Culp revises Q2 FY2023 outlook: net sales ~$58M, operating loss $(11.7-12.2)M

CULP INC

2023-Q2 EPS reported -$1.46 revenue$120,985,000

Expected Q2 FY2023 net sales ~$58M; consolidated operating loss $(11.7)-(12.2)M, wider than prior guidance.
Inventory impairment charges of ~$5M in mattress fabrics segment, plus ~$1M markdowns in upholstery fabrics.
Restructuring charges of ~$700k from closure of a China cut-and-sew facility.
Ended quarter with ~$19M cash and investments, no borrowings, improved from Q1.
CEO cites demand weakness and inflation; expects improvement in second half of FY2023.

item 2.02 item 9.01

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

CULP INC reported second quarter of fiscal 2023 results: revenue approximately $58 million. Guidance lowered.

Period: second quarter of fiscal 2023
Revenue: approximately $58 million
Guidance: lowered
Result: preliminary results

Exact text from the filing

CULP ANNOUNCES REVISED EXPECTATIONS, INCLUDING IMPAIRMENT AND MARKDOWNS OF INVENTORY, AND IMPROVED CASH POSITION FOR SECOND QUARTER FISCAL 2023 HIGH POINT, N.C. (November 22, 2022) ─ Culp, Inc. (NYSE: CULP) (together with its consolidated subsidiaries, “CULP”) today announced that, based on unaudited preliminary results and current estimates, the company expects net sales of approximately $58 million for the second quarter of fiscal 2023, and expects to report a consolidated operating loss (loss from operations) to be in the range of $(11.7) to $(12.2) million for the second quarter.

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Source: SEC EDGAR

accession 0000950170-22-025607

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