Cover Page
Cover Page | 3 Months Ended |
Aug. 04, 2019shares | |
Cover [Abstract] | |
Document Type | 10-Q |
Entity Interactive Data Current | Yes |
Amendment Flag | false |
Document Period End Date | Aug. 4, 2019 |
Document Fiscal Year Focus | 2020 |
Document Fiscal Period Focus | Q1 |
Entity Registrant Name | CULP INC |
Entity Central Index Key | 0000723603 |
Current Fiscal Year End Date | --05-03 |
Entity Current Reporting Status | Yes |
Entity Shell Company | false |
Entity Filer Category | Accelerated Filer |
Entity Small Business | false |
Entity Emerging Growth Company | false |
Trading Symbol | CULP |
Security Exchange Name | NYSE |
Title of 12(b) Security | Common Stock |
Entity Address, State or Province | NC |
Entity Common Stock, Shares Outstanding | 12,405,014 |
CONSOLIDATED STATEMENTS OF NET
CONSOLIDATED STATEMENTS OF NET INCOME - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Aug. 04, 2019 | Jul. 29, 2018 | |
Income Statement [Abstract] | ||
Net sales | $ 74,847 | $ 71,473 |
Cost of sales | 61,482 | 60,914 |
Gross profit | 13,365 | 10,559 |
Selling, general and administrative expenses | 10,711 | 8,033 |
Restructuring (credit) expense | (35) | 451 |
Income from operations | 2,689 | 2,075 |
Interest expense | 9 | 20 |
Interest income | (249) | (150) |
Other expense | 87 | 257 |
Income before income taxes | 2,842 | 1,948 |
Income taxes | 1,681 | 906 |
(Income) loss from investment in unconsolidated joint venture | (13) | 77 |
Net income | 1,174 | 965 |
Net loss (income) attributable to non-controlling interest | 164 | (8) |
Net income attributable to Culp, Inc. common shareholders | $ 1,338 | $ 957 |
Net income attributable to Culp Inc. common shareholders per share - basic | $ 0.11 | $ 0.08 |
Net income attributable to Culp Inc. common shareholders per share - diluted | $ 0.11 | $ 0.08 |
Average shares outstanding, basic | 12,399 | 12,510 |
Average shares outstanding, diluted | 12,410 | 12,600 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 3 Months Ended | |
Aug. 04, 2019 | Jul. 29, 2018 | |
Statement of Comprehensive Income [Abstract] | ||
Net income | $ 1,174 | $ 965 |
Unrealized gain on investments, net of tax | ||
Unrealized holding gains on investments | 6 | 40 |
Reclassification adjustment for realized loss on investments | 94 | |
Total unrealized gain on investments | 6 | 134 |
Unrealized gain on foreign currency cash flow hedge, net of tax | ||
Unrealized holding loss on foreign currency cash flow hedge | (25) | |
Reclassification adjustment for realized loss on foreign currency cash flow hedge | 40 | |
Total unrealized gain on foreign currency cash flow hedge | 15 | |
Total other comprehensive income | 6 | 149 |
Comprehensive income | 1,180 | 1,114 |
Comprehensive loss (income) attributable to non-controlling interest | 164 | (8) |
Comprehensive income attributable to Culp, Inc. common shareholders | $ 1,344 | $ 1,106 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Aug. 04, 2019 | Apr. 28, 2019 | [1] | Jul. 29, 2018 |
Current assets: | ||||
Cash and cash equivalents | $ 44,236 | $ 40,008 | $ 8,593 | |
Short-term investments - Held-To-Maturity | 5,001 | 30,756 | ||
Accounts receivable, net | 24,090 | 23,751 | 23,225 | |
Inventories | 50,660 | 50,860 | 54,989 | |
Current income taxes receivable | 776 | 776 | ||
Assets held for sale | 100 | |||
Other current assets | 2,578 | 2,849 | 3,852 | |
Total current assets | 122,440 | 123,245 | 121,415 | |
Property, plant and equipment, net | 47,289 | 48,389 | 53,178 | |
Goodwill | 27,222 | 27,222 | 27,222 | |
Intangible assets | 10,354 | 10,448 | 10,730 | |
Long-term investments - Rabbi Trust | 7,347 | 7,081 | 7,671 | |
Right of use assets | 6,530 | |||
Noncurrent income taxes receivable | 733 | 733 | ||
Deferred income taxes | 486 | 457 | 3,721 | |
Investment in unconsolidated joint venture | 1,520 | 1,508 | 1,525 | |
Other assets | 526 | 643 | 910 | |
Total assets | 224,447 | 219,726 | 226,372 | |
Current liabilities: | ||||
Accounts payable-trade | 22,628 | 24,377 | 25,070 | |
Accounts payable - capital expenditures | 60 | 78 | 862 | |
Operating lease liability - current | 2,456 | |||
Deferred revenue | 684 | 399 | 634 | |
Accrued expenses | 8,566 | 9,192 | 8,176 | |
Accrued restructuring costs | 42 | 124 | 445 | |
Income taxes payable - current | 1,116 | 1,022 | 1,244 | |
Total current liabilities | 35,552 | 35,192 | 36,431 | |
Line of credit | 4,000 | |||
Accrued expenses - long-term | 333 | 333 | 749 | |
Subordinated loan payable | 925 | 675 | ||
Operating lease liability - noncurrent | 3,955 | |||
Contingent consideration - earn-out obligation | 5,931 | 5,856 | 5,600 | |
Income taxes payable - long-term | 3,640 | 3,249 | 3,733 | |
Deferred income taxes | 2,543 | 3,176 | 2,150 | |
Deferred compensation | 7,232 | 6,998 | 7,679 | |
Total liabilities | 60,111 | 55,479 | 60,342 | |
Commitments and Contingencies (Notes 13, 19 and 20) | ||||
Shareholders' equity | ||||
Preferred stock, $0.05 par value, authorized 10,000,000 | ||||
Common stock, $0.05 par value, authorized 40,000,000 shares, issued and outstanding 12,405,014 at August 4, 2019; 12,522,246 at July 29, 2018; and 12,391,160 at April 28, 2019 | 621 | 620 | 627 | |
Capital contributed in excess of par value | 43,803 | 43,694 | 46,334 | |
Accumulated earnings | 115,676 | 115,579 | 114,465 | |
Accumulated other comprehensive income | 46 | 40 | 64 | |
Total shareholders' equity attributable to Culp Inc. | 160,146 | 159,933 | 161,490 | |
Non-controlling interest | 4,190 | 4,314 | 4,540 | |
Total equity | 164,336 | 164,247 | 166,030 | |
Total liabilities and shareholders' equity | $ 224,447 | $ 219,726 | $ 226,372 | |
[1] | Derived from audited financial statements. |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Aug. 04, 2019 | Apr. 28, 2019 | Jul. 29, 2018 |
Statement of Financial Position [Abstract] | |||
Preferred stock, par value | $ 0.05 | $ 0.05 | $ 0.05 |
Preferred stock, authorized shares | 10,000,000 | 10,000,000 | 10,000,000 |
Common stock, par value | $ 0.05 | $ 0.05 | $ 0.05 |
Common stock, authorized shares | 40,000,000 | 40,000,000 | 40,000,000 |
Common stock, issued | 12,405,014 | 12,391,160 | 12,522,246 |
Common stock, outstanding | 12,405,014 | 12,391,160 | 12,522,246 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 3 Months Ended | |
Aug. 04, 2019 | Jul. 29, 2018 | |
Cash flows from operating activities: | ||
Net income | $ 1,174 | $ 965 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||
Depreciation | 1,905 | 2,015 |
Amortization of assets | 176 | 145 |
Stock-based compensation | 154 | (501) |
Deferred income taxes | (662) | (2,263) |
Realized loss on sale of short-term investments (Available for Sale) | 94 | |
(Gain) loss on disposal of equipment | (17) | 35 |
(Income) loss from investment in unconsolidated joint venture | (13) | 77 |
Foreign currency exchange gain | (47) | (91) |
Changes in assets and liabilities: | ||
Accounts receivable | (375) | 2,837 |
Inventories | (25) | (429) |
Other current assets | 161 | (989) |
Other assets | 111 | 34 |
Accounts payable - trade | (1,468) | (2,494) |
Deferred revenue | 285 | (175) |
Accrued expenses and deferred compensation | 222 | (1,566) |
Accrued restructuring costs | (82) | 445 |
Income taxes | 524 | (75) |
Net cash provided by (used in) operating activities | 2,023 | (1,936) |
Cash flows from investing activities: | ||
Net cash paid for acquisition of businesses | (11,971) | |
Capital expenditures | (935) | (757) |
Proceeds from the sale of equipment | 209 | |
Investment in unconsolidated joint venture | (100) | |
Proceeds from the sale of short-term investments (Held to Maturity) | 5,000 | |
Proceeds from the sale of short-term investments (Available for Sale) | 2,458 | |
Purchase of short-term investments (Available for Sale) | (10) | |
Purchase of long-term investments (Rabbi Trust) | (259) | (302) |
Net cash used provided by (used in) investing activities | 4,015 | (10,682) |
Cash flows from financing activities: | ||
Proceeds from line of credit | 11,000 | |
Payments on line of credit | (7,000) | |
Payments on vendor-financed capital expenditures | (1,412) | |
Proceeds from subordinated loan payable | 250 | |
Cash paid for acquisition of business | (763) | |
Dividends paid | (1,241) | (1,127) |
Common stock surrendered for withholding taxes payable | (44) | (1,292) |
Capital contribution from non-controlling interest | 40 | |
Common stock repurchased | (72) | |
Net cash (used in) provided by financing activities | (1,758) | 97 |
Effect of exchange rate changes on cash and cash equivalents | (52) | (114) |
Increase (decrease) in cash and cash equivalents | 4,228 | (12,635) |
Cash and cash equivalents at beginning of period | 40,008 | 21,228 |
Cash and cash equivalents at end of period | $ 44,236 | $ 8,593 |
CONSOLIDATED STATEMENTS OF SHAR
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) $ in Thousands | Total | Common Stock | Capital Contributed in Excess of Par Value | Accumulated Earnings | Accumulated Other Comprehensive (Loss) Income | Shareholders' equity attributable to Culp Inc. | Non-Controlling Interest | |
Balance at Apr. 29, 2018 | [1] | $ 163,376 | $ 623 | $ 48,203 | $ 114,635 | $ (85) | $ 163,376 | |
Balance (in shares) at Apr. 29, 2018 | [1] | 12,450,276 | ||||||
Net income (loss) | 965 | 957 | 957 | $ 8 | ||||
Acquisition of subsidiary with non-controlling interest | 4,532 | 4,532 | ||||||
Stock-based compensation | (501) | (501) | (501) | |||||
Unrealized gain on foreign currency cash flow hedge | 15 | 15 | 15 | |||||
Unrealized gain on investments | 134 | 134 | 134 | |||||
Common stock issued in connection with vesting of performance based restricted stock units | $ 6 | (6) | ||||||
Common stock issued in connection with vesting of performance based restricted stock units (in shares) | 115,917 | |||||||
Common stock issued in connection with vesting of time-based restricted stock units (in shares) | 1,200 | |||||||
Common stock surrendered for withholding taxes payable | (1,292) | $ (2) | (1,290) | (1,292) | ||||
Common stock surrendered for withholding taxes payable (in shares) | (42,157) | |||||||
Common stock repurchased | (72) | (72) | (72) | |||||
Common stock repurchased (in shares) | (2,990) | |||||||
Dividends paid | (1,127) | (1,127) | (1,127) | |||||
Balance at Jul. 29, 2018 | 166,030 | $ 627 | 46,334 | 114,465 | 64 | 161,490 | 4,540 | |
Balance (in shares) at Jul. 29, 2018 | 12,522,246 | |||||||
Balance at Apr. 29, 2018 | [1] | 163,376 | $ 623 | 48,203 | 114,635 | (85) | 163,376 | |
Balance (in shares) at Apr. 29, 2018 | [1] | 12,450,276 | ||||||
Balance at Apr. 28, 2019 | [1] | 164,247 | $ 620 | 43,694 | 115,579 | 40 | 159,933 | 4,314 |
Balance (in shares) at Apr. 28, 2019 | [1] | 12,391,160 | ||||||
Net income (loss) | 1,174 | 1,338 | 1,338 | (164) | ||||
Stock-based compensation | 154 | 154 | 154 | |||||
Unrealized gain on investments | 6 | 6 | 6 | |||||
Common stock issued in connection with vesting of performance based restricted stock units | $ 1 | (1) | ||||||
Common stock issued in connection with vesting of performance based restricted stock units (in shares) | 12,776 | |||||||
Fully vested common stock award | 3,659 | |||||||
Common stock surrendered for withholding taxes payable | (44) | (44) | (44) | |||||
Common stock surrendered for withholding taxes payable (in shares) | (2,581) | |||||||
Dividends paid | (1,241) | (1,241) | (1,241) | |||||
Capital contribution from non-controlling interest | 40 | 40 | ||||||
Balance at Aug. 04, 2019 | $ 164,336 | $ 621 | $ 43,803 | $ 115,676 | $ 46 | $ 160,146 | $ 4,190 | |
Balance (in shares) at Aug. 04, 2019 | 12,405,014 | |||||||
[1] | Derived from audited financial statements. |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Aug. 04, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | 1. Basis of Presentation The accompanying unaudited consolidated financial statements of Culp, Inc. and its majority-owned subsidiaries (the “company”) include all adjustments, which are, in the opinion of management, necessary for fair presentation of the results of operations and financial position. All of these adjustments are of a normal recurring nature. Results of operations for interim periods may not be indicative of future results. The unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements, which are included in the company’s annual report on Form 10-K filed with the Securities and Exchange Commission on July 12, 2019, for the fiscal year ended April 28, 2019. The company’s three-months ended August 4, 2019, and July 29, 2018, represent 14-week and 13-week periods, respectively. |
Significant Accounting Policies
Significant Accounting Policies | 3 Months Ended |
Aug. 04, 2019 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | 2. Significant Accounting Policies As of August 4, 2019, there were no changes in the nature of our significant accounting policies or the application of those policies from those reported in our annual report on Form 10-K for the year then ended April 28, 2019. Recently Adopted Accounting Pronouncements Leases In February 2016, the FASB issued ASU No. 2016-02, Leases Topic 842 allows the election of several practical expedients as part of adopting this new standard. We elected the “package of practical expedients” which permits us not to reassess, under Topic 842, our previous conclusions regarding lease identification and classification. We did not elect the use of hindsight with respect to determining the lease term. Also, Topic 842 provides practical expedients after adopting the new standard. We elected the short-term lease exemption, and therefore, we will not recognize ROU assets or lease liabilities for leases shorter than twelve months. We did not elect the practical expedient to combine lease and non-lease components for any class of assets and will account for lease components separately from non-lease components. The adoption of Topic 842 had a material effect on our Consolidated Balance Sheets and increased the required disclosures in our notes to the consolidated financial statements (see Note 19 for further details). The most significant effect related to the recognition of ROU assets totaling $7.2 million that were mostly offset by the recognition of lease liabilities totaling $7.1 million on our Consolidated Balance Sheets. The adoption of Topic 842 did not have a material impact on our Consolidated Statements of Net Income and our Consolidated Statement of Cash Flows. Recently Issued Accounting Pronouncements The company has considered all recent accounting pronouncements and currently believes there are no recent accounting pronouncements that may have a material impact on our Consolidated Financial Statements. |
Business Combinations
Business Combinations | 3 Months Ended |
Aug. 04, 2019 | |
Business Combinations [Abstract] | |
