Second-quarter sales of the upholstery fabric segment were $ 33.7 million, down 8.5% from $ 36.8 million in the second quarter of 2021.
“As previously announced, second-quarter results primarily reflect lower-than-expected sales in the textile segment. Several external factors, especially COVID-related outages in Vietnam. And affected customer supply chain constraints for non-textile parts, but freight, raw materials, and labor costs, ” Iv Culp, President and Chief Executive Officer of Culp Inc, Commented on the results in a press release.
Culp Inc, a US-based manufacturer of mattress fabrics, achieved net sales of $ 74.6 million in the second quarter of 2022. The company’s gross profit reached $ 10.7 million and operating profit reached $ 1.6 million. Sales in the mattress fabric segment increased 2.1% to $ 40.9 million (Q2 2021: $ 40.0 million).
On the other hand, the financial position reflects cash and total investment of $ 36.6 million as of October 31, 2021, and there is no outstanding loan balance.
During the quarter, the company’s board of directors approved a 5% increase in the company’s quarterly dividend to 11.5 cents per share, increasing its annual dividend for the ninth consecutive year.
The company also repurchased 73,002 shares of common stock in the open market based on existing share repurchase approvals, making approximately $ 3.2 million available under the current share repurchase program.
Fiber2Fashion News Desk (DD)
Calpe, an American textile manufacturer, announced net sales of $ 74.6 million in the second quarter of 2010.
Source link Calpe, an American textile manufacturer, announced net sales of $ 74.6 million in the second quarter of 2010.