year

$ 20,964,000

$ 14,550,000

$ 37,009,000

[1]

Effective February 1, 2021, we acquired the remaining fifty percent ownership interest in our former unconsolidated joint venture located in Haiti. Pursuant to this transaction, we are now the sole owner with full control over this operation. The gain on bargain purchase represents the net assets acquired from this transaction that exceeded the fair value of our previously held 50% ownership interest of $1.7 million and the $954,000 total purchase price for the remaining 50% ownership interest.

Commitments and Contingencies - Operating Leases of Lessee Disclosure (Detail) - USD ($) $ in Thousands	12 Months Ended
	Apr. 30, 2023	May 01, 2022	May 02, 2021
Lessee Disclosure [Abstract]
Operating lease liability payments	$ 2,497	$ 2,954	$ 2,634
Right of use assets exchanged for lease liabilities	$ 731	$ 3,762	$ 8,014

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)
Fair value of identifiable assets acquired and liabilities assumed	3,497
Gain on bargain purchase	(819)
Consideration transferred	$ 2,678

Fair Value (Tables)

12 Months Ended

Apr. 30, 2023

Fair Value Disclosures [Abstract]

Schedule of Assets Measured at Fair Value on a Recurring Basis

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

Fair value measurements as of April 30, 2023, using:

Quoted
prices in
active markets
for identical
assets

Significant
other
observable
inputs

Significant
unobservable
    inputs

(amounts in thousands)

Level 1

Level 2

Level 3

Total

Assets:

U.S. Government Money Market Fund

7,649

N/A

N/A

7,649

Growth Allocation Mutual Funds

528

N/A

N/A

528

Moderate Allocation Mutual Fund

86

N/A

N/A

86

Other

208

N/A

N/A

208

Fair value measurements as of May 1, 2022, using:

Quoted
prices in
active markets
for identical
assets

Significant
other
observable
inputs

Significant
unobservable
inputs

(amounts in thousands)

Level 1

Level 2

Level 3

Total

Assets:

U.S. Government Money Market Fund

8,683

N/A

N/A

8,683

Growth Allocation Mutual Funds

435

N/A

N/A

435

Moderate Allocation Mutual Fund

81

N/A

N/A

81

Other

158

N/A

N/A

158

Schedule of Assets Measured at Fair Value on a Nonrecurring Basis

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 2 of the consolidated financial statements for further details regarding this business combination.

Fair value measurements on February 1, 2021, using:

Quoted Prices
in active
markets for
identical assets

Significant
other
observable
inputs

Significant
unobservable
inputs

(amounts in thousands)

Level 1

Level 2

Level 3

Total

Assets:

Right of use assets

N/A

2,544

N/A

2,544

Equipment and leasehold improvements

N/A

N/A

846

846

Inventory

N/A

N/A

31

31

Intangible Assets - Summary of Intangible Assets (Detail) - USD ($) $ in Thousands	Apr. 30, 2023	May 01, 2022	May 02, 2021	May 03, 2020
Intangible Assets [Line Items]
Tradename	$ 540	$ 540
Intangible assets	2,252	2,628
Customer Relationships [Member]
Intangible Assets [Line Items]
Finite-lived intangible assets, net	1,335	1,636	$ 1,937	$ 2,238
Non-Compete Agreement [Member]
Intangible Assets [Line Items]
Finite-lived intangible assets, net	$ 377	$ 452	$ 527	$ 602

General and Summary of Significant Accounting Policies (Tables)

12 Months Ended

Apr. 30, 2023

Accounting Policies [Abstract]

Summary of Cash and Cash Equivalents by Geographic Area

A summary of our cash and cash equivalents by geographic area follows:


	April 30,		May 1,
(dollars in thousands)	2023		2022
United States	$	9,769	$	4,430
China		10,669		9,502
Canada		281		267
Haiti		236		341
Cayman Islands		9		10
	$	20,964	$	14,550

Summary of Foreign Currency Exchange Gains (Losses) by Geographic Area

A summary of our foreign currency exchange gains (losses) by geographic area follows:


(dollars in thousands)	2023			2022			2021
China	$	588		$	(104	)	$	(1,389	)
Canada		(88	)		(28	)		(22	)
	$	500		$	(132	)	$	(1,411	)

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

Accounts Receivable (Tables)

12 Months Ended

Apr. 30, 2023

Receivables [Abstract]

Summary of Accounts Receivable

A summary of accounts receivable follows:


	April 30,			May 1,
(dollars in thousands)	2023			2022
customers	$	25,244		$	22,613
allowance for doubtful accounts		(342	)		(292	)
allowance for cash discounts		(96	)		(74	)
reserve for returns and allowances and discounts		(28	)		(21	)
	$	24,778		$	22,226

Summary of the Activity in the Allowance for Doubtful Accounts

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


(dollars in thousands)	2023			2022			2021
beginning balance	$	(292	)	$	(591	)	$	(472	)
provision for bad debts		(121	)		74			(119	)
write-offs, net of recoveries		71			225			—
ending balance	$	(342	)	$	(292	)	$	(591	)

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

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


(dollars in thousands)	2023			2022			2021
beginning balance	$	(95	)	$	(138	)	$	(84	)
provision for returns and allowances and discounts		(1,212	)		(1,386	)		(1,665	)
credits issued and discounts taken		1,183			1,429			1,611
ending balance	$	(124	)	$	(95	)	$	(138	)

Income Taxes - Summary of Income Taxes Paid (Refunded) (Detail) - USD ($)
$ in Thousands

6 Months Ended

12 Months Ended

Nov. 01, 2020

Apr. 30, 2023

May 01, 2022

May 02, 2021

United States federal - Alternative Minimum Tax (AMT) credit refunds

$ 1,500

Total income tax payments, net

$ 2,324

$ 3,100

$ 2,998

Domestic Tax Authority | United States [Member]

United States federal - Alternative Minimum Tax (AMT) credit refunds

^[1]

(1,510)

United States Transition Tax Payment

265

266

226

Foreign Tax Authority | China [Member]

Total income tax payments, net

1,831

2,036

2,076

China - Withholding Taxes Associated with Earnings and Profits Distribution to U.S. Parent

487

798

Foreign Tax Authority | Canada [Member]

Total income tax payments, net

$ 228

$ 311

$ 1,408

[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.

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
Beginning balance at May. 03, 2020	$ 129,698	$ 615	$ 42,582	$ 86,511	$ (10)
Beginning balance (in shares) at May. 03, 2020		12,284,946
net income (loss)	3,218			3,218
stock-based compensation	1,251		1,251
unrealized gain (loss) on investments	156				156
common stock issued in connection with vesting of performance based restricted stock units (in shares)		8,843
immediately vested common stock awards		$ 1	(1)
immediately vested common stock awards (shares)		21,220
common stock surrendered in connection with payroll withholding taxes	(25)		(25)
common stock surrendered in connection with payroll withholding taxes, in shares		(2,187)
common stock repurchased (in shares)		0
dividends paid	(5,292)			(5,292)
Ending balance at May. 02, 2021	129,006	$ 616	43,807	84,437	146
Ending balance (in shares) at May. 02, 2021		12,312,822
net income (loss)	(3,211)			(3,211)
stock-based compensation	1,133		1,133
unrealized gain (loss) on investments	(114)				(114)
common stock issued in connection with vesting of performance based restricted stock units (in shares)		10,863
immediately vested common stock awards		$ 1	(1)
immediately vested common stock awards (shares)		29,657
common stock surrendered in connection with payroll withholding taxes	(50)		(50)
common stock surrendered in connection with payroll withholding taxes, in shares		(3,025)
common stock repurchased	(1,752)	$ (6)	(1,746)
common stock repurchased (in shares)		(121,688)
dividends paid	(5,511)			(5,511)
Ending balance at May. 01, 2022	119,501	$ 611	43,143	75,715	32
Ending balance (in shares) at May. 01, 2022		12,228,629
net income (loss)	(31,520)			(31,520)
stock-based compensation	1,145		1,145
unrealized gain (loss) on investments	(13)				(13)
common stock issued in connection with vesting of performance based restricted stock units (in shares)		982
Common stock issued in connection with the vesting of time-based restricted stock units (in shares)		32,799
Common stock issued in connection with the vesting of time-based restricted stock units		$ 2	(2)
immediately vested common stock awards		$ 3	(3)
immediately vested common stock awards (shares)		71,732
common stock surrendered in connection with payroll withholding taxes	(33)		(33)
common stock surrendered in connection with payroll withholding taxes, in shares		(6,728)
common stock repurchased (in shares)		0
Ending balance at Apr. 30, 2023	$ 89,080	$ 616	$ 44,250	$ 44,195	$ 19
Ending balance (in shares) at Apr. 30, 2023		12,327,414

Inventories

12 Months Ended

Apr. 30, 2023

Inventory Disclosure [Abstract]

Inventories

INVENTORIES

A summary of inventories follows:


(dollars in thousands)	April 30, 2023		May 1, 2022
raw materials	$	7,908	$	13,477
work-in-process		2,602		4,237
finished goods		34,570		48,843
	$	45,080	$	66,557

Substantial and Unusual Losses Resulting from Subsequent Measurement of Inventory

We incurred non-cash inventory charges totaling $5.8 million during fiscal 2023, which represents a $2.9 million impairment charge associated with our mattress fabrics segment; a total of $2.8 million related to markdowns of inventory in both segments that were estimated based on our policy for aged inventory; and $98,000 for the loss on disposal and markdowns of inventory related to the exit of our cut and sewn upholstery fabrics operation located in Shanghai, China (see Note 9 of the consolidated financial statements for further details).

We incurred non-cash inventory charges of $1.9 million and $882,000 during fiscal 2022 and 2021, respectively, which represent markdowns of inventory in both segments that were based on our policy of aged inventory.

Mattress Fabrics Segment - Net Realizable Value

During the second quarter of fiscal 2023, our mattress fabrics segment experienced a 35.8% decline in net sales compared with the second quarter of fiscal 2022. This decline in net sales led to a significant decrease in gross margin to (8.7%), excluding non-cash inventory charges of $3.8 million during the second quarter of fiscal 2023, as compared with a gross margin of 15% during the second quarter of fiscal 2022. The significant decline in net sales and profitability during the second quarter of fiscal 2023 stemmed from a greater than anticipated decline in consumer discretionary spending on mattress products, which we believed was due to the following factors: (i) inflationary effects of commodities such as gas, food, and other necessities; (ii) a significant increase in interest rates; (iii) the pulling forward of demand for home goods products during the early years of the COVID-19 pandemic, which demand subsequently shifted to travel, leisure, and other services; and (iv) excess inventory held by customers due to a decline in consumer demand. Based on this evidence, as of October 30, 2022 (the end of our second quarter of fiscal 2023), management conducted a thorough review of our mattress fabrics inventory, and as a result, recorded a charge of $2.9 million within cost of sales to write down inventory to its net realizable value. This $2.9 million charge was based on management's estimates of product sales prices, customer demand trends, and its plans to transition to new products.

As of January 29, 2023 (the end of our third quarter of fiscal 2023), and April 30, 2023 (the end of fiscal 2023), we reviewed our mattress fabrics inventory to determine if additional write-downs of inventory that were not recorded based on our policy for aged inventory were necessary. Based on this assessment, no additional write-downs of inventory to their net realizable value were recorded during the third and fourth quarters of fiscal 2023.

Based on current unfavorable macroeconomic conditions, it is possible that estimates used by management to determine the write down of inventory to its net realizable value could be materially different from its actual value or our ultimate results. These differences could result in higher than expected inventory provisions, which could adversely affect the company's results of operations and financial condition in the near term.

General and Summary of Significant Accounting Policies (Policies)

12 Months Ended

Apr. 30, 2023

Description of Business

Our operations are classified into two business segments: mattress fabrics and upholstery fabrics.

Mattress Fabrics

The mattress fabrics segment manufactures, sources, and sells fabrics and mattress covers primarily to bedding manufacturers. Currently, we have mattress fabric operations located in Stokesdale, NC and Quebec, Canada. During the last half of fiscal 2023, we rationalized our domestic cut and sewn cover platform, which included the termination of agreements to lease two facilities located in High Point, NC and moving our R&D and prototyping capabilities from these facilities to our facility located in Stokesdale, North Carolina.

Additionally, we acquired the remaining fifty percent ownership interest in our former unconsolidated joint venture located in Ouanaminthe, Haiti during the fourth quarter of fiscal 2021. As a result, we are now the sole owner with full control of this cut and sew mattress cover operation (see Note 2 of the consolidated financial statements for further details regarding this business combination).

Upholstery Fabrics

The upholstery fabrics segment develops, sources, manufactures, and sells fabrics primarily to residential and commercial furniture manufacturers. We have upholstery fabric operations located in Shanghai, China and Burlington, NC. During the third quarter of fiscal 2022, we also commenced operation of a new facility in Ouanaminthe, Haiti dedicated to the production of cut and sewn upholstery kits. However, due to the decline in demand for cut and sewn upholstery kits, we terminated the agreement to lease this new facility during the third quarter of fiscal 2023, and we relocated a scaled down upholstery cut and sewn operation into our existing mattress cover facility also located in Ouanaminthe, Haiti, during the fourth quarter of fiscal 2023.

Additionally, Read Window Products, LLC (“Read”), a wholly-owned subsidiary with operations located in Knoxville, TN, provides window treatments and sourcing of upholstery fabrics and other products, as well as measuring and installation 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.

Basis of Presentation

The consolidated financial statements of the company have been prepared in accordance with U.S. generally accepted accounting principles.

Certain amounts presented in prior periods have been reclassified to conform to the current period financial statement presentation. Non-cash charges totaling $1.9 million and $882,000 for markdowns of inventory estimated based on our policy for aged inventory were reclassified from the line item "inventories" to the line item "non-cash inventory charges" in the Consolidated Statement of Cash Flows for the years ended May 1, 2022, and May 2, 2021, respectively. These reclassifications did not have an on effect on previously reported net cash (used in) provided by operating activities and increase (decrease) in cash and cash equivalents.

Principles of Consolidation

Overall

The consolidated financial statements include the accounts of the company and its subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. The accounts of our subsidiary located in Shanghai, China, are consolidated as of April 30, a calendar month end, which is required by the Chinese government. No events occurred related to the difference between our fiscal year end on the Sunday closest to April 30 and our Chinese subsidiary's year end of April 30 that materially affected the company’s financial position, results of operations, or cash flows for fiscal years 2023, 2022, and 2021.

Class International Holdings, Ltd. (CIH)

Equity Method of Accounting and Consolidation

Effective January 1, 2017, Culp International Holdings, Ltd. (Culp International), a wholly-owned subsidiary of Culp, Inc. (“Culp”), entered into a joint venture agreement pursuant to which Culp International owned 50% of CIH.

As a result of our initial 50% ownership interest, Culp’s investment in CIH was accounted for under the equity method of accounting in accordance with ASC Topic 823 – Investments – Equity Method and Joint Ventures. The equity method of accounting is required for an investee entity (i.e., CIH) that is not consolidated but over which the reporting entity (i.e., Culp.) exercises significant influence. Whether or not a reporting entity exercises significant influence with respect to an investee depends on an evaluation of several factors, including representation on the investee’s board of directors, voting rights, and ownership level. In accordance with the equity method of accounting, our 50% proportionate share of earnings from CIH were reflected in the caption “income from investment in unconsolidated joint venture” in the Consolidated Statement of Net Income for the first nine months of fiscal 2021.

Effective February 1, 2021, Culp International entered into a Share Purchase Agreement to acquire the remaining 50% ownership interest in CIH. Pursuant to this transaction, Culp International is now the sole owner with full control over CIH. As a result, effective February 1, 2021, our consolidated financial statements now include all of the accounts of CIH, and any significant intercompany balances and transactions have been eliminated in consolidation. Furthermore, the equity method of accounting will no longer be used and the former investment in unconsolidated joint venture is now included in the net assets of our now 100% interest in CIH. (see Note 2 of the consolidated financial statements for further details regarding this business combination).

Fiscal Year

Our fiscal year is the 52 or 53-week period ending on the Sunday closest to April 30. Fiscal 2023, 2022, and 2021 each included 52-week periods.

Use of Estimates

The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Cash and Cash Equivalents

Cash and cash equivalents include demand deposit and money market accounts. We consider all highly liquid instruments with original maturities of three months or less to be cash equivalents.

A summary of our cash and cash equivalents by geographic area follows:


	April 30,		May 1,
(dollars in thousands)	2023		2022
United States	$	9,769	$	4,430
China		10,669		9,502
Canada		281		267
Haiti		236		341
Cayman Islands		9		10
	$	20,964	$	14,550

Throughout the year, we have cash balances regarding our U.S. operations of more than the federally insured amounts on deposit with a financial institution. We have not experienced any losses in such accounts. Management believes we are not exposed to any significant credit risk related to cash and cash equivalents.

Accounts Receivable and Current Expected Credit Losses

Substantially all our accounts receivable were due from manufacturers in the bedding and furniture industries. We grant credit to customers and generally do not require collateral. We record an allowance for doubtful accounts that reflects estimates of probable credit losses. As of the end of each reporting period, we assess 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 is completed, we assign credit grades to our customers, which in turn, are used to determine our allowance for doubtful accounts. We do not have any off-balance sheet credit exposure related to our customers.

Inventories

We account for inventories at the lower of first-in, first-out (FIFO) cost or net realizable value. Management continuously examines inventory to determine if there are indicators that the carrying value exceeds its net realizable value. Experience has shown that the most significant indicators of the need for inventory markdowns are the age of the inventory and the planned discontinuance of certain patterns. As a result, we provide inventory valuation write-downs based upon established percentages based on the age of the inventory that are continually evaluated as events and market conditions require. Our inventory aging categories are six, nine, twelve, and fifteen months. We also provide inventory valuation write-downs based on the planned discontinuance of certain patterns based on the current market values at that time as compared to their current carrying values.

Property, Plant, and Equipment

Property, plant, and equipment are recorded at cost and depreciated over their estimated useful lives using the straight-line method. Major renewals and betterments are capitalized. Maintenance, repairs, and minor renewals are expensed as incurred. When properties or equipment are retired or otherwise disposed of, the related cost and accumulated depreciation are removed from the accounts. Amounts received on disposal greater than or less than the book value of assets sold are credited or charged to (loss) income from operations.

Management reviews long-lived assets, which consist principally of property, plant, and equipment, for impairment whenever events or changes in circumstances indicate that the carrying value of the asset may not be recovered. Recoverability of long-lived assets to be held and used is measured by a comparison of the carrying amount of the asset to future net undiscounted cash flows expected to be generated by the asset. If the carrying amount of an asset exceeds its estimated future cash flows, an impairment charge is recognized for the excess of the carrying amount over the fair value of the asset. After the impairment loss is recognized, the adjusted carrying amount is the new accounting basis. Assets to be disposed of by sale are reported at the lower of the carrying value or fair value less cost to sell when the company has committed to a disposal plan and would be reported separately as assets held for sale in the Consolidated Balance Sheets.

Interest Costs

No interest costs were incurred during fiscal 2023. Total interest costs incurred were $17,000 and $51,000 during fiscal 2022 and 2021, respectively.

We capitalize interest costs incurred on funds used to construct property, plant, and equipment. The capitalized interest is recorded as part of the asset to which it relates and is depreciated over the asset’s estimated useful life. No interest costs for the construction of qualifying fixed assets were capitalized during fiscal 2023, 2022, or 2021.

Foreign Currency Adjustments

The United States dollar is the functional currency for the company’s Canadian and Chinese subsidiaries. All monetary foreign currency asset and liability accounts are remeasured into U.S. dollars at year-end exchange rates. Non-monetary assets and liabilities such as property, plant, and equipment and right of use assets are recorded at historical exchange rates. Foreign currency revenues and expenses are remeasured at average exchange rates in effect during the year, except for certain expenses related to balance sheet amounts remeasured at historical exchange rates, such as depreciation expense. Exchange gains and losses from remeasurement of foreign currency denominated monetary assets and liabilities are recorded in the other expense line item in the Consolidated Statements of Net (Loss) Income in the period in which they occur.

A summary of our foreign currency exchange gains (losses) by geographic area follows:


(dollars in thousands)	2023			2022			2021
China	$	588		$	(104	)	$	(1,389	)
Canada		(88	)		(28	)		(22	)
	$	500		$	(132	)	$	(1,411	)

Indefinite-Lived Intangible Assets

In accordance with ASC Topic 350, Intangibles – Goodwill and Other, our business was classified into three reporting units during fiscal 2023: mattress fabrics, upholstery fabrics, and Read.

