Culp lowers Q2 FY22 outlook; expects operating income $1.3M-$1.6M, sales down 11% sequentially

CULP INC

2022-Q2 EPS reported $0.25 revenue$157,608,000

Net sales down ~11% vs Q1 FY22; operating income $1.3M-$1.6M, below prior expectation of flat Q1.
Upholstery fabrics segment sales significantly impacted by COVID-related shutdowns in Vietnam that lasted longer than anticipated.
Mattress fabrics segment also pressured by customer supply chain constraints, labor shortages, and shipment delays from Asia.
Shutdowns in Vietnam have now lifted; upholstery segment resuming normalized shipments.
Full fiscal 2022 outlook to be updated when Q2 results are reported in early December.

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