US mattress fabrics producer Culp reports 15.8% sales jump in Q3 FY21
Culp, a US-dependent manufacturer of mattress and upholstery materials, reported 15.eight per cent sales growth to $79.3 million in its 3rd quarter (Q3) of FY21 ended on January 31, 2021 as opposed to the sales of $sixty eight.five million in the exact period of time previous fiscal. The company’s web profits for the duration of the reported period of time was $two.1 million (Q3 FY20: reduction $4.two million).
“We are energised by our economical effectiveness for the 3rd quarter of fiscal 2021. These effects reflect sturdy growth in sales and functioning effectiveness as opposed to the prior-12 months period of time, as well as outstanding execution of our merchandise-driven technique and the ongoing resilience of our robust world-wide system,” Iv Culp, president and main govt officer of Culp, mentioned in a push release.
Gross earnings from continuing operations greater twenty.4 per cent to $13.eight million ($11.five million). Culp’s profits from continuing operations grew forty eight.two per cent for the duration of Q3 FY21 to $4. million ($two.7 million).
Revenue for mattress materials phase for the duration of the quarter grew 15.1 per cent to $38.six million ($33.five million). Although sales for upholstery materials phase greater sixteen.4 per cent to $forty.7 million ($34.nine million).
“We ended up pretty pleased by the sturdy growth in sales and functioning effectiveness for the mattress material phase for the duration of the 3rd quarter, which is traditionally our most complicated quarter owing to seasonality inside of the mattress marketplace and holiday shutdowns in specific of our spots,” Sandy Brown, president of Culp’s mattress materials division, mentioned. “The greater demand from customers in our residential upholstery materials business was fuelled by sturdy purchaser target on the home.”
“Looking in advance, we are optimistic about the ongoing toughness of marketplace demand from customers traits, and we think our business will carry on its solid effectiveness for the duration of the fourth quarter of fiscal 2021 and extending into fiscal 2022. We are also pleased with the the latest fourth-quarter acquisition of the remaining fifty per cent ownership fascination in our Haiti sewn mattress go over system, which has established to be an suitable place for this expanding business,” Culp mentioned in the release.
Fibre2Fashion News Desk (JL)
Culp, a US-dependent manufacturer of mattress and upholstery materials, reported 15.eight per cent sales growth to $79.3 million in its 3rd quarter (Q3) of fiscal 2021 ended on January 31, 2021 as opposed to the sales of $sixty eight.five million in the exact period of time previous fiscal. The company’s web profits for the duration of the reported period of time was $two.1 million (Q3 FY20: reduction $4.two million).
