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Reported Q: Q4 2023 Rev YoY: -12.6% EPS YoY: -44.4% Move: -1.82%

Culp Inc

CULP

$3.24 -1.82%

Exchange NYSE Sector Consumer Cyclical Industry Apparel Manufacturers

Q4 2023

Published: Jul 12, 2024

Company Status Snapshot

Fast view of the latest quarter outcome for CULP

Reported

Report Date

Jul 12, 2024

Quarter Q4 2023

Revenue

49.53M

YoY: -12.6%

EPS

-0.39

YoY: -44.4%

Market Move

-1.82%

Previous quarter: N/A

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Earnings Highlights

Revenue of $49.53M down 12.6% year-over-year
EPS of $-0.39 decreased by 44.4% from previous year
Gross margin of 10.5%
Net income of -4.87M
""We ended the year with a higher cash position than the prior year, with $21 million in cash and no outstanding borrowings." - Iv Culp, CEO" - Iv Culp

CULP

Culp Inc

Period Q4 2023

Currency USD

Report Type Quarterly Earnings

Generated Apr 16, 2026

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Executive Summary

Culp Inc (CULP) concluded its fiscal year 2023 with a modest sequential improvement in revenue and operational performance despite prevailing softness in demand across its key markets. The Q4 revenue rose to $49.53 million, driven by strategic new customer program rollouts, particularly in the Mattress Fabrics segment. While the company recorded a net loss of $4.87 million for the quarter, the performance signaled a recovery trajectory built on improved operational efficiencies and a focus on sustaining a robust balance sheet. Management underscored a commitment to a transformation strategy aimed at long-term operational excellence and market recovery as consumer spending stabilizes. Therefore, investors should keep a close watch on forthcoming program launches and macroeconomic factors influencing sector dynamics.

Key Performance Indicators

Revenue

Decreasing

49.53M

QoQ: -18.02% | YoY: -12.59%

Gross Profit

Decreasing

5.20M

10.50% margin

QoQ: -32.48% | YoY: -26.59%

Operating Income

Decreasing

-4.04M

QoQ: -125.92% | YoY: -31.21%

Net Income

Decreasing

-4.87M

QoQ: -52.60% | YoY: -45.57%

EPS

Decreasing

-0.39

QoQ: -50.00% | YoY: -44.44%

Revenue Trend

Margin Analysis

Financial Highlights

### Financial Metrics Analysis
- Revenue: $49.53 million, down 12.59% YoY but up sequentially by 7.9% from Q3.
- Gross Profit: $5.20 million, with a gross profit margin of 10.5%; this reflects a significant margin erosion YoY (-26.59%), although sequential margin improvement reflects management strategies.
- Net Loss: $4.87 million or $0.39 per diluted share compared to a loss of $6 million in Q4 2022 (improved performance).
- Operating Income: Loss of $4.04 million, improved sequentially from losses experienced in earlier quarters.
- Operating Cash Flow: Negative $2.25 million, a decline from the previous year but reflects improved inventory management.
- Total Assets: $132.05 million, with total liabilities at $55.92 million, showcasing a solid balance sheet with no debt outstanding.

Income Statement

Metric	Value	YoY Change	QoQ Change
Revenue	49.53M	-12.59%	-18.02%
Gross Profit	5.20M	-26.59%	-32.48%
Operating Income	-4.04M	-31.21%	-125.92%
Net Income	-4.87M	-45.57%	-52.60%
EPS	-0.39	-44.44%	-50.00%

Key Financial Ratios

Gross Profit Margin

Weak

10.50%

Gross profit margin is below industry norms, profitability concerns

Operating Profit Margin

Weak

-0.08%

Operating margin is below industry norms, profitability concerns

Net Profit Margin

Weak

-0.10%

Net profit margin is below industry norms, profitability concerns

Return on Assets

Weak

-0.04%

Return on assets suggests inefficient capital allocation

Return on Equity

Weak

-0.06%

Return on equity suggests inefficient capital allocation

Current Ratio

Healthy

2.12

Current ratio shows adequate liquidity to meet short-term obligations

Debt to Equity

Conservative

0.06

Debt-to-equity shows conservative leverage and low financial risk

P/E Ratio

Negative

-2.95x

Negative earnings make P/E ratio not meaningful

Price to Book

Undervalued

0.76x

Trading below book value, potential value opportunity or distressed

Historical Earnings Comparison

Period	Revenue ($M)	EPS ($)	YoY Growth	Report
Q4 2024	48.77	-0.17	-1.5%	View
Q3 2024	52.25	-0.33	-13.5%	View
Q2 2024	55.67	0.58	-5.2%	View
Q1 2024	56.54	-0.58	-3.7%	View
Q4 2023	49.53	-0.39	-12.6%	View

Culp Inc (CULP) Q4 2023 Earnings Report

Company Status Snapshot

Earnings Highlights

Executive Summary

Key Performance Indicators

Revenue Trend

Margin Analysis

Historical Earnings Comparison

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