---
schema_version: "secwatch.filing_event.v1"
accession: "0000950170-22-025607"
form_type: "8-K"
ticker: "CULP"
cik: "0000723603"
company_name: "CULP INC"
filed_at: "2022-11-22T23:59:59+00:00"
generated_at: "2026-06-21T14:27:52.616563+00:00"
event_type: "earnings"
sentiment: "negative"
materiality_score: 0.85
calibrated_materiality_score: 0.85
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0000950170-22-025607
- form_type: 8-K
- ticker: CULP
- cik: 0000723603
- company_name: CULP INC
- filed_at: 2022-11-22T23:59:59+00:00
- event_type: earnings
- sentiment: negative
- materiality_score: 0.85
- calibrated_materiality_score: 0.85
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/723603/000095017022025607/0000950170-22-025607-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/723603/000095017022025607/culp-20221122.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000950170-22-025607
- JSON: https://secwatch.observer/filing/0000950170-22-025607.json
- Plain text: https://secwatch.observer/filing/0000950170-22-025607.txt

## Key facts
- Earnings Releases
  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
  source text: 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.
  evidence_url: https://www.sec.gov/Archives/edgar/data/723603/000095017022025607/0000950170-22-025607-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.