Culp, Inc. (NYSE:CULP) Q4 2023 Earnings Call Transcript

Rexford Henderson: Okay. All right. And finally, I want to turn my attention to CUF, in the home furnishings business. You mentioned that there’s down — I think you mentioned, some downstream inventory issues. Can you give us any color on how you see it, where that stands and how long you think that’s going to take to clear? Do you have any visibility on that?

Boyd Chumbley: Yeah, Rex. This is Boyd. And I would say to a large degree those downstream inventories had been cleared and addressed, certainly in much lower levels of inventory in the pipeline at the retailer and manufacturer level than there has been over the course of the last number of months in the year. So that situation has greatly improved. We are now seeing more of the — the true consumer purchases at retail are now triggering, ordering of fabrics to us on a more regular basis there. So a lot of that inventory position has been addressed. But there is probably still some pockets in some various areas, but to — on a macro level that’s been significantly reduced and not as big a factor to our incoming phase of orders as it has been in the past couple of quarters.

Rexford Henderson: Okay. Sounds incur, a little bit of encouragement there. Okay. Thank you for taking my questions, and I’ll pass it on to the next guy.

Iv Culp: Thank you, Rex.

Boyd Chumbley: Thanks, Rex.

Operator: This concludes our question-and-answer session. I would like to turn the conference over to Iv Culp for any closing remarks.

Iv Culp: Thank you, operator. And again, thanks to everyone for your participation and your interest in Culp. We look forward to updating you on our progress next quarter.

Operator: The conference is now concluded. Thank you for attending today’s presentation. You may now disconnect.