Business Combinations | 3. Business Combinations eLuxury, LLC (eLuxury) Overview Effective June 22, 2018, we entered into an Equity Purchase Agreement (Equity Agreement) in which we acquired an initial 80% ownership interest in eLuxury, a company that offers bedding accessories and home goods directly to consumers. eLuxury’s primary products include a line of mattress pads manufactured at eLuxury’s facility located in Evansville, Indiana. eLuxury also offers handmade platform beds, cotton bed sheets, as well as other bedding items. Its products are available on eLuxury’s own branded website, eLuxury.com This acquisition brings together eLuxury’s experience in e-commerce, online brand building, and direct-to-consumer shopping and fulfillment expertise with our global production, sourcing, and distribution capabilities. The estimated consideration given for the initial 80% ownership interest in eLuxury totaled $18.1 million, of which $12.5 million represents the estimated purchase price and $5.6 million represents the fair value for contingent consideration associated with an earn-out obligation (see below for further details). Of the $12.5 million estimated purchase price, $11.6 million was paid at closing on June 22, 2018, $185,000 was paid in August 2018, and $749,000 is to be paid in September 2019, subject to certain conditions as defined in the Equity Agreement. Assets Acquired and Liabilities Assumed The following table presents the final allocation of the acquisition cost to the assets acquired and liabilities assumed based on their fair values. (dollars in thousands) Fair Value Goodwill $ 13,653 Tradename 6,549 Equipment 2,179 Inventory 1,804 Accounts receivable and other current assets 108 Accounts payable (1,336 ) Accrued expenses (295 ) Non-controlling interest in eLuxury (4,532 ) $ 18,130 We recorded the tradename at fair market value based on the relief from royalty method. This tradename was determined to have an indefinite useful life and, therefore, is not being amortized. Equipment will be depreciated on a straight-line basis over useful lives ranging from five to ten years. The goodwill related to this acquisition is attributable to eLuxury’s reputation with the products it offers and management’s experience in e-commerce, online brand building, and direct-to-consumer shopping and fulfillment expertise. Goodwill is deductible for income tax purposes over the statutory period of fifteen years. As mentioned above, the Equity Agreement contains a contingent consideration arrangement that requires us to pay the seller, who is also the owner of the noncontrolling interest, an earn-out payment based on a multiple of adjusted EBITDA, as defined in the Equity Agreement, for the twelve-month period ending August 31, 2021, less $12.0 million. We recorded a contingent liability at the acquisition date for this earn-out obligation at its fair value totaling $5.6 million based on the Black Scholes pricing model. Non-Controlling Interest The Equity Agreement contains substantive profit-sharing arrangement provisions which explicitly state the ownership interests at the effective date of this business combination and the allocation of net income or loss between Culp Inc., as the controlling interest, and the noncontrolling interest. The Equity Agreement states that at the effective date of this acquisition (June 22, 2018), we acquired an 80% ownership interest in eLuxury with the seller retaining a 20% noncontrolling interest. Additionally, the Equity Agreement states that eLuxury’s net income or loss and future capital contributions will be allocated, at a percentage of 70% and 30% to Culp Inc. and the noncontrolling interest, respectively. Based on the terms of the Equity Agreement, we believe the related risks associated with the ownership interests are aligned and therefore, the total consideration of $18.1 million for the 80% controlling interest provides information for the equity value of eLuxury as a whole, and is useful in estimating fair value of the 20% noncontrolling interest. In order to determine the carrying value of the noncontrolling interest in eLuxury, we applied the Hypothetical-Liquidation-At-Book-Value method (HLBV). HLBV is an approach that is used in practice to determine the carrying value of a noncontrolling interest if it is consistent with an existing profit-sharing arrangement such as the Equity Agreement. Therefore, the carrying amount of the noncontrolling interest of $4.2 million at August 4, 2019, mostly represents the $4.5 million fair value determined at the acquisition date minus its allocation of net loss subsequent to the acquisition date and through the end of our first quarter of fiscal 2020. Other Acquisitions costs totaling $270,000 were in included in selling, general, and administrative expenses in our Consolidated Statement of Net Income for the three-month period ending July 29, 2018. Pro Forma Financial Information The following unaudited pro forma consolidated results of operations for the three-month periods ending August 4, 2019, and July 29, 2018, have been prepared as if the acquisition of eLuxury had occurred on May 1, 2017. Three Months Ended (dollars in thousands, except per share data) August 4, 2019 July 29, 2018 Net Sales $ 74,847 $ 74,598 Income from operations 2,689 2,073 Net income 1,174 939 Net loss – noncontrolling interest 164 — Net income – Culp Inc. common shareholders 1,338 939 Net income per share (basic) – Culp Inc. common shareholders 0.11 0.08 Net income per share (diluted) – Culp Inc. common shareholders 0.11 0.07 The unaudited pro forma information is presented for informational purposes only and is not necessarily indicative of the results of operations that would actually have been achieved had the acquisition been consummated as of that time, nor is it intended to be a projection of future results. |
Allowance for Doubtful Accounts
Allowance for Doubtful Accounts | 3 Months Ended |
Aug. 04, 2019 | |
Receivables [Abstract] | |
Allowance for Doubtful Accounts | 4. Allowance for Doubtful Accounts A summary of the activity in the allowance for doubtful accounts follows: Three months ended (dollars in thousands) August 4, 2019 July 29, 2018 Beginning balance $ 393 $ 357 Provision for bad debts (30 ) 9 Net write-offs, net of recoveries — — Ending balance $ 363 $ 366 |
Revenue from Contracts with Cus
Revenue from Contracts with Customers | 3 Months Ended |
Aug. 04, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from Contracts with Customers | 5. Revenue from Contracts with Customers Nature of Performance Obligations Our operations are classified into three business segments: mattress fabrics, upholstery fabrics, and home accessories. The mattress fabrics segment manufactures, sources, and sells fabrics and mattress covers primarily to bedding manufacturers. The upholstery fabrics segment develops, manufactures, sources, and sells fabrics primarily to residential and commercial furniture manufacturers. Effective April 1, 2018, we acquired Read Window Products LLC (Read),a turn-key provider of window treatments that offers sourcing of upholstery fabrics and other products, measuring, and installation services of their own products for the hospitality and commercial industries. In addition, Read supplies soft goods such as decorative top sheets, coverlets, duvet covers, bed skirts, bolsters, and pillows. The home accessories segment is our finished products business that manufactures, sources, and sells bedding accessories and home goods directly to consumers and businesses through global e-commerce and business-to-business sales channels. Our primary performance obligations include the sale of mattress fabrics, upholstery fabrics, and bedding and home accessories products, as well as the performance of customized fabrication and installation services of our own products associated with window treatments. Contract Assets & Liabilities Certain contracts, primarily those for customized fabrication and installation services, require upfront customer deposits that result in a contract liability which is recorded on the Consolidated Balance Sheets as deferred revenue. If upfront deposits or prepayments are not required, customers may be granted credit terms which generally range from 15 – 45 days. Such terms are common within the industries in which we operate and are not considered financing arrangements. There were no contract assets recognized as of August 4, 2019, July 29, 2018, and April 28, 2019. A summary of the activity of deferred revenue for the three-month periods ended August 4, 2019, and July 29, 2018, follows: Three months ended (dollars in thousands) August 4, 2019 July 29, 2018 Beginning balance $ 399 $ 809 Revenue recognized on contract liabilities (483 ) (742 ) Payments received for services not yet rendered 768 567 Ending balance $ 684 $ 634 Disaggregation of Revenue The following table presents our disaggregated revenue by segment, timing of revenue recognition, and product sales versus services rendered for the three-month period ending August 4, 2019: Net Sales (dollars in thousands) Mattress Upholstery Home Total Products transferred at a point in time $ 38,685 $ 29,827 $ 4,302 $ 72,814 Services transferred over time — 2,033 — 2,033 Total Net Sales $ 38,685 $ 31,860 $ 4,302 $ 74,847 The following table presents our disaggregated revenue by segment, timing of revenue recognition, and product sales versus services rendered for the three-month period ending July 29, 2018: Net Sales (dollars in thousands) Mattress Upholstery Home Total Products transferred at a point in time $ 34,398 $ 31,821 $ 2,585 $ 68,804 Services transferred over time — 2,669 — 2,669 Total Net Sales $ 34,398 $ 34,490 $ 2,585 $ 71,473 |
Inventories
Inventories | 3 Months Ended |
Aug. 04, 2019 | |
Inventory Disclosure [Abstract] | |
Inventories | 6. Inventories Inventories are carried at the lower of cost or net realizable value. Cost is determined using the FIFO (first-in, first-out) method. A summary of inventories follows: (dollars in thousands) August 4, 2019 July 29, 2018 April 28, 2019 Raw materials $ 6,467 $ 5,291 $ 5,617 Work-in-process 2,677 2,413 2,289 Finished goods 41,516 47,285 42,954 $ 50,660 $ 54,989 $ 50,860 |
Intangible Assets
Intangible Assets | 3 Months Ended |
Aug. 04, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets | 7. Intangible Assets A summary of intangible assets follows: (dollars in thousands) August 4, 2019 July 29, 2018 April 28, 2019 Tradenames $ 7,232 $ 7,232 $ 7,232 Customer relationships, net 2,463 2,764 2,538 Non-compete agreement, net 659 734 678 $ 10,354 $ 10,730 $ 10,448 Tradenames A summary of the carrying amount of our tradenames follows: Three months ended (dollars in thousands) August 4, 2019 July 29, 2018 Beginning balance $ 7,232 $ 683 Acquisition of business (note 3) — 6,549 Ending balance $ 7,232 $ 7,232 Our tradenames were determined to have an indefinite useful life and therefore, are not being amortized. However, our tradenames will be assessed annually for impairment. Customer Relationships A summary of the change in the carrying amount of our customer relationships follows: Three months ended (dollars in thousands) August 4, 2019 July 29, 2018 Beginning balance $ 2,538 $ 2,839 Amortization expense (75 ) (75 ) Ending balance $ 2,463 $ 2,764 Our customer relationships are amortized on a straight-line basis over useful lives ranging from nine to seventeen years. The gross carrying amount of our customer relationships were $3.1 million at August 4, 2019, July 29, 2018, and April 28, 2019, respectively. Accumulated amortization for these customer relationships were $652,000, $351,000 and $577,000 at August 4, 2019, July 29, 2018, and April 28, 2019, respectively. The remaining amortization expense for the next five fiscal years and thereafter follows: FY 2020 - $226,000; FY 2021 - $301,000; FY 2022 - $301,000; FY 2023 - $301,000; FY 2024 - $301,000; and Thereafter - $1,033,000. The weighted average amortization period for our customer relationships is 8.4 years as of August 4, 2019. Non-Compete Agreement A summary of the change in the carrying amount of our non-compete agreement follows: Three months ended (dollars in thousands) August 4, 2019 July 29, 2018 Beginning balance $ 678 $ 753 Amortization expense (19 ) (19 ) Ending balance $ 659 $ 734 Our non-compete agreement is amortized on a straight-line basis over the fifteen-year life of the agreement. The gross carrying amount of our non-compete agreement was $2.0 million at August 4, 2019, July 29, 2018, and April 28, 2019, respectively. Accumulated amortization for our non-compete agreement was $1.4 million at August 4, 2019, $1.3 million at July 29, 2018, and $1.4 million at April 28, 2019. The remaining amortization expense for the next five years and thereafter follows: FY 2020 - $57,000; FY 2021 - $75,000; FY 2022 - $75,000; FY 2023 - $75,000; FY 2024 - $75,000, and Thereafter - $302,000. The weighted average amortization period for the non-compete agreement is 8.8 years as of August 4, 2019. |
Goodwill
Goodwill | 3 Months Ended |
Aug. 04, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill | 8. Goodwill A summary of the change in the carrying amount of goodwill follows: Three months ended (dollars in thousands) August 4, 2019 July 29, 2018 Beginning balance $ 27,222 $ 13,569 Acquisition of business (see note 3) — 13,653 Ending balance $ 27,222 $ 27,222 |
Investment in Unconsolidated Jo
Investment in Unconsolidated Joint Venture | 3 Months Ended |
Aug. 04, 2019 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Investment in Unconsolidated Joint Venture | 9. Investment in Unconsolidated Joint Venture Culp International Holdings, Ltd. (Culp International), a wholly-owned subsidiary of the company, entered into a joint venture agreement, pursuant to which Culp International owns fifty percent of Class International Holdings, Ltd. (CLIH). CLIH produces cut and sewn mattress covers, and its operations are located in a modern industrial park in northeastern Haiti, which borders the Dominican Republic. CLIH commenced production in the second quarter of fiscal 2018 and complements our mattress fabric operations with a mirrored platform that enhances our ability to meet customer demand while adding a lower cost operation to our platform. CLIH reported net income totaling $26,000 for the three-month period ending August 4, 2019, and incurred a net loss totaling $154,000 for the three-month period ending July 29, 2018. Our equity interest in CLIH’s net income for the three-month period ending August 4, 2019, was $13,000, and our equity interest in CLIH’s net loss for the three-month period ending July 29, 2018, was $77,000. The following table summarizes information on assets, liabilities and members’ equity of our equity method investment in CLIH: (dollars in thousands) August 4, July 29, April 28, Total assets $ 3,161 $ 3,153 $ 3,126 Total liabilities $ 120 $ 103 $ 111 Total members’ equity $ 3,041 $ 3,050 $ 3,015 At August 4, 2019, July 29, 2018, and April 28, 2019, our investment in CLIH totaled $1.5 million, which represents the company’s fifty percent ownership interest in CLIH. |
Accrued Expenses
Accrued Expenses | 3 Months Ended |
Aug. 04, 2019 | |
Text Block [Abstract] | |
Accrued Expenses | 10. Accrued Expenses A summary of accrued expenses follows: (dollars in thousands) August 4, 2019 July 29, 2018 April 28, 2019 Compensation, commissions and related benefits $ 3,493 $ 3,719 $ 4,229 Interest 13 12 4 Other accrued expenses 5,393 5,194 5,292 $ 8,899 $ 8,925 $ 9,525 At August 4, 2019, we had accrued expenses totaling $8.9 million, of which $8.6 million and $333,000 were classified as current accrued expenses and long-term accrued expenses, respectively, in the accompanying Consolidated Balance Sheets. At July 29, 2018, we had accrued expenses totaling $8.9 million of which $8.2 million and $749,000 were classified as current accrued expenses and long-term accrued expenses, respectively, in the accompanying Consolidated Balance Sheets. At April 28, 2019, we had accrued expenses totaling $9.5 million, of which $9.2 million and $333,000 were classified as current accrued expenses and long-term accrued expenses, respectively, in the accompanying Consolidated Balance Sheets. |
Exit and Disposal Activity
Exit and Disposal Activity | 3 Months Ended |
Aug. 04, 2019 | |
Restructuring and Related Activities [Abstract] | |