ASC Topic 350 requires us to assess indefinite-lived intangible assets such as our tradename for impairment annually (the last day of our fiscal year) or between annual tests if we believe certain indicators of impairment exist. Such indicators could include but are not limited to (1) deterioration in the environment of the industry and markets in which we operate, (2) unanticipated competition, (3) a deterioration in general economic conditions, (4) an overall decline in financial performance, such as negative and declining cash flows, or a decline in actual or planned revenue or earnings compared with actual and projected results or relevant prior periods, and (5) a decrease in the price per share of our common stock. As a result, we first assess qualitative factors, such as the indicators outlined above, to determine whether it is more likely than not that the fair value of our tradename is less than its carrying amount. If we conclude that it is more likely than not that the fair value of our tradename is less than its carrying amount, we would conduct a quantitative impairment test. The quantitative impairment test would involve comparing the fair value of our tradename with its carrying value. We would estimate the fair value of our tradename using an income, discounted cash flows, or market approach, as appropriate, that would require management assumptions (i.e., unobservable inputs). If the carrying amount of our tradename exceeds the tradename's fair value, an impairment loss is recognized in an amount equal to that excess.

No asset impairment charges were recorded during fiscal 2023, 2022, or 2021, as it relates to indefinite-lived intangible assets. See Note 7 of the consolidated financial statements for further details of our assessments of impairment, conclusions reached, and the performance of our quantitative test relating to our indefinite-live intangible asset (i.e. tradename).

Income Taxes

Deferred Income Taxes – Overall

Income taxes are accounted for under the asset and liability method. Deferred income taxes are recognized for temporary differences between the financial statement carrying amounts and the tax basis of our assets, liabilities, U.S. loss carryforwards, and foreign income tax credits at income tax rates expected to be in effect when such amounts are realized or settled. The effect on deferred income taxes of a change in tax rates is recognized in income tax (expense) benefit in the period that includes the enactment date.

Deferred Income Taxes – Valuation Allowance

We evaluate our deferred income taxes to determine if a valuation allowance is required. We 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 we operate in multiple jurisdictions, we assess the need for a valuation allowance on a jurisdiction-by-jurisdiction basis, considering the effects of local tax law.

Deferred Income Taxes – Undistributed Earnings from Foreign Subsidiaries

We assess whether the undistributed earnings from our foreign subsidiaries will be reinvested indefinitely or eventually distributed to our U.S. parent company. We are required to record a deferred tax liability for undistributed earnings from foreign subsidiaries that will not be reinvested indefinitely. As a result of the 2017 Tax Cuts and Jobs Act, 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 tax liability will only be required for unremitted withholding taxes associated with earnings and profits generated by our foreign subsidiaries that will ultimately be repatriated to the U.S. parent company.

Uncertain Income Tax Positions

We recognize an income tax benefit for a tax position taken or expected to be taken on an income tax return if the more-likely-than-not recognition threshold is met by the end of the reporting period, or is effectively settled through examination, litigation, or negotiation, or if the statute of limitations for the relevant taxing authority to examine and challenge the tax position has expired. The income tax

effect recognized in the financial statements from such a position is measured based on the largest benefit that has a greater than 50% likelihood of being realized upon ultimate resolution. Penalties and interest related to uncertain income tax positions are recorded as income tax expense. Significant judgment is required in the identification of uncertain income tax positions and in the estimation of penalties and interest on uncertain income tax positions.

Revenue from Contracts with Customers

Revenue Recognition

Revenue is recognized upon the transfer of control of promised products or services to customers in an amount that reflects the consideration we expect to receive in exchange for those products or services.We determined that our customer purchase orders represent contracts. In addition to customer purchase orders, we also have supply contracts with certain customers that define standard terms and conditions. Our contracts generally include promises to sell upholstery fabrics, mattress fabrics, or home goods products. In addition, we provide fabrication and installation services for our own products associated with customized window treatments.

Revenue associated with sales of our products is recognized at the point in time when control of the promised goods has been transferred to the customer. The point in time when control transfers to the customer depends on the contractually agreed upon shipping terms, but typically occurs once the product has been shipped or once it has been delivered to a location specified by the customer. For certain warehousing arrangements, transfer of control to the customer is deemed to have occurred when the customer pulls the inventory for use in their production.

Revenue associated with our customized fabrication services, which are performed on various types of window treatments, is recognized over time once the customized products are deemed to have no alternative use and for which we have an enforceable right to payment for the services performed. Revenue for our customized fabrication services is recognized over time using the output method based on units produced. Revenue associated with our installation services for our own products is also recognized over time as the customer receives and consumes the benefits of the promised installation services. Revenue associated with our installation services is recognized over time using the output method based on units installed.

Transaction Price

The transaction price is typically allocated to performance obligations based upon stand-alone selling prices. We did not disclose the value of unsatisfied performance obligations as substantially all of any unsatisfied performance obligations as of April 30, 2023, will be satisfied within one year or less.

Revenue Measurement

Revenue is measured as the amount of consideration we expect to receive in exchange for the transfer of the promised products and services. The amount of consideration we expect to receive changes due to variable consideration associated with allowances for sales returns, early payment discounts, and volume rebates that we offer to customers. The amount of variable consideration included in the transaction price is only included in net sales to the extent that it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur in a future period.

Our mattress fabrics and upholstery fabrics segments only allow product returns to the extent that the products or services did not meet the contractually agreed upon specifications at the time of sale. Customers must receive authorization prior to returning products. Estimates of allowances for sales returns are based on historical data, current potential product return issues, and known sales returns for which customers have been granted authorization. Known sales returns for which customers have been granted permission to return products for a refund or credit continue to be recorded as a contra account receivable. Estimates for potential future sales returns and related customer accommodations are recorded within accrued expenses. We record estimates for sales returns on a gross basis rather than a net basis, and an estimate for a right of return asset is recorded in other current assets and cost of goods sold. Variable consideration associated with early payment cash discounts are estimated using current payment trends and historical data on a customer-by-customer basis. The variable consideration associated with volume rebates is based on the portion of the rebate earned relative to the total amount of rebates the customer is expected to earn over the rebate period, as determined using historical data and projections.

We evaluated the nature of our warranties related to our contracts with customers and determined that any such warranties are assurance-type warranties that cover only compliance with agreed upon specifications, and therefore are not considered separate performance obligations.

Shipping and Handling Costs

Revenue received for shipping and handling costs, which is immaterial for all periods presented, is included in net sales. Shipping costs, principally freight, that comprise payments to third-party shippers are classified as cost of sales. Handling costs represent finished goods

warehousing costs incurred to store, move, and prepare products for shipment in the company’s various distribution facilities. Handling costs were $4.2 million, $4.3 million, and $3.9 million during fiscal 2023, 2022, and 2021, respectively, and are included in selling, general and administrative expenses.

Sales and Other Taxes

Sales and other taxes collected from customers and remitted to governmental authorities are presented on a net basis and, as such, are excluded from revenues.

Leases

We lease manufacturing facilities, office space, distribution centers, and equipment under operating lease arrangements. We determine if an arrangement is a lease at its inception if it conveys the right to control the use of identified property, plant, or equipment for a period of time in exchange for consideration. Operating leases with an initial term of 12 months or less are not recognized in our Consolidated Balance Sheets. We account for lease components separately from non-lease components. We recognize a right of use asset and lease liability on the commencement date of a lease arrangement based on the present value of lease payments over the lease term.

A lease term may include renewal options if it is reasonably certain that the option to renew a lease period will be exercised. A renewal option is considered reasonably certain to be exercised if there is a significant economic incentive to exercise the renewal option on the date a lease arrangement is commenced.

For our leases, an estimated incremental borrowing rate (“IBR”) is utilized, based on information available at the inception of the lease. The IBR represents an estimate of the interest rate we would use at lease commencement to borrow an amount equal to the lease payments on a collateralized basis over the term of the lease.

Stock-Based Compensation

Our equity incentive plans are described more fully in Note 13 to the notes to the consolidated financial statements. ASC Topic 718, “Compensation – Stock Compensation”, requires that all stock-based compensation be recognized as compensation expense in the financial statements and that such cost be measured at the grant date for awards issued to employees and the company’s board of directors. Compensation expense for time-vested restricted stock unit awards is amortized on a straight-line basis over the respective vesting period. Compensation expense for performance-based restricted stock unit awards 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 common stock shares are expected to be earned as of the end of the vesting period. If certain performance targets are not expected to be achieved, compensation expense will not be recorded, and any previously recognized compensation expense will be reversed.

Fair Value of Financial Instruments

The accompanying consolidated financial statements include certain financial instruments, and the fair market value of such instruments may differ from amounts reflected on a historical basis. These financial instruments include our short-term and long-term investments related to a rabbi trust that sets aside funds for participants in our deferred compensation plan and are classified as available-for-sale. The fair value measurements of our financial instruments are described more fully in Note 14 of the consolidated financial statements.

The carrying amount of 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.

Recently Adopted and Issued Accounting Pronouncements

Recently Adopted Accounting Pronouncements

There were not any recently adopted accounting pronouncements affecting our consolidated financial statements during fiscal 2023.

Recently Issued Accounting Pronouncements

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

Rabbi Trust Investments [Member]

Investments

We have a rabbi trust to set aside funds for 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 investments in a money market fund and various mutual funds that are classified as available-for-sale.

Our rabbi trust investments classified as available-for-sale were recorded at their fair value of $8.5 million and $9.4 million as of April 30, 2023, and May 1, 2022, respectively. These investments had accumulated unrealized gains totaling $19,000 and $32,000 as of April 30, 2023, and May 1, 2022, respectively. The fair value of our investments associated with our rabbi trust approximates their cost basis and reside with our U.S. operations.

Benefit Plans (Detail) - USD ($)	12 Months Ended
Benefit Plans (Detail) - USD ($)	Apr. 30, 2023	May 01, 2022	May 02, 2021
Retirement Benefits [Abstract]
Contributions to defined contribution plans	$ 1,200,000	$ 1,300,000	$ 1,200,000
Contributions to nonqualified deferred compensation plan	215,000	212,000	$ 143,000
deferred compensation	8,200,000	9,300,000
long-term investments - rabbi trust	$ 8,500,000	$ 9,400,000

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] - $ / shares

12 Months Ended

Sep. 06, 2022

Aug. 10, 2022

Jul. 22, 2021

Aug. 06, 2020

Apr. 30, 2023

May 01, 2022

May 02, 2021

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

Senior Executives and Management [Member]

119,687

37,991

129,896

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

37,671

82,016

37,991

129,896

^[1]

$ 4.58

$ 5.06

$ 14.75

$ 11.01

Minimum [Member] | Senior Executives and Management [Member]

3 years

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

Maximum [Member] | Senior Executives and Management [Member]

1 year

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

3 years

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

Segment Information - Balance Sheet Information by Operating Segments (Parenthetical) (Detail) - USD ($)	Apr. 30, 2023	May 01, 2022
Segment Reporting Information [Line Items]
property, plant, and equipment	$ 36,111,000	$ 41,702,000
Right of use assets	8,191,000	15,577,000
Business Segments [Member] \| Mattress Fabrics [Member]
Segment Reporting Information [Line Items]
property, plant, and equipment	33,749,000	38,731,000
Right of use assets	2,308,000	3,469,000
Business Segments [Member] \| Upholstery Fabrics [Member]
Segment Reporting Information [Line Items]
property, plant, and equipment	1,671,000	2,030,000
Right of use assets	2,618,000	8,124,000
Business Segments [Member] \| United States [Member] \| Mattress Fabrics [Member]
Segment Reporting Information [Line Items]
property, plant, and equipment	22,700,000	25,600,000
Right of use assets		1,200,000
Business Segments [Member] \| United States [Member] \| Upholstery Fabrics [Member]
Segment Reporting Information [Line Items]
property, plant, and equipment	974,000	1,000,000.0
Right of use assets	1,100,000	1,800,000
Business Segments [Member] \| Canada [Member] \| Mattress Fabrics [Member]
Segment Reporting Information [Line Items]
property, plant, and equipment	10,400,000	12,400,000
Right of use assets	776,000	291,000
Business Segments [Member] \| Haiti [Member] \| Mattress Fabrics [Member]
Segment Reporting Information [Line Items]
property, plant, and equipment	608,000	757,000
Right of use assets	1,500,000	2,000,000.0
Business Segments [Member] \| Haiti [Member] \| Upholstery Fabrics [Member]
Segment Reporting Information [Line Items]
property, plant, and equipment	592,000	756,000
Right of use assets		2,600,000
Business Segments [Member] \| China [Member] \| Upholstery Fabrics [Member]
Segment Reporting Information [Line Items]
property, plant, and equipment	105,000	255,000
Right of use assets	1,500,000	3,700,000
Unallocated Corporate [Member]
Segment Reporting Information [Line Items]
property, plant, and equipment	691,000	941,000
Right of use assets	3,265,000	3,984,000
Unallocated Corporate [Member] \| United States [Member]
Segment Reporting Information [Line Items]
property, plant, and equipment	691,000	941,000
Right of use assets	$ 3,300,000	$ 4,000,000.0

Income Taxes - Income Tax Expense (Detail) - USD ($) $ in Thousands	12 Months Ended
	Apr. 30, 2023	May 01, 2022	May 02, 2021
current
federal			$ (17)
state	$ 1	$ 2	3
foreign	3,053	2,156	4,151
uncertain income tax positions	78	37	(204)
current income tax expense	3,132	2,195	3,933
deferred
federal	(1,591)	1,121	(1,933)
state	(66)	47	(80)
2017 Tax Cuts and Jobs Act			(3,674)
undistributed earnings – foreign subsidiaries	628	76	112
U.S. federal & state carryforwards and credits	(5,162)	(971)	451
uncertain income tax positions		(380)	380
foreign	(629)	615	(22)
valuation allowance	6,818	183	8,526
deferred income tax expense	(2)	691	3,760
income tax expense	$ 3,130	$ 2,886	$ 7,693

General and Summary of Significant Accounting Policies - Summary of Cash and Cash Equivalents by Geographic Area (Detail) - USD ($) $ in Thousands	Apr. 30, 2023	May 01, 2022
Cash and Cash Equivalents [Line Items]
cash and cash equivalents	$ 20,964	$ 14,550
United States [Member]
Cash and Cash Equivalents [Line Items]
cash and cash equivalents	9,769	4,430
China [Member]
Cash and Cash Equivalents [Line Items]
cash and cash equivalents	10,669	9,502
Canada [Member]
Cash and Cash Equivalents [Line Items]
cash and cash equivalents	281	267
Haiti [Member]
Cash and Cash Equivalents [Line Items]
cash and cash equivalents	236	341
Cayman Islands [Member]
Cash and Cash Equivalents [Line Items]
cash and cash equivalents	$ 9	$ 10

Segment Information - Statement of Operations for Business Segments (Parenthetical) (Detail) - USD ($)

12 Months Ended

Feb. 01, 2021

Apr. 30, 2023

May 02, 2021

Jan. 01, 2017

Upholstery Fabrics [Member]

^[1]

$ 1,396,000

Restructuring expense, other associated costs

1,400,000

51,000

Upholstery Fabrics [Member] | Employee Termination Benefits [Member]

Upholstery Fabrics [Member] | Lease Termination Costs [Member]

507,000

Upholstery Fabrics [Member] | Leasehold Improvements Impairment Loss [Member]

481,000

Upholstery Fabrics [Member] | China [Member]

357,000

Loss on disposal

$ 98,000

CIH [Member]

Acquisition of additional ownership percentage

50.00%

Fair value of previously held ownership interest

$ 1,700,000

Payments to acquire additional ownership interest

$ 954,000

CIH [Member]

Equity method investment, ownership percentage

50.00%

[1]

Restructuring expense totaling $1.4 million for fiscal 2023 relates to both our restructuring activities for our cut and sew upholstery fabrics operations (i) located in Shanghai, China, which occurred during the second quarter of fiscal 2023, and (ii) located in Ouanaminthe, Haiti, which occurred during the third and fourth quarters of fiscal 2023. Restructuring expense represents employee termination benefits of $507,000, lease termination costs of $481,000, impairment losses totaling $357,000 that relate to leasehold improvements and equipment, and $51,000 for other associated costs.

Income Taxes - Summary of Valuation Allowances Against U.S. Net Deferred Income Tax Assets (Detail) - USD ($) $ in Thousands	Apr. 30, 2023	May 01, 2022	May 02, 2021	May 03, 2020
Valuation Allowance [Line Items]
Valuation allowance	$ 18,675	$ 11,857	$ 11,674	$ 3,148
U.S. Capital Loss Carry Forwards and Credits [Member]
Valuation Allowance [Line Items]
Valuation allowance	2,330	2,330
U.S. Federal and State [Member] \| Deferred Income Tax Assets [Member]
Valuation Allowance [Line Items]
Valuation allowance	$ 16,345	$ 9,527

Revenue from Contracts with Customers - Summary of the Activity of Deferred Revenue (Detail) - USD ($) $ in Thousands	12 Months Ended
	Apr. 30, 2023	May 01, 2022	May 02, 2021
Revenue From Contract With Customer [Abstract]
Beginning Balance	$ 520	$ 540	$ 502
Revenue recognized on contract liabilities	(4,885)	(3,434)	(2,459)
Payments received for services not yet rendered	5,557	3,414	2,497
Ending Balance	$ 1,192	$ 520	$ 540

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	Aug. 10, 2022	Jul. 22, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value multiple to closing price per share	$ 1.14	$ 1.08
Fair value adjustment to closing price of common stock, per share	0.71	1.18
Closing price of common stock	$ 5.06	$ 14.75

Accrued Expenses

12 Months Ended

Apr. 30, 2023

Net (Loss) Income Per Share

Accrued Expenses

ACCRUED EXPENSES


(dollars in thousands)	April 30, 2023		May 1, 2022
compensation and related benefits	$	5,800	$	4,248
other		2,733		3,584
	$	8,533	$	7,832

Accounts Receivable - Allowance for Returns and Allowances and Discounts (Detail) - Reserve for returns and allowances and discounts [Member] - USD ($) $ in Thousands	12 Months Ended
	Apr. 30, 2023	May 01, 2022	May 02, 2021
Valuation and Qualifying Accounts Disclosure [Line Items]
beginning balance	$ (95)	$ (138)	$ (84)
provision for returns and allowances and discounts	(1,212)	(1,386)	(1,665)
credits issued and discounts taken	1,183	1,429	1,611
ending balance	$ (124)	$ (95)	$ (138)

Net (Loss) Income Per Share

12 Months Ended

Apr. 30, 2023

Earnings Per Share [Abstract]

15.

NET (LOSS) INCOME PER SHARE

Basic net (loss) income per share is computed using the weighted-average number of shares outstanding during the period. Diluted net (loss) income per share uses the weighted-average number of shares outstanding during the period plus the dilutive effect of stock-based compensation calculated using the treasury stock method.

