Culp sees Q2 operating income ($2.6M)-($2.2M)

Due to the continued volatility in the macro-environment, the company is providing only limited financial guidance for the second quarter of fiscal 2024. The company’s consolidated net sales for the second quarter are expected to be comparable to the second quarter of fiscal 2023, driven by further improvement in the mattress fabrics segment, but offset by lower residential upholstery fabric sales. The company expects a consolidated operating loss (loss from operations) for the second quarter of fiscal 2024 that is in the range of $(2.2) to $(2.6) million, a significant improvement compared to the $(11.9) million operating loss for the prior-year period (which included approximately $6.0 million relating to certain inventory impairment charges, losses from inventory close out sales, and greater than normal inventory markdowns).