Exit and Disposal Activity | 11. Exit and Disposal Activity On June 12, 2018, our board of directors announced the closure of our upholstery fabrics manufacturing facility located in Anderson, South Carolina. This closure was completed during the second quarter of fiscal 2019 and was due to a continued decline in demand for the products manufactured at this facility, reflecting a change in consumer style preferences. The following summarizes our restructuring (credit) expense and restructuring related charges that were associated with the above exit and disposal activity: Three months ended (dollars in thousands) August 4, 2019 July 29, 2018 Inventory markdowns $ — $ 1,565 Employee termination benefits (35) 451 Restructuring (credit) expense and restructuring related charges (1)(2) $(35) $2,016 (1) The $35,000 credit was recorded to restructuring credit in the Consolidated Statements of Net Income for the three-month period ending August 4, 2019. (2) Of the $2.0 million, $1.6 million and $451,000 were recorded to cost of sales and restructuring expense, respectively, in the Consolidated Statements of Net Income for the three-month period ending July 29, 2018. The following summarizes the activity in accrued restructuring costs: Three months ended (dollars in thousands) August 4, 2019 July 29, 2018 Beginning balance $ 124 $ — Accrual established in fiscal 2019 — 451 Payments (47 ) (6 ) Adjustments (35 ) — Ending balance $ 42 $ 445 The above restructuring accrual pertains to employee termination benefits that were associated with the above exit and disposal activity. |
Lines of Credit
Lines of Credit | 3 Months Ended |
Aug. 04, 2019 | |
Debt Disclosure [Abstract] | |
Lines of Credit | 12. Lines of Credit Revolving Credit Agreement – United States Our Credit Agreement with Wells Fargo Bank, N.A. (“Wells Fargo”) provides a revolving loan commitment of $25 million, is set to expire on August 15, 2020, and allows us to issue letters of credit not to exceed $1 million. Interest is charged at a rate (applicable interest rate of 3.68%, 3.53%, and 3.93% at August 4, 2019, July 29, 2018, and April 28, 2019) as a variable spread over LIBOR based on our ratio of debt to EBITDA. Outstanding borrowings are secured by a pledge of 65% of the common stock of Culp International Holdings Ltd. (our subsidiary located in the Cayman Islands), as required by the Credit Agreement. There were no borrowings outstanding under the Credit Agreement at August 4, 2019 and April 28, 2019, respectively. At July 29, 2018, we had outstanding borrowings associated with the Credit Agreement totaling $4.0 million. At August 4, 2019, July 29, 2018, and April 28, 2019, there were $250,000 in outstanding letters of credit (all of which related to workers compensation) provided by the Credit Agreement. Revolving Credit Agreement – China We have an unsecured credit agreement associated with our operations in China that provides for a line of credit up to 40 million RMB ($5.8 million USD at August 4, 2019). This agreement has an interest rate determined by the Chinese government and is set to expire on January 31, 2020. There were no outstanding borrowings as of August 4, 2019, July 29, 2018, and April 28, 2019, respectively. Subordinated Loan Payable On February 7, 2019, eLuxury entered into a subordinated credit agreement with the owner of its noncontrolling interest which provides a revolving loan commitment of $1.0 million that expires on June 22, 2023. Interest is charged at a rate (applicable interest rate of 3.68% at August 4, 2019) as a variable spread over LIBOR based on Culp’s ratio of debt to EBITDA. There were outstanding borrowings under this agreement totaling $925,000 and $675,000 at August 4, 2019 and April 28, 2019, respectively. Overall Our loan agreements require, among other things, that we maintain compliance with certain financial covenants. We were in compliance with these financial covenants as of August 4, 2019. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 3 Months Ended |
Aug. 04, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | 13. Fair Value of Financial Instruments ASC Topic 820 establishes a fair value hierarchy that distinguishes between assumptions based on market data (observable inputs) and the company’s assumptions (unobservable inputs). Determining where an asset or liability falls within that hierarchy depends on the lowest level input that is significant to the fair value measurement as a whole. An adjustment to the pricing method used within either level 1 or level 2 inputs could generate a fair value measurement that effectively falls in a lower level in the hierarchy. The hierarchy consists of three broad levels as follows: Level 1 – Quoted market prices in active markets for identical assets or liabilities; Level 2 – Inputs other than level 1 inputs that are either directly or indirectly observable, and Level 3 – Unobservable inputs developed using the company’s estimates and assumptions, which reflect those that market participants would use. Recurring Basis The following table presents information about assets measured at fair value on a recurring basis: Fair value measurements at August 4, 2019 using: Quoted prices Significant other Significant (amounts in thousands) Level 1 Level 2 Level 3 Total Assets: Premier Money Market Fund $ 6,920 N/A N/A $ 6,920 Growth Allocation Fund 213 N/A N/A 213 Moderate Allocation Fund 130 N/A N/A 130 Other 84 N/A N/A 84 Fair value measurements at July 29, 2018 using: Quoted prices Significant other Significant (amounts in thousands) Level 1 Level 2 Level 3 Total Assets: Premier Money Market Fund $ 6,749 N/A N/A $ 6,749 Large Blend Fund 438 N/A N/A 438 Growth Allocation Fund 180 N/A N/A 180 Moderate Allocation Fund 117 N/A N/A 117 Other 187 N/A N/A 187 Fair value measurements at April 28, 2019 using: Quoted prices Significant other Significant (amounts in thousands) Level 1 Level 2 Level 3 Total Assets: Premier Money Market Fund $ 6,639 N/A N/A $ 6,639 Growth Allocation Fund 203 N/A N/A 203 Moderate Allocation Fund 127 N/A N/A 127 Other 112 N/A N/A 112 The determination of where an asset or liability falls in the hierarchy requires significant judgment. We evaluate our hierarchy disclosures each quarter based on various factors and it is possible that an asset or liability may be classified differently from quarter to quarter. However, we expect that changes in classifications between different levels will be rare. Short-Term and Long-Term Investments - Held-To-Maturity Our investments classified as held-to-maturity consisted of investment grade U.S. corporate bonds with maturities that ranged from 2 to 2.5 years, in which these bonds have since matured during the first quarter of fiscal 2020. These investments were classified as held-to-maturity as we had the positive intent and ability to hold these investments until maturity. Our held-to-maturity investments were recorded as either current or noncurrent in our Consolidated Balance Sheets, based on contractual maturity date in relation to the respective reporting period and recorded at amortized cost. At April 28, 2019, and July 29, 2018, our held-to-maturity investments recorded at amortized cost totaled $5.0 million and $30.8 million, respectively. The fair value of our held-to-maturity investments at April 28, 2019 and July 29, 2018, totaled $5.0 million and $30.6 million, respectively. Our U.S. corporate bonds were classified as level 2 as they were traded over the counter within a broker network and not on an active market. The fair value of our U.S. corporate bonds was determined based on a published source that provided an average bid price. The average bid price was based on various broker prices that were determined based on market conditions, interest rates, and the rating of the respective U.S. corporate bond. Long-Term Investments - Rabbi Trust We have a Rabbi Trust to set aside funds for participants of our deferred compensation plan (the “Plan”) which enables the participants to credit their contributions to various investment options of the Plan. The investments associated with the Rabbi Trust consist of a money market fund and various mutual funds that are classified as available for sale. These long-term investments are recorded at their fair values of $7.3 million, $7.7 million, and $7.1 million at August 4, 2019, July 29, 2018, and April 28, 2019, respectively. Our long-term investments had an accumulated unrealized gain of $46,000, $104,000, and $40,000 at August 4, 2019, July 29, 2018, and April 28, 2019, respectively. The fair value of our long-term investments associated with our Rabbi Trust approximates its cost basis. Other The carrying amount of our cash and cash equivalents, accounts receivable, other current assets, accounts payable, and accrued expenses approximates fair value because of the short maturity of these financial instruments. Nonrecurring Basis At July 29, 2018, we had no assets that were required to be measured at fair value on a nonrecurring basis other than the assets acquired from eLuxury (see note 3) that were acquired at fair value: Fair value measurements at July 29, 2018 using: Quoted prices in Significant other Significant (amounts in thousands) Level 1 Level 2 Level 3 Total Assets: Goodwill N/A N/A $ 13,653 $ 13,653 Tradename N/A N/A 6,549 6,549 Equipment N/A N/A 2,179 2,179 Inventory N/A N/A 1,804 1,804 Liabilities: Contingent Consideration – Earn-Out Obligation N/A N/A $ 5,600 $ 5,600 The tradename was recorded at fair market value using the royalty from relief method that used significant unobservable inputs and were classified as level 3. The contingent consideration – earn-out obligation was recorded at fair market value using the Black Sholes pricing model. Additionally, we acquired certain current assets such as accounts receivable and prepaid expenses and assumed certain liabilities such as accounts payable and accrued expenses. Based on the nature of these items and their short maturity, the carrying amount of these items approximated their fair values. See note 3 for the final allocation of the acquisition cost to the assets acquired and liabilities assumed based on their fair values. |
Cash Flow Information
Cash Flow Information | 3 Months Ended |
Aug. 04, 2019 | |
Supplemental Cash Flow Elements [Abstract] | |
Cash Flow Information | 14. Cash Flow Information Interest and income taxes paid are as follows: Three months ended (dollars in thousands) August 4, 2019 July 29, 2018 Interest $ — $ 24 Income taxes 1,822 3,223 |
Net Income Per Share
Net Income Per Share | 3 Months Ended |
Aug. 04, 2019 | |
Earnings Per Share [Abstract] | |
Net Income Per Share | 15. Net Income Per Share Basic net income per share is computed using the weighted-average number of shares outstanding during the period. Diluted net income per share uses the weighted-average number of shares outstanding during the period plus the dilutive effect of stock-based compensation calculated using the treasury stock method. Weighted average shares used in the computation of basic and diluted net income per share follows: Three months ended (amounts in thousands) August 4, 2019 July 29, 2018 Weighted average common shares outstanding, basic 12,399 12,510 Dilutive effect of stock-based compensation 11 90 Weighted average common shares outstanding, diluted 12,410 12,600 |
Segment Information
Segment Information | 3 Months Ended |
Aug. 04, 2019 | |
Segment Reporting [Abstract] | |
Segment Information | 16. Segment Information Our operations are classified into three business segments: mattress fabrics, upholstery fabrics, and home accessories. The mattress fabrics segment manufactures, sources, and sells fabrics and mattress covers primarily to bedding manufacturers. The upholstery fabrics segment develops, manufactures, sources, and sells fabrics primarily to residential and commercial furniture manufacturers. The home accessories segment is our finished products business that manufactures, sources, and sells bedding accessories and home goods directly to consumers and businesses through global e-commerce and business-to-business sales channels. We evaluate the operating performance of our segments based upon income from operations before certain unallocated corporate expenses, restructuring (credit) expense and restructuring related charges, and other non-recurring items. Cost of sales for all segments include costs to develop, manufacture, or source our products, including costs such as raw material and finished goods purchases, direct and indirect labor, overhead, and incoming freight charges. Unallocated corporate expenses primarily represent compensation and benefits for certain executive officers, all costs associated with being a public company, and other miscellaneous expenses. Segment assets include assets used in the operations of each segment and primarily consist of accounts receivable, inventories, property, plant and equipment, and right of use assets (see note 19 for further details). The mattress fabrics segment also includes in segment assets their assets held for sale and investment in an unconsolidated joint venture. Goodwill and intangible assets are not included in segment assets, as these assets are not used by the Chief Operating Decision Maker to evaluate the respective segment’s operating performance, to allocate resources to the individual segments, or determine executive compensation. Financial information for the company’s operating segments follows: Three months ended August 4, 2019 July 29, 2018 Net sales: Mattress Fabrics $ 38,685 $ 34,398 Upholstery Fabrics 31,860 34,490 Home Accessories 4,302 2,585 $ 74,847 $ 71,473 Gross profit: Mattress Fabrics $ 5,691 $ 5,302 Upholstery Fabrics 6,721 6,153 Home Accessories 953 669 Total segment gross profit $ 13,365 $ 12,124 Restructuring related charges (2) — (1,565 ) $ 13,365 $ 10,559 Selling, general, and administrative expenses Mattress Fabrics $ 3,071 $ 2,512 Upholstery Fabrics 3,846 3,626 Home Accessories 1,488 636 Unallocated corporate expenses 2,306 1,259 $ 10,711 $ 8,033 Income (loss) from operations: Mattress Fabrics $ 2,620 $ 2,790 Upholstery Fabrics 2,875 2,527 Home Accessories (535 ) 33 Unallocated corporate expenses (2,306 ) (1,259 ) Total segment income from operations 2,654 4,091 Restructuring credit (expense) and restructuring related charges (1) (2) 35 (2,016 ) Total income from operations 2,689 2,075 Interest expense (9 ) (20 ) Interest income 249 150 Other expense (87 ) (257 ) Income before income taxes $ 2,842 $ 1,948 (1) The $35 restructuring credit represents employee termination benefits associated with the closure of our upholstery fabrics plant facility located in Anderson, SC (see note 11 for further details). The $35 restructuring credit was recorded to restructuring credit in the Consolidated Statements of Net Income for the three-month period ending August 4, 2019. (2) The total charge of $2.0 million, represents a restructuring related charge of $1.6 million for inventory markdowns and a $451 restructuring charge for employee termination benefits associated with the closure of our upholstery fabrics plant facility in Anderson, SC. The $1.6 million restructuring related charge and the $451 restructuring charge were recorded to cost of sales and restructuring expense in the Consolidated Statements of Net Income for the three-month period ending July 29, 2018. Balance sheet information for the company’s operating segments follows: (dollars in thousands) August 4, 2019 July 29, 2018 April 28, 2019 Segment assets: Mattress Fabrics Accounts receivable $ 12,632 $ 11,408 $ 12,098 Inventory 24,410 31,506 24,649 Assets held for sale 100 — — Property, plant and equipment (1) 43,211 48,156 44,266 Right of use assets (2) 235 — — Investment in unconsolidated joint venture 1,520 1,525 1,508 Total mattress fabrics assets 82,108 92,595 82,521 Upholstery Fabrics Accounts receivable 11,029 11,345 11,274 Inventory 23,183 21,784 22,915 Property, plant and equipment (3) 1,856 2,370 1,795 Right of use assets (4) 3,054 — — Total upholstery fabrics assets 39,122 35,499 35,984 Home Accessories Accounts receivable 429 472 379 Inventory 3,067 1,699 3,296 Property, plant and equipment (5) 1,815 2,141 1,910 Right of use assets (6) 1,042 — — Total home accessories assets 6,353 4,312 5,585 Total segment assets 127,583 132,406 124,090 Non-segment assets: Cash and cash equivalents 44,236 8,593 40,008 Short-term investments (Held-to-Maturity) — 30,756 5,001 Current income taxes receivable 776 — 776 Other current assets 