High Point - US circular knitter Culp Inc has swung to a net profit for its first quarter, driven by a significant increase in sales in both its mattress ticking and upholstery divisions.
Net income for the quarter was $2.3 million compared with a net loss of $2.7 last year. Overall, net sales were $83.0 million, up 28.8 per cent, with mattress fabrics sales up 19.3 per cent and upholstery fabrics sales up 41.0 per cent compared with the first quarter of last year.
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