By Ben Glickman
Shares of Culp rose Tuesday after the company’s loss narrowed in the fiscal second quarter.
The stock was up 15%, to $5.69, in midday trading. Shares are up 24% this year.
The High Point, N.C.-based fabric maker late Monday reported a loss of $2.4 million, or 19 cents a share, in the three months ended Oct. 29, compared with a loss of $12.2 million, or 99 cents a share, a year earlier.
Culp’s sales rose 0.6% from a year ago, to $58.7 million, with nearly 20% higher sales of mattress fabrics offsetting weaker sales in upholstery fabrics.
The company said that demand challenges are likely to continue due to weaker consumer spending, but is forecasting sales to be sequentially flat and moderately higher year-on-year in the fiscal third quarter.
Culp is expecting its operating loss to narrow from a year ago in the fiscal third quarter.
Write to Ben Glickman at [email protected]
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