2,578 3,852 2,849 Deferred income taxes 486 3,721 457 Property, plant and equipment (7) 407 511 418 Right of use assets (8) 2,199 — — Goodwill 27,222 27,222 27,222 Intangible assets 10,354 10,730 10,448 Long-term investments (Rabbi Trust) 7,347 7,671 7,081 Noncurrent income taxes receivable 733 — 733 Other assets 526 910 643 Total assets $ 224,447 $ 226,372 $ 219,726 Three months ended (dollars in thousands) August 4, 2019 July 29, 2018 Capital expenditures (9): Mattress Fabrics $ 669 $ 1,198 Upholstery Fabrics 184 57 Home Accessories — — Unallocated Corporate 56 — Total capital expenditures $ 909 $ 1,255 Depreciation expense: Mattress Fabrics $ 1,620 $ 1,762 Upholstery Fabrics 190 215 Home Accessories 95 38 Total depreciation expense $ 1,905 $ 2,015 (1) The $43.2 million at August 4, 2019, represents property, plant, and equipment of $31.2 million and $12.0 million located in the U.S. and Canada, respectively. The $48.2 million at July 29, 2018, represents property, plant, and equipment of $35.1 million and $13.1 million located in the U.S. and Canada, respectively. The $44.3 million at April 28, 2019, represents property, plant, and equipment of $32.4 million and $11.9 million located in the U.S. and Canada, respectively. (2) The $235 at August 4, 2019, represents right of use assets located in the U.S. (3) The $1.9 million at August 4, 2019, represents property, plant, and equipment of $1.3 million and $548 located in the U.S. and China, respectively. The $2.4 million at July 29, 2018, represents property, plant, and equipment of $1.8 million and $616 located in the U.S. and China, respectively. The $1.8 million at April 28, 2019, represents property, plant, and equipment of $1.2 million and $591 located in the U.S. and China, respectively. (4) The $3.1 million at August 4, 2019, represents right of use assets of $1.8 million and $1.3 million located in China and the U.S., respectively (5) The $1.8 million at August 4, 2019, $2.1 million at July 29, 2018, and $1.9 million at April 28, 2019, represents property, plant and equipment located in the U.S. (6) The $1.0 million at August 4, 2019, represents right of use assets located in the U.S. (7) The $407, $511, and $418 at August 4, 2019, July 29, 2018, and April 28, 2019, respectively, represent property, plant, and equipment associated with unallocated corporate departments and corporate departments shared by our mattress fabrics, upholstery fabrics, and home accessories segments. Property, plant, and equipment associated with our corporate departments reside in the U.S. (8) The $2.2 million at August 4, 2019, represents right of use assets located in the U.S. (9) Capital expenditure amounts are stated on the accrual basis. See Consolidated Statements of Cash Flows for capital expenditure amounts on a cash basis. |
Income Taxes
Income Taxes | 3 Months Ended |
Aug. 04, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 17. Income Taxes Effective Income Tax Rate We recorded income tax expense of $1.7 million, or 59.1% of income before income taxes, for the three- month period ended August 4, 2019, compared with income tax expense of $906,000, or 46.5% of income before income taxes, for the three-month period ended July 29, 2018. Our effective income tax rates for the three-month periods ended August 4, 2019, and July 29, 2018, were based upon the estimated effective income tax rate applicable for the full year after giving effect to any significant items related specifically to interim periods. The effective income tax rate can be affected over the fiscal year by the mix and timing of actual earnings from our U.S. operations and foreign subsidiaries located in China and Canada versus annual projections, as well as changes in foreign currency exchange rates in relation to the U.S. dollar. The following schedule summarizes the principal differences between income tax expense at the U.S. federal income tax rate and the effective income tax rate reflected in the consolidated financial statements: 2020 2019 U.S. federal income tax rate 21.0 % 21.0 % Global Intangible Low Taxed Income Tax (GILTI) 23.7 2.5 Foreign income tax rate differential 10.6 8.3 Tax effects of Chinese foreign exchange gains 1.3 2.1 Change in estimate of U.S. valuation allowance 1.8 8.6 Excess income tax deficiency related to stock-based compensation 0.8 1.7 Other (0.1 ) 2.3 59.1 % 46.5 % Deferred Income Taxes Valuation Allowance In accordance with ASC Topic 740, we evaluate our deferred income taxes to determine if a valuation allowance is required. ASC Topic 740 requires that companies assess whether a valuation allowance should be established based on the consideration of all available evidence using a “more-likely-than-not” standard, with significant weight being given to evidence that can be objectively verified. Since the company operates in multiple jurisdictions, we assess the need for a valuation allowance on a jurisdiction-by-jurisdiction basis, taking into account the effects of local tax law. Based on our assessments at August 4, 2019, July 29, 2018, and April 28, 2019, valuation allowances against our deferred income taxes pertain to the following jurisdictions: August 4, July 29, April 28, (dollars in thousands) 2019 2018 2019 U.S. state loss carryforwards and credits $ 711 849 666 U.S. foreign income tax credits — 4,550 82 $ 711 5,399 748 Undistributed Earnings In accordance with ASC Topic 740, we assess whether the undistributed earnings from our foreign subsidiaries will be reinvested indefinitely or eventually distributed to our U.S. parent company. ASC Topic 740 requires that a deferred tax liability should be recorded for undistributed earnings from foreign subsidiaries that will not be reinvested indefinitely. Based on our assessment as of August 4, 2019, it is our intention not to permanently invest our undistributed earnings from our foreign subsidiaries. Also, we assess the recognition of U.S. foreign income tax credits associated with foreign withholding and income tax payments and whether it is more-likely-than-not that our foreign income tax credits will not be realized. If it is determined that any foreign income tax credits need to be recognized or it is more-likely-than-not our foreign income tax credits will not be realized, an adjustment to our provision for income taxes will be recognized at that time. As a result of the 2017 Tax Cuts and Jobs Act, a U.S. corporation is allowed a 100% dividend received deduction for earnings and profits received from a 10% owned foreign corporation. Therefore, a deferred tax liability will be required for withholding taxes that are incurred by our foreign subsidiaries at the time earnings and profits are distributed. As a result, at August 4, 2019, July 29, 2018, and April 28, 2019, we recorded a deferred income tax liability of $2.9 million, $2.8 million, and $3.5 million, respectively, for withholding taxes on undistributed earnings and profits from our foreign subsidiaries. Uncertainty In Income Taxes In accordance with ASC Topic 740, an unrecognized income tax benefit for an uncertain income tax position can be recognized in the first interim period if the more-likely-than-not recognition threshold is met by the reporting period, or is effectively settled through examination, negotiation, or litigation, or the statute of limitations for the relevant taxing authority to examine and challenge the tax position has expired. If it is determined that any of the above conditions occur regarding our uncertain income tax positions, an adjustment to our unrecognized income tax benefits will be recorded at that time. At August 4, 2019, we had a $914,000 total gross unrecognized income tax benefit that was recorded to income taxes payable- long-term in the accompanying Consolidated Balance Sheets. At July 29, 2018, we had a $820,000 total gross unrecognized income tax benefit, of which $440,000 and $380,000 were classified as income taxes payable – long-term and non-current deferred income taxes, respectively, in the accompanying Consolidated Balance Sheets. At April 28, 2019, we had a $903,000 total gross unrecognized income tax benefit, of which $523,000 and $380,000 were classified as income taxes payable – long-term and non-current deferred income taxes respectively, in the accompanying Consolidated Balance Sheets. At August 4, 2019, our $914,000 total gross unrecognized income tax benefit would favorably affect the income tax rate in future periods. At July 29, 2018, our $820,000 total gross unrecognized income tax benefit included $440,000 that, if recognized, would favorably affect the income tax rate in future periods. At April 28, 2019, our $903,000 total gross unrecognized income tax benefit included $523,000 that, if recognized, would favorably affect the income tax rate in future periods. Our gross unrecognized income tax benefit of $914,000, relates to income tax positions for which significant change is currently not expected within the next year. This amount primarily relates to double taxation under applicable income tax treaties with foreign tax jurisdictions. |
Stock-Based Compensation
Stock-Based Compensation | 3 Months Ended |
Aug. 04, 2019 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-Based Compensation | 18. Stock-Based Compensation Equity Incentive Plan Description On September 16, 2015, our shareholders approved an equity incentive plan entitled the Culp, Inc. 2015 Equity Incentive Plan (the “2015 Plan”). The 2015 Plan authorizes the grant of stock options intended to qualify as incentive stock options, nonqualified stock options, stock appreciation rights, restricted stock, restricted stock units, performance units, and other equity and cash related awards as determined by our Compensation Committee. An aggregate of 1,200,000 shares of common stock were authorized for issuance under the 2015 Plan, with certain sub-limits that would apply with respect to specific types of awards that may be issued as defined in the 2015 Plan. At August 4, 2019, there were 913,648 shares available for future equity-based grants under our 2015 plan. Performance-Based Restricted Stock Units Executive Management We grant performance-based restricted stock units to certain senior executives which could earn up to a certain number of shares of common stock if certain performance targets are met over a three-fiscal year performance period as defined in the related restricted stock unit agreements. The number of shares of common stock that are earned based on the performance targets that have been achieved will be adjusted based on a market-based total shareholder return component as defined in the related restricted stock unit agreements. Compensation cost is measured based on their fair market value on the date of grant. The fair market value per share is determined using the Monte Carlo simulation model for the market-based total shareholder return component and the closing price of our common stock for the performance-based components. Key Employees and a Non-Employee We grant performance-based restricted stock units which could earn up to a certain number of shares of common stock if certain performance targets are met over a three-fiscal year performance period as defined in the related restricted stock unit agreements. Our performance-based restricted stock units granted to key employees were measured based on the fair market value (the closing price of our common stock) on the date of grant. No market-based total shareholder return component was included in these awards. Our performance-based restricted stock units granted to a non-employee, which vested during the first quarter of fiscal 2020, were measured based on the fair market value (the closing price of our common stock) on the date when the performance criteria was met. The following table summarizes information related to our grants of performance-based restricted stock units associated with certain senior executives and key employees that are currently unvested: Date of Grant (3) Price Per Vesting July 18, 2019 (1) 93,653 $ 18.49 (6) 3 years July 18, 2019 (2) 15,213 $ 18.49 (6) 3 years August 2, 2018 (1) 86,599 $ 18.51 (4) 3 years August 2, 2018 (2) 47,800 $ 24.35 (6) 3 years July 13, 2017 (1) 78,195 $ 31.85 (5) 3 years July 13, 2017 (2) 44,000 $ 32.50 (6) 3 years (1) Performance-based restricted stock units awarded to certain senior executives. (2) Performance-based restricted stock units awarded to key employees. (3) Amounts represent the maximum number of common stock shares that could be earned if certain performance targets are met as defined in the related restricted stock unit agreements. (4) Price per share represents the fair market value per share ($0.76 per $1 or a reduction of $5.84 to the closing price of the our common stock on the date of grant) determined using the Monte Carlo simulation model for the market-based total shareholder return component and the closing price of our common stock ($24.35) for the performance-based components of the performance-based restricted stock units granted to certain senior executives on August 2, 2018. (5) Price per share represents the fair market value per share ($0.98 per $1 or a reduction of $0.65 to the closing price of the our common stock on the date of grant) determined using the Monte Carlo simulation model for the market-based total shareholder return component and the closing price of our common stock ($32.50) for the performance-based components of the performance-based restricted stock units granted to certain senior executives on July 13, 2017. (6) Price per share represents the closing price of our common stock on the date of grant. The following table summarizes information related to our performance-based restricted stock units that vested during the three-month periods ending August 4, 2019 and July 29, 2018: Fiscal Year Restricted Stock (3) Weighted Average Fiscal 2020 (1) 9,489 $ 165 $ 17.36 (4) Fiscal 2020 (2) 4,148 $ 72 $ 17.36 (4) Fiscal 2019 (1) 128,632 $ 3,754 $ 29.19 (4) Fiscal 2019 (2) 10,364 $ 320 $ 30.90 (4) (1) Certain senior executives and key employees. (2) Non-employee (3) Dollar amounts are in thousands. (4) The weighted average price per share is derived from the closing prices of our common stock on the dates the respective performance based restricted stock units vested. Overall We recorded compensation expense of $68,000 and a credit to compensation expense of $506,000 within selling, general, and administrative expenses for the three-month periods ending August 4, 2019, and July 29, 2018, respectively. Compensation cost is recorded based on an assessment each reporting period of the probability that certain performance goals will be met during the vesting period. If performance goals are not probable of occurrence, compensation cost will not be recorded and any previously recognized compensation cost would be reversed. At August 4, 2019, the remaining unrecognized compensation cost related to our performance based restricted stock units was $1.4 million, which is expected to be recognized over a weighted average vesting period of 2.7 years. At August 4, 2019, the performance based restricted stock units that were expected to vest had a fair value totaling $1.5 million. Time Based Restricted Stock Units The following table summarizes information related to our grants of time-based restricted stock units associated with key members of management that are currently unvested: Date of Grant Time Based Stock Price Per Vesting July 18, 2019 15,213 $ 18.49 (1) 3 years August 2, 2018 10,000 $ 24.35 (1) 5 years (1) Price per share represents closing price of common stock on the date the respective award was granted The following table summarizes information related to our time-based restricted stock units that vested during the three-month periods ending August 4, 2019 and July 29, 2018: Fiscal Year Restricted Stock (1) Weighted Average Fiscal 2020 — $ — — Fiscal 2019 1,200 $ 21 $ 17.36 (2) (1) Dollar amounts are in thousands. (2) The weighted average price per share is derived from the closing prices of our common stock on the dates the respective time-based restricted stock units vested. Overall We recorded compensation expense of $16,000 and $5,000 within selling, general, and administrative expense associated with our time vested restricted stock unit awards for the three-month periods ending August 4, 2019, and July 29, 2018, respectively. At August 4, 2019, the remaining unrecognized compensation cost related to our time vested restricted stock units was $467,000, which is expected to be recognized over a weighted average vesting period of 3.3 years. At August 4, 2019, the time vested restricted stock awards that were expected to vest had a fair value totaling $435,000. Common Stock Award We granted a total of 3,659 shares of common stock to our outside directors on July 1, 2019. These shares of common stock vested immediately and were measured at their fair value on the date of grant. The fair value of this award was $19.21 per share on July 1, 2019, which represents the closing price of our common stock on the date of grant. We recorded $70,000 of compensation expense within selling, general, and administrative expense for these common stock awards for the three-months ending August 4, 2019. |