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


(in thousands)	2023		2022		2021
weighted-average common shares outstanding, basic		12,283		12,242		12,300
dilutive effect of stock-based compensation		—		—		22
weighted-average common shares outstanding, diluted		12,283		12,242		12,322

Shares of unvested common stock that were not included in the computation of diluted net (loss) income per share consist of the following:


(in thousands)	2023		2022		2021
antidilutive effect from decrease in the price per share of our common stock		25		18		2
antidilutive effect from net loss incurred during the fiscal year		88		86		—
total unvested shares of common stock not included in computation of diluted net (loss) income per share		113		104		2

Intangible Assets - Narrative (Detail) - USD ($)			3 Months Ended				12 Months Ended
Intangible Assets - Narrative (Detail) - USD ($)	Apr. 30, 2023	Oct. 30, 2022	Apr. 30, 2023	Jan. 29, 2023	Oct. 30, 2022	Oct. 31, 2021	Apr. 30, 2023	May 01, 2022	May 02, 2021	May 03, 2020
Intangible Assets [Line Items]
Tradename	$ 540,000		$ 540,000				$ 540,000	$ 540,000
Gross carrying amount of customer relationships	3,100,000		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	2,000,000.0
Property, plant and equipment, net	36,111,000		36,111,000				36,111,000	41,702,000
Right of use assets	8,191,000		8,191,000				8,191,000	15,577,000
Incurred operating losses							(28,478,000)	678,000	$ 12,076,000
Impairment charges of tradename	0
Customer Relationships [Member]
Intangible Assets [Line Items]
Accumulated amortization	1,800,000		1,800,000				1,800,000	1,500,000
Remaining amortization expense for the fiscal year	301,000		301,000				301,000
Remaining amortization expense for the second fiscal year	301,000		301,000				301,000
Remaining amortization expense for the third fiscal year	301,000		301,000				301,000
Remaining amortization expense for the fourth fiscal year	278,000		278,000				278,000
Remaining amortization expense for the fifth fiscal year	52,000		52,000				52,000
Remaining amortization expense for the fiscal year thereafter	102,000		102,000				$ 102,000
Weighted average remaining amortization period							4 years 9 months 18 days
Finite-lived intangible assets, net	1,335,000		1,335,000				$ 1,335,000	1,636,000	1,937,000	$ 2,238,000
Customer Relationships [Member] \| Minimum [Member]
Intangible Assets [Line Items]
Useful life							9 years
Customer Relationships [Member] \| Maximum [Member]
Intangible Assets [Line Items]
Useful life							17 years
Non-Compete Agreement [Member]
Intangible Assets [Line Items]
Useful life							15 years
Accumulated amortization	1,600,000		1,600,000				$ 1,600,000	1,600,000
Remaining amortization expense for the fiscal year	76,000		76,000				76,000
Remaining amortization expense for the second fiscal year	76,000		76,000				76,000
Remaining amortization expense for the third fiscal year	76,000		76,000				76,000
Remaining amortization expense for the fourth fiscal year	76,000		76,000				76,000
Remaining amortization expense for the fifth fiscal year	73,000		73,000				$ 73,000
Weighted average remaining amortization period							5 years
Finite-lived intangible assets, net	377,000		377,000				$ 377,000	$ 452,000	$ 527,000	$ 602,000
Mattress Fabrics [Member]
Intangible Assets [Line Items]
Percentage of decline in net sales					35.80%
Gross margin percentage					(23.10%)	15.00%
Read Window Products, LLC [Member]
Intangible Assets [Line Items]
Impairment charge							0
Carrying amount of asset group, net	1,500,000		1,500,000				1,500,000
Read Window Products, LLC [Member] \| Customer Relationships [Member]
Intangible Assets [Line Items]
Finite-lived intangible assets, net	978,000		978,000				978,000
Read Window Products, LLC [Member] \| Property, Plant and Equipment [Member]
Intangible Assets [Line Items]
Property, plant and equipment, net	329,000		329,000				329,000
Read Window Products, LLC [Member] \| Right Of Use Assets [Member]
Intangible Assets [Line Items]
Right of use assets	215,000		215,000				215,000
Mattress Asset Group [Member]
Intangible Assets [Line Items]
Impairment charge	0	$ 0
Carrying amount of asset group, net	36,800,000	38,800,000	36,800,000		$ 38,800,000		36,800,000
Mattress Asset Group [Member] \| Property, Plant and Equipment [Member]
Intangible Assets [Line Items]
Property, plant and equipment, net	33,700,000	35,900,000	33,700,000		35,900,000		33,700,000
Mattress Asset Group [Member] \| Right Of Use Assets [Member]
Intangible Assets [Line Items]
Right of use assets	2,300,000	2,100,000	2,300,000		2,100,000		2,300,000
Mattress Asset Group [Member] \| Mattress Fabrics [Member]
Intangible Assets [Line Items]
Incurred operating losses			(2,500,000)	$ (4,200,000)
Mattress Asset Group [Member] \| Mattress Fabrics [Member] \| Customer Relationships [Member]
Intangible Assets [Line Items]
Finite-lived intangible assets, net	358,000	383,000	358,000		383,000		358,000
Mattress Asset Group [Member] \| Mattress Fabrics [Member] \| Non-Compete Agreement [Member]
Intangible Assets [Line Items]
Finite-lived intangible assets, net	$ 377,000	$ 414,000	$ 377,000		$ 414,000		$ 377,000

Fair Value - Narrative (Detail) - USD ($)	Apr. 30, 2023	Jan. 29, 2023
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Fair value of right of use assets held for sale		$ 2,000,000.0
Note receivable total	$ 1,900,000
Short-term note receivable	219,000
Long-term note receivable	1,726,000
Impairment charges of tradename	$ 0

Business Combination Achieved in Stages - Narrative (Detail)		3 Months Ended	12 Months Ended
	Feb. 01, 2021 USD ($) ft²	May 02, 2021 USD ($)	Apr. 30, 2023 USD ($)	May 01, 2022 USD ($)	May 02, 2021 USD ($)	Jan. 01, 2017
Business Acquisition [Line Items]
Net sales related to inventory shipments in supply agreement		$ 379,000	$ 198,000	$ 1,600,000
Charges related to rebate agreement		$ 25,000		$ 73,000
income from investment in unconsolidated joint venture					$ 31,000
CIH [Member]
Business Acquisition [Line Items]
Equity method investment, ownership percentage						50.00%
CIH [Member]
Business Acquisition [Line Items]
Acquisition of additional ownership percentage	50.00%	50.00%			50.00%	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
Revenue		$ 379,000
Net income (loss)		(2,000)
CIH [Member] \| Selling, General and Administrative Expenses [Member]
Business Acquisition [Line Items]
Business acquisition related costs					$ 30,000
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			$ 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

CONSOLIDATED STATEMENTS OF NET (LOSS) INCOME - USD ($)

12 Months Ended

Apr. 30, 2023

May 01, 2022

May 02, 2021

Income Statement [Abstract]

selling, general and administrative expenses

$ 234,934,000

$ 294,839,000

$ 299,720,000

cost of sales

(224,038,000)

(258,746,000)

(249,888,000)

gross profit

10,896,000

36,093,000

49,832,000

(37,978,000)

(35,415,000)

(37,756,000)

restructuring expense

^[1]

(1,396,000)

(28,478,000)

678,000

12,076,000

interest expense

(17,000)

(51,000)

interest income

531,000

373,000

244,000

(loss) income before income taxes

^[2]

819,000

other expense

(443,000)

(1,359,000)

(2,208,000)

(28,390,000)

(325,000)

10,880,000

income tax expense

(3,130,000)

(2,886,000)

(7,693,000)

income from investment in unconsolidated joint venture

31,000

net (loss) income

$ (31,520,000)

$ (3,211,000)

$ 3,218,000

net (loss) income per share-basic

$ (2.57)

$ (0.26)

$ 0.26

net (loss) income per share-diluted

$ (2.57)

$ (0.26)

$ 0.26

[1]

[2]

Income Taxes - Uncertainty in Income Taxes - Narrative (Detail) - USD ($)	Apr. 30, 2023	May 01, 2022	May 02, 2021	May 03, 2020
Income Taxes [Line Items]
Unrecognized tax benefits	$ 1,179,000	$ 1,101,000	$ 1,444,000	$ 1,269,000
Unrecognized tax benefits that would favorably impact effective income tax expense if recognized	1,200,000	1,100,000
Gross amount of interest and penalties due to unrecognized tax benefits	$ 239,000	$ 185,000

Income Taxes - Allocation of Income Tax Expense (Detail) - USD ($) $ in Thousands	12 Months Ended
	Apr. 30, 2023	May 01, 2022	May 02, 2021
Income Tax Disclosure [Abstract]
(loss) income from continuing operations	$ 3,130	$ 2,886	$ 7,693

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

General and Summary of Significant Accounting Policies

General and Summary of Significant Accounting Policies

12 Months Ended

Apr. 30, 2023

Accounting Policies [Abstract]

GENERAL AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Description of Business

Our operations are classified into two business segments: mattress fabrics and upholstery fabrics.

Mattress Fabrics

Upholstery Fabrics

Basis of Presentation

The consolidated financial statements of the company have been prepared in accordance with U.S. generally accepted accounting principles.

Principles of Consolidation

Overall

Class International Holdings, Ltd. (CIH)

Equity Method of Accounting and Consolidation

Fiscal Year

Our fiscal year is the 52 or 53-week period ending on the Sunday closest to April 30. Fiscal 2023, 2022, and 2021 each included 52-week periods.

Use of Estimates

Cash and Cash Equivalents

Cash and cash equivalents include demand deposit and money market accounts. We consider all highly liquid instruments with original maturities of three months or less to be cash equivalents.

A summary of our cash and cash equivalents by geographic area follows:


	April 30,		May 1,
(dollars in thousands)	2023		2022
United States	$	9,769	$	4,430
China		10,669		9,502
Canada		281		267
Haiti		236		341
Cayman Islands		9		10
	$	20,964	$	14,550

Rabbi Trust Investments

Accounts Receivable and Current Expected Credit Losses

Inventories

Property, Plant, and Equipment

Interest Costs

No interest costs were incurred during fiscal 2023. Total interest costs incurred were $17,000 and $51,000 during fiscal 2022 and 2021, respectively.

Foreign Currency Adjustments

A summary of our foreign currency exchange gains (losses) by geographic area follows:


(dollars in thousands)	2023			2022			2021
China	$	588		$	(104	)	$	(1,389	)
Canada		(88	)		(28	)		(22	)
	$	500		$	(132	)	$	(1,411	)

Indefinite-Lived Intangible Assets

In accordance with ASC Topic 350, Intangibles – Goodwill and Other, our business was classified into three reporting units during fiscal 2023: mattress fabrics, upholstery fabrics, and Read.

Income Taxes

Deferred Income Taxes – Overall

Deferred Income Taxes – Valuation Allowance

Deferred Income Taxes – Undistributed Earnings from Foreign Subsidiaries

Uncertain Income Tax Positions

Revenue from Contracts with Customers

Revenue Recognition

Transaction Price

Revenue Measurement

Shipping and Handling Costs

Sales and Other Taxes

Sales and other taxes collected from customers and remitted to governmental authorities are presented on a net basis and, as such, are excluded from revenues.

Leases

Stock-Based Compensation

Fair Value of Financial Instruments

Recently Adopted Accounting Pronouncements

There were not any recently adopted accounting pronouncements affecting our consolidated financial statements during fiscal 2023.

Recently Issued Accounting Pronouncements

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

Accrued Expenses (Tables)

12 Months Ended

Apr. 30, 2023

Summary of Accrued Expenses


(dollars in thousands)	April 30, 2023		May 1, 2022
compensation and related benefits	$	5,800	$	4,248
other		2,733		3,584
	$	8,533	$	7,832

Accounts Receivable

12 Months Ended

Apr. 30, 2023

Receivables [Abstract]

Accounts Receivable

ACCOUNTS RECEIVABLE

A summary of accounts receivable follows:


	April 30,			May 1,
(dollars in thousands)	2023			2022
customers	$	25,244		$	22,613
allowance for doubtful accounts		(342	)		(292	)
allowance for cash discounts		(96	)		(74	)
reserve for returns and allowances and discounts		(28	)		(21	)
	$	24,778		$	22,226

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


(dollars in thousands)	2023			2022			2021
beginning balance	$	(292	)	$	(591	)	$	(472	)
provision for bad debts		(121	)		74			(119	)
write-offs, net of recoveries		71			225			—
ending balance	$	(342	)	$	(292	)	$	(591	)

As of April 30, 2023, and May 1, 2022, 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 $342,000 and $292,000 as of April 30, 2023, and May 1, 2022, respectively.

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


(dollars in thousands)	2023			2022			2021
beginning balance	$	(95	)	$	(138	)	$	(84	)
provision for returns and allowances and discounts		(1,212	)		(1,386	)		(1,665	)
credits issued and discounts taken		1,183			1,429			1,611
ending balance	$	(124	)	$	(95	)	$	(138	)

Bankruptcy Proceedings

On June 25, 2022, a significant customer and its affiliates associated with our mattress fabrics segment announced that they filed voluntary petitions for reorganization under Chapter 11 of the U.S. Bankruptcy Code. Our customer and its affiliates entered into an asset purchase agreement for the sale of substantially all of their assets, and the new owner is now conducting normal operations. We did not record a credit loss associated with outstanding accounts receivable dated on or prior to May 1, 2022, for this customer and its affiliates, as we received payment in full regarding these invoices. We did not record a credit loss associated with outstanding accounts receivable dated after May 1, 2022, relating to products sold prior to the bankruptcy filing, as we received payment in full regarding these invoices.

On January 23, 2023, a significant customer and its affiliates associated with our mattress fabrics segment filed pre-planned voluntary petitions for reorganization under Chapter 11 of the U.S. Bankruptcy Code. Our customer and its affiliates are operating as a debtors-in-possession and subject to and within the provisions of the petitions as approved by the U.S. Bankruptcy Court. We did not record a credit loss associated with outstanding accounts receivable for this customer and its affiliates, in connection with products sold prior to the bankruptcy filing, as we received payment in full regarding these invoices during the fourth quarter of fiscal 2023. As of April 30, 2023, based on information available at this time, we do not believe there is a risk of material credit loss associated with outstanding accounts receivable with this customer, as we are selling products based on credit terms, and we are being paid in the normal course of business.

Commitments and Contingencies - Weighted Average Lease Term and Discount Rate (Detail)	Apr. 30, 2023	May 01, 2022
Lessee Disclosure [Abstract]
Weighted average lease term	3 years 10 months 13 days	3 years 3 months 14 days
Weighted average discount rate	3.58%	1.77%

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

Aug. 10, 2022

Jul. 22, 2021

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

Closing price of our common stock

$ 5.06

$ 14.75

Expected volatility of our common stock

48.20%

54.20%

Risk-free interest rate

3.13%

0.33%

Dividend yield

0.00%

3.00%

Minimum [Member]

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

Expected volatility of peer companies

^[1]

41.60%

45.70%

Correlation coefficient of peer companies

^[1]

0.05%

0.03%

Maximum [ Member]

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

Expected volatility of peer companies

^[1]

105.10%

101.50%

Correlation coefficient of peer companies

^[1]

0.23%

0.35%

[1]

The expected volatility and correlation coefficient of our peer companies for the August 10, 2022, and July 22, 2021, grant dates were 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.

Common Stock Repurchase Program

12 Months Ended

Apr. 30, 2023

Common Stock Repurchase Program

19.

COMMON STOCK REPURCHASE PROGRAM

In March 2020, our board of directors approved an authorization for us to acquire up to $5.0 million of our common stock. Under the common stock repurchase program, shares may be purchased from time to time in open market transactions, block trades, through plans established under the Securities Exchange Act Rule 10b5-1, or otherwise. The number of shares purchased and the timing of such purchases are based on working capital requirements, market and general business conditions, and other factors, including alternative investment opportunities.

During fiscal 2023 and 2021, we did not repurchase any shares of our common stock. During fiscal 2022, we repurchased 121,688 shares of our common stock at a cost of $1.8 million.

As of April 30, 2023, $3.2 million was available for additional repurchases of our common stock.

Revenue from Contracts with Customers - Narrative (Detail)	12 Months Ended
	Apr. 30, 2023 USD ($) Segment	May 01, 2022 USD ($)	May 02, 2021 USD ($)	May 03, 2020 USD ($)
Contract Assets and Liabilities [Line Items]
Number of operating segments \| Segment	2
Contract assets recognized	$ 0	$ 0
Deferred Revenue	1,192,000	520,000	$ 540,000	$ 502,000
Upfront customer deposits	$ 942,000	$ 520,000
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
Upholstery Fabrics [Member]
Contract Assets and Liabilities [Line Items]
Upfront license fee payment	$ 250,000

Lines of Credit

12 Months Ended

Apr. 30, 2023

Debt Disclosure [Abstract]

Lines of Credit

10.

LINES OF CREDIT

Revolving Credit Agreement – United States

Existing Credit Agreement

As of May 1, 2022, we had a Credit Agreement (the “Existing Credit Agreement”) with Wells Fargo Bank, N.A. (“Wells Fargo”) that provided a revolving loan commitment of $30 million, was set to expire on August 15, 2022, and allowed us to issue letters of credit not to exceed $1 million.

Amended Agreement

Effective June 24, 2022, we entered into an Amended and Restated Credit Agreement (the “Amended Agreement”) with Wells Fargo. The Amended Agreement amended, restated, superseded, and served as a replacement for the Existing Credit Agreement. The Amended Agreement provided a revolving credit facility of up to $40 million, was secured by a lien on the company’s assets, and was set to expire in June 2025.

The company’s available borrowings under the Amended Agreement were based on a borrowing base calculation using certain accounts receivable and inventory of the company, subject to certain sub-limits as defined in the Amended Agreement, to be calculated on a monthly basis. Similar to the Existing Credit Agreement, the Amended Agreement contained a sub-facility that allows the company to issue letters of credit in an aggregate amount not to exceed $1 million.

Borrowings under the Amended Agreement incurred interest at a rate calculated using a margin (the “Applicable Margin”) over the Federal Reserve Bank of New York’s secured overnight funding rate (SOFR). The Applicable Margin was set initially at 1.35% and varied under the terms of the Amended Agreement from 1.35% to 2.50%, depending on the ratio of the company’s consolidated debt to consolidated EBITDA, as defined in the Amended Agreement, determined on a quarterly basis. The Amended Agreement contained customary affirmative and negative covenants and required compliance by the company with certain financial covenants, including minimum tangible net worth of $100 million plus 50% of annual net income, and a minimum ratio of consolidated EBITDA to consolidated net interest expense of 3.0 to 1.0 as defined in the Amended Agreement. The EBITDA to interest expense covenant did not apply during the first three quarters of the company’s fiscal 2023, but during that period, the company was required to maintain minimum “access to liquidity” of $15 million, which is defined as unencumbered liquid assets plus available and unused credit under the revolving credit facility as calculated using the borrowing base, all as defined in the Amended Agreement.

First Amendment

On August 19, 2022, we entered into a First Amendment to the Amended Agreement ("the First Amendment") with Wells Fargo. The terms of the First Amendment amended the time period in which the financial covenant for the minimum ratio of consolidated EBITDA to consolidated net interest expense applied, such that this EBITDA to interest expense covenant did not apply during any of the four quarters of the Company's fiscal 2023. During that time period, we were still required to maintain minimum "access to liquidity" of $15 million as mentioned in the above Amended Agreement section.

Second Amended and Restated Agreement

On January 19, 2023, Culp Inc., as borrower (the "company"), and Read as guarantor (the "Guarantor"), entered into a Second Amended and Restated Credit Agreement (the "ABL Credit Agreement"), by and among the company, the Guarantor, and Wells Fargo, as lender (the "Lender"), to establish an asset-based revolving credit facility (the "ABL Facility"), the proceeds of which may be used to pay fees

and expenses related to the ABL Facility and to provide funding for ongoing working capital and general corporate purposes. The ABL Credit Agreement amends, restates, and supersedes, and serves as a replacement for, the Amended Agreement.

The ABL Facility may be used for revolving credit loans and letters of credit from time to time up to a maximum principal amount of $35.0 million, subject to the limitations described below. Like the Amended Agreement, the ABL Facility contains a sub-facility that allows the company to issue letters of credit in an aggregate amount not to exceed $1 million. The amount available under the ABL Facility is limited by a borrowing base consisting of certain eligible accounts receivable and inventory, reduced by specified reserves as follows:

•

85% of eligible accounts receivable, plus

•

the least of:

the sum of:

•

lesser of (i) 65% of eligible inventory valued at cost based on a first-in first-out basis (net of intercompany profits) and (ii) 85% of the net-orderly-liquidation value percentage of eligible inventory, plus

•

the least of (i) 65% of eligible in-transit inventory valued at cost based on a first-in first-out basis (net of intercompany profits), (ii) 85% of the net-orderly-liquidation value percentage of eligible in-transit inventory, and (iii) $5.0 million, plus

•

the lesser of (i) 65% of eligible raw material inventory valued at cost based on a first-in first-out basis (net of intercompany profits) and (ii) 85% of the net-orderly-liquidation value percentage of eligible raw material inventory

In each case, the net-orderly-liquidation value is calculated based on the lower of (i) a first-in first-out basis and (ii) market value, and is (A) net of intercompany profits, (B) net of write-ups and write-downs in value with respect to currency exchange rates and (C) consistent with most recent appraisals received and acceptable to Lender.

•

$22.5 million; and

•

An amount equal to 200% of eligible accounts receivable.

minus

•

applicable reserves.

The ABL Facility permits both base rate borrowings and borrowings based upon daily simple SOFR (the secured overnight financing rate administered by the Federal Reserve Bank of New York (or its successor)). Borrowings under the ABL Facility bear interest at an annual rate equal to daily simple SOFR plus 150 basis points (if the average monthly excess availability under the ABL Facility is greater than 50%) or 175 basis points (if the average monthly excess availability under the ABL Facility is less than or equal to 50%) or 50 basis points above base rate (if the average monthly excess availability under the ABL Facility is greater than 50%) or 75 basis points above base rate (if the average monthly excess availability under the ABL Facility is less than or equal to 50%), as applicable, with a fee on unutilized commitments at an annual rate of 37.5 basis points and an annual servicing fee of $12,000.

The ABL Facility matures on January 19, 2026. The ABL Facility may be prepaid from time to time, in whole or in part, without prepayment or premium. In addition, customary mandatory prepayments of the loans under the ABL Facility are required upon the occurrence of certain events including, without limitation, outstanding borrowing exposures exceeding the borrowing base and certain dispositions of assets outside of the ordinary course of business. Accrued interest is payable monthly in arrears.

