Company: CULP
Filing Date: 2025-03-07
Form Type: 10-Q
Source: 0000950170-25-035191
Chunk: 174

Company: CULP INC
Filing Date: 2025-03-07
Form: 10-Q
Item: Item 8
Chunk 174
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 $1.4 million located in China and U.S., respectively. The $2.0 million as of April 28, 2024, represents right of use assets of $1.3 million and $709,000 located in the U.S. and China, respectively.

Consolidated Other Income Statement Categories

    Three Months Ended

    (dollars in thousands)
     
    January 26, 2025

    January 28, 2024

    % Change

    SG&A expenses
     
    $
    8,579

    $
    9,493

    (9.6
    )%

    Interest expense

    (63
    )

    —

    100.0
    %

    Interest income

    255

    284

    (10.2
    )%

    Other (income) expense

    (15
    )

    705

    N.M.

    Nine Months Ended

    (dollars in thousands)
     
    January 26, 2025

    January 28, 2024

    % Change

    SG&A expenses
     
    $
    27,235

    $
    29,366

    (7.3
    )%

    Interest expense

    (121
    )

    —

    100.0
    %

    Interest income

    761

    911

    (16.5
    )%

    Other expense

    898

    560

    60.4
    %

Selling, General, and Administrative Expenses ("SG&A")

The decrease in selling, general, and administrative expenses during the third quarter and the first nine months of fiscal 2025, as compared to the third quarter and first nine months of fiscal 2024, is primarily due to (i) lower incentive compensation that mostly relates to annual bonuses reflecting unfavorable financial results in relation to pre-established performance targets; (ii) lower employee compensation due to the company's restructuring activities described in the section titled "- Segment Analysis-Mattress Fabrics Segment-Restructuring Activities"; and (iii) lower professional and consulting fees.  

Interest Expense

Interest expense mostly represents our borrowings totaling $5.4 million under our lines of credit agreement associated with our operations located in China.

Interest Income

The decreases in interest income are due to lower average cash balances during the third quarter and first nine months of fiscal 2025, compared with the third quarter