Leases
Leases | 3 Months Ended |
Aug. 04, 2019 | |
Assets and Liabilities, Lessee [Abstract] | |
Leases | 19. Leases Overview We lease manufacturing facilities, office space, distribution centers, and equipment under operating lease arrangements. We determine if an arrangement is a lease at its inception if it conveys the right to control the use of identified property, plant, or equipment for a period of time in exchange for consideration. Operating leases with an initial term of 12 months or less are not recognized in our Consolidated Balance Sheets. We recognize a right of use asset and lease liability on the commencement date of a lease arrangement based on the present value of lease payments over the lease term. Our operating leases have remaining lease terms of 1 to 6 years, with renewal options for additional periods ranging up to 10 years. A lease term may include renewal options if it is reasonably certain that the option to renew a lease period will be exercised. A renewal option is considered reasonably certain to be exercised if there is a significant economic incentive, as defined in Topic 842, to exercise the renewal option on the date a lease arrangement is commenced. Currently, renewal options are not included in the lease terms for any of our leases, as there is not a significant economic incentive for us to exercise any of our renewal options. Most of our leases do not provide an implicit interest rate, and as a result, we use our incremental borrowing rate based on information available on the commencement date of a lease arrangement in determining the present value of lease our payments. Balance Sheet The right of use asset and lease liabilities associated with our operating leases as of August 4, 2019, and April 29, 2019, are as follows: (dollars in thousands) August 4, 2019 (1) Right of use asset $ 6,530 $ 7,191 Operating lease liability – current 2,456 2,629 Operating lease liability – noncurrent 3,955 4,473 (1) Represents adoption date of Topic 842. Supplemental Cash Flow Information (dollars in thousands) Three Months Operating lease liability payments $ 657 Right of use assets exchanged for lease liabilities — Operating lease expense for the three-months ended August 4, 2019, was $719,000. Short-term lease and variable lease expenses were immaterial for the three-months ended August 4, 2019. Other Information Maturity of our operating lease liabilities for the remainder of fiscal 2020, the subsequent next four fiscal years, and thereafter follows: (dollars in thousands) 2020 $ 2,025 2021 2,044 2022 1,096 2023 683 2024 659 Thereafter 346 $ 6,853 Less: interest (442 ) Present value of lease liabilities $ 6,411 As of August 4, 2019, the weighted average remaining lease term and discount rate for our operating leases follows: (dollars in thousands) August 4, 2019 Weighted average lease term 3.5 years Weighted average discount rate 3.82 % |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Aug. 04, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 20. Commitments and Contingencies Litigation The company is involved in legal proceedings and claims which have arisen in the ordinary course of business. Management has determined that it is not reasonably possible that these actions, when ultimately concluded and settled, will have a material adverse effect upon the financial position, results of operations, or cash flows of the company. Accounts Payable – Capital Expenditures At August 4, 2019, July 29, 2018, and April 28, 2019, we had total amounts due regarding capital expenditures totaling $60,000, $862,000, and $78,000, respectively, which pertained to outstanding vendor invoices, none of which were financed. These total outstanding amounts were required to be paid based on normal credit terms. Purchase Commitments – Capital Expenditures At August 4, 2019, we had open purchase commitments to acquire equipment for our mattress fabrics segment totaling $1.5 million. |
Statutory Reserves
Statutory Reserves | 3 Months Ended |
Aug. 04, 2019 | |
Text Block [Abstract] | |
Statutory Reserves | 21. Statutory Reserves Our subsidiaries located in China are required to transfer 10% of their net income, as determined in accordance with the People’s Republic of China (PRC) accounting rules and regulations, to a statutory surplus reserve fund until such reserve balance reaches 50% of the company’s registered capital. The transfer to this reserve must be made before distributions of any dividend to shareholders. As of August 4, 2019, the company’s statutory surplus reserve was $4.2 million, representing 10% of accumulated earnings and profits determined in accordance with PRC accounting rules and regulations. The surplus reserve fund is non-distributable other than during liquidation and can be used to fund previous years’ losses, if any, and may be utilized for business expansion or converted into share capital by issuing new shares to existing shareholders in proportion to their shareholding or by increasing the par value of the shares currently held by them provided that the remaining reserve balance after such issue is not less than 25% of the registered capital. Our subsidiaries located in China can transfer funds to the parent company excerpt for the statutory surplus reserve of $4.2 million to assist with debt repayment, capital expenditures, and other expenses of the company’s business. |
Common Stock Repurchase Program
Common Stock Repurchase Program | 3 Months Ended |
Aug. 04, 2019 | |
Text Block [Abstract] | |
Common Stock Repurchase Program | 22. Common Stock Repurchase Program On June 15, 2016, we announced that our board of directors approved an authorization for us to acquire up to $5.0 million of our common stock. During the three-month period ended August 4, 2019, we did not purchase any shares of our common stock. At August 4, 2019, we had $1.7 million available for repurchases of our common stock associated with the $5.0 million repurchase program approved by our board of directors on June 15, 2016. On September 5, 2019, we announced that our board of directors approved an authorization for us to acquire up to $5.0 million of our common stock. Under the common stock repurchase program, shares may be purchased from time to time in open market transactions, block trades, through plans established under the Securities Exchange Act Rule 10b5-1, or otherwise. The number of shares purchased and the timing of such purchases will be based on working capital requirements, market and general business conditions, and other factors, including alternative investment opportunities. |
Dividend Program
Dividend Program | 3 Months Ended |
Aug. 04, 2019 | |
Text Block [Abstract] | |
Dividend Program | 23. Dividend Program On September 5, 2019, we announced that our board of directors approved a quarterly cash dividend of $0.10 per share. This payment will be made on or about October 15, 2019, to shareholders of record as of October 4, 2019. During the three-months ended August 4, 2019, dividend payments totaled $1.2 million, which represented a quarterly dividend payment of $0.10 per share. During three-months ended July 29, 2018, dividend payments totaled $1.1 million, which represented a quarterly dividend payment of $0.09 per share. Future dividend payments are subject to board approval and may be adjusted at the board’s discretion as business needs or market conditions change. |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 3 Months Ended |
Aug. 04, 2019 | |
Accounting Policies [Abstract] | |
Recently Adopted and Issued Accounting Pronouncements | Recently Adopted Accounting Pronouncements Leases In February 2016, the FASB issued ASU No. 2016-02, Leases Topic 842 allows the election of several practical expedients as part of adopting this new standard. We elected the “package of practical expedients” which permits us not to reassess, under Topic 842, our previous conclusions regarding lease identification and classification. We did not elect the use of hindsight with respect to determining the lease term. Also, Topic 842 provides practical expedients after adopting the new standard. We elected the short-term lease exemption, and therefore, we will not recognize ROU assets or lease liabilities for leases shorter than twelve months. We did not elect the practical expedient to combine lease and non-lease components for any class of assets and will account for lease components separately from non-lease components. The adoption of Topic 842 had a material effect on our Consolidated Balance Sheets and increased the required disclosures in our notes to the consolidated financial statements (see Note 19 for further details). The most significant effect related to the recognition of ROU assets totaling $7.2 million that were mostly offset by the recognition of lease liabilities totaling $7.1 million on our Consolidated Balance Sheets. The adoption of Topic 842 did not have a material impact on our Consolidated Statements of Net Income and our Consolidated Statement of Cash Flows. Recently Issued Accounting Pronouncements The company has considered all recent accounting pronouncements and currently believes there are no recent accounting pronouncements that may have a material impact on our Consolidated Financial Statements. |
Business Combinations (Tables)
Business Combinations (Tables) | 3 Months Ended |
Aug. 04, 2019 | |
Schedule of Unaudited Pro Forma Consolidated Results of Operations | The following unaudited pro forma consolidated results of operations for the three-month periods ending August 4, 2019, and July 29, 2018, have been prepared as if the acquisition of eLuxury had occurred on May 1, 2017. Three Months Ended (dollars in thousands, except per share data) August 4, 2019 July 29, 2018 Net Sales $ 74,847 $ 74,598 Income from operations 2,689 2,073 Net income 1,174 939 Net loss – noncontrolling interest 164 — Net income – Culp Inc. common shareholders 1,338 939 Net income per share (basic) – Culp Inc. common shareholders 0.11 0.08 Net income per share (diluted) – Culp Inc. common shareholders 0.11 0.07 |
eLuxury [Member] | |
Schedule of Allocation of Acquisition Cost to Assets Acquired and Liabilities Assumed | The following table presents the final allocation of the acquisition cost to the assets acquired and liabilities assumed based on their fair values. (dollars in thousands) Fair Value Goodwill $ 13,653 Tradename 6,549 Equipment 2,179 Inventory 1,804 Accounts receivable and other current assets 108 Accounts payable (1,336 ) Accrued expenses (295 ) Non-controlling interest in eLuxury (4,532 ) $ 18,130 |
Allowance for Doubtful Accoun_2
Allowance for Doubtful Accounts (Tables) | 3 Months Ended |
Aug. 04, 2019 | |
Receivables [Abstract] | |
Summary of the Activity in the Allowance for Doubtful Accounts | A summary of the activity in the allowance for doubtful accounts follows: Three months ended (dollars in thousands) August 4, 2019 July 29, 2018 Beginning balance $ 393 $ 357 Provision for bad debts (30 ) 9 Net write-offs, net of recoveries — — Ending balance $ 363 $ 366 |
Revenue from Contracts with C_2
Revenue from Contracts with Customers (Tables) | 3 Months Ended |
Aug. 04, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Summary of Activity for Deferred Revenue | A summary of the activity of deferred revenue for the three-month periods ended August 4, 2019, and July 29, 2018, follows: Three months ended (dollars in thousands) August 4, 2019 July 29, 2018 Beginning balance $ 399 $ 809 Revenue recognized on contract liabilities (483 ) (742 ) Payments received for services not yet rendered 768 567 Ending balance $ 684 $ 634 |
Summary of Disaggregation of Revenue | The following table presents our disaggregated revenue by segment, timing of revenue recognition, and product sales versus services rendered for the three-month period ending August 4, 2019: Net Sales (dollars in thousands) Mattress Upholstery Home Total Products transferred at a point in time $ 38,685 $ 29,827 $ 4,302 $ 72,814 Services transferred over time — 2,033 — 2,033 Total Net Sales $ 38,685 $ 31,860 $ 4,302 $ 74,847 The following table presents our disaggregated revenue by segment, timing of revenue recognition, and product sales versus services rendered for the three-month period ending July 29, 2018: Net Sales (dollars in thousands) Mattress Upholstery Home Total Products transferred at a point in time $ 34,398 $ 31,821 $ 2,585 $ 68,804 Services transferred over time — 2,669 — 2,669 Total Net Sales $ 34,398 $ 34,490 $ 2,585 $ 71,473 |
Inventories (Tables)
Inventories (Tables) | 3 Months Ended |
Aug. 04, 2019 | |
Inventory Disclosure [Abstract] | |
Summary of Inventories | A summary of inventories follows: (dollars in thousands) August 4, 2019 July 29, 2018 April 28, 2019 Raw materials $ 6,467 $ 5,291 $ 5,617 Work-in-process 2,677 2,413 2,289 Finished goods 41,516 47,285 42,954 $ 50,660 $ 54,989 $ 50,860 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 3 Months Ended |
Aug. 04, 2019 | |
Summary of Intangible Assets | A summary of intangible assets follows: (dollars in thousands) August 4, 2019 July 29, 2018 April 28, 2019 Tradenames $ 7,232 $ 7,232 $ 7,232 Customer relationships, net 2,463 2,764 2,538 Non-compete agreement, net 659 734 678 $ 10,354 $ 10,730 $ 10,448 |
Summary of Acquired Tradenames | A summary of the carrying amount of our tradenames follows: Three months ended (dollars in thousands) August 4, 2019 July 29, 2018 Beginning balance $ 7,232 $ 683 Acquisition of business (note 3) — 6,549 Ending balance $ 7,232 $ 7,232 |
Customer Relationships [Member] | |
Summary of Change in Carrying Amount of Finite-Lived Intangible Assets | A summary of the change in the carrying amount of our customer relationships follows: Three months ended (dollars in thousands) August 4, 2019 July 29, 2018 Beginning balance $ 2,538 $ 2,839 Amortization expense (75 ) (75 ) Ending balance $ 2,463 $ 2,764 |
Non-Compete Agreement [Member] | |
Summary of Change in Carrying Amount of Finite-Lived Intangible Assets | A summary of the change in the carrying amount of our non-compete agreement follows: Three months ended (dollars in thousands) August 4, 2019 July 29, 2018 Beginning balance $ 678 $ 753 Amortization expense (19 ) (19 ) Ending balance $ 659 $ 734 |
Goodwill (Tables)
Goodwill (Tables) | 3 Months Ended |
Aug. 04, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Summary of Change in Carrying Amount of Goodwill | A summary of the change in the carrying amount of goodwill follows: Three months ended (dollars in thousands) August 4, 2019 July 29, 2018 Beginning balance $ 27,222 $ 13,569 Acquisition of business (see note 3) — 13,653 Ending balance $ 27,222 $ 27,222 |