The company's obligations under the ABL Facility (and certain related obligations) are (a) guaranteed by the Guarantor and each of the company's future domestic subsidiaries is required to guarantee the ABL Facility on a senior secured basis (such guarantors and the company, the "Loan Parties") and (b) secured by all assets of the Loan Parties, subject to certain exceptions. The liens and other security interests granted by the Loan Parties on the collateral for the benefit of the Lender under the ABL Facility are, subject to certain permitted liens, first priority.

Cash Dominion. Under the terms of the ABL Facility, if (i) an event of default has occurred or (ii) excess borrowing availability under the ABL Facility (based on the lesser of $35.0 million and the borrowing base) (the "Excess Availability") falls below $7.0 million at

such time, the Loan Parties will become subject to cash dominion, which will require prepayment of loans under the ABL Facility with the cash deposited in certain deposit accounts of the Loan Parties, including a concentration account, and will restrict the Loan Parties' ability to transfer cash from their concentration account. Such cash dominion period (a "Dominion Period') shall end when Excess Availability shall be equal to or greater than $7.0 million for a period of 60 consecutive days and no event of default is continuing.

Financial Covenants. The ABL Facility contains a springing covenant requiring that the company's fixed charge coverage ratio be no less than 1.10 to 1.00 during any period that (i) an event of default has occurred or (ii) Excess Availability under the ABL Facility falls below $5.25 million at such time. Such compliance period shall end when Excess Availability shall be equal to or greater than $5.25 million for a period of 60 consecutive days and no event of default is continuing.

Affirmative and Restrictive Covenants. The ABL Credit Agreement governing the ABL Facility contains customary representations and warranties, affirmative and negative covenants (subject, in each case, to exceptions and qualifications) and events of defaults, including covenants that limit the company's ability to, among other things:

•

incur additional indebtedness;

•

make investments;

•

pay dividends and make other restricted payments;

•

sell certain assets;

•

create liens;

•

consolidate, merge, sell or otherwise dispose of all or substantially all of the company's assets; and

•

enter into transactions with affiliates

Overall

Effective January 19, 2023, interest was charged under the ABL Agreement at a rate (applicable interest rate of 6.3% as of April 30, 2023) calculated using the Applicable Margin over SOFR based on the company's excess availability under the ABL Facility, as defined

in the ABL Agreement. Under the Existing Credit Agreement, interest was charged at a rate (applicable interest rate of 2.40% as of May 1, 2022) as a variable spread over LIBOR based on a ratio of debt to EBITDA, as defined in the Existing Credit Agreement.

There were $275,000 of outstanding letters of credit provided by the ABL Agreement and the Existing Agreement, as applicable, as of April 30, 2023 and May 1, 2022. As of April 30, 2023, we had $725,000 remaining for the issuance of additional letters of credit under the ABL Agreement.

There were no borrowings outstanding under either the ABL Agreement or the Existing Credit Agreement, as applicable, as of April 30, 2023 and May 1, 2022, respectively.

As of April 30, 2023, our available borrowings calculated under the provisions of the ABL Agreement totaled $26.8 million.

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 ($5.8 million USD as of April 30, 2023). Interest charged under this agreement is based on an interest rate determined by the Chinese government at the time of borrowing. This agreement is set to expire on November 24, 2023.

There were no borrowings outstanding under this agreement as of April 30, 2023 and May 1, 2022, respectively.

Denominated in United States Dollar ("USD")

We had an unsecured credit agreement denominated in USD with another bank located in China that provided for a line of credit of up to $2 million USD, which expired on August 30, 2022. Currently, the company does not plan to renew or replace this agreement.

Overall

Our loan agreements require, among other things, that we maintain compliance with certain financial covenants. As of April 30, 2023, we were in compliance with our financial covenants.

Interest paid during fiscal years 2023, 2022, and 2021 was $8,000, $10,000, and $60,000, respectively.

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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Property Plant And Equipment [Abstract]

Property, Plant, and Equipment

12 Months Ended

Apr. 30, 2023

Property, Plant, and Equipment

PROPERTY, PLANT, AND EQUIPMENT

A summary of property, plant, and equipment follows:


(dollars in thousands)	depreciable lives (in years)	April 30, 2023			May 1, 2022
land and improvements	0-10	$	947		$	947
buildings and improvements	7-40		30,411			31,628
leasehold improvements	**		2,368			3,474
machinery and equipment	3-15		68,070			67,827
data processing equipment and software	3-7		8,241			8,706
office furniture and equipment	3-10		1,443			1,643
capital projects in progress			455			613
			111,935			114,838
accumulated depreciation			(75,824	)		(73,136	)
		$	36,111		$	41,702

** Shorter of life of lease or useful life.

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Apr. 30, 2023	May 01, 2022
Statement Of Financial Position [Abstract]
Preferred stock, par value	$ 0.05	$ 0.05
Preferred stock, authorized shares	10,000,000	10,000,000
Common stock, par value	$ 0.05	$ 0.05
Common stock, authorized shares	40,000,000	40,000,000
Common stock, issued	12,327,414	12,228,629
Common stock, outstanding	12,327,414	12,228,629

Benefit Plans

12 Months Ended

Apr. 30, 2023

Postemployment Benefits [Abstract]

Benefit Plans

16.

BENEFIT PLANS

Defined Contribution Plans

We have defined contribution plans that cover substantially all employees and allow participants to contribute on a pre-tax basis, along with matching contributions by the company for its U.S. and Canadian operations. Our contributions to these plans were $1.2 million, $1.3 million, and $1.2 million during fiscal years 2023, 2022, and 2021, respectively.

Deferred Compensation Plan

We have a nonqualified deferred compensation plan (the “Plan”) covering senior executives and certain key members of management. The Plan provides for participant deferrals on a pre-tax basis that are subject to annual deferral limits by the IRS and non-elective contributions made by the company. Participant deferrals and non-elective contributions made by the company are immediately vested.

Our contributions to the Plan were $215,000, $212,000, and $143,000 in fiscal years 2023, 2022, and 2021, respectively. Our nonqualified deferred compensation plan liability was $8.2 million and $9.3 million as of April 30, 2023, and May 1, 2022, respectively.

We have a rabbi trust (the “Trust”) to set aside funds for the participants of the Plan that allows the participants to direct their contributions to various investment options in the Plan. The investment options in the Plan consist of a money market fund and various mutual funds. The funds set aside in the Trust are subject to the claims of our general creditors in the event of the company’s insolvency, as defined in the Plan.

The investment assets of the Trust are recorded at their fair value of $8.5 million and $9.4 million as of April 30, 2023, and May 1, 2022, respectively. The investment assets of the Trust are classified as available for sale and accordingly, changes in their fair values are recorded in other comprehensive (loss) income.

Income Taxes - (Loss) Income before Income Taxes Related to Foreign and U.S. Operations (Detail) - USD ($) $ in Thousands	12 Months Ended
	Apr. 30, 2023	May 01, 2022	May 02, 2021
Income Taxes [Line Items]
income (loss) before income taxes, foreign	$ 5,095	$ 7,320	$ 15,583
(loss) income before income taxes	(28,390)	(325)	10,880
China [Member]
Income Taxes [Line Items]
income (loss) before income taxes, foreign	7,062	6,998	10,007
Canada [Member]
Income Taxes [Line Items]
income (loss) before income taxes, foreign	1,516	1,302	4,764
Haiti [Member]
Income Taxes [Line Items]
income (loss) before income taxes, foreign	(3,483)	(980)	817
Cayman Islands [Member]
Income Taxes [Line Items]
income (loss) before income taxes, foreign			(5)
United States [Member]
Income Taxes [Line Items]
income (loss) before income taxes, domestic	$ (33,485)	$ (7,645)	$ (4,703)

Lines of Credit - Narrative (Detail) ¥ in Millions					12 Months Ended
Lines of Credit - Narrative (Detail) ¥ in Millions	Jan. 19, 2023 USD ($)	Aug. 30, 2022 USD ($)	Aug. 19, 2022 USD ($)	Jun. 24, 2022 USD ($)	Apr. 30, 2023 USD ($)	May 01, 2022 USD ($)	May 02, 2021 USD ($)	Apr. 30, 2023 CNY (¥)	Apr. 30, 2023 USD ($)
Revolving Credit Facility [Member] \| United States [Member]
Line Of Credit Facility [Line Items]
Maximum borrowing capacity				$ 40,000,000		$ 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						2.40%		6.30%	6.30%
Interest rate description						Interest was charged under the Credit Agreement at a rate as a variable spread over LIBOR based on our ratio of debt to EBITDA.
Reference rate on which the interest rate is based					SOFR
Line of credit facility, available borrowing									$ 26,800,000
Letters of credit, outstanding amount						$ 275,000			275,000
Expiration month year				2025-06
Minimum tangible net worth				$ 100,000,000
Percentage of minimum annual net income				50.00%
Minimum EBITDA to net interest expense ratio				3.0
Minimum access to liquidity amount			$ 15,000,000	$ 15,000,000
Outstanding amount						0			0
Interest paid during the year					$ 8,000	10,000	$ 60,000
Revolving Credit Facility [Member] \| United States [Member] \| ABL Credit Agreement [Member]
Line Of Credit Facility [Line Items]
Maximum borrowing capacity	$ 35,000,000.0
Expiration date	Jan. 19, 2026
Maximum amount of letters of credit	$ 1,000,000
Line of credit facility, accounts receivable, borrowing base percentage	85.00%
Line of credit facility, borrowing base percentage of eligible inventory value	65.00%
Line of credit facility, borrowing base percentage of net-orderly-liquidation value of eligible inventory value	85.00%
Line of credit facility, borrowing base percentage of eligible in-transit inventory value	65.00%
Line of credit facility, borrowing base percentage of net-orderly-liquidation value of eligible in-transit inventory value	85.00%
Line of credit facility, borrowing base eligible in-transit inventory value	$ 5,000,000.0
Line of credit facility, borrowing base percentage of eligible raw material inventory value	65.00%
Line of credit facility, borrowing base percentage of net-orderly-liquidation value of eligible raw material inventory value	85.00%
Line of credit stated amount to determine borrowing base	$ 22,500,000
Line of credit facility, equal to eligible accounts receivable, borrowing base percent	200.00%
Line of credit facility, commitment fee percentage	37.50%
Annual servicing fee	$ 12,000
Debt instrument, interest rate terms					The ABL Facility permits both base rate borrowings and borrowings based upon daily simple SOFR (the secured overnight financing rate administered by the Federal Reserve Bank of New York (or its successor)). Borrowings under the ABL Facility bear interest at an annual rate equal to daily simple SOFR plus 150 basis points (if the average monthly excess availability under the ABL Facility is greater than 50%) or 175 basis points (if the average monthly excess availability under the ABL Facility is less than or equal to 50%) or 50 basis points above base rate (if the average monthly excess availability under the ABL Facility is greater than 50%) or 75 basis points above base rate (if the average monthly excess availability under the ABL Facility is less than or equal to 50%), as applicable, with a fee on unutilized commitments at an annual rate of 37.5 basis points and an annual servicing fee of $12,000.
Threshold amount to determine excess borrowing availability	$ 35,000,000.0
Number of consecutive days in which if no event of default occurs, the compliance period ends	60 days
Line of credit facility, fixed charge ratio	1.10
Revolving Credit Facility [Member] \| United States [Member] \| Secured Overnight Financing Rate (SOFR) [Member]
Line Of Credit Facility [Line Items]
Debt instrument, basis spread on interest rate				1.35%
Revolving Credit Facility [Member] \| United States [Member] \| Minimum [Member]
Line Of Credit Facility [Line Items]
Debt instrument, basis spread on interest rate				1.35%
Revolving Credit Facility [Member] \| United States [Member] \| Minimum [Member] \| ABL Credit Agreement [Member]
Line Of Credit Facility [Line Items]
Line of credit facility, excess borrowing ability	$ 7,000,000.0
Line of credit facility, covenant, excess borrowing availability	$ 5,250,000
Revolving Credit Facility [Member] \| United States [Member] \| Minimum [Member] \| Secured Overnight Financing Rate (SOFR) [Member] \| ABL Credit Agreement [Member]
Line Of Credit Facility [Line Items]
Debt instrument, basis spread on interest rate	150.00%
Revolving Credit Facility [Member] \| United States [Member] \| Minimum [Member] \| Base Rate [Member] \| ABL Credit Agreement [Member]
Line Of Credit Facility [Line Items]
Debt instrument, basis spread on interest rate	50.00%
Revolving Credit Facility [Member] \| United States [Member] \| Maximum [Member]
Line Of Credit Facility [Line Items]
Debt instrument, basis spread on interest rate				2.50%
Revolving Credit Facility [Member] \| United States [Member] \| Maximum [Member] \| ABL Credit Agreement [Member]
Line Of Credit Facility [Line Items]
Line of credit facility minimum excess borrowing ability cash dominion period	$ 7,000,000.0
Line of credit facility, minimum excess borrowing ability compliance period	$ 5,250,000
Revolving Credit Facility [Member] \| United States [Member] \| Maximum [Member] \| Secured Overnight Financing Rate (SOFR) [Member] \| ABL Credit Agreement [Member]
Line Of Credit Facility [Line Items]
Debt instrument, basis spread on interest rate	175.00%
Revolving Credit Facility [Member] \| United States [Member] \| Maximum [Member] \| Base Rate [Member] \| ABL Credit Agreement [Member]
Line Of Credit Facility [Line Items]
Debt instrument, basis spread on interest rate	75.00%
Revolving Credit Facility [Member] \| United States [Member] \| Letters of Credit [Member]
Line Of Credit Facility [Line Items]
Remaining letters of credit									725,000
Revolving credit agreements [Member] \| China [Member] \| Chinese Yuan Renminbi [Member]
Line Of Credit Facility [Line Items]
Maximum borrowing capacity								¥ 40	5,800,000
Expiration date					Nov. 24, 2023
Interest rate description					Interest charged under this agreement is based on an interest rate determined by the Chinese government at the time of borrowing.
Outstanding amount						$ 0			$ 0
Revolving credit agreements [Member] \| China [Member] \| United States Dollar [Member]
Line Of Credit Facility [Line Items]
Maximum borrowing capacity		$ 2,000,000
Expiration date		Aug. 30, 2022

Stock-Based Compensation (Tables)

12 Months Ended

Apr. 30, 2023

Summary of Time Based Restricted Stock Unit Activity

The following table summarizes the time-based restricted stock unit activity during fiscal years 2023, 2022, and 2021:


	2023			2022			2021
	Shares			Shares			Shares
outstanding at beginning of year		210,284			174,295			44,399
granted		119,687			37,991			129,896
vested (1)		(32,799	)		—			—
forfeited		(11,346	)		(2,002	)		—
outstanding at end of year		285,826			210,284			174,295

(1) During fiscal 2023, time-based restricted stock units totaling 32,799 vested at a fair value of $167,000, or $5.10 per share.

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

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 August 10, 2022, and July 22, 2021:


	August 10,			July 22,
	2022			2021
Closing price of our common stock	$	5.06		$	14.75
Expected volatility of our common stock		48.2	%		54.2	%
Expected volatility of peer companies (1)	41.6% - 105.1%			45.7% - 101.5%
Risk-free interest rate		3.13	%		0.33	%
Dividend yield		0.00	%		3.00	%
Correlation coefficient of peer companies (1)	0.05 - 0.23			0.03 - 0.35

(1)

Summary of Grants of Common Stock to Outside Directors

The following table summarizes information related to our grants of common stock to our outside directors during fiscal 2023, 2022, and 2021:


	Common		(1)
	Stock		Price Per		Vesting
Date of Grant	Awarded		Share		Period
April 3, 2023 - Fiscal 2023		15,832	$	5.29	Immediate
January 3, 2023 - Fiscal 2023		17,819	$	4.70	Immediate
October 3, 2022 - Fiscal 2023		18,326	$	4.57	Immediate
July 1, 2022 - Fiscal 2023		19,753	$	4.24	Immediate
April 1, 2022 - Fiscal 2022		10,562	$	7.93	Immediate
January 3, 2022 - Fiscal 2022		8,357	$	10.02	Immediate
October 1, 2021 - Fiscal 2022		6,426	$	13.03	Immediate
July 1, 2021 - Fiscal 2022		4,312	$	16.24	Immediate
April 1, 2021 - Fiscal 2021		4,467	$	15.67	Immediate
January 4, 2021 - Fiscal 2021		4,563	$	15.34	Immediate
October 1, 2020 - Fiscal 2021		5,193	$	13.48	Immediate
July 1, 2020 - Fiscal 2021		7,000	$	10.00	Immediate

(1)

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

Performance Based Restricted Stock Units [Member]

Summary of Vested Performance Based Restricted Stock Units

The following table summarizes information related to our performance-based restricted stock units that vested during fiscal 2023, 2022, and 2021:


			(3)		(4)
	Common		Weighted		Weighted
	Stock Shares		Average		Average Price
Fiscal Year	Vested		Fair Value		Per Share
Fiscal 2023 (1)		545	$	3	$	5.10
Fiscal 2023 (2)		437	$	2	$	5.10
Fiscal 2022 (1)		5,051	$	87	$	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 for senior executives.

(2)

Performance-based restricted stock units vested for key employees.

(3)

Dollar amounts are in thousands.

(4)

Price per share is derived from the closing prices of our common stock on the dates the respective performance-based restricted stock units vested.

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

Summary of Grants of Time-Based Restricted Stock Unit Awards

The following table summarizes information related to our grants of time-based restricted stock unit awards associated with certain senior executives and key members of management during fiscal years 2023, 2022, and 2021:


			(1)
	Restricted		Price		Vesting
Date of Grant	Stock Awarded		Per Share		Period
September 6, 2022		37,671	$	4.58	1 to 3 years
August 10, 2022		82,016	$	5.06	3 years
July 22, 2021		37,991	$	14.75	3 years
August 6, 2020		129,896	$	11.01	3 years

(1)

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

Executive officers and key employees [Member]

Summary of Grants of Performance Based Restricted Stock Units

The following table summarizes information related to our grants of performance-based restricted stock units associated with certain senior executives and key employees that were unvested as of April 30, 2023:


			(4)
	(3)		Restricted
	Restricted Stock		Stock Units
	Stock Units		Expected to		Price Per			Vesting
Date of Grant	Awarded		Vest		Share			Period
August 10, 2022 (1)		178,714		—	$	5.77	(5)	3 years
July 22, 2021 (1)		122,476		—	$	15.93	(6)	3 years
July 22, 2021 (2)		20,500		—	$	14.75	(7)	3 years

(1)

Performance-based restricted stock units awarded to certain 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 award agreements.

(4)

Compensation cost is 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. These amounts represent the number of shares that are expected to vest as of April 30, 2023.

(5)

Price per share represents the fair market value per share ($1.14 per $1, or an increase of $0.71 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 ($5.06) for the performance-based component of the performance-based restricted stock units granted to senior executives on August 10, 2022.

(6)

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 certain senior executives on July 22, 2021.

(7)

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

Revenue from Contracts with Customers

12 Months Ended

Apr. 30, 2023

Revenue From Contract With Customer [Abstract]

Revenue from Contracts with Customers

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, 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 for Read’s products associated with window treatments.

Significant Judgments

See Note 1 of the consolidated financial statements for disclosure of our accounting policies regarding our significant judgments associated with revenue recognition, determining our transaction prices, and revenue measurement.

Contract Assets & Liabilities

Certain contracts relating to 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 terms which generally range from 15-60 days. Our terms are customary within the industries in which we operate and are not considered financing arrangements.

During the fourth quarter of fiscal 2023, we entered into a contract with an upholstery fabrics customer that required the customer to pay us an upfront license fee payment totaling $250,000 to use a certain trademark for a period of three years commencing in fiscal 2024 and extending through fiscal 2026.

There were no contract assets recognized as of April 30, 2023, or May 1, 2022.

A summary of the activity of deferred revenue follows:


(dollars in thousands)	Fiscal 2023			Fiscal 2022			Fiscal 2021
Beginning Balance	$	520		$	540		$	502
Revenue recognized on contract liabilities		(4,885	)		(3,434	)		(2,459	)
Payments received for services not yet rendered		5,557			3,414			2,497
Ending Balance	$	1,192		$	520		$	540

As of April 30, 2023, total deferred revenue of $1.2 million pertained to (i) upfront customer deposits associated with customized fabrication and installation services related to Read totaling $942,000 and (ii) an upfront license fee paid to us for the licensing of a certain trademark to be used by an upholstery fabrics customer totaling $250,000. As of May 1, 2022, the entire deferred revenue amount of $520,000 represented upfront customer deposits associated with customized fabrication and installation services related to Read.

