Culp reports Q2 EPS (45c) vs (19c) last year

Reports Q2 revenue $55.7M, down 5.2% year-over-year. Iv Culp, President and Chief Executive Officer of Culp, Inc. (CULP), said, “For the second quarter, we continued to experience weakened industry demand conditions, with accelerated softness in our residential upholstery fabrics business that resulted in lower-than-expected sales. However, we remain encouraged with our strategic approach, our comprehensive restructuring process, and the growth we expect from market share penetration, along with an eventual normalized environment. In spite of the 5 percent decline in consolidated, year-over-year revenue for the second quarter, we believe we are outperforming the industry average.”