Investment in Unconsolidated _2
Investment in Unconsolidated Joint Venture (Tables) | 3 Months Ended |
Aug. 04, 2019 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Summary of Equity Method Investment | The following table summarizes information on assets, liabilities and members’ equity of our equity method investment in CLIH: (dollars in thousands) August 4, July 29, April 28, Total assets $ 3,161 $ 3,153 $ 3,126 Total liabilities $ 120 $ 103 $ 111 Total members’ equity $ 3,041 $ 3,050 $ 3,015 |
Accrued Expenses (Tables)
Accrued Expenses (Tables) | 3 Months Ended |
Aug. 04, 2019 | |
Text Block [Abstract] | |
Summary of Accrued Expenses | A summary of accrued expenses follows: (dollars in thousands) August 4, 2019 July 29, 2018 April 28, 2019 Compensation, commissions and related benefits $ 3,493 $ 3,719 $ 4,229 Interest 13 12 4 Other accrued expenses 5,393 5,194 5,292 $ 8,899 $ 8,925 $ 9,525 |
Exit and Disposal Activity (Tab
Exit and Disposal Activity (Tables) | 3 Months Ended |
Aug. 04, 2019 | |
Restructuring and Related Activities [Abstract] | |
Summary Restructuring Credit (Expense) and Related Charges Associated With Exit and Disposal Activity | The following summarizes our restructuring (credit) expense and restructuring related charges that were associated with the above exit and disposal activity: Three months ended (dollars in thousands) August 4, 2019 July 29, 2018 Inventory markdowns $ — $ 1,565 Employee termination benefits (35) 451 Restructuring (credit) expense and restructuring related charges (1)(2) $(35) $2,016 (1) The $35,000 credit was recorded to restructuring credit in the Consolidated Statements of Net Income for the three-month period ending August 4, 2019. (2) Of the $2.0 million, $1.6 million and $451,000 were recorded to cost of sales and restructuring expense, respectively, in the Consolidated Statements of Net Income for the three-month period ending July 29, 2018. |
Summary of Activity in Restructuring Accrual | The following summarizes the activity in accrued restructuring costs: Three months ended (dollars in thousands) August 4, 2019 July 29, 2018 Beginning balance $ 124 $ — Accrual established in fiscal 2019 — 451 Payments (47 ) (6 ) Adjustments (35 ) — Ending balance $ 42 $ 445 |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 3 Months Ended |
Aug. 04, 2019 | |
Fair Value Disclosures [Abstract] | |
Schedule of Assets Measured at Fair Value on a Recurring Basis | The following table presents information about assets measured at fair value on a recurring basis: Fair value measurements at August 4, 2019 using: Quoted prices Significant other Significant (amounts in thousands) Level 1 Level 2 Level 3 Total Assets: Premier Money Market Fund $ 6,920 N/A N/A $ 6,920 Growth Allocation Fund 213 N/A N/A 213 Moderate Allocation Fund 130 N/A N/A 130 Other 84 N/A N/A 84 Fair value measurements at July 29, 2018 using: Quoted prices Significant other Significant (amounts in thousands) Level 1 Level 2 Level 3 Total Assets: Premier Money Market Fund $ 6,749 N/A N/A $ 6,749 Large Blend Fund 438 N/A N/A 438 Growth Allocation Fund 180 N/A N/A 180 Moderate Allocation Fund 117 N/A N/A 117 Other 187 N/A N/A 187 Fair value measurements at April 28, 2019 using: Quoted prices Significant other Significant (amounts in thousands) Level 1 Level 2 Level 3 Total Assets: Premier Money Market Fund $ 6,639 N/A N/A $ 6,639 Growth Allocation Fund 203 N/A N/A 203 Moderate Allocation Fund 127 N/A N/A 127 Other 112 N/A N/A 112 |
Schedule of Assets Measured at Fair Value on a Nonrecurring Basis | At July 29, 2018, we had no assets that were required to be measured at fair value on a nonrecurring basis other than the assets acquired from eLuxury (see note 3) that were acquired at fair value: Fair value measurements at July 29, 2018 using: Quoted prices in Significant other Significant (amounts in thousands) Level 1 Level 2 Level 3 Total Assets: Goodwill N/A N/A $ 13,653 $ 13,653 Tradename N/A N/A 6,549 6,549 Equipment N/A N/A 2,179 2,179 Inventory N/A N/A 1,804 1,804 Liabilities: Contingent Consideration – Earn-Out Obligation N/A N/A $ 5,600 $ 5,600 |
Cash Flow Information (Tables)
Cash Flow Information (Tables) | 3 Months Ended |
Aug. 04, 2019 | |
Supplemental Cash Flow Elements [Abstract] | |
Schedule of Interest and Income Taxes Paid | Interest and income taxes paid are as follows: Three months ended (dollars in thousands) August 4, 2019 July 29, 2018 Interest $ — $ 24 Income taxes 1,822 3,223 |
Net Income Per Share (Tables)
Net Income Per Share (Tables) | 3 Months Ended |
Aug. 04, 2019 | |
Earnings Per Share [Abstract] | |
Schedule of Weighted Average Shares Used in the Computation of Basic and Diluted Net (Loss) Income Per Share | Weighted average shares used in the computation of basic and diluted net income per share follows: Three months ended (amounts in thousands) August 4, 2019 July 29, 2018 Weighted average common shares outstanding, basic 12,399 12,510 Dilutive effect of stock-based compensation 11 90 Weighted average common shares outstanding, diluted 12,410 12,600 |
Segment Information (Tables)
Segment Information (Tables) | 3 Months Ended |
Aug. 04, 2019 | |
Segment Reporting [Abstract] | |
Schedule of Operating Segments Information | Financial information for the company’s operating segments follows: Three months ended August 4, 2019 July 29, 2018 Net sales: Mattress Fabrics $ 38,685 $ 34,398 Upholstery Fabrics 31,860 34,490 Home Accessories 4,302 2,585 $ 74,847 $ 71,473 Gross profit: Mattress Fabrics $ 5,691 $ 5,302 Upholstery Fabrics 6,721 6,153 Home Accessories 953 669 Total segment gross profit $ 13,365 $ 12,124 Restructuring related charges (2) — (1,565 ) $ 13,365 $ 10,559 Selling, general, and administrative expenses Mattress Fabrics $ 3,071 $ 2,512 Upholstery Fabrics 3,846 3,626 Home Accessories 1,488 636 Unallocated corporate expenses 2,306 1,259 $ 10,711 $ 8,033 Income (loss) from operations: Mattress Fabrics $ 2,620 $ 2,790 Upholstery Fabrics 2,875 2,527 Home Accessories (535 ) 33 Unallocated corporate expenses (2,306 ) (1,259 ) Total segment income from operations 2,654 4,091 Restructuring credit (expense) and restructuring related charges (1) (2) 35 (2,016 ) Total income from operations 2,689 2,075 Interest expense (9 ) (20 ) Interest income 249 150 Other expense (87 ) (257 ) Income before income taxes $ 2,842 $ 1,948 (1) The $35 restructuring credit represents employee termination benefits associated with the closure of our upholstery fabrics plant facility located in Anderson, SC (see note 11 for further details). The $35 restructuring credit was recorded to restructuring credit in the Consolidated Statements of Net Income for the three-month period ending August 4, 2019. (2) The total charge of $2.0 million, represents a restructuring related charge of $1.6 million for inventory markdowns and a $451 restructuring charge for employee termination benefits associated with the closure of our upholstery fabrics plant facility in Anderson, SC. The $1.6 million restructuring related charge and the $451 restructuring charge were recorded to cost of sales and restructuring expense in the Consolidated Statements of Net Income for the three-month period ending July 29, 2018. Balance sheet information for the company’s operating segments follows: (dollars in thousands) August 4, 2019 July 29, 2018 April 28, 2019 Segment assets: Mattress Fabrics Accounts receivable $ 12,632 $ 11,408 $ 12,098 Inventory 24,410 31,506 24,649 Assets held for sale 100 — — Property, plant and equipment (1) 43,211 48,156 44,266 Right of use assets (2) 235 — — Investment in unconsolidated joint venture 1,520 1,525 1,508 Total mattress fabrics assets 82,108 92,595 82,521 Upholstery Fabrics Accounts receivable 11,029 11,345 11,274 Inventory 23,183 21,784 22,915 Property, plant and equipment (3) 1,856 2,370 1,795 Right of use assets (4) 3,054 — — Total upholstery fabrics assets 39,122 35,499 35,984 Home Accessories Accounts receivable 429 472 379 Inventory 3,067 1,699 3,296 Property, plant and equipment (5) 1,815 2,141 1,910 Right of use assets (6) 1,042 — — Total home accessories assets 6,353 4,312 5,585 Total segment assets 127,583 132,406 124,090 Non-segment assets: Cash and cash equivalents 44,236 8,593 40,008 Short-term investments (Held-to-Maturity) — 30,756 5,001 Current income taxes receivable 776 — 776 Other current assets 2,578 3,852 2,849 Deferred income taxes 486 3,721 457 Property, plant and equipment (7) 407 511 418 Right of use assets (8) 2,199 — — Goodwill 27,222 27,222 27,222 Intangible assets 10,354 10,730 10,448 Long-term investments (Rabbi Trust) 7,347 7,671 7,081 Noncurrent income taxes receivable 733 — 733 Other assets 526 910 643 Total assets $ 224,447 $ 226,372 $ 219,726 Three months ended (dollars in thousands) August 4, 2019 July 29, 2018 Capital expenditures (9): Mattress Fabrics $ 669 $ 1,198 Upholstery Fabrics 184 57 Home Accessories — — Unallocated Corporate 56 — Total capital expenditures $ 909 $ 1,255 Depreciation expense: Mattress Fabrics $ 1,620 $ 1,762 Upholstery Fabrics 190 215 Home Accessories 95 38 Total depreciation expense $ 1,905 $ 2,015 (1) The $43.2 million at August 4, 2019, represents property, plant, and equipment of $31.2 million and $12.0 million located in the U.S. and Canada, respectively. The $48.2 million at July 29, 2018, represents property, plant, and equipment of $35.1 million and $13.1 million located in the U.S. and Canada, respectively. The $44.3 million at April 28, 2019, represents property, plant, and equipment of $32.4 million and $11.9 million located in the U.S. and Canada, respectively. (2) The $235 at August 4, 2019, represents right of use assets located in the U.S. (3) The $1.9 million at August 4, 2019, represents property, plant, and equipment of $1.3 million and $548 located in the U.S. and China, respectively. The $2.4 million at July 29, 2018, represents property, plant, and equipment of $1.8 million and $616 located in the U.S. and China, respectively. The $1.8 million at April 28, 2019, represents property, plant, and equipment of $1.2 million and $591 located in the U.S. and China, respectively. (4) The $3.1 million at August 4, 2019, represents right of use assets of $1.8 million and $1.3 million located in China and the U.S., respectively (5) The $1.8 million at August 4, 2019, $2.1 million at July 29, 2018, and $1.9 million at April 28, 2019, represents property, plant and equipment located in the U.S. (6) The $1.0 million at August 4, 2019, represents right of use assets located in the U.S. (7) The $407, $511, and $418 at August 4, 2019, July 29, 2018, and April 28, 2019, respectively, represent property, plant, and equipment associated with unallocated corporate departments and corporate departments shared by our mattress fabrics, upholstery fabrics, and home accessories segments. Property, plant, and equipment associated with our corporate departments reside in the U.S. (8) The $2.2 million at August 4, 2019, represents right of use assets located in the U.S. (9) Capital expenditure amounts are stated on the accrual basis. See Consolidated Statements of Cash Flows for capital expenditure amounts on a cash basis. |
Income Taxes (Tables)
Income Taxes (Tables) | 3 Months Ended |
Aug. 04, 2019 | |
Income Tax Disclosure [Abstract] | |
Summary of Differences in Income Tax Expense at Federal Income Tax Rate and Effective Income Tax Rate | The following schedule summarizes the principal differences between income tax expense at the U.S. federal income tax rate and the effective income tax rate reflected in the consolidated financial statements: 2020 2019 U.S. federal income tax rate 21.0 % 21.0 % Global Intangible Low Taxed Income Tax (GILTI) 23.7 2.5 Foreign income tax rate differential 10.6 8.3 Tax effects of Chinese foreign exchange gains 1.3 2.1 Change in estimate of U.S. valuation allowance 1.8 8.6 Excess income tax deficiency related to stock-based compensation 0.8 1.7 Other (0.1 ) 2.3 59.1 % 46.5 % |
Summary of Valuation Allowances Against Deferred Income Taxes | Based on our assessments at August 4, 2019, July 29, 2018, and April 28, 2019, valuation allowances against our deferred income taxes pertain to the following jurisdictions: August 4, July 29, April 28, (dollars in thousands) 2019 2018 2019 U.S. state loss carryforwards and credits $ 711 849 666 U.S. foreign income tax credits — 4,550 82 $ 711 5,399 748 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 3 Months Ended |
Aug. 04, 2019 | |
Executive officers and key employees [Member] | |
Summary of Grants of Performance Based Restricted Stock Units | The following table summarizes information related to our grants of performance-based restricted stock units associated with certain senior executives and key employees that are currently unvested: Date of Grant (3) Price Per Vesting July 18, 2019 (1) 93,653 $ 18.49 (6) 3 years July 18, 2019 (2) 15,213 $ 18.49 (6) 3 years August 2, 2018 (1) 86,599 $ 18.51 (4) 3 years August 2, 2018 (2) 47,800 $ 24.35 (6) 3 years July 13, 2017 (1) 78,195 $ 31.85 (5) 3 years July 13, 2017 (2) 44,000 $ 32.50 (6) 3 years (1) Performance-based restricted stock units awarded to certain senior executives. (2) Performance-based restricted stock units awarded to key employees. (3) Amounts represent the maximum number of common stock shares that could be earned if certain performance targets are met as defined in the related restricted stock unit agreements. (4) Price per share represents the fair market value per share ($0.76 per $1 or a reduction of $5.84 to the closing price of the our common stock on the date of grant) determined using the Monte Carlo simulation model for the market-based total shareholder return component and the closing price of our common stock ($24.35) for the performance-based components of the performance-based restricted stock units granted to certain senior executives on August 2, 2018. (5) Price per share represents the fair market value per share ($0.98 per $1 or a reduction of $0.65 to the closing price of the our common stock on the date of grant) determined using the Monte Carlo simulation model for the market-based total shareholder return component and the closing price of our common stock ($32.50) for the performance-based components of the performance-based restricted stock units granted to certain senior executives on July 13, 2017. (6) Price per share represents the closing price of our common stock on the date of grant. |
Time Vested Restricted Stock Awards [Member] | Management [Member] | |
Summary of Grants of Time-Based Restricted Stock Awards | The following table summarizes information related to our grants of time-based restricted stock units associated with key members of management that are currently unvested: Date of Grant Time Based Stock Price Per Vesting July 18, 2019 15,213 $ 18.49 (1) 3 years August 2, 2018 10,000 $ 24.35 (1) 5 years (1) Price per share represents closing price of common stock on the date the respective award was granted |
Time Based Restricted Stock Units [Member] | |
Summary of Vested Restricted Stock Units | The following table summarizes information related to our time-based restricted stock units that vested during the three-month periods ending August 4, 2019 and July 29, 2018: Fiscal Year Restricted Stock (1) Weighted Average Fiscal 2020 — $ — — Fiscal 2019 1,200 $ 21 $ 17.36 (2) (1) Dollar amounts are in thousands. (2) The weighted average price per share is derived from the closing prices of our common stock on the dates the respective time-based restricted stock units vested. |
Performance Based Restricted Stock Unit [Member] | |