Disaggregation of Revenue

The following table presents our disaggregated revenue related to operations by segment, timing of revenue recognition, and product sales versus services rendered for fiscal 2023:


(dollars in thousands)	Mattress Fabrics		Upholstery Fabrics		Total
Products transferred at a point in time	$	110,995	$	114,996	$	225,991
Services transferred over time		—		8,943		8,943
Total Net Sales	$	110,995	$	123,939	$	234,934

The following table presents our disaggregated revenue related to operations by segment, timing of revenue recognition, and product sales versus services rendered for fiscal 2022:


(dollars in thousands)	Mattress Fabrics		Upholstery Fabrics		Total
Products transferred at a point in time	$	152,159	$	133,622	$	285,781
Services transferred over time		—		9,058		9,058
Total Net Sales	$	152,159	$	142,680	$	294,839

The following table presents our disaggregated revenue related to operations by segment, timing of revenue recognition, and product sales versus services rendered for fiscal 2021:


(dollars in thousands)	Mattress Fabrics		Upholstery Fabrics		Total
Products transferred at a point in time	$	157,671	$	133,501	$	291,172
Services transferred over time		—		8,548		8,548
Total Net Sales	$	157,671	$	142,049	$	299,720

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.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-URI https://asc.fasb.org/topic&trid=49130388

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 10
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130551-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130556-203045

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
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-Section 50
-Paragraph 12
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 10
-Section 50
-Paragraph 9
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130550-203045

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 15
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130558-203045

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

Commitments And Contingencies Disclosure [Abstract]

Commitments and Contingencies

12 Months Ended

Apr. 30, 2023

Commitments and Contingencies

12.

COMMITMENTS AND CONTINGENCIES

Leases

Balance Sheet

The right of use assets and lease liabilities associated with our operating leases as of April 30, 2023, and May 1, 2022, are as follows:


(dollars in thousands)	April 30, 2023		May 1, 2022
Right of use assets	$	8,191	$	15,577
Operating lease liability - current		2,640		3,219
Operating lease liability – noncurrent		3,612		7,062

Supplemental Cash Flow Information


(dollars in thousands)	2023		2022		2021
Operating lease liability payments	$	2,497	$	2,954	$	2,634
Right of use assets exchanged for lease liabilities		731		3,762		8,014

Operating lease costs were $3.6 million, $3.9 million, and $2.9 million during fiscal 2023, 2022, and 2021, respectively. Short-term lease costs were $44,000, $68,000, and $55,000 during fiscal 2023, 2022, and 2021, respectively. Variable lease expense was immaterial for each of fiscal 2023, 2022, and 2021.

As of April 30, 2023, the weighted average remaining lease term and discount rate for our operating leases follows:


Weighted average lease term	3.87 years
Weighted average discount rate		3.58	%

As of May 1, 2022, the weighted average remaining lease term and discount rate for our operating leases follows:


Weighted average lease term	3.29 years
Weighted average discount rate		1.77	%

Other Information

Maturity of our operating lease liabilities for the next five fiscal years and thereafter follows:


(dollars in thousands)	Amount
2024	$	2,698
2025		1,890
2026		603
2027		343
2028		225
Thereafter		804
		6,563
Less: interest		(311	)
Present value of lease liabilities	$	6,252

Related Party Lease – Mattress Fabrics Segment

On March 23, 2023, we terminated an agreement with a partnership owned by an immediate family member of an officer of the company, pursuant to which we leased a 63,522 square foot facility for our domestic mattress cover operation. Prior to the termination of the lease agreement, rent payments totaled $123,000, $148,000, and $151,000 in fiscal 2023, 2022, and 2021, respectively. In accordance with the termination of the lease agreement, we were reimbursed $67,000 for leasehold improvements we made to the leased property.

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 on our financial position, results of operations, or cash flows.

Accounts Payable – Capital Expenditures

As of April 30, 2023, and May 1, 2022, we had total amounts due regarding capital expenditures totaling $56,000 and $473,000, respectively, which pertained to outstanding vendor invoices, none of which were financed.

Purchase Commitments - Capital Expenditures

As of April 30, 2023, we had open purchase commitments to acquire equipment for our U.S. and Canadian mattress fabrics operations totaling $629,000.

Statutory Reserves

12 Months Ended

Apr. 30, 2023

Statutory Reserves

18.

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 April 30, 2023, 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 April 30, 2023, the company’s statutory surplus reserve was $4.2 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 $4.2 million, to assist with debt repayment, capital expenditures, and other expenses of the company’s business.

Fair Value

12 Months Ended

Apr. 30, 2023

Fair Value Disclosures [Abstract]

Fair Value

14.

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 various factors, and it is possible that an asset or liability may be classified differently from quarter to quarter. However, we expect that changes in classifications between different levels will be rare.

Recurring Basis

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

Fair value measurements as of April 30, 2023, using:

Quoted
prices in
active markets
for identical
assets

Significant
other
observable
inputs

Significant
unobservable
    inputs

(amounts in thousands)

Level 1

Level 2

Level 3

Total

Assets:

U.S. Government Money Market Fund

7,649

N/A

N/A

7,649

Growth Allocation Mutual Funds

528

N/A

N/A

528

Moderate Allocation Mutual Fund

86

N/A

N/A

86

Other

208

N/A

N/A

208

Fair value measurements as of May 1, 2022, using:

Quoted
prices in
active markets
for identical
assets

Significant
other
observable
inputs

Significant
unobservable
inputs

(amounts in thousands)

Level 1

Level 2

Level 3

Total

Assets:

U.S. Government Money Market Fund

8,683

N/A

N/A

8,683

Growth Allocation Mutual Funds

435

N/A

N/A

435

Moderate Allocation Mutual Fund

81

N/A

N/A

81

Other

158

N/A

N/A

158

Nonrecurring Basis

Third and Fourth Quarters of Fiscal 2023

We classified a right of use asset associated with a leased facility as held for sale in the Consolidated Balance Sheet as of January 29, 2023 (i.e., the end of the third quarter of fiscal 2023), in connection with the restructuring activity associated with our upholstery fabrics cut and sew operation located in Haiti (which is described more fully in Note 9 of the consolidated financial statements). This right of use asset classified as held for sale was recorded at its fair value of $2.0 million, which represented the present value of future discounted cash flows based on the payments and timing of such payments due from the Lessee as stated in the Termination Agreement (which is

described more fully in Note 9 of the consolidated financial statements). The interest rate used to determine the present value of the future discounted cash flows was based on significant unobservable inputs based on assumptions determined by management such as (i) the credit characteristics of the Lessee and guarantor of the Termination Agreement; (ii) the length of the payment terms as defined in the Termination Agreement; (iii) the payment terms as defined in the Termination Agreement being denominated in USD, and (iv) the fact that the right of use asset was located in, and the Lessee and guarantor conduct business in Haiti, a foreign country. As a result, since management used significant unobservable inputs and assumptions to determine the fair value of this right of use asset, this right of use asset was classified as level 3 within the fair value hierarchy defined above.

During the fourth quarter of fiscal 2023, the right of use asset mentioned above was vacated and possession was returned to the Lessor, and the Lessee took possession of this right of use asset as described more fully in Note 9 of the consolidated financial statements. As a result, the right of use asset classified as held for sale as of January 29, 2023, was derecognized and a short-term and long-term note receivable was recognized based on the payments and timing of such payments due from the Lessee as stated in the Termination Agreement. As of April 30, 2023, this note receivable totaled $1.9 million, of which $219,000 and $1.7 million were classified as short-term and long-term, respectively.

Fourth Quarter of Fiscal 2021

Fair value measurements on February 1, 2021, using:

Quoted Prices
in active
markets for
identical assets

Significant
other
observable
inputs

Significant
unobservable
inputs

(amounts in thousands)

Level 1

Level 2

Level 3

Total

Assets:

Right of use assets

N/A

2,544

N/A

2,544

Equipment and leasehold improvements

N/A

N/A

846

846

Inventory

N/A

N/A

31

31

The fair values of the right of use assets were based on our analysis of a recent appraisal of the 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 these 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 amounts of these items approximated their fair values. See Note 2 of the consolidated financial statements for the final allocation of the acquisition cost to assets acquired and liabilities assumed based on their fair values.

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.

Income Taxes (Tables)

12 Months Ended

Apr. 30, 2023

Schedule of Income Tax Expense Attributable to (Loss) Income from Operations

Income tax expense consists of:


(dollars in thousands)	2023			2022			2021
current
federal	$	—			—			(17	)
state		1			2			3
foreign		3,053			2,156			4,151
uncertain income tax positions		78			37			(204	)
		3,132			2,195			3,933
deferred
federal		(1,591	)		1,121			(1,933	)
state		(66	)		47			(80	)
2017 Tax Cuts and Jobs Act		—			—			(3,674	)
undistributed earnings – foreign subsidiaries		628			76			112
U.S. federal & state carryforwards and credits		(5,162	)		(971	)		451
uncertain income tax positions		—			(380	)		380
foreign		(629	)		615			(22	)
valuation allowance		6,818			183			8,526
		(2	)		691			3,760
	$	3,130			2,886			7,693

Schedule of (Loss) Income before Income Taxes Related to Foreign and U.S. Operations

(Loss) income before income taxes related to our foreign and U.S. operations consists of:


(dollars in thousands)	2023			2022			2021
Foreign
China	$	7,062			6,998			10,007
Canada		1,516			1,302			4,764
Haiti		(3,483	)		(980	)		817
Cayman Islands		—			—			(5	)
Total Foreign		5,095			7,320			15,583
United States		(33,485	)		(7,645	)		(4,703	)
	$	(28,390	)		(325	)		10,880

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

The following schedule summarizes the principal differences between the income tax expense at the federal income tax rate and the effective income tax rate reflected in the consolidated financial statements:


	2023			2022			2021
U.S. federal income tax rate		21.0	%		21.0	%		21.0	%
valuation allowance		(24.0	)		(56.3	)		78.4
income tax effects of the 2017 Tax Cuts and Jobs Act		—			—			(33.8	)
global intangible low taxed income tax (GILTI)		—			(540.9	)		—
foreign tax rate differential		(4.0	)		(206.2	)		10.9
income tax effects of Chinese foreign exchange gains and losses		(0.9	)		(20.6	)		(8.4	)
withholding taxes associated with foreign tax jurisdictions		(2.4	)		(172.8	)		7.7
uncertain income tax positions		(0.3	)		105.4			1.6
U.S. state income taxes		0.6			21.5			0.3
stock-based compensation		(0.3	)		(3.3	)		0.3
gain on bargain purchase		—			—			(1.6	)
other (3)		(0.7	)		(35.8	)		(5.7	)
consolidated effective income tax rate (1) (2)		(11.0	)%		(888.0	)%		70.7	%

(1)

Our consolidated effective income tax rate during fiscal 2023 was much more negatively affected by the mix of earnings and losses between our U.S. operations and foreign subsidiaries, as compared with fiscal 2022 and 2021. During fiscal 2023, we incurred a significantly higher pre-tax loss from our U.S. operations totaling $(33.5) million, compared with $(7.6) million and $(4.7) million for fiscal 2022 and 2021, respectively. As a result, a significantly higher income tax benefit was not recognized due to a full valuation allowance being applied against our U.S. net deferred income tax assets during fiscal 2023, as compared with

fiscal 2022 and 2021. In addition, almost all of our taxable income for each of fiscal 2023, 2022, and 2021 was earned by our foreign operations located in China and Canada, which have higher income tax rates than the U.S.

(2)

During fiscal 2023, we incurred a significantly higher consolidated pre-tax loss totaling $(28.4) million, compared with a much lower consolidated pre-tax loss totaling $(325,000) during fiscal 2022 and pre-tax income totaling $10.9 million during fiscal 2021. As a result, 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 were more pronounced for fiscal 2022 and 2021, compared with fiscal 2023.

(3)

“Other” for all periods presented represents miscellaneous adjustments that pertain to U.S. permanent differences such as meals and entertainment and income tax provision to return adjustments.

Schedule of Deferred Tax Assets and Liabilities

The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and liabilities consist of the following:


(dollars in thousands)	2023			2022
deferred tax assets:
accounts receivable	$	297			227
inventories		3,277			2,020
compensation		2,676			2,437
liabilities and other		5			28
intangible assets and goodwill		395			536
property, plant, and equipment (1)		179			199
operating lease liability		781			1,297
foreign income tax credits - U.S.		783			783
loss carryforwards – U.S.		13,564			8,373
valuation allowance - U.S.		(18,675	)		(11,857	)
total deferred tax assets		3,282			4,043


deferred tax liabilities:
undistributed earnings on foreign subsidiaries		(4,213	)	(3,586	)
property, plant and equipment (2)		(3,450	)	(4,292	)
right of use assets		(964	)	(1,520	)
other		(129	)	(121	)
total deferred tax liabilities		(8,756	)	(9,519	)
Net deferred liabilities	$	(5,474	)	(5,476	)

(1)

Pertains to the company’s operations located in China.

(2)

Pertains to the company’s operations located in the U.S. and Canada.

Summary of Valuation Allowances Against U.S. Net Deferred Income Tax Assets

Based on our assessments as of April 30, 2023, and May 1, 2022, valuation allowances against our U.S. net deferred income tax assets pertain to the following:


(dollars in thousands)	April 30, 2023		May 1, 2022
U.S. federal and state net deferred income tax assets	$	16,345	$	9,527
U.S. capital loss carryforward		2,330		2,330
	$	18,675	$	11,857

Summary of Change in Valuation Allowances Against U.S. Net Deferred Income Tax Assets

A summary of the change in the valuation allowances against our U.S. net deferred income tax assets follows:


(dollars in thousands)	2023			2022			2021
beginning balance	$	11,857			11,674			3,148
change in judgement of beginning of year U.S. valuation allowance (1)		—			—			6,964
change in valuation allowance associated with current year earnings		7,252			1,640			1,004
change in estimate during current year (2)		(434	)		(1,457	)		558
ending balance	$	18,675			11,857			11,674

(1)

(2)

Schedule of Unrecognized Tax Benefit

The following table sets forth the change in the company’s unrecognized income tax benefit:


(dollars in thousands)	2023			2022			2021
beginning balance	$	1,101			1,444			1,269
increases from prior period tax positions		175			114			249
decreases from prior period tax positions		(97	)		(77	)		(74	)
lapse of applicable statute of limitations		—			(380	)		—
ending balance	$	1,179			1,101			1,444

Summary of Income Taxes Paid (Refunded)

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


(dollars in thousands)	2023		2022		2021
United States federal - Alternative Minimum Tax (AMT) credit refunds (1)	$	—	$	—	$	(1,510	)
United States federal - Transition Tax		265		266		226
China - Income Taxes		1,831		2,036		2,076
China - Withholding Taxes Associated with Earnings and Profits Distribution to U.S. Parent		—		487		798
Canada - Income Taxes		228		311		1,408
	$	2,324	$	3,100	$	2,998

(1)

Common Stock Repurchase Program (Detail) - USD ($)	12 Months Ended
Common Stock Repurchase Program (Detail) - USD ($)	Apr. 30, 2023	May 01, 2022	May 02, 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	0	121,688	0
Cost of common stock repurchase		$ 6,000
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

Revenue from Contracts with Customers (Tables)

12 Months Ended

Apr. 30, 2023

Revenue From Contract With Customer [Abstract]

Summary of Activity for Deferred Revenue

A summary of the activity of deferred revenue follows:


(dollars in thousands)	Fiscal 2023			Fiscal 2022			Fiscal 2021
Beginning Balance	$	520		$	540		$	502
Revenue recognized on contract liabilities		(4,885	)		(3,434	)		(2,459	)
Payments received for services not yet rendered		5,557			3,414			2,497
Ending Balance	$	1,192		$	520		$	540

Summary of Disaggregation of Revenue

The following table presents our disaggregated revenue related to operations by segment, timing of revenue recognition, and product sales versus services rendered for fiscal 2023:


(dollars in thousands)	Mattress Fabrics		Upholstery Fabrics		Total
Products transferred at a point in time	$	110,995	$	114,996	$	225,991
Services transferred over time		—		8,943		8,943
Total Net Sales	$	110,995	$	123,939	$	234,934

The following table presents our disaggregated revenue related to operations by segment, timing of revenue recognition, and product sales versus services rendered for fiscal 2022:


(dollars in thousands)	Mattress Fabrics		Upholstery Fabrics		Total
Products transferred at a point in time	$	152,159	$	133,622	$	285,781
Services transferred over time		—		9,058		9,058
Total Net Sales	$	152,159	$	142,680	$	294,839

The following table presents our disaggregated revenue related to operations by segment, timing of revenue recognition, and product sales versus services rendered for fiscal 2021:


(dollars in thousands)	Mattress Fabrics		Upholstery Fabrics		Total
Products transferred at a point in time	$	157,671	$	133,501	$	291,172
Services transferred over time		—		8,548		8,548
Total Net Sales	$	157,671	$	142,049	$	299,720

Upholstery Fabrics Segment Restructuring Activities (Tables)

12 Months Ended

Apr. 30, 2023

Restructuring and Related Activities [Abstract]

Summary of Restructuring Expense and Restructuring Related Charges

The following summarizes our restructuring expense and related charges from both our restructuring activities noted above for fiscal 2023:


(dollars in thousands)		2023
Employee termination benefits	$	507
Lease termination costs		481
Impairment loss - leasehold improvements and equipment		357
Loss on disposal and markdowns of inventory		98
Other associated costs		51
Restructuring expense and restructuring related charges (1)	$	1,494

(1) Of the total $1.5 million, $1.4 million and $98,000 were recorded to restructuring expense and cost of sales, respectively, in the fiscal 2023 Consolidated Statement of Net Loss.

Summary of Activity in Accrued Restructuring

The following summarizes the activity in accrued restructuring for fiscal 2023:


	Employee			Lease			Other
	Termination			Termination			Associated
(dollars in thousands)	Benefits			Costs			Costs			Total
Beginning of year balance	$	—		$	—		$	—		$	—
Accrual established in fiscal 2023		507			47			—			554
Expenses incurred		—			—			51			51
Payments		(507	)		(47	)		(51	)		(605	)
End of year balance	$	—		$	—		$	—		$	—

Net (Loss) Income Per Share (Tables)

12 Months Ended

Apr. 30, 2023

Earnings Per Share [Abstract]

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

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


(in thousands)	2023		2022		2021
weighted-average common shares outstanding, basic		12,283		12,242		12,300
dilutive effect of stock-based compensation		—		—		22
weighted-average common shares outstanding, diluted		12,283		12,242		12,322

Schedule of Unvested Common Stock not Included in the Computation of Diluted Net (Loss) Income Per Share

Shares of unvested common stock that were not included in the computation of diluted net (loss) income per share consist of the following:


(in thousands)	2023		2022		2021
antidilutive effect from decrease in the price per share of our common stock		25		18		2
antidilutive effect from net loss incurred during the fiscal year		88		86		—
total unvested shares of common stock not included in computation of diluted net (loss) income per share		113		104		2

Income Taxes

12 Months Ended

Apr. 30, 2023

Income Taxes

11.

INCOME TAXES

Income Tax Expense and Effective Income Tax Rate

The entire amount of income tax expense of $3.1 million, $2.9 million, and $7.7 million during fiscal 2023, 2022, and 2021, respectively, was allocated to (loss) income from continuing operations.

Income tax expense consists of:


(dollars in thousands)	2023			2022			2021
current
federal	$	—			—			(17	)
state		1			2			3
foreign		3,053			2,156			4,151
uncertain income tax positions		78			37			(204	)
		3,132			2,195			3,933
deferred
federal		(1,591	)		1,121			(1,933	)
state		(66	)		47			(80	)
2017 Tax Cuts and Jobs Act		—			—			(3,674	)
undistributed earnings – foreign subsidiaries		628			76			112
U.S. federal & state carryforwards and credits		(5,162	)		(971	)		451
uncertain income tax positions		—			(380	)		380
foreign		(629	)		615			(22	)
valuation allowance		6,818			183			8,526
		(2	)		691			3,760
	$	3,130			2,886			7,693

(Loss) income before income taxes related to our foreign and U.S. operations consists of:


(dollars in thousands)	2023			2022			2021
Foreign
China	$	7,062			6,998			10,007
Canada		1,516			1,302			4,764
Haiti		(3,483	)		(980	)		817
Cayman Islands		—			—			(5	)
Total Foreign		5,095			7,320			15,583
United States		(33,485	)		(7,645	)		(4,703	)
	$	(28,390	)		(325	)		10,880


	2023			2022			2021
U.S. federal income tax rate		21.0	%		21.0	%		21.0	%
valuation allowance		(24.0	)		(56.3	)		78.4
income tax effects of the 2017 Tax Cuts and Jobs Act		—			—			(33.8	)
global intangible low taxed income tax (GILTI)		—			(540.9	)		—
foreign tax rate differential		(4.0	)		(206.2	)		10.9
income tax effects of Chinese foreign exchange gains and losses		(0.9	)		(20.6	)		(8.4	)
withholding taxes associated with foreign tax jurisdictions		(2.4	)		(172.8	)		7.7
uncertain income tax positions		(0.3	)		105.4			1.6
U.S. state income taxes		0.6			21.5			0.3
stock-based compensation		(0.3	)		(3.3	)		0.3
gain on bargain purchase		—			—			(1.6	)
other (3)		(0.7	)		(35.8	)		(5.7	)
consolidated effective income tax rate (1) (2)		(11.0	)%		(888.0	)%		70.7	%

(1)

(2)

(3)

“Other” for all periods presented represents miscellaneous adjustments that pertain to U.S. permanent differences such as meals and entertainment and income tax provision to return adjustments.

