Culp Announces Broad Restructuring Plan Primarily Focused On Mattress Fabrics Segment

Culp Inc CULP:

• CULP ANNOUNCES BROAD RESTRUCTURING PLAN PRIMARILY FOCUSED ON MATTRESS FABRICS SEGMENT, ALSO UPDATES FINANCIAL OUTLOOK FOR THE FOURTH QUARTER OF FISCAL 2024

• CULP INC: EXPECT TO ACHIEVE $10.0 - $11.0 MILLION IN ANNUALIZED SAVINGS AND OPERATING IMPROVEMENTS WITH RESTRUCTURING INITIATIVES

• CULP INC - EXPECT TO ACHIEVE $10.0 - $11.0 MILLION IN ANNUALIZED SAVINGS AND OPERATING IMPROVEMENTS WITH RESTRUCTURING INITIATIVES

• CULP INC - RESTRUCTURING ACTIONS WILL REDUCE NUMBER OF ASSOCIATES IN OUR MATTRESS FABRICS SEGMENT BY APPROXIMATELY 240 PEOPLE

• CULP INC - RESTRUCTURING PLAN IS EXPECTED TO GENERATE $10.0 - $11.0 MILLION IN ANNUALIZED COST SAVINGS

• CULP INC - CONSOLIDATED NET SALES FOR Q4 ARE NOW EXPECTED TO BE ABOUT 19.0 PERCENT LOWER AS COMPARED TO Q4 OF FISCAL 2023