Summary of Vested Restricted Stock Units | The following table summarizes information related to our performance-based restricted stock units that vested during the three-month periods ending August 4, 2019 and July 29, 2018: Fiscal Year Restricted Stock (3) Weighted Average Fiscal 2020 (1) 9,489 $ 165 $ 17.36 (4) Fiscal 2020 (2) 4,148 $ 72 $ 17.36 (4) Fiscal 2019 (1) 128,632 $ 3,754 $ 29.19 (4) Fiscal 2019 (2) 10,364 $ 320 $ 30.90 (4) (1) Certain senior executives and key employees. (2) Non-employee (3) Dollar amounts are in thousands. (4) The weighted average price per share is derived from the closing prices of our common stock on the dates the respective performance based restricted stock units vested. |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Aug. 04, 2019 | |
Assets and Liabilities, Lessee [Abstract] | |
Summary of right of use asset and lease liabilities | The right of use asset and lease liabilities associated with our operating leases as of August 4, 2019, and April 29, 2019, are as follows: (dollars in thousands) August 4, 2019 (1) Right of use asset $ 6,530 $ 7,191 Operating lease liability – current 2,456 2,629 Operating lease liability – noncurrent 3,955 4,473 (1) Represents adoption date of Topic 842. |
Supplemental Cash Flow Information | Supplemental Cash Flow Information (dollars in thousands) Three Months Operating lease liability payments $ 657 Right of use assets exchanged for lease liabilities — |
Leases-Other Information | Other Information Maturity of our operating lease liabilities for the remainder of fiscal 2020, the subsequent next four fiscal years, and thereafter follows: (dollars in thousands) 2020 $ 2,025 2021 2,044 2022 1,096 2023 683 2024 659 Thereafter 346 $ 6,853 Less: interest (442 ) Present value of lease liabilities $ 6,411 |
Summary of weighted average remaining lease term and discount rate | As of August 4, 2019, the weighted average remaining lease term and discount rate for our operating leases follows: (dollars in thousands) August 4, 2019 Weighted average lease term 3.5 years Weighted average discount rate 3.82 % |
Significant Accounting Polici_3
Significant Accounting Policies - Narrative (Detail) - USD ($) $ in Thousands | Aug. 04, 2019 | Apr. 29, 2019 | |
Right-of-use assets | $ 6,530 | $ 7,191 | [1] |
Operating Lease Liability | $ 6,411 | ||
Accounting Standards Update 2016-02 [Member] | |||
Right-of-use assets | 7,200 | ||
Operating Lease Liability | $ 7,100 | ||
[1] | Represents adoption date of Topic 842. |
Business Combinations (Detail)
Business Combinations (Detail) - USD ($) | Jun. 22, 2018 | Sep. 30, 2019 | Aug. 31, 2018 | Aug. 04, 2019 | Jul. 29, 2018 | Apr. 28, 2019 | [1] |
Business Acquisition [Line Items] | |||||||
Contingent consideration-earn-out obligation | $ 5,931,000 | $ 5,600,000 | $ 5,856,000 | ||||
Carrying amount of non-controlling interest | $ 4,190,000 | 4,540,000 | $ 4,314,000 | ||||
eLuxury [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Purchase price | $ 12,500,000 | ||||||
Payment for acquisition | $ 11,600,000 | $ 185,000 | |||||
Goodwill, statutory period deductible for income tax purposes | 15 years | ||||||
Contingent consideration arrangement, description | the Equity Agreement contains a contingent consideration arrangement that requires us to pay the seller, who is also the owner of the noncontrolling interest, an earn-out payment based on a multiple of adjusted EBITDA, as defined in the Equity Agreement, for the twelve-month period ending August 31, 2021, less $12.0 million. | ||||||
Contingent consideration arrangement, basis for amount | We recorded a contingent liability at the acquisition date for this earn-out obligation at its fair value totaling $5.6 million based on the Black Scholes pricing model. | ||||||
Majority ownership percentage acquired | 80.00% | ||||||
Consideration for acquisition | $ 18,130,000 | ||||||
Contingent consideration-earn-out obligation | $ 5,600,000 | ||||||
Selling, General and Administrative Expenses [Member] | eLuxury [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Business acquisition costs | $ 270,000 | ||||||
eLuxury [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Noncontrolling interest | 20.00% | ||||||
eLuxury [Member] | Minimum [Member] | Equipment [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Property, plant and equipment, useful life | 5 years | ||||||
eLuxury [Member] | Maximum [Member] | Equipment [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Property, plant and equipment, useful life | 10 years | ||||||
Shareholders' equity attributable to Culp Inc. | eLuxury [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Net income (loss) allocation percentage | 70.00% | ||||||
Non-Controlling Interest | eLuxury [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Net income (loss) allocation percentage | 30.00% | ||||||
Scenario, Forecast [Member] | eLuxury [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Payment for acquisition | $ 749,000 | ||||||
[1] | Derived from audited financial statements. |
Business Combinations - Schedul
Business Combinations - Schedule of Allocation of Acquisition Cost to Assets Acquired and Liabilities Assumed (Detail) - USD ($) $ in Thousands | Aug. 04, 2019 | Apr. 28, 2019 | [1] | Jul. 29, 2018 | Jun. 22, 2018 | Apr. 29, 2018 |
Business Acquisition [Line Items] | ||||||
Goodwill | $ 27,222 | $ 27,222 | $ 27,222 | $ 13,569 | ||
eLuxury [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Goodwill | $ 13,653 | |||||
Inventory | 1,804 | |||||
Accounts receivable and other current assets | 108 | |||||
Accounts payable | (1,336) | |||||
Accrued expenses | (295) | |||||
Non-controlling interest in eLuxury | (4,532) | |||||
Assets acquired and liabilities assumed, net | 18,130 | |||||
eLuxury [Member] | Equipment [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Property, plant & equipment | 2,179 | |||||
eLuxury [Member] | Trade Names [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Tradename | $ 6,549 | |||||
[1] | Derived from audited financial statements. |
Business Combinations - Sched_2
Business Combinations - Schedule of Unaudited Pro Forma Consolidated Results of Operations (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Aug. 04, 2019 | Jul. 29, 2018 | |
Business Acquisition [Line Items] | ||
Net Sales | $ 74,847 | $ 74,598 |
Income from operations | 2,689 | 2,073 |
Net income | 1,174 | 939 |
Net loss – noncontrolling interest | 164 | |
Net income – Culp Inc. common shareholders | $ 1,338 | $ 939 |
Net income per share (basic) – Culp Inc. common shareholders | $ 0.11 | $ 0.08 |
Net income per share (diluted) – Culp Inc. common shareholders | $ 0.11 | $ 0.07 |
Allowance for Doubtful Accoun_3
Allowance for Doubtful Accounts (Detail) - Allowance for doubtful accounts [Member] - USD ($) $ in Thousands | 3 Months Ended | |
Aug. 04, 2019 | Jul. 29, 2018 | |
Valuation and Qualifying Accounts Disclosure [Line Items] | ||
Beginning balance | $ 393 | $ 357 |
Provision for bad debts | (30) | 9 |
Net write-offs, net of recoveries | ||
Ending balance | $ 363 | $ 366 |
Revenue from Contracts with C_3
Revenue from Contracts with Customers - Narrative (Detail) - USD ($) | 3 Months Ended | ||
Aug. 04, 2019 | Apr. 28, 2019 | Jul. 29, 2018 | |
Disaggregation of Revenue [Line Items] | |||
Contract assets recognized | $ 0 | $ 0 | $ 0 |
Minimum [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Contract with customers credit period | 15 days | ||
Maximum [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Contract with customers credit period | 45 days |
Revenue from Contracts with C_4
Revenue from Contracts with Customers - Summary of the activity for deferred revenue (Detail) - USD ($) $ in Thousands | 3 Months Ended | ||
Aug. 04, 2019 | Jul. 29, 2018 | ||
Revenue from Contract with Customer [Abstract] | |||
Beginning balance | $ 399 | [1] | $ 809 |
Revenue recognized on contract liabilities | (483) | (742) | |
Payments received for services not yet rendered | 768 | 567 | |
Ending balance | $ 684 | $ 634 | |
[1] | Derived from audited financial statements. |
Revenue from Contracts with C_5
Revenue from Contracts with Customers - Disaggregation of Revenue (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Aug. 04, 2019 | Jul. 29, 2018 | |
Disaggregation of Revenue [Line Items] | ||
Total Net Sales | $ 74,847 | $ 71,473 |
Transferred at Point in Time [Member] | Product [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total Net Sales | 72,814 | 68,804 |
Transferred over Time [Member] | Services [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total Net Sales | 2,033 | 2,669 |
Mattress Fabrics [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total Net Sales | 38,685 | 34,398 |
Mattress Fabrics [Member] | Transferred at Point in Time [Member] | Product [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total Net Sales | 38,685 | 34,398 |
Upholstery Fabrics [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total Net Sales | 31,860 | 34,490 |
Upholstery Fabrics [Member] | Transferred at Point in Time [Member] | Product [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total Net Sales | 29,827 | 31,821 |
Upholstery Fabrics [Member] | Transferred over Time [Member] | Services [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total Net Sales | 2,033 | 2,669 |
Home Accessories [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total Net Sales | 4,302 | 2,585 |
Home Accessories [Member] | Transferred at Point in Time [Member] | Product [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total Net Sales | $ 4,302 | $ 2,585 |
Inventories (Detail)
Inventories (Detail) - USD ($) $ in Thousands | Aug. 04, 2019 | Apr. 28, 2019 | Jul. 29, 2018 | |
Inventory Disclosure [Abstract] | ||||
Raw materials | $ 6,467 | $ 5,617 | $ 5,291 | |
Work-in-process | 2,677 | 2,289 | 2,413 | |
Finished goods | 41,516 | 42,954 | 47,285 | |
Inventories | $ 50,660 | $ 50,860 | [1] | $ 54,989 |
[1] | Derived from audited financial statements. |
Intangible Asset - Summary of I
Intangible Asset - Summary of Intangible Assets (Detail) - USD ($) $ in Thousands | Aug. 04, 2019 | Apr. 28, 2019 | Jul. 29, 2018 | Apr. 29, 2018 | |
Intangible Assets [Line Items] | |||||
Tradenames | $ 7,232 | $ 7,232 | $ 7,232 | $ 683 | |
Intangible assets | 10,354 | 10,448 | [1] | 10,730 | |
Customer Relationships [Member] | |||||
Intangible Assets [Line Items] | |||||
Finite-lived intangible assets, net | 2,463 | 2,538 | 2,764 | 2,839 | |
Non-Compete Agreement [Member] | |||||
Intangible Assets [Line Items] | |||||
Finite-lived intangible assets, net | $ 659 | $ 678 | $ 734 | $ 753 | |
[1] | Derived from audited financial statements. |
Intangible Asset - Tradenames (
Intangible Asset - Tradenames (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Aug. 04, 2019 | Jul. 29, 2018 | |
Indefinite-lived Intangible Assets [Line Items] | ||
Beginning balance | $ 7,232 | $ 683 |
Acquisition of business (note 3) | 6,549 | |
Ending balance | $ 7,232 | $ 7,232 |
Intangible Assets - Summary of
Intangible Assets - Summary of Change in Carrying Amount of Finite-Lived Intangible Assets (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Aug. 04, 2019 | Jul. 29, 2018 | |
Customer Relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Beginning balance | $ 2,538 | $ 2,839 |
Amortization expense | (75) | (75) |
Ending balance | 2,463 | 2,764 |
Non-Compete Agreement [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Beginning balance | 678 | 753 |
Amortization expense | (19) | (19) |
Ending balance | $ 659 | $ 734 |
Intangible Assets - Narrative (
Intangible Assets - Narrative (Detail) - USD ($) | 3 Months Ended | ||
Aug. 04, 2019 | Apr. 28, 2019 | Jul. 29, 2018 | |
Intangible Assets [Line Items] | |||
Gross carrying amount of customer relationships | $ 3,100,000 | $ 3,100,000 | $ 3,100,000 |
Gross carrying amount of non-compete agreement | 2,000,000 | 2,000,000 | 2,000,000 |
Customer Relationships [Member] | |||
Intangible Assets [Line Items] | |||
Accumulated amortization | 652,000 | 577,000 | 351,000 |
Remaining amortization expense for the fiscal year | 226,000 | ||
Remaining amortization expense for the second fiscal year | 301,000 | ||
Remaining amortization expense for the third fiscal year | 301,000 | ||
Remaining amortization expense for the fourth fiscal year | 301,000 | ||
Remaining amortization expense for the fifth fiscal year | 301,000 | ||
Remaining amortization expense for the fiscal year thereafter | $ 1,033,000 | ||
Weighted average remaining amortization period | 8 years 4 months 24 days | ||
Customer Relationships [Member] | Maximum [Member] | |||
Intangible Assets [Line Items] | |||
Useful life | 17 years | ||
Customer Relationships [Member] | Minimum [Member] | |||
Intangible Assets [Line Items] | |||
Useful life | 9 years | ||
Non-Compete Agreement [Member] | |||
Intangible Assets [Line Items] | |||
Useful life | 15 years | ||
Accumulated amortization | $ 1,400,000 | $ 1,400,000 | $ 1,300,000 |
Remaining amortization expense for the fiscal year | 57,000 | ||
Remaining amortization expense for the second fiscal year | 75,000 | ||
Remaining amortization expense for the third fiscal year | 75,000 | ||
Remaining amortization expense for the fourth fiscal year | 75,000 | ||
Remaining amortization expense for the fifth fiscal year | 75,000 | ||
Remaining amortization expense for the fiscal year thereafter | $ 302,000 | ||
Weighted average remaining amortization period | 8 years 9 months 18 days |
Goodwill (Detail)
Goodwill (Detail) $ in Thousands | 3 Months Ended |
Jul. 29, 2018USD ($) | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Beginning balance | $ 13,569 |
Acquisition of business (see note 3) | 13,653 |
ending balance | $ 27,222 |
Investment in Unconsolidated _3
Investment in Unconsolidated Joint Venture - Narrative (Detail) - USD ($) | 3 Months Ended | |||
Aug. 04, 2019 | Jul. 29, 2018 | Apr. 28, 2019 | ||
Schedule of Equity Method Investments [Line Items] | ||||
Income (loss) from investment in unconsolidated joint venture | $ 13,000 | $ (77,000) | ||
Investment in unconsolidated joint venture | 1,520,000 | 1,525,000 | $ 1,508,000 | [1] |
CLIH [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Unconsolidated joint venture, net Income (loss) | 26,000 | (154,000) | ||
Income (loss) from investment in unconsolidated joint venture | 13,000 | (77,000) | ||
Investment in unconsolidated joint venture | $ 1,500,000 | $ 1,500,000 | $ 1,500,000 | |
[1] | Derived from audited financial statements. |
Investment in Unconsolidated _4
Investment in Unconsolidated Joint Venture - Summary of Equity Method Investment (Detail) - CLIH [Member] - USD ($) $ in Thousands | Aug. 04, 2019 | Apr. 28, 2019 | Jul. 29, 2018 |
Schedule of Equity Method Investments [Line Items] | |||
Total assets | $ 3,161 | $ 3,126 | $ 3,153 |
Total liabilities | 120 | 111 | 103 |
Total members' equity | $ 3,041 | $ 3,015 | $ 3,050 |
Accrued Expenses (Detail)
Accrued Expenses (Detail) - USD ($) $ in Thousands | Aug. 04, 2019 | Apr. 28, 2019 | Jul. 29, 2018 |
Payables and Accruals [Abstract] | |||
Compensation, commissions and related benefits | $ 3,493 | $ 4,229 | $ 3,719 |
Interest | 13 | 4 | 12 |
Other accrued expenses | 5,393 | 5,292 | 5,194 |
Accrued expenses | $ 8,899 | $ 9,525 | $ 8,925 |
Accrued Expenses - Narrative (D
Accrued Expenses - Narrative (Detail) - USD ($) $ in Thousands | Aug. 04, 2019 | Apr. 28, 2019 | Jul. 29, 2018 | |
Payables and Accruals [Abstract] | ||||
Accrued expenses | $ 8,899 | $ 9,525 | $ 8,925 | |
Current accrued expenses | 8,566 | 9,192 | [1] | 8,176 |
Long-term accrued expenses | $ 333 | $ 333 | [1] | $ 749 |
[1] | Derived from audited financial statements. |
Exit and Disposal Activity - Na
Exit and Disposal Activity - Narrative (Detail) | 3 Months Ended |
Aug. 04, 2019 | |
Restructuring Cost and Reserve [Line Items] | |
Description of exit and disposal activities | On June 12, 2018, our board of directors announced the closure of our upholstery fabrics manufacturing facility located in Anderson, South Carolina. This closure was completed during the second quarter of fiscal 2019 and was due to a continued decline in demand for the products manufactured at this facility, reflecting a change in consumer style preferences. |
