Day: December 6, 2021

Culp sees dip in total internet gross sales for fiscal Q2

Culp sees dip in total internet gross sales for fiscal Q2

HIGH POINT — Culp Inc. reported internet gross sales of $74.6 million for the second quarter fiscal 2022 ended Oct. 31, down 3{6e11cad7ac0545e2324fbf6d445e3b83c9482a898fa074d95dae34b306dc1610} from the identical quarter in 2020. Whereas mattress material gross sales had been up 2.1{6e11cad7ac0545e2324fbf6d445e3b83c9482a898fa074d95dae34b306dc1610}, upholstery material gross sales dipped 8.5{6e11cad7ac0545e2324fbf6d445e3b83c9482a898fa074d95dae34b306dc1610} for the interval.

Internet revenue got here in at $851,000 for the quarter, or 7 cents per diluted share, as in contrast with internet revenue of $2.4 million, or 19 cents per share, for the year-ago interval.

Within the earnings launch, Culp introduced a 5{6e11cad7ac0545e2324fbf6d445e3b83c9482a898fa074d95dae34b306dc1610} enhance in its quarterly money dividend, to 11.5 cents per share, starting within the third quarter of fiscal 2022.

Culp cited ongoing uncertainty within the macroeconomic surroundings and stated it expects present headwinds to proceed to strain outcomes all through the second half of fiscal 2022, particularly through the third quarter. The corporate is withdrawing its beforehand issued annual steering for fiscal 2022 and is offering a restricted outlook for the third and fourth quarters.

The corporate’s internet gross sales and consolidated working revenue (revenue from operations) for the third quarter of fiscal 2022 are anticipated to be sequentially corresponding to the second quarter of fiscal 2022. It expects a robust