Company: CULP
Filing Date: 2025-03-07
Form Type: 10-Q
Source: 0000950170-25-035191
Chunk: 157

Company: CULP INC
Filing Date: 2025-03-07
Form: 10-Q
Item: Item 8
Chunk 157
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 costs to develop, manufacture, and/or source our products, including costs such as raw material and finished good purchases, direct and indirect labor, overhead, and incoming freight charges. Unallocated corporate expenses primarily represent  compensation and benefits for certain executive officers and their support staff, all costs associated with being a public company, amortization of intangible assets, and other miscellaneous expenses.

I-33

Results of Operations

    Three Months Ended

    (dollars in thousands)
     
    January 26,2025
     
    January 28,2024
     
    Change

    Net sales
     
    $
    52,253
     
    $
    60,418
     
    (13.5)%

    Gross profit

    6,347

    7,703
     
    (17.6)%

    Gross margin

    12.1
    %
     
    12.7
    %
    (60)bp

    Selling, general, and administrative expenses

    8,579

    9,493
     
    (9.6)%

    Restructuring expense (credit)

    1,655

    (50
    )
    N.M.

    Loss from operations

    (3,887
    )
     
    (1,740
    )
    123.4%

    Operating margin

    (7.4
    )%
     
    (2.9
    )%
    (450)bp

    Loss before income taxes

    (3,680
    )
     
    (2,161
    )
    70.3%

    Income tax expense

    446

    1,027
     
    (56.6)%

    Net loss

    (4,126
    )
     
    (3,188
    )
    29.4%

    Nine Months Ended

    (dollars in thousands)
     
    January 26,2025
     
    January 28,2024
     
    Change

    Net sales
     
    $
    164,464
     
    $
    175,804
     
    (6.5)%

    Gross profit

    17,414

    22,737
     
    (23.4)%

    Gross margin

    10.6
    %