Deferred Income Taxes - Overall

The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and liabilities consist of the following:


(dollars in thousands)	2023			2022
deferred tax assets:
accounts receivable	$	297			227
inventories		3,277			2,020
compensation		2,676			2,437
liabilities and other		5			28
intangible assets and goodwill		395			536
property, plant, and equipment (1)		179			199
operating lease liability		781			1,297
foreign income tax credits - U.S.		783			783
loss carryforwards – U.S.		13,564			8,373
valuation allowance - U.S.		(18,675	)		(11,857	)
total deferred tax assets		3,282			4,043


deferred tax liabilities:
undistributed earnings on foreign subsidiaries		(4,213	)	(3,586	)
property, plant and equipment (2)		(3,450	)	(4,292	)
right of use assets		(964	)	(1,520	)
other		(129	)	(121	)
total deferred tax liabilities		(8,756	)	(9,519	)
Net deferred liabilities	$	(5,474	)	(5,476	)

(1)

Pertains to the company’s operations located in China.

(2)

Pertains to the company’s operations located in the U.S. and Canada.

As of April 30, 2023, our U.S. federal net operating loss carryforwards totaled $48.2 million, with related future income tax benefits of $10.1 million. In accordance with the 2017 Tax Cuts and Jobs Act (“TCJA”), U.S. federal net operating loss carryforwards generated in fiscal 2019 and after do not expire. As of April 30, 2023, all our unused U.S. federal net operating loss carryforwards were generated during fiscal 2019 and after, and therefore, do not expire in accordance with the TCJA. As of April 30, 2023, our U.S. state net operating loss carryforwards totaled $27.2 million, with related future income tax benefits of $1.0 million. Our U.S. state net operating loss carryforwards totaling $27.2 million have expiration dates ranging from fiscal years 2024 through 2044. Our U.S. foreign income tax credits of $783,000 have expiration dates ranging from fiscal years 2026 through 2028, which represent 10 years from when the associated earnings and profits from our foreign subsidiaries were repatriated to the U.S.

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 TCJA. With the enactment of these final regulations, we became eligible for an exclusion from GILTI if we meet the provisions for the GILTI High-Tax exception included in these final regulations on a jurisdiction-by-jurisdiction basis. 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 were retroactive to the original enactment of the GILTI tax provision, which included 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 $3.6 million resulting from the re-establishment of certain U.S. federal net operating loss carryforwards. The $3.6 million income tax benefit was recorded as a discrete event in which its full income tax effects were recorded during the first quarter of fiscal 2021.

Fiscal 2022

We did not meet the GILTI High-Tax exception for the 2021 tax year regarding our foreign operations located in China. This was due primarily to significant income tax deductible foreign exchange losses that significantly lowered income tax expense associated with the 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 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.

We did not meet the GILTI High-Tax exception for the 2022 tax year regarding our operations located in Canada and Haiti. With regards to Canada, we placed several significant capital projects into service during fiscal 2022, and therefore, were eligible for a significant amount of deductible accelerated depreciation. As a result, our current year's income tax expense was much lower than prior fiscal years, and therefore, our current effective income tax rate was lower than the required 18.9% current effective income tax rate to meet the GILTI High-Tax exception. For our operations located in Haiti, taxable income or losses are not subject to income tax, as we are located in an economic zone that permits a 0% income tax rate for the first fifteen years of operations, for which we have nine years remaining. Since our operations located in Haiti are not subject to income tax, our current effective tax rate was 0%, which is lower than the required 18.9% current effective income tax rate to meet the GILTI High-Tax exception. Although our operations located in Canada and Haiti did not meet the GILTI High-Tax exception, we incurred a nominal amount of GILTI tax for the 2022 tax year, as the losses subject to GILTI tax from our Haitian operations mostly offset the income subject to GILTI tax from our Canadian operation.

Fiscal 2023

We do not expect to pay GILTI tax for the 2023 tax year, as we expect to meet the GILTI High-Tax exception regarding our operations located in China and Canada, and we incurred taxable losses associated with our operations located in Haiti.

Deferred Income Taxes – Valuation Allowance

Assessment

We evaluate the realizability of our deferred income taxes to determine if a valuation allowance is required. We 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 assets 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. pre-tax losses during the last two fiscal years, and we expected at the time of this assessment that our history of U.S. pre-tax losses would continue into fiscal 2021. As a result of the significant weight of this negative evidence, we believed it was more-likely-than-not that our U.S. deferred income tax assets would not be fully realizable. Accordingly, we recorded a non-cash income tax charge of $7.0 million to provide for a full valuation allowance against our U.S. net deferred income tax assets. This $7.0 million income tax charge was recorded as a discrete event in which its full income tax effects were recorded during the first quarter of fiscal 2021.

As of April 30, 2023, 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 significant cumulative U.S. pre-tax losses, in that we experienced U.S. pre-tax losses during each of the last three fiscal years. In addition, we are currently expecting U.S. pre-tax losses to continue into fiscal 2024. As a result of the significant weight of this negative evidence, we believe it is more-likely-than-not that our U.S net 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 April 30, 2023, and May 1, 2022, valuation allowances against our U.S. net deferred income tax assets pertain to the following:


(dollars in thousands)	April 30, 2023		May 1, 2022
U.S. federal and state net deferred income tax assets	$	16,345	$	9,527
U.S. capital loss carryforward		2,330		2,330
	$	18,675	$	11,857

A summary of the change in the valuation allowances against our U.S. net deferred income tax assets follows:


(dollars in thousands)	2023			2022			2021
beginning balance	$	11,857			11,674			3,148
change in judgement of beginning of year U.S. valuation allowance (1)		—			—			6,964
change in valuation allowance associated with current year earnings		7,252			1,640			1,004
change in estimate during current year (2)		(434	)		(1,457	)		558
ending balance	$	18,675			11,857			11,674

(1)

(2)

Deferred Income Taxes – Undistributed Earnings from Foreign Subsidiaries

We assess whether the undistributed earnings from our foreign subsidiaries will be reinvested indefinitely or eventually distributed to our U.S. parent company and whether we are required to record a deferred income tax liability for those undistributed earnings from our foreign subsidiaries that will not be reinvested indefinitely. As of April 30, 2023, 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 has been 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 only for unremitted withholding taxes associated with earnings and profits generated by our foreign subsidiaries that will ultimately be repatriated to the U.S. parent company. As a result, we recorded a deferred income tax liability of $4.2 million and $3.6 million as of April 30, 2023, and May 1, 2022, respectively.

Uncertainty in Income Taxes

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, or litigation, or if 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.

The following table sets forth the change in the company’s unrecognized income tax benefit:


(dollars in thousands)	2023			2022			2021
beginning balance	$	1,101			1,444			1,269
increases from prior period tax positions		175			114			249
decreases from prior period tax positions		(97	)		(77	)		(74	)
lapse of applicable statute of limitations		—			(380	)		—
ending balance	$	1,179			1,101			1,444

As of April 30, 2023, we had $1.2 million of total gross unrecognized tax benefits, of which the entire amount was classified as income taxes payable - long-term in the accompanying Consolidated Balance Sheets. As of May 1, 2022, we had $1.1 million of total gross

unrecognized tax benefits, of which the entire amount was classified as income taxes payable - long-term in the accompanying Consolidated Balance Sheets. These unrecognized income tax benefits would favorably affect income tax expense in future periods by $1.2 million and $1.1 million as of April 30, 2023, and May 1, 2022, respectively.

We elected to classify interest and penalties as part of income tax expense. As of April 30, 2023, and May 1, 2022, the gross amount of interest and penalties due to unrecognized tax benefits was $239,000 and $185,000, respectively.

Our gross unrecognized income tax benefit of $1.2 million as of April 30, 2023, 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. United States federal and state income tax returns filed by us remain subject to examination for income tax years 2019 and subsequent. Canadian federal income tax returns filed by us remain subject to examination for income tax years 2019 and subsequent. Canadian provincial (Quebec) income tax returns filed by us remain subject to examination for income tax years 2019 and subsequent. Income tax returns associated with our operations located in China are subject to examination for income tax year 2018 and subsequent.

Income Taxes Paid

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


(dollars in thousands)	2023		2022		2021
United States federal - Alternative Minimum Tax (AMT) credit refunds (1)	$	—	$	—	$	(1,510	)
United States federal - Transition Tax		265		266		226
China - Income Taxes		1,831		2,036		2,076
China - Withholding Taxes Associated with Earnings and Profits Distribution to U.S. Parent		—		487		798
Canada - Income Taxes		228		311		1,408
	$	2,324	$	3,100	$	2,998

(1)

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.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
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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 5: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
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-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32705-109319

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

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Topic 740
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Upholstery Fabrics Segment Restructuring Activities - Summary of Restructuring Expense and Restructuring Related Charges (Parenthetical) (Detail)

12 Months Ended

Apr. 30, 2023

USD ($)

$ 1,396,000

^[1]

(98,000)

^[2]

Restructuring expense and restructuring related charges

1,494,000

^[3]

Exit and Disposal Activity [Member] | Cost of Sales [Member]

51,000

$ 98,000

[1]	Restructuring expense totaling $1.4 million for fiscal 2023 relates to both our restructuring activities for our cut and sew upholstery fabrics operations (i) located in Shanghai, China, which occurred during the second quarter of fiscal 2023, and (ii) located in Ouanaminthe, Haiti, which occurred during the third and fourth quarters of fiscal 2023. Restructuring expense represents employee termination benefits of $507,000, lease termination costs of $481,000, impairment losses totaling $357,000 that relate to leasehold improvements and equipment, and $51,000 for other associated costs.
[2]	Cost of sales for fiscal 2023 includes a restructuring related charge totaling $98,000, which pertained to a loss on disposal and markdowns of inventory related to the exit of our cut and sew upholstery fabrics operation located in Shanghai, China.
[3]	Of the total $1.5 million, $1.4 million and $98,000 were recorded to restructuring expense and cost of sales, respectively, in the fiscal 2023 Consolidated Statement of Net Loss.

Commitments and Contingencies - Lessee Operating Lease Liability Maturity (Detail) $ in Thousands	Apr. 30, 2023 USD ($)
Lessee Disclosure [Abstract]
2024	$ 2,698
2025	1,890
2026	603
2027	343
2028	225
Thereafter	804
Total	6,563
Less: interest	(311)
Present value of lease liabilities	$ 6,252

Summary of Property, Plant, and Equipment (Detail) - USD ($) $ in Thousands	12 Months Ended
	Apr. 30, 2023	May 01, 2022
Property, Plant and Equipment [Line Items]
land and improvements	$ 947	$ 947
buildings and improvements	30,411	31,628
leasehold improvements	2,368	3,474
machinery and equipment	68,070	67,827
data processing equipment and software	8,241	8,706
office furniture and equipment	1,443	1,643
capital projects in progress	455	613
property, plant, and equipment, gross	111,935	114,838
accumulated depreciation	(75,824)	(73,136)
property, plant, and equipment, net	$ 36,111	$ 41,702
Land and Land Improvements [Member] \| Minimum [Member]
Property, Plant and Equipment [Line Items]
depreciable lives	0 years
Land and Land Improvements [Member] \| Maximum [Member]
Property, Plant and Equipment [Line Items]
depreciable lives	10 years
Building and Building Improvements [Member] \| Minimum [Member]
Property, Plant and Equipment [Line Items]
depreciable lives	7 years
Building and Building Improvements [Member] \| Maximum [Member]
Property, Plant and Equipment [Line Items]
depreciable lives	40 years
Leasehold Improvements [Member]
Property, Plant and Equipment [Line Items]
depreciable lives	Shorter of life of lease or useful life.
Machinery and Equipment [Member] \| Minimum [Member]
Property, Plant and Equipment [Line Items]
depreciable lives	3 years
Machinery and Equipment [Member] \| Maximum [Member]
Property, Plant and Equipment [Line Items]
depreciable lives	15 years
Data Processing Equipment and Software [Member] \| Minimum [Member]
Property, Plant and Equipment [Line Items]
depreciable lives	3 years
Data Processing Equipment and Software [Member] \| Maximum [Member]
Property, Plant and Equipment [Line Items]
depreciable lives	7 years
Office Furniture and Equipment [Member] \| Minimum [Member]
Property, Plant and Equipment [Line Items]
depreciable lives	3 years
Office Furniture and Equipment [Member] \| Maximum [Member]
Property, Plant and Equipment [Line Items]
depreciable lives	10 years

Income Taxes - Summary of Income 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

Business Combination Achieved in Stages - Schedule of Unaudited Pro Forma Consolidated Results of Operations (Detail) $ / shares in Units, $ in Thousands	12 Months Ended
	May 02, 2021 USD ($) $ / shares
Business Combinations [Abstract]
Net Sales	$ 300,995
Income from operations	12,138
Net income	$ 2,430
Net income per share - basic \| $ / shares	$ 0.20
Net income per share - diluted \| $ / shares	$ 0.20

Income Taxes - Deferred Income Taxes - Narrative (Detail) - USD ($)	12 Months Ended
	Apr. 30, 2023	May 01, 2022
Income Taxes [Line Items]
foreign income tax credits - U.S.	$ 783,000	$ 783,000
U.S. foreign income tax credits, expiration period	10 years
U.S. Federal Tax Authorities [Member]
Income Taxes [Line Items]
Operating Loss Carryforwards	$ 48,200,000
Operating loss carryforwards, related future tax benefits	10,100,000
U.S. State and Local Jurisdiction [Member]
Income Taxes [Line Items]
Operating Loss Carryforwards	27,200,000
Operating loss carryforwards, related future tax benefits	$ 1,000,000.0
U.S. State and Local Jurisdiction [Member] \| Earliest Tax Year [Member]
Income Taxes [Line Items]
Operating Loss Carry forwards Expiration Year	2024
U.S. State and Local Jurisdiction [Member] \| Latest Tax Year [Member]
Income Taxes [Line Items]
Operating Loss Carry forwards Expiration Year	2044
U.S. Foreign [Member] \| Earliest Tax Year [Member]
Income Taxes [Line Items]
Operating Loss Carry forwards Expiration Year	2026
U.S. Foreign [Member] \| Latest Tax Year [Member]
Income Taxes [Line Items]
Operating Loss Carry forwards Expiration Year	2028

General and Summary of Significant Accounting Policies - Narrative (Detail)	9 Months Ended	12 Months Ended
	Jan. 31, 2021	Apr. 30, 2023 USD ($) Segment	May 01, 2022 USD ($)	May 02, 2021 USD ($)	Feb. 01, 2021	Jan. 01, 2017
Organization And Summary Of Significant Accounting Policies [Line Items]
Number of Operating Segments \| Segment		2
Non-cash inventory charges		$ 5,819,000	$ 1,927,000	$ 882,000
Rabbi trust investments		8,500,000	9,400,000
Interest costs incurred on lines of credit		0	17,000	51,000
Interest cost capitalized		0	0	0
Asset impairment charges		$ 0	$ 0	0
Dividends received deduction percentage for earnings and profits received from foreign corporation		100.00%	100.00%
Dividends received deduction, foreign corporation ownership percentage		10.00%	10.00%
Selling, general and administrative expenses		$ 37,978,000	$ 35,415,000	37,756,000
Shipping and Handling [Member]
Organization And Summary Of Significant Accounting Policies [Line Items]
Selling, general and administrative expenses		4,200,000	4,300,000	$ 3,900,000
Rabbi Trust Investments [Member]
Organization And Summary Of Significant Accounting Policies [Line Items]
Unrealized gain (loss) on investments		$ 19,000	$ 32,000
CIH [Member]
Organization And Summary Of Significant Accounting Policies [Line Items]
Equity method investment, ownership percentage						50.00%
CIH [Member]
Organization And Summary Of Significant Accounting Policies [Line Items]
Acquisition of additional ownership percentage				50.00%	50.00%	50.00%
Majority ownership percentage acquired					100.00%
Percentage of share earnings and losses	50.00%

Segment Information - International Net Sales (Parenthetical) (Detail) - USD ($) $ in Thousands	12 Months Ended
	Apr. 30, 2023	May 01, 2022	May 02, 2021
Revenues from External Customers and Long-Lived Assets [Line Items]
net sales	$ 234,934	$ 294,839	$ 299,720
Mexico [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
net sales	24,900	33,500	27,200
China [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
net sales	$ 20,000	$ 26,900	$ 28,100

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

Intangible Asset - Tradename (Detail) $ in Thousands	12 Months Ended
Intangible Asset - Tradename (Detail) $ in Thousands	Apr. 30, 2023 USD ($)
Finite Lived Intangible Assets [Line Items]
Beginning balance	$ 540
Ending balance	$ 540

Stock-Based Compensation - Summary of Grants of Common Stock to Outside Directors (Detail) - Common Stock Awards [Member] - Outside Directors [Member] - Immediate Vesting [Member] - $ / shares

1 Months Ended

4 Months Ended

7 Months Ended

10 Months Ended

Apr. 30, 2023

May 01, 2022

May 02, 2021

Apr. 30, 2023

May 01, 2022

May 02, 2021

Apr. 30, 2023

May 01, 2022

May 02, 2021

Apr. 30, 2023

May 01, 2022

May 02, 2021

Common Stock Awarded

15,832

10,562

4,467

17,819

8,357

4,563

18,326

6,426

5,193

19,753

4,312

7,000

$ 5.29

^[1]

$ 7.93

^[1]

$ 15.67

^[1]

$ 4.70

^[2]

$ 10.02

^[1]

$ 15.34

^[1]

$ 4.57

^[2]

$ 13.03

^[1]

$ 13.48

^[1]

$ 4.24

^[2]

$ 16.24

^[1]

$ 10.00

^[1]

[1]	Price per share represents the closing price of our common stock on the date of grant.
[2]	Price per share represents closing price of our common stock on the date of grant.

Inventories (Tables)

12 Months Ended

Apr. 30, 2023

Inventory Disclosure [Abstract]

Summary of Inventories

A summary of inventories follows:


(dollars in thousands)	April 30, 2023		May 1, 2022
raw materials	$	7,908	$	13,477
work-in-process		2,602		4,237
finished goods		34,570		48,843
	$	45,080	$	66,557

Upholstery Fabrics Segment Restructuring Activities - Summary of Restructuring Expense and Restructuring Related Charges (Detail)
$ in Thousands

12 Months Ended

Apr. 30, 2023

USD ($)

$ 1,396

^[1]

Restructuring, Incurred Cost, Statement of Income or Comprehensive Income [Extensible Enumeration]

$ (98)

^[2]

Restructuring expense

Restructuring expense and restructuring related charges

$ 51

1,494

^[3]

Employee Termination Benefits [Member] | Exit and Disposal Activity [Member]

Lease Termination Costs [Member] | Exit and Disposal Activity [Member]

507

Impairment Loss - Leasehold Improvements and Equipment [Member] | Exit and Disposal Activity [Member]

481

Loss on Disposal and Markdowns of Inventory [Member] | Exit and Disposal Activity [Member]

357

Other Associated Costs [Member] | Exit and Disposal Activity [Member]

$ 51

[1]	Restructuring expense totaling $1.4 million for fiscal 2023 relates to both our restructuring activities for our cut and sew upholstery fabrics operations (i) located in Shanghai, China, which occurred during the second quarter of fiscal 2023, and (ii) located in Ouanaminthe, Haiti, which occurred during the third and fourth quarters of fiscal 2023. Restructuring expense represents employee termination benefits of $507,000, lease termination costs of $481,000, impairment losses totaling $357,000 that relate to leasehold improvements and equipment, and $51,000 for other associated costs.
[2]	Cost of sales for fiscal 2023 includes a restructuring related charge totaling $98,000, which pertained to a loss on disposal and markdowns of inventory related to the exit of our cut and sew upholstery fabrics operation located in Shanghai, China.
[3]	Of the total $1.5 million, $1.4 million and $98,000 were recorded to restructuring expense and cost of sales, respectively, in the fiscal 2023 Consolidated Statement of Net Loss.