Exit and Disposal Activity - Su
Exit and Disposal Activity - Summary of Restructuring Credit and Related Charges Associated with Exit and Disposal Activity (Detail) - USD ($) $ in Thousands | 3 Months Ended | ||
Aug. 04, 2019 | Jul. 29, 2018 | ||
Restructuring Cost and Reserve [Line Items] | |||
Inventory markdowns | $ 1,565 | ||
Employee termination benefits | $ (35) | 451 | |
Restructuring (credit) expense and restructuring related charges | [1],[2] | $ (35) | $ 2,016 |
[1] | Of the $2.0 million, $1.6 million and $451,000 were recorded to cost of sales and restructuring expense in the Consolidated Statements of Net Income for the three-month period ending July 29, 2018. | ||
[2] | The $35,000 credit was recorded to restructuring credit in the Consolidated Statements of Net Income for the three-month period ending August 4, 2019. |
Exit and Disposal Activity - _2
Exit and Disposal Activity - Summary of Restructuring Credit and Related Charges Associated with Exit and Disposal Activity (Parenthetical) (Detail) - USD ($) | 3 Months Ended | ||
Aug. 04, 2019 | Jul. 29, 2018 | ||
Restructuring (Credit) Expense | $ (35,000) | $ 451,000 | |
Restructuring (Credit) Expense and Restructuring Related Charges | [1],[2] | (35,000) | 2,016,000 |
Restructuring Related Charges | 1,565,000 | ||
Upholstery Fabrics [Member] | |||
Restructuring (Credit) Expense and Restructuring Related Charges | (35,000) | 2,016,000 | |
Upholstery Fabrics [Member] | Cost of Sales [Member] | |||
Restructuring Related Charges | 1,600,000 | ||
Upholstery Fabrics [Member] | Restructuring expense [Member] | |||
Restructuring (Credit) Expense | $ (35,000) | $ 451,000 | |
[1] | Of the $2.0 million, $1.6 million and $451,000 were recorded to cost of sales and restructuring expense in the Consolidated Statements of Net Income for the three-month period ending July 29, 2018. | ||
[2] | The $35,000 credit was recorded to restructuring credit in the Consolidated Statements of Net Income for the three-month period ending August 4, 2019. |
Exit and Disposal Activity - _3
Exit and Disposal Activity - Summary of Activity in Restructuring Accrual (Detail) - USD ($) $ in Thousands | 3 Months Ended | ||
Aug. 04, 2019 | Jul. 29, 2018 | ||
Restructuring Cost and Reserve [Line Items] | |||
Beginning balance | [1] | $ 124 | |
Ending balance | 42 | $ 445 | |
Upholstery Fabrics [Member] | Employee Termination Benefits [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Beginning balance | 124 | ||
Accrual established in fiscal 2019 | 451 | ||
Payments | (47) | (6) | |
Adjustments | (35) | ||
Ending balance | $ 42 | $ 445 | |
[1] | Derived from audited financial statements. |
Lines of Credit - Narrative (De
Lines of Credit - Narrative (Detail) | 3 Months Ended | |||||
Aug. 04, 2019USD ($) | Aug. 04, 2019CNY (¥) | Apr. 28, 2019USD ($) | Feb. 07, 2019USD ($) | Jul. 29, 2018USD ($) | ||
Line of Credit Facility [Line Items] | ||||||
Outstanding amount | $ 4,000,000 | |||||
subordinated loan outstanding amount | $ 925,000 | $ 675,000 | [1] | |||
Revolving Credit Facility [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
subordinated loan outstanding amount | $ 925,000 | 675,000 | ||||
Revolving Credit Facility [Member] | Subordinated Debt [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Maximum borrowing capacity | $ 1,000,000 | |||||
Expiration date | Jun. 22, 2023 | |||||
Applicable interest rate at end of period | 3.68% | 3.68% | ||||
subordinated loan commitment initiation date | Feb. 7, 2019 | |||||
United States [Member] | Revolving Credit Facility [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Maximum borrowing capacity | $ 25,000,000 | |||||
Maximum amount of letters of credit | 1,000,000 | |||||
Letters of credit, outstanding amount | $ 250,000 | $ 250,000 | $ 250,000 | |||
Expiration date | Aug. 15, 2020 | |||||
Interest rate description | Interest was charged at a rate as a variable spread over LIBOR based on our ratio of debt to EBITDA. | |||||
Applicable interest rate at end of period | 3.68% | 3.68% | 3.93% | 3.53% | ||
Reference rate on which the interest rate is based | LIBOR | |||||
Percentage of common stock in subsidiary pledge as collateral | 65.00% | |||||
Outstanding amount | $ 0 | $ 0 | $ 4,000,000 | |||
China [Member] | Revolving credit agreement [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Maximum borrowing capacity | $ 5,800,000 | ¥ 40,000,000 | ||||
Expiration date | Jan. 31, 2020 | |||||
Interest rate description | This agreement has an interest rate determined by the Chinese government | |||||
Outstanding amount | $ 0 | $ 0 | $ 0 | |||
[1] | Derived from audited financial statements. |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments - Recurring Basis (Detail) - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Thousands | Aug. 04, 2019 | Apr. 28, 2019 | Jul. 29, 2018 |
Premier Money Market Fund [Member] | |||
Assets: | |||
Investments at fair value | $ 6,920 | $ 6,639 | $ 6,749 |
Large Blend Fund [Member] | |||
Assets: | |||
Investments at fair value | 438 | ||
Growth Allocation Fund [Member] | |||
Assets: | |||
Investments at fair value | 213 | 203 | 180 |
Moderate Allocation Fund [Member] | |||
Assets: | |||
Investments at fair value | 130 | 127 | 117 |
Other [Member] | |||
Assets: | |||
Investments at fair value | 84 | 112 | 187 |
Quoted prices in active markets for identical assets - Level 1 [Member] | Premier Money Market Fund [Member] | |||
Assets: | |||
Investments at fair value | 6,920 | 6,639 | 6,749 |
Quoted prices in active markets for identical assets - Level 1 [Member] | Large Blend Fund [Member] | |||
Assets: | |||
Investments at fair value | 438 | ||
Quoted prices in active markets for identical assets - Level 1 [Member] | Growth Allocation Fund [Member] | |||
Assets: | |||
Investments at fair value | 213 | 203 | 180 |
Quoted prices in active markets for identical assets - Level 1 [Member] | Moderate Allocation Fund [Member] | |||
Assets: | |||
Investments at fair value | 130 | 127 | 117 |
Quoted prices in active markets for identical assets - Level 1 [Member] | Other [Member] | |||
Assets: | |||
Investments at fair value | $ 84 | $ 112 | $ 187 |
Fair Value of Financial Instr_4
Fair Value of Financial Instruments - Nonrecurring Basis (Detail) - USD ($) $ in Thousands | Aug. 04, 2019 | Apr. 28, 2019 | [1] | Jul. 29, 2018 | Jun. 22, 2018 |
Assets | |||||
Inventory | $ 50,660 | $ 50,860 | $ 54,989 | ||
Liabilities | |||||
Contingent Consideration – Earn-Out Obligation | $ 5,931 | $ 5,856 | 5,600 | ||
eLuxury [Member] | |||||
Liabilities | |||||
Contingent Consideration – Earn-Out Obligation | $ 5,600 | ||||
eLuxury [Member] | Fair Value, Measurements, Nonrecurring [Member] | |||||
Assets | |||||
Goodwill | 13,653 | ||||
Inventory | 1,804 | ||||
Liabilities | |||||
Contingent Consideration – Earn-Out Obligation | 5,600 | ||||
eLuxury [Member] | Fair Value, Measurements, Nonrecurring [Member] | Equipment [Member] | |||||
Assets | |||||
Equipment | 2,179 | ||||
eLuxury [Member] | Fair Value, Measurements, Nonrecurring [Member] | Trade Names [Member] | |||||
Assets | |||||
Tradename | 6,549 | ||||
Significant unobservable inputs - Level 3 [Member] | eLuxury [Member] | Fair Value, Measurements, Nonrecurring [Member] | |||||
Assets | |||||
Goodwill | 13,653 | ||||
Inventory | 1,804 | ||||
Liabilities | |||||
Contingent Consideration – Earn-Out Obligation | 5,600 | ||||
Significant unobservable inputs - Level 3 [Member] | eLuxury [Member] | Fair Value, Measurements, Nonrecurring [Member] | Equipment [Member] | |||||
Assets | |||||
Equipment | 2,179 | ||||
Significant unobservable inputs - Level 3 [Member] | eLuxury [Member] | Fair Value, Measurements, Nonrecurring [Member] | Trade Names [Member] | |||||
Assets | |||||
Tradename | $ 6,549 | ||||
[1] | Derived from audited financial statements. |
Fair Value of Financial Instr_5
Fair Value of Financial Instruments - Narrative (Detail) - USD ($) | 3 Months Ended | |||
Aug. 04, 2019 | Apr. 28, 2019 | Jul. 29, 2018 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Long-term investments (Rabbi Trust) | $ 7,347,000 | $ 7,081,000 | [1] | $ 7,671,000 |
U.S. Corporate Bonds [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Held to maturity investments | 5,000,000 | 30,800,000 | ||
Held to maturity investments, fair value | 5,000,000 | 30,600,000 | ||
U.S. Corporate Bonds [Member] | Minimum [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Long-term investments, maturity period | 2 years | |||
U.S. Corporate Bonds [Member] | Maximum [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Long-term investments, maturity period | 2 years 6 months | |||
Long-term investments (Rabbi Trust) [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Accumulated unrealized gain (loss) on investments | $ 46,000 | $ 40,000 | $ 104,000 | |
[1] | Derived from audited financial statements. |
Cash Flow Information - Interes
Cash Flow Information - Interest and Income Taxes Paid (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Aug. 04, 2019 | Jul. 29, 2018 | |
Supplemental Cash Flow Elements [Abstract] | ||
Interest | $ 24 | |
Income taxes | $ 1,822 | $ 3,223 |
Net Income Per Share - Weighted
Net Income Per Share - Weighted Average Shares (Detail) - shares shares in Thousands | 3 Months Ended | |
Aug. 04, 2019 | Jul. 29, 2018 | |
Earnings Per Share [Abstract] | ||
Weighted average common shares outstanding, basic | 12,399 | 12,510 |
Dilutive effect of stock-based compensation | 11 | 90 |
Weighted average common shares outstanding, diluted | 12,410 | 12,600 |
Segment Information - Narrative
Segment Information - Narrative (Detail) | 3 Months Ended |
Aug. 04, 2019Segment | |
Segment Reporting Information [Line Items] | |
Number of business segments | 3 |
Description of changes in reporting goodwill and intangible assets in segment assets | Goodwill and intangible assets are not included in segment assets, as these assets are not used by the Chief Operating Decision Maker to evaluate the respective segment’s operating performance, to allocate resources to the individual segments, or determine executive compensation. |
Segment Information - Statement
Segment Information - Statement of Operations for Operating Segments (Detail) - USD ($) $ in Thousands | 3 Months Ended | ||
Aug. 04, 2019 | Jul. 29, 2018 | ||
Segment Reporting Information [Line Items] | |||
Net sales | $ 74,847 | $ 71,473 | |
Gross profit | 13,365 | 10,559 | |
Selling, general, and administrative expenses | 10,711 | 8,033 | |
Income (loss) from operations | 2,689 | 2,075 | |
Restructuring related charges | 1,565 | ||
Restructuring credit (expense) and restructuring related charges | [1],[2] | 35 | (2,016) |
Interest expense | (9) | (20) | |
Interest income | 249 | 150 | |
Other expense | (87) | (257) | |
Income before income taxes | 2,842 | 1,948 | |
Mattress Fabrics [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales | 38,685 | 34,398 | |
Gross profit | 5,691 | 5,302 | |
Selling, general, and administrative expenses | 3,071 | 2,512 | |
Income (loss) from operations | 2,620 | 2,790 | |
Upholstery Fabrics [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales | 31,860 | 34,490 | |
Gross profit | 6,721 | 6,153 | |
Selling, general, and administrative expenses | 3,846 | 3,626 | |
Income (loss) from operations | 2,875 | 2,527 | |
Restructuring credit (expense) and restructuring related charges | 35 | (2,016) | |
Home Accessories [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales | 4,302 | 2,585 | |
Gross profit | 953 | 669 | |
Selling, general, and administrative expenses | 1,488 | 636 | |
Income (loss) from operations | (535) | 33 | |
Operating Segments [Member] | |||
Segment Reporting Information [Line Items] | |||
Gross profit | 13,365 | 12,124 | |
Income (loss) from operations | 2,654 | 4,091 | |
Restructuring related charges | (1,565) | ||
Operating Segments [Member] | Mattress Fabrics [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales | 38,685 | 34,398 | |
Operating Segments [Member] | Upholstery Fabrics [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales | 31,860 | 34,490 | |
Operating Segments [Member] | Home Accessories [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales | 4,302 | 2,585 | |
Unallocated Corporate [Member] | |||
Segment Reporting Information [Line Items] | |||
Selling, general, and administrative expenses | 2,306 | 1,259 | |
Income (loss) from operations | $ (2,306) | $ (1,259) | |
[1] | Of the $2.0 million, $1.6 million and $451,000 were recorded to cost of sales and restructuring expense in the Consolidated Statements of Net Income for the three-month period ending July 29, 2018. | ||
[2] | The $35,000 credit was recorded to restructuring credit in the Consolidated Statements of Net Income for the three-month period ending August 4, 2019. |
Segment Information - Stateme_2
Segment Information - Statement of Operations for Operating Segments (Parenthetical) (Detail) - USD ($) $ in Thousands | 3 Months Ended | ||
Aug. 04, 2019 | Jul. 29, 2018 | ||
Restructuring expense | |||
Restructuring (Credit) Expense and Restructuring Related Charges | [1],[2] | $ (35) | $ 2,016 |
Restructuring (credit) expense | (35) | 451 | |
Inventory markdowns | 1,565 | ||
Upholstery Fabrics [Member] | |||
Restructuring expense | |||
Restructuring (Credit) Expense and Restructuring Related Charges | (35) | 2,016 | |
Upholstery Fabrics [Member] | Employee Termination Benefits [Member] | |||
Restructuring expense | |||
Restructuring (credit) expense | $ (35) | 451 | |
Upholstery Fabrics [Member] | Facility Closing [Member] | |||
Restructuring expense | |||
Inventory markdowns | $ 1,600 | ||
[1] | Of the $2.0 million, $1.6 million and $451,000 were recorded to cost of sales and restructuring expense in the Consolidated Statements of Net Income for the three-month period ending July 29, 2018. | ||
[2] | The $35,000 credit was recorded to restructuring credit in the Consolidated Statements of Net Income for the three-month period ending August 4, 2019. |
Segment Information - Balance S
Segment Information - Balance Sheet Information by Operating Segments (Detail) - USD ($) $ in Thousands | 3 Months Ended | |||||||
Aug. 04, 2019 | Jul. 29, 2018 | Apr. 29, 2019 | [2] | Apr. 28, 2019 | Apr. 29, 2018 | |||
Segment Reporting Information [Line Items] | ||||||||
Inventory | $ 50,660 | $ 54,989 | $ 50,860 | [1] | ||||
Assets held for sale | 100 | |||||||
Property, plant and equipment | 47,289 | 53,178 | 48,389 | [1] | ||||
Right of use assets | 6,530 | $ 7,191 | ||||||
Investment in unconsolidated joint venture | 1,520 | 1,525 | 1,508 | [1] | ||||
Cash and cash equivalents | 44,236 | 8,593 | 40,008 | [1] | ||||
Short-term investments (Held-to-Maturity) | 30,756 | 5,001 | [1] | |||||
Current income taxes receivable | 776 | 776 | [1] | |||||
Other current assets | 2,578 | 3,852 | 2,849 | [1] | ||||
Deferred income taxes | 486 | 3,721 | 457 | [1] | ||||
Goodwill | 27,222 | 27,222 | 27,222 | [1] | $ 13,569 | |||
Intangible assets | 10,354 | 10,730 | 10,448 | [1] | ||||
Long-term investments (Rabbi Trust) | 7,347 | 7,671 | 7,081 | [1] | ||||
Noncurrent income taxes receivable | 733 | 733 | [1] | |||||
Depreciation expense | 1,905 | 2,015 | ||||||
Capital expenditures | [3] | 909 | 1,255 | |||||
Other assets | 526 | 910 | 643 | [1] | ||||
Total assets | 224,447 | 226,372 | 219,726 | [1] | ||||
Operating Segments [Member] | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Total assets | 127,583 | 132,406 | 124,090 | |||||
Operating Segments [Member] | Mattress Fabrics [Member] | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Accounts receivable | 12,632 | 11,408 | 12,098 | |||||
Inventory | 24,410 | 31,506 | 24,649 | |||||
Assets held for sale | 100 | |||||||
Property, plant and equipment | [4] | 43,211 | 48,156 | 44,266 | ||||
Right of use assets | [5] