CULP - Culp lowers FQ2 2022 revenue and income guidance

Culp now expects net sales to be down 11% in FQ2 2022 as compared to FQ1 2022 (consensus +0%) and consolidated operating income is expected to be in the range of $1.3M to $1.6M. Culp previously expected similar results as FQ1 2022 when the company achieved revenue of $83M and operating income of 3.3M. “The revised expectations for the second quarter of fiscal 2022 reflect lower than expected sales, primarily for our upholstery fabrics segment. Sales for this segment were significantly affected by COVID-19-related shutdowns of our sourcing partners and customers in Vietnam throughout most of the quarter. These shutdowns were expected to be short term, but lasted significantly longer than anticipated," commented CEO Iv Culp.  Shares are down 2.09% AH. See which other stocks are on the move and why with Seeking Alpha's "On the Move" page.

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Culp lowers FQ2 2022 revenue and income guidance