Net (Loss) Income Per Share - Schedule of Weighted Average Shares Used in the Computation of Basic and Diluted Net (Loss) Income Per Share (Detail) - shares shares in Thousands	12 Months Ended
	Apr. 30, 2023	May 01, 2022	May 02, 2021
Earnings Per Share [Abstract]
weighted-average common shares outstanding, basic	12,283	12,242	12,300
dilutive effect of stock-based compensation			22
weighted-average common shares outstanding, diluted	12,283	12,242	12,322

Income Taxes - Deferred Income Taxes - Valuation Allowance - Narrative (Detail) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Aug. 02, 2020	Apr. 30, 2023	May 01, 2022	May 02, 2021
Income Taxes [Line Items]
Income tax charge		$ 3,130	$ 2,886	$ 7,693
Valuation Allowance, Net Deferred Tax Assets [Member] \| GILTI [Member]
Income Taxes [Line Items]
Income tax charge	$ 7,000			$ 7,000

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

Segment Information

12 Months Ended

Apr. 30, 2023

Segment Reporting [Abstract]

Segment Information

17.

SEGMENT INFORMATION

Overall

Our operations are classified into two business segments: mattress fabrics and upholstery fabrics.

Mattress Fabrics

The mattress fabrics segment manufactures, sources, and sells fabrics and mattress covers primarily to bedding manufacturers.

Upholstery Fabrics

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.

Net Sales Geographic Concentration

Net sales denominated in U.S. dollars accounted for 91%, 90%, and 91% of total consolidated net sales in fiscal 2023, 2022, and 2021, respectively. International sales accounted for 29%, 31%, and 27% of net sales during fiscal 2023, 2022, and 2021, respectively, and are summarized by geographic area as follows:


(dollars in thousands)	2023		2022		2021
north america (excluding USA) (1)	$	29,756	$	39,256	$	32,925
far east and asia (2)		31,339		43,015		43,764
all other areas		8,032		8,114		5,558
	$	69,127	$	90,385	$	82,247

(1)

Of this amount, $24.9 million, $33.5 million, and $27.2 million are attributable to shipments to Mexico in fiscal 2023, 2022, and 2021, respectively.

(2)

Of this amount $20.0 million, $26.9 million, and $28.1 million are attributable to shipments to China in fiscal 2023, 2022, and 2021, respectively.

Sales attributed to individual countries are based upon the location that the company ships its products to for delivery to customers.

Customer Concentration

One customer within the upholstery fabrics segment represented 15%, 13%, and 13% of consolidated net sales during fiscal 2023, 2022, and 2021, respectively. No customers within the upholstery fabrics segment accounted for greater than 10% of the consolidated net accounts receivable balance as of April 30, 2023, or May 1, 2022.

No customers within the mattress fabrics segment represented greater than 10% of consolidated net sales during fiscal 2023, 2022, or fiscal 2021. No customers within the mattress fabrics segment accounted for greater than 10% of the consolidated net accounts receivable balance as of April 30, 2023, or May 1, 2022.

Employee Workforce Concentration

The hourly employees associated with our manufacturing facility located in Canada (approximately 11% of our workforce) are represented by a local, unaffiliated union. The collective bargaining agreement for these employees expires on February 1, 2026. We are not aware of any efforts to organize any more of our employees, and we believe our relations with our employees are good.

Financial Information

We evaluate the operating performance of our business segments based upon (loss) income from operations before certain unallocated corporate expenses and other items that are not expected to occur on a regular basis, such as restructuring expense and restructuring related charges. Cost of sales in each of our business segments include 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 senior executives 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 consist of accounts receivable, inventories, property, plant, and equipment, and right of use assets.

Statements of operations for our business segments are as follows:


(dollars in thousands)	2023			2022			2021
net sales by segment:
mattress fabrics	$	110,995		$	152,159		$	157,671
upholstery fabrics		123,939			142,680			142,049
net sales	$	234,934		$	294,839		$	299,720
gross (loss) profit:
mattress fabrics	$	(6,739	)	$	16,458		$	23,864
upholstery fabrics		17,733			19,635			25,968
total segment gross profit		10,994			36,093			49,832
restructuring related charge (2)		(98	)		—			—
gross profit	$	10,896		$	36,093		$	49,832
selling, general, and administrative expenses by segment:
mattress fabrics	$	11,942		$	12,246		$	12,066
upholstery fabrics		15,739			14,009			14,092
unallocated corporate		10,297			9,160			11,598
selling, general, and administrative expenses	$	37,978		$	35,415		$	37,756
(loss) income from operations by segment:
mattress fabrics	$	(18,681	)	$	4,212		$	11,798
upholstery fabrics		1,994			5,626			11,876
unallocated corporate expenses		(10,297	)		(9,160	)		(11,598	)
total segment (loss) income from operations		(26,984	)		678			12,076
restructuring expense (1)		(1,396	)		—			—
restructuring related charge (2)		(98	)		—			—
(loss) income from operations	$	(28,478	)	$	678		$	12,076
interest expense		—			(17	)		(51	)
interest income		531			373			244
other expense		(443	)		(1,359	)		(2,208	)
gain on bargain purchase (3)		—			—			819
(loss) income before income taxes	$	(28,390	)	$	(325	)	$	10,880

(1)

(2)

Cost of sales for fiscal 2023 includes a restructuring related charge totaling $98,000, which pertained to a loss on disposal and markdowns of inventory related to the exit of our cut and sew upholstery fabrics operation located in Shanghai, China.

(3)

Balance sheet information for our business segments follow:


(dollars in thousands)	April 30, 2023			May 1, 2022
segment assets
mattress fabrics
accounts receivable	$	12,396		$	9,865
inventory		25,674			39,028
property, plant, and equipment		33,749	(1)		38,731	(2)
right of use assets		2,308	(3)		3,469	(4)
total mattress fabrics assets		74,127			91,093

upholstery fabrics
accounts receivable		12,382			12,361
inventory		19,406			27,529
property, plant, and equipment		1,671	(5)		2,030	(6)
right of use assets		2,618	(7)		8,124	(8)
total upholstery fabrics assets		36,077			50,044
total segment assets		110,204			141,137

non-segment assets
cash and cash equivalents		20,964			14,550
short-term investments – rabbi trust		1,404			—
short-term note receivable		219			—
current income taxes receivable		—			857
other current assets		3,071			2,986
long-term note receivable		1,726			—
deferred income taxes		480			528
property, plant, and equipment (9)		691			941
right of use assets (10)		3,265			3,984
intangible assets		2,252			2,628
long-term investments - rabbi trust		7,067			9,357
other assets		840			595
total assets	$	152,183		$	177,563

Capital expenditures and depreciation expense information for our business segments follow:


(dollars in thousands)	2023		2022		2021
capital expenditures (11):
mattress fabrics	$	1,125	$	3,383	$	6,226
upholstery fabrics		467		1,032		347
unallocated corporate		97		1,406		332
total capital expenditures	$	1,689	$	5,821	$	6,905

depreciation expense
mattress fabrics	$	6,050	$	6,200	$	6,014
upholstery fabrics		795		794		832
total depreciation expense	$	6,845	$	6,994	$	6,846

(1)

The $33.7 million as of April 30, 2023, represents property, plant, and equipment of $22.7 million, $10.4 million, and $608,000 located in the U.S., Canada, and Haiti, respectively.

(2)

The $38.7 million as of May 1, 2022, represents property, plant, and equipment of $25.6 million, $12.4 million, and $757,000 located in the U.S., Canada, and Haiti, respectively.

(3)

The $2.3 million as of April 30, 2023, represents right of use assets of $1.5 million and $776,000 located in Haiti and Canada, respectively.

(4)

The $3.5 million as of May 1, 2022, represents right of use assets of $2.0 million, $1.2 million, and $291,000 located in Haiti, the U.S., and Canada, respectively.

(5)

The $1.7 million as of April 30, 2023, represents property, plant, and equipment of $974,000, $592,000, and $105,000 located in the U.S., Haiti, and China, respectively

(6)

The $2.0 million as of May 1, 2022, represents property, plant, and equipment of $1.0 million, $756,000, and $255,000 located in the U.S., Haiti, and China, respectively.

(7)

The $2.6 million as of April 30, 2023, represents right of use assets of $1.5 million and $1.1 million located in China and the U.S., respectively.

(8)

The $8.1 million as of May 1, 2022, represents right of use assets of $3.7 million, $2.6 million, and $1.8 million located in China, Haiti, and the U.S., respectively.

(9)

The $691,000 as of April 30, 2023, and $941,000 as of May 1, 2022, represent property, plant, and equipment associated with unallocated corporate departments and corporate departments shared by both the mattress fabrics and upholstery fabrics segments located in the U.S.

(10)

The $3.3 million as of April 30, 2023, and $4.0 million as of May 1, 2022, represent right of use assets located in the U.S. associated with unallocated corporate departments and corporate departments shared by both the mattress fabrics and upholstery fabrics segments located in the U.S.

(11)

Capital expenditure amounts are stated on an accrual basis. See the Consolidated Statement of Cash Flows for capital expenditure amounts on a cash basis.

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.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8924-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-Section 50
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-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8981-108599

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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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Accounts Receivable - Summary of the Activity in the Allowance for Doubtful Accounts (Detail) - Allowance for doubtful accounts [Member] - USD ($)	12 Months Ended
	Apr. 30, 2023	May 01, 2022	May 02, 2021
Valuation and Qualifying Accounts Disclosure [Line Items]
beginning balance	$ (292,000)	$ (591,000)	$ (472,000)
provision for bad debts	(121,000)	74,000	(119,000)
write-offs, net of recoveries	71,000	225,000
ending balance	$ (342,000)	$ (292,000)	$ (591,000)

Inventories - Narrative (Details) - USD ($)	3 Months Ended		12 Months Ended
Inventories - Narrative (Details) - USD ($)	Oct. 30, 2022	Oct. 31, 2021	Apr. 30, 2023	May 01, 2022	May 02, 2021
Inventory [Line Items]
Non-cash inventory charges			$ 5,800,000
Write down to net realizable value			5,819,000	$ 1,927,000	$ 882,000
Exit of Cut and Sew Upholstery Fabrics Operation [Member] \| Shanghai, China [Member]
Inventory [Line Items]
Loss on disposal			98,000
Mattress Fabrics [Member]
Inventory [Line Items]
Non-cash inventory charges	$ 3,800,000
Write down to net realizable value	$ 2,900,000		2,900,000
Percentage of decline in net sales	35.80%
Gross margin percentage	(23.10%)	15.00%
Gross margin percentage excluding non-cash inventory charges	(8.70%)
Mattress and Upholstery Fabrics [Member]
Inventory [Line Items]
Non-cash inventory charges			$ 2,800,000	$ 1,900,000	$ 882,000

Segment Information - Statement of Operations for Business Segments (Detail) - USD ($)

12 Months Ended

Apr. 30, 2023

May 01, 2022

May 02, 2021

$ 234,934,000

$ 294,839,000

$ 299,720,000

restructuring related charge

10,896,000

36,093,000

49,832,000

^[1]

(98,000)

37,978,000

35,415,000

37,756,000

(28,478,000)

678,000

12,076,000

^[2]

(1,396,000)

interest expense

(17,000)

(51,000)

interest income

531,000

373,000

244,000

(loss) income before income taxes

^[3]

819,000

other expense

(443,000)

(1,359,000)

(2,208,000)

(28,390,000)

(325,000)

10,880,000

Mattress Fabrics [Member]

Upholstery Fabrics [Member]

110,995,000

152,159,000

157,671,000

123,939,000

142,680,000

142,049,000

Business Segments [Member]

(1,400,000)

10,994,000

36,093,000

49,832,000

Business Segments [Member] | Mattress Fabrics [Member]

(26,984,000)

678,000

12,076,000

110,995,000

152,159,000

157,671,000

(6,739,000)

16,458,000

23,864,000

11,942,000

12,246,000

12,066,000

Business Segments [Member] | Upholstery Fabrics [Member]

(18,681,000)

4,212,000

11,798,000

123,939,000

142,680,000

142,049,000

17,733,000

19,635,000

25,968,000

15,739,000

14,009,000

14,092,000

Unallocated Corporate [Member]

1,994,000

5,626,000

11,876,000

10,297,000

9,160,000

11,598,000

$ (10,297,000)

$ (9,160,000)

$ (11,598,000)

[1]	Cost of sales for fiscal 2023 includes a restructuring related charge totaling $98,000, which pertained to a loss on disposal and markdowns of inventory related to the exit of our cut and sew upholstery fabrics operation located in Shanghai, China.
[2]	Restructuring expense totaling $1.4 million for fiscal 2023 relates to both our restructuring activities for our cut and sew upholstery fabrics operations (i) located in Shanghai, China, which occurred during the second quarter of fiscal 2023, and (ii) located in Ouanaminthe, Haiti, which occurred during the third and fourth quarters of fiscal 2023. Restructuring expense represents employee termination benefits of $507,000, lease termination costs of $481,000, impairment losses totaling $357,000 that relate to leasehold improvements and equipment, and $51,000 for other associated costs.
[3]	Effective February 1, 2021, we acquired the remaining fifty percent ownership interest in our former unconsolidated joint venture located in Haiti. Pursuant to this transaction, we are now the sole owner with full control over this operation. The gain on bargain purchase represents the net assets acquired from this transaction that exceeded the fair value of our previously held 50% ownership interest of $1.7 million and the $954,000 total purchase price for the remaining 50% ownership interest.

Statutory Reserves - Narrative (Detail) - Subisidiary [Member] - China [Member] $ in Millions	12 Months Ended
	Apr. 30, 2023 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	$ 4.2
Minimum threshold percentage for statutory surplus reserve fund as percentage of registered capital, below which certain capital transactions are prohibited	25.00%

Income Taxes - Differences Between Income Tax Expense from Continuing Operations at Federal Income Tax Rate and Effective Income Tax Rate (Detail)

12 Months Ended

Apr. 30, 2023

May 01, 2022

May 02, 2021

U.S. federal income tax rate

21.00%

valuation allowance

(24.00%)

(56.30%)

78.40%

income tax effects of the 2017 Tax Cuts and Jobs Act

(33.80%)

global intangible low taxed income tax (GILTI)

(540.90%)

foreign tax rate differential

(4.00%)

(206.20%)

10.90%

income tax effects of Chinese foreign exchange gains and losses

(0.90%)

(20.60%)

(8.40%)

withholding taxes associated with foreign tax jurisdictions

(2.40%)

(172.80%)

7.70%

uncertain income tax positions

(0.30%)

105.40%

1.60%

U.S. state income taxes

0.60%

21.50%

0.30%

stock-based compensation

(0.30%)

(3.30%)

0.30%

Consolidated Effective Income Tax Rate

(1.60%)

other

^[1]

(0.70%)

(35.80%)

(5.70%)

^[2],[3]

(11.00%)

(888.00%)

70.70%

[1]	“Other” for all periods presented represents miscellaneous adjustments that pertain to U.S. permanent differences such as meals and entertainment and income tax provision to return adjustments.
[2]	During fiscal 2023, we incurred a significantly higher consolidated pre-tax loss totaling $(28.4) million, compared with a much lower consolidated pre-tax loss totaling $(325,000) during fiscal 2022 and pre-tax income totaling $10.9 million during fiscal 2021. As a result, 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 were more pronounced for fiscal 2022 and 2021, compared with fiscal 2023.
[3]	Our consolidated effective income tax rate during fiscal 2023 was much more negatively affected by the mix of earnings and losses between our U.S. operations and foreign subsidiaries, as compared with fiscal 2022 and 2021. During fiscal 2023, we incurred a significantly higher pre-tax loss from our U.S. operations totaling $(33.5) million, compared with $(7.6) million and $(4.7) million for fiscal 2022 and 2021, respectively. As a result, a significantly higher income tax benefit was not recognized due to a full valuation allowance being applied against our U.S. net deferred income tax assets during fiscal 2023, as compared with fiscal 2022 and 2021. In addition, almost all of our taxable income for each of fiscal 2023, 2022, and 2021 was earned by our foreign operations located in China and Canada, which have higher income tax rates than the U.S.

Stock-Based Compensation - Time Based Restricted Stock Unit Activity (Detail) - Time Vested Restricted Stock Awards [Member] - shares

12 Months Ended

Apr. 30, 2023

May 01, 2022

May 02, 2021

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

outstanding at beginning of year

210,284

174,295

44,399

granted

119,687

37,991

129,896

vested

^[1]

(32,799)

forfeited

(11,346)

(2,002)

outstanding at end of year

285,826

210,284

174,295

[1]	During fiscal 2023, time-based restricted stock units totaling 32,799 vested at a fair value of $167,000, or $5.10 per share.

Upholstery Fabrics Segment Restructuring Activities - Summary of Activity in Accrued Restructuring (Detail)
$ in Thousands

12 Months Ended

Apr. 30, 2023

USD ($)

$ 1,396

^[1]

Accrual established in fiscal 2023

554

Exit and Disposal Activity [Member] | Employee Termination Benefits [Member]

(605)

Accrual established in fiscal 2023

507

507

Exit and Disposal Activity [Member] | Lease Termination Costs [Member]

(507)

Accrual established in fiscal 2023

481

Exit and Disposal Activity [Member] | Other Associated Costs [Member]

(47)

$ (51)

[1]

CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME - USD ($) $ in Thousands	12 Months Ended
	Apr. 30, 2023	May 01, 2022	May 02, 2021
Statement Of Income And Comprehensive Income [Abstract]
net (loss) income	$ (31,520)	$ (3,211)	$ 3,218
other comprehensive (loss) income
unrealized holding (loss) gain on investments	(13)	(144)	162
reclassification adjustment for realized loss (gain) included in net (loss) income		30	(6)
total unrealized (loss) gain on investments	(13)	(114)	156
comprehensive (loss) income	$ (31,533)	$ (3,325)	$ 3,374

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.

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

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Restructuring and Related Activities [Abstract]

Upholstery Fabrics Segment Restructuring Activities

12 Months Ended

Apr. 30, 2023

Upholstery Fabrics Segment Restructuring Activities

UPHOLSTERY FABRICS SEGMENT RESTRUCTURING ACTIVITIES

Second Quarter of Fiscal 2023 - China

During the second quarter of fiscal 2023, we closed our cut and sew upholstery fabrics operation located in Shanghai, China, which included the termination of an agreement to lease a building. This strategic action, along with the further use of our Asian supply chain, was our response to declining consumer demand for cut and sew products, by adjusting our operating costs to better align with the lower demand.

As a result of this strategic action, we recorded restructuring expense and restructuring related charges during fiscal 2023 totaling $713,000, which represent represent (i) employee termination benefits of $468,000, (ii) loss from the disposal and markdowns of inventory of $98,000, (iii) an impairment loss associated with equipment of $80,000, (iv) lease termination costs of $47,000, (v) and

other associated costs of $20,000. Of the total $713,000, $615,000 and $98,000, were recorded to restructuring expense and cost of sales, respectively, in the fiscal 2023 Consolidated Statement of Net Loss.

Third and Fourth Quarters of Fiscal 2023 - Haiti

Effective January 24, 2023, Culp Upholstery Fabrics Haiti, Ltd. ("CUF Haiti") entered into an agreement to terminate a lease associated with a facility located in Ouanaminthe, Haiti ("Haiti"), that was used solely for the production of cut and sewn kits associated with our upholstery fabrics segment. As a result, CUF Haiti's production of cut and sewn upholstery kits has been moved to an existing facility leased by Culp Home Fashions Haiti, Ltd. ("CHF Haiti"). Both CUF Haiti and CHF Haiti are indirect wholly-owned subsidiaries of Culp, Inc. CHF Haiti's facility, which is also located in Ouanaminthe, Haiti, will not only produce cut and sewn kits associated with our upholstery fabrics segment, but will also continue to produce cut and sewn mattress covers associated with our mattress fabrics segment. We believe this restructuring action will reduce the costs of our operations located in Haiti to better align with the declining consumer demand for cut and sewn products by consolidating existing facilities and reducing headcount.

As mentioned above, CUF Haiti entered into an agreement to terminate the lease (the "Termination Agreement") of a facility ("right of use asset"). Pursuant to the terms of the original lease agreement (the "Original Lease"), CUF Haiti was required to pay in advance $2.8 million for the full amount of rent due prior to the commencement of the Original Lease, and the initial lease term was set to expire on December 31, 2029. Pursuant to the terms of the Termination Agreement, the Original Lease was formally terminated when CUF Haiti vacated and returned possession of their right of use asset associated with the Original Lease to the lessor. After CUF Haiti vacated and returned possession of their right of use asset to the lessor, a third party (the "Lessee") took possession of CUF Haiti's right of use asset, and the Lessee agreed to pay CUF Haiti $2.4 million over a period commencing on April 1, 2023 and ending on December 31, 2029, based on monthly installments as stated in the Termination Agreement. In connection with the Termination Agreement, an affiliate of the Lessee has guaranteed payment in full of all amounts due and payable to CUF Haiti by the Lessee, and CUF Haiti has been fully and unconditionally released and discharged from all of its remaining obligations under the Original Lease.

