On April 24, 2025, it was reported, upholstery and mattress fabric supplier Culp reported consolidated net sales of $52.3 million for the third quarter ended Jan. 26, a 6.1% drop compared with $60.4 million reported in the same quarter last year. Upholstery fabric sales were down 7.8%, while mattress fabric sales slid 4.8% from the prior-year period. The company posted a net loss of $4.1 million in the quarter, compared with a net loss of $3.2 million in the third quarter last year. The company said its mattress fabrics restructuring was completed in January, and Culp has an agreement to sale its Canadian facility, which is expected to generate between $6 million and $8 million in cash. The company said it expects to incur total restructuring and restructuring-related costs and charges of $8.5 million in fiscal 2025, of which $5.3 million is now expected to be cash expenditures. In addition, Culp said it expects to fund close to $1.8 million of the cash costs with proceeds from the sale of excess manufacturing equipment and proceeds from a building lease termination in Haiti. The company reported mattress fabric sales in the third quarter of $28.6 million, down 4.6% compared with sales of $30 million in the prior-year quarter. The segment posted an operating loss of $433,000 for the quarter, compared to an operating loss of $1.6 million in the third quarter of last year. For Culp's upholstery fabric segment sales dropped 22.3% to $23.6 million compared with $30.4 million in the same period last year. The segment posted operating income of $679,000 in the third quarter, compared to operating income of $2.1 million in the same quarter last year.
On April 22, 2025, it was reported, Walmart of Mexico and Central America recently announced that the company will invest $6 billion to open additional stores across the region. Stores will open under the Bodega Aurrera, Sam's Club, Walmart Supercenters and Walmart Express banners, according to a company announcement. The plan adds to a footprint of 3,200 stores operating in all 32 Mexican states. Walmart in 2016 invested $1.3 billion in the region to build new distribution centers and expand operations. Walmart opened its first Mexican store a Sam's Club in Mexico City in 1991. The big-box retailer has been putting billions of dollars into other parts of operational expansion. Walmart Canada at the start of the year said it will invest 6.5 billion Canadian dollars (around $4.5 billion) into its store and supply chain footprint. Last year, the company said it was investing $1.3 billion in Chile to open 70 stores and an additional distribution center. Walmart also announced in 2024 a five-year plan to convert or build over 150 stores in the U.S. Last year was big for remodels as well, with the retailer revamping around 650 locations across 47 states and Puerto Rico. The new and updated stores embrace the "Store of the Future" concept with improved layouts, an expanded product assortment and tech to support associates. The company last week also said it would open 15 new Sam's Club locations annually and would remodel all of its 600 existing stores. Earlier this month, Walmart confirmed its previous guidance, with net sales expected to grow 3% to 4% in 2025. Operating income is forecast to grow between 3.5% and 5.5%. The company expects annual growth to average around 4% in the long term.
On April 17, 2025, it was reported, Pulaski Furniture is coming to next week's High Point Market with an expansive lineup of new products, including nine new collections and several accent pieces. Leading the way is the Drew & Jonathan Home Pinnacle collection, created in collaboration with Property Brothers hosts Drew and Jonathan Scott, in partnership with Scott Brothers Global. Featuring bedroom and dining furniture, Pinnacle is characterized by an organic aesthetic, featuring sculptural forms and softened profiles. The brand's accent offering will also be expanded. Beyond Drew & Jonathan Home, Pulaski will launch eight new bedroom and dining room groups. Pulaski Furniture, a division of Hooker Furnishings, will showcase all new collections its 220 S. Elm showroom.
On April 17, 2025, it was reported, Hooker Furnishings reported $104.5 million in fourth quarter net sales, an increase of 8% over last year. However, the company attributed $7.7 million of those sales due to an extra week. Without the week, sales were around flat. The company posted a net loss of $2.3 million, compared with a gain of $593,000 seen last year, marking its fourth consecutive loss. It reported $3.1 million in charges, consisting of end-of-life inventory write-downs related to its Savannah exit, tradename impairment charges in HMI, bad debt expense from a large customer bankruptcy and severance costs. Still, the company showed some strong results, including the Hooker Branded and HMI segments seeing sales gains of 2.1% and 13%, respectively, and Sunset West posting order growth for a fourth quarter in a row. Its loss was also less steep than the $4.1 million net loss of the third quarter. For the full year of fiscal 2025, consolidated net sales were $397.5 million, a decrease of $35.8 million, or 8.3%, compared to the previous year. For the year, the company saw a $12.5 net loss, compared to a gain of $9.9 million last year. Of that loss, $10.8 million came from charges. H Full-year net sales for the segment were down $12.6 million, or a 9.9% decrease, with decreases across most divisions, partly offset by a 6.8% increase at Sunset West. The company's cash and cash equivalents stood at $6.3 million, a decrease of $36.9 million from the previous year-end. This decrease was largely due to an increase in accounts receivable and a planned increase in inventory levels, with Hooker Branded accounting for $12.6 million of the inventory increase.
