Culp (CFI), a marketer of mattress fabrics, has reported a 54.52 percent plunge in profit for the quarter ended Feb. 01, 2015. The company has earned $3.81 million, or $0.31 a share in the quarter, compared with $8.38 million, or $0.68 a share for the same period last year. On the other hand, adjusted net income for the quarter stood at $5.02 million, or $0.40 a share compared with $3.86 million or $0.31 a share, a year ago.
Revenue during the quarter grew 12.27 percent to $81.27 million from $72.39 million in the previous year period.
Commenting on the results, Frank Saxon, president and chief executive officer of Culp, Inc., said, "We continued to build upon our sales momentum this fiscal year, with a 12 percent increase for the third quarter compared with a year ago. These results demonstrate the benefits of our top strategic priority to drive product innovation and creativity throughout our company."
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