In connection with the Termination Agreement, CUF Haiti's right of use asset was classified as held for sale and was presented separately as assets held for sale on the Consolidated Balance Sheet as of January 29, 2023 (i.e., the end of the third quarter of fiscal 2023). As a result, CUF Haiti's right of use asset was recorded at its fair value of $2.0 million, which was lower than its carrying value as of January 29, 2023 (see Note 14 to the consolidated financial statements for further details regarding fair value measurement). Consequently, since the fair value of CUF Haiti's right of use asset was lower than its carrying amount, we recorded a restructuring charge of $434,000 during the third quarter of fiscal 2023 to reduce the carrying amount of CUF Haiti's right of use asset to its reported fair value. During the fourth quarter of fiscal 2023, CUF Haiti recognized the sale of its right of use asset, as it vacated and returned possession of their right of use asset to the Lessor, and the Lessee has taken possession of CUF Haiti's right of use asset. As a result, CUF Haiti's right of use asset classified as held for sale was derecognized and a short-term and long-term note receivable was recognized based on the payments and timing of such payments due from the Lessee as stated in the Termination Agreement. As of April 30, 2023, CUF Haiti's note receivable totaled $1.9 million, of which $219,000 and $1.7 million were classified as short-term and long-term, respectively.

As a result of this strategic action, we recorded restructuring expense during fiscal 2023 totaling $781,000. which represents (i) lease termination costs of $434,000, (ii) an impairment loss related to leasehold improvements of $277,000, (iii) employee termination benefits of $39,000, and (iv) other associated costs of $31,000.

Overall

The following summarizes our restructuring expense and related charges from both our restructuring activities noted above for fiscal 2023:


(dollars in thousands)		2023
Employee termination benefits	$	507
Lease termination costs		481
Impairment loss - leasehold improvements and equipment		357
Loss on disposal and markdowns of inventory		98
Other associated costs		51
Restructuring expense and restructuring related charges (1)	$	1,494

(1) Of the total $1.5 million, $1.4 million and $98,000 were recorded to restructuring expense and cost of sales, respectively, in the fiscal 2023 Consolidated Statement of Net Loss.

The following summarizes the activity in accrued restructuring for fiscal 2023:


	Employee			Lease			Other
	Termination			Termination			Associated
(dollars in thousands)	Benefits			Costs			Costs			Total
Beginning of year balance	$	—		$	—		$	—		$	—
Accrual established in fiscal 2023		507			47			—			554
Expenses incurred		—			—			51			51
Payments		(507	)		(47	)		(51	)		(605	)
End of year balance	$	—		$	—		$	—		$	—

Accounts Receivable - Summary of Accounts Receivable (Detail) - USD ($)	Apr. 30, 2023	May 01, 2022	May 02, 2021	May 03, 2020
Accounts, Notes, Loans and Financing Receivable [Line Items]
customers	$ 25,244,000	$ 22,613,000
Accounts receivable, net	24,778,000	22,226,000
Allowance for doubtful accounts [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Valuation allowance, balance	(342,000)	(292,000)	$ (591,000)	$ (472,000)
Allowance for cash discounts [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Valuation allowance, balance	(96,000)	(74,000)
Allowance for sales returns and allowances [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Valuation allowance, balance	$ (28,000)	$ (21,000)

Stock-Based Compensation

12 Months Ended

Apr. 30, 2023

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Stock-Based Compensation

13.

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-based units, and other equity and cash related awards as determined by the Compensation Committee of our board of directors. 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 April 30, 2023, there were 224,266 shares available for future equity-based grants under the company’s 2015 Plan.

Time-Based Restricted Stock Awards

The following table summarizes the time-based restricted stock unit activity during fiscal years 2023, 2022, and 2021:


	2023			2022			2021
	Shares			Shares			Shares
outstanding at beginning of year		210,284			174,295			44,399
granted		119,687			37,991			129,896
vested (1)		(32,799	)		—			—
forfeited		(11,346	)		(2,002	)		—
outstanding at end of year		285,826			210,284			174,295

(1) During fiscal 2023, time-based restricted stock units totaling 32,799 vested at a fair value of $167,000, or $5.10 per share.


			(1)
	Restricted		Price		Vesting
Date of Grant	Stock Awarded		Per Share		Period
September 6, 2022		37,671	$	4.58	1 to 3 years
August 10, 2022		82,016	$	5.06	3 years
July 22, 2021		37,991	$	14.75	3 years
August 6, 2020		129,896	$	11.01	3 years

(1)

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

Overall

We recorded compensation expense of $808,000, $893,000, and $614,000 within selling, general, and administrative expense for time-based restricted stock units in fiscal 2023, 2022, and 2021, respectively.

As of April 30, 2023, the remaining unrecognized compensation cost related to our time-based restricted stock units was $759,000, which is expected to be recognized over a weighted average vesting period of 1.5 years. As of April 30, 2023, our time-based restricted stock unit awards that were expected to vest had a fair value totaling $1.6 million.

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 award agreements. The number of shares of common stock that are earned based on the 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 award 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.


	August 10,			July 22,
	2022			2021
Closing price of our common stock	$	5.06		$	14.75
Expected volatility of our common stock		48.2	%		54.2	%
Expected volatility of peer companies (1)	41.6% - 105.1%			45.7% - 101.5%
Risk-free interest rate		3.13	%		0.33	%
Dividend yield		0.00	%		3.00	%
Correlation coefficient of peer companies (1)	0.05 - 0.23			0.03 - 0.35

(1)

Key Employees

We grant performance-based restricted stock units to key employees 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 award 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


			(4)
	(3)		Restricted
	Restricted Stock		Stock Units
	Stock Units		Expected to		Price Per			Vesting
Date of Grant	Awarded		Vest		Share			Period
August 10, 2022 (1)		178,714		—	$	5.77	(5)	3 years
July 22, 2021 (1)		122,476		—	$	15.93	(6)	3 years
July 22, 2021 (2)		20,500		—	$	14.75	(7)	3 years

(1)

Performance-based restricted stock units awarded to certain 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 award agreements.

(4)

(5)

(6)

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 certain senior executives on July 22, 2021.

(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 fiscal 2023, 2022, and 2021:


			(3)		(4)
	Common		Weighted		Weighted
	Stock Shares		Average		Average Price
Fiscal Year	Vested		Fair Value		Per Share
Fiscal 2023 (1)		545	$	3	$	5.10
Fiscal 2023 (2)		437	$	2	$	5.10
Fiscal 2022 (1)		5,051	$	87	$	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 for senior executives.

(2)

Performance-based restricted stock units vested for key employees.

(3)

Dollar amounts are in thousands.

(4)

Price per share is derived from the closing prices of our common stock on the dates the respective performance-based restricted stock units vested.

We recorded a charge (credit) to compensation expense totaling $2,000, $(81,000), and $357,000 within selling, general, and administrative expense associated with our performance-based restricted stock units for fiscal years 2023, 2022, and 2021, respectively.

Common Stock Awards

The following table summarizes information related to our grants of common stock to our outside directors during fiscal 2023, 2022, and 2021:


	Common		(1)
	Stock		Price Per		Vesting
Date of Grant	Awarded		Share		Period
April 3, 2023 - Fiscal 2023		15,832	$	5.29	Immediate
January 3, 2023 - Fiscal 2023		17,819	$	4.70	Immediate
October 3, 2022 - Fiscal 2023		18,326	$	4.57	Immediate
July 1, 2022 - Fiscal 2023		19,753	$	4.24	Immediate
April 1, 2022 - Fiscal 2022		10,562	$	7.93	Immediate
January 3, 2022 - Fiscal 2022		8,357	$	10.02	Immediate
October 1, 2021 - Fiscal 2022		6,426	$	13.03	Immediate
July 1, 2021 - Fiscal 2022		4,312	$	16.24	Immediate
April 1, 2021 - Fiscal 2021		4,467	$	15.67	Immediate
January 4, 2021 - Fiscal 2021		4,563	$	15.34	Immediate
October 1, 2020 - Fiscal 2021		5,193	$	13.48	Immediate
July 1, 2020 - Fiscal 2021		7,000	$	10.00	Immediate

(1)

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

We recorded $335,000, $321,000, and $280,000 of compensation expense within selling, general, and administrative expense for these common stock awards for fiscal 2023, 2022, and 2021, respectively.

Income Taxes - Deferred Income Taxes - Undistributed Earnings from Foreign Subsidiaries - Narrative (Detail) - USD ($) $ in Thousands	12 Months Ended
	Apr. 30, 2023	May 01, 2022
Income Tax Disclosure [Abstract]
Dividends received deduction percentage for earnings and profits received from foreign corporation	100.00%	100.00%
Dividends received deduction, foreign corporation ownership percentage	10.00%	10.00%
Deferred tax liability, undistributed earnings from foreign subsidiaries	$ 4,213	$ 3,586

General and Summary of Significant Accounting Policies - Summary of Foreign Currency Exchange Gains (Losses) by Geographic Area (Detail) - USD ($) $ in Thousands	12 Months Ended
	Apr. 30, 2023	May 01, 2022	May 02, 2021
Foreign Currency Exchange Gain And Loss [Line Items]
Foreign currency exchange gains (losses)	$ 500	$ (132)	$ (1,411)
China [Member]
Foreign Currency Exchange Gain And Loss [Line Items]
Foreign currency exchange gains (losses)	588	(104)	(1,389)
Canada [Member]
Foreign Currency Exchange Gain And Loss [Line Items]
Foreign currency exchange gains (losses)	$ (88)	$ (28)	$ (22)

Commitments and Contingencies (Tables)

12 Months Ended

Apr. 30, 2023

Commitments And Contingencies Disclosure [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 April 30, 2023, and May 1, 2022, are as follows:


(dollars in thousands)	April 30, 2023		May 1, 2022
Right of use assets	$	8,191	$	15,577
Operating lease liability - current		2,640		3,219
Operating lease liability – noncurrent		3,612		7,062

Supplemental Cash Flow Information


(dollars in thousands)	2023		2022		2021
Operating lease liability payments	$	2,497	$	2,954	$	2,634
Right of use assets exchanged for lease liabilities		731		3,762		8,014

Summary of weighted average remaining lease term and discount rate

As of April 30, 2023, the weighted average remaining lease term and discount rate for our operating leases follows:


Weighted average lease term	3.87 years
Weighted average discount rate		3.58	%

As of May 1, 2022, the weighted average remaining lease term and discount rate for our operating leases follows:


Weighted average lease term	3.29 years
Weighted average discount rate		1.77	%

Leases-Other Information

Other Information

Maturity of our operating lease liabilities for the next five fiscal years and thereafter follows:


(dollars in thousands)	Amount
2024	$	2,698
2025		1,890
2026		603
2027		343
2028		225
Thereafter		804
		6,563
Less: interest		(311	)
Present value of lease liabilities	$	6,252

Segment Information (Tables)

12 Months Ended

Apr. 30, 2023

Segment Reporting [Abstract]

Summary of Segment Information by Geographic Area

International sales accounted for 29%, 31%, and 27% of net sales during fiscal 2023, 2022, and 2021, respectively, and are summarized by geographic area as follows:


(dollars in thousands)	2023		2022		2021
north america (excluding USA) (1)	$	29,756	$	39,256	$	32,925
far east and asia (2)		31,339		43,015		43,764
all other areas		8,032		8,114		5,558
	$	69,127	$	90,385	$	82,247

(1)

Of this amount, $24.9 million, $33.5 million, and $27.2 million are attributable to shipments to Mexico in fiscal 2023, 2022, and 2021, respectively.

(2)

Of this amount $20.0 million, $26.9 million, and $28.1 million are attributable to shipments to China in fiscal 2023, 2022, and 2021, respectively.

Schedule of Business Segments Information

Statements of operations for our business segments are as follows:


(dollars in thousands)	2023			2022			2021
net sales by segment:
mattress fabrics	$	110,995		$	152,159		$	157,671
upholstery fabrics		123,939			142,680			142,049
net sales	$	234,934		$	294,839		$	299,720
gross (loss) profit:
mattress fabrics	$	(6,739	)	$	16,458		$	23,864
upholstery fabrics		17,733			19,635			25,968
total segment gross profit		10,994			36,093			49,832
restructuring related charge (2)		(98	)		—			—
gross profit	$	10,896		$	36,093		$	49,832
selling, general, and administrative expenses by segment:
mattress fabrics	$	11,942		$	12,246		$	12,066
upholstery fabrics		15,739			14,009			14,092
unallocated corporate		10,297			9,160			11,598
selling, general, and administrative expenses	$	37,978		$	35,415		$	37,756
(loss) income from operations by segment:
mattress fabrics	$	(18,681	)	$	4,212		$	11,798
upholstery fabrics		1,994			5,626			11,876
unallocated corporate expenses		(10,297	)		(9,160	)		(11,598	)
total segment (loss) income from operations		(26,984	)		678			12,076
restructuring expense (1)		(1,396	)		—			—
restructuring related charge (2)		(98	)		—			—
(loss) income from operations	$	(28,478	)	$	678		$	12,076
interest expense		—			(17	)		(51	)
interest income		531			373			244
other expense		(443	)		(1,359	)		(2,208	)
gain on bargain purchase (3)		—			—			819
(loss) income before income taxes	$	(28,390	)	$	(325	)	$	10,880

(1)

(2)

(3)

Balance sheet information for our business segments follow:


(dollars in thousands)	April 30, 2023			May 1, 2022
segment assets
mattress fabrics
accounts receivable	$	12,396		$	9,865
inventory		25,674			39,028
property, plant, and equipment		33,749	(1)		38,731	(2)
right of use assets		2,308	(3)		3,469	(4)
total mattress fabrics assets		74,127			91,093

upholstery fabrics
accounts receivable		12,382			12,361
inventory		19,406			27,529
property, plant, and equipment		1,671	(5)		2,030	(6)
right of use assets		2,618	(7)		8,124	(8)
total upholstery fabrics assets		36,077			50,044
total segment assets		110,204			141,137

non-segment assets
cash and cash equivalents		20,964			14,550
short-term investments – rabbi trust		1,404			—
short-term note receivable		219			—
current income taxes receivable		—			857
other current assets		3,071			2,986
long-term note receivable		1,726			—
deferred income taxes		480			528
property, plant, and equipment (9)		691			941
right of use assets (10)		3,265			3,984
intangible assets		2,252			2,628
long-term investments - rabbi trust		7,067			9,357
other assets		840			595
total assets	$	152,183		$	177,563

Capital expenditures and depreciation expense information for our business segments follow:


(dollars in thousands)	2023		2022		2021
capital expenditures (11):
mattress fabrics	$	1,125	$	3,383	$	6,226
upholstery fabrics		467		1,032		347
unallocated corporate		97		1,406		332
total capital expenditures	$	1,689	$	5,821	$	6,905

depreciation expense
mattress fabrics	$	6,050	$	6,200	$	6,014
upholstery fabrics		795		794		832
total depreciation expense	$	6,845	$	6,994	$	6,846

(1)

The $33.7 million as of April 30, 2023, represents property, plant, and equipment of $22.7 million, $10.4 million, and $608,000 located in the U.S., Canada, and Haiti, respectively.

(2)

The $38.7 million as of May 1, 2022, represents property, plant, and equipment of $25.6 million, $12.4 million, and $757,000 located in the U.S., Canada, and Haiti, respectively.

(3)

The $2.3 million as of April 30, 2023, represents right of use assets of $1.5 million and $776,000 located in Haiti and Canada, respectively.

(4)

The $3.5 million as of May 1, 2022, represents right of use assets of $2.0 million, $1.2 million, and $291,000 located in Haiti, the U.S., and Canada, respectively.

(5)

The $1.7 million as of April 30, 2023, represents property, plant, and equipment of $974,000, $592,000, and $105,000 located in the U.S., Haiti, and China, respectively

(6)

The $2.0 million as of May 1, 2022, represents property, plant, and equipment of $1.0 million, $756,000, and $255,000 located in the U.S., Haiti, and China, respectively.

(7)

The $2.6 million as of April 30, 2023, represents right of use assets of $1.5 million and $1.1 million located in China and the U.S., respectively.

(8)

The $8.1 million as of May 1, 2022, represents right of use assets of $3.7 million, $2.6 million, and $1.8 million located in China, Haiti, and the U.S., respectively.

(9)

(10)

(11)

Capital expenditure amounts are stated on an accrual basis. See the Consolidated Statement of Cash Flows for capital expenditure amounts on a cash basis.

Intangible Assets (Tables)

12 Months Ended

Apr. 30, 2023

Summary of Intangible Assets

A summary of intangible assets follows:


(dollars in thousands)	April 30, 2023		May 1, 2022
Tradename	$	540	$	540
Customer relationships, net		1,335		1,636
Non-compete agreement, net		377		452
	$	2,252	$	2,628

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:


(dollars in thousands)	2023			2022			2021
beginning balance	$	1,636		$	1,937		$	2,238
amortization expense		(301	)		(301	)		(301	)
ending balance		1,335			1,636			1,937

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:


(dollars in thousands)	2023			2022			2021
beginning balance	$	452		$	527		$	602
amortization expense		(75	)		(75	)		(75	)
ending balance	$	377		$	452			527

Fair Value - Recurring Basis (Detail) - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Thousands	Apr. 30, 2023	May 01, 2022
U.S. Government Money Market Fund [Member]
Assets:
Investments at fair value	$ 7,649	$ 8,683
Growth Allocation Mutual Funds [Member]
Assets:
Investments at fair value	528	435
Moderate Allocation Mutual Fund [Member]
Assets:
Investments at fair value	86	81
Other [Member]
Assets:
Investments at fair value	208	158
Quoted prices in active markets for identical assets - Level 1 [Member] \| U.S. Government Money Market Fund [Member]
Assets:
Investments at fair value	7,649	8,683
Quoted prices in active markets for identical assets - Level 1 [Member] \| Growth Allocation Mutual Funds [Member]
Assets:
Investments at fair value	528	435
Quoted prices in active markets for identical assets - Level 1 [Member] \| Moderate Allocation Mutual Fund [Member]
Assets:
Investments at fair value	86	81
Quoted prices in active markets for identical assets - Level 1 [Member] \| Other [Member]
Assets:
Investments at fair value	$ 208	$ 158

Dividend Program

12 Months Ended

Apr. 30, 2023

Dividend Program

20.

DIVIDEND PROGRAM

On June 29, 2022, our board of directors announced the decision to suspend the company’s quarterly cash dividend. Accordingly, we did not make any dividend payments during fiscal 2023.

During fiscal 2022, dividend payments totaled $5.5 million, which represented quarterly dividend payments ranging from $0.11 per share to $0.115 per share.

During fiscal 2021, dividend payments totaled $5.3 million, which represented quarterly dividend payments ranging from $0.105 per share to $0.11 per share.

Income Taxes - Unrecognized Tax Benefit (Detail) - USD ($) $ in Thousands	12 Months Ended
	Apr. 30, 2023	May 01, 2022	May 02, 2021
Income Tax Disclosure [Abstract]
beginning balance	$ 1,101	$ 1,444	$ 1,269
increases from prior period tax positions	175	114	249
decreases from prior period tax positions	(97)	(77)	(74)
lapse of applicable statute of limitations		(380)
ending balance	$ 1,179	$ 1,101	$ 1,444

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

3 Months Ended

12 Months Ended

Aug. 02, 2020

Apr. 30, 2023

May 01, 2022

May 02, 2021

U.S. federal income tax rate

21.00%

Effective income tax rate

$ 3,130

$ 2,886

$ 7,693

^[1],[2]

(11.00%)

(888.00%)

70.70%

GILTI [Member]

Non-cash income tax benefit

$ 3,600

GILTI [Member] | Valuation Allowance, Net Deferred Tax Assets [Member]

GILTI [Member] | China [Member]

$ 7,000

Minimum effective income tax rate required to meet the high-tax exception provision

18.90%

GILTI [Member] | China [Member] | Valuation Allowance, Net Deferred Tax Assets [Member]

$ 1,800

GILTI [Member] | Canada [Member]

$ (1,800)

Minimum effective income tax rate required to meet the high-tax exception provision

18.90%

GILTI [Member] | Haiti [Member]

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

Effective income tax rate

0.00%

Income tax rate exemption for available period

first fifteen years

Income tax rate exemption for remaining period

9 years

GILTI [Member] | High Tax Exception