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Culp (CULP) investor relations material
Culp Q1 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Net sales for Q1 FY26 were $50.7 million, down 10.3% year-over-year, with bedding sales flat and upholstery sales down 20.4%, impacted by market softness and tariffs.
Gross profit rose to $7.2 million (14.3% of sales), a 42.4% increase year-over-year, driven by cost reductions, restructuring, and efficiency gains.
Operating income reached $1.6 million, reversing a prior-year loss, and net loss narrowed to $231K ($0.02/share) from $7.3M ($0.58/share).
Major restructuring and integration initiatives, including Project Blaze and facility consolidations, are expected to yield $6 million in annualized cost and efficiency gains in FY26, in addition to $10–11 million from prior actions.
Company operates globally with facilities in the US, China, Haiti, Vietnam, and Turkey, and completed significant workforce reductions and operational consolidations.
Financial highlights
Fiscal 2025 revenue was $213.2 million, with Q1 FY26 net sales at $50.7 million.
Gross margin improved by 530 basis points to 14.3% year-over-year; operating margin was 3.2%, up from -12.1%.
Adjusted operating loss was $1.9 million, improved from $4.1 million loss year-over-year; adjusted EBITDA was negative $1.1 million, better than negative $2.7 million.
Free cash flow was $311K positive for the quarter; capital expenditures were $179K, down from $501K year-over-year.
Liquidity at quarter-end was $28.7 million, including $11.1 million cash and $17.6 million credit availability.
Outlook and guidance
Sequential sales and margin growth are expected throughout FY26, with adjusted EBITDA projected near breakeven or slightly positive in Q2 and further improvement through the year.
Industry forecasts suggest mattress demand is near bottom, with 4% growth expected in 2026 and 8% in 2027.
Guidance assumes no further major tariff or trade disruptions; price increases to offset tariffs began phasing in during Q2 FY26.
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