Culp sees Q3 net sales sequentially comparable to Q2

Due to the uncertainty in the macro-environment, the company is only providing financial guidance for the third quarter of fiscal 2024. The company’s consolidated net sales for the third quarter are expected to be sequentially comparable to second quarter of fiscal 2024 and moderately higher as compared to the third quarter of fiscal 2023, even in the face of ongoing demand headwinds. The company expects a consolidated operating loss (loss from operations) for the third quarter of fiscal 2024 that is in the range of $(1.2) to $(1.6) million, sequentially improved from the previous quarter’s results, and a significant improvement compared to the $(7.8) million operating loss for the prior-year period (which included $711,000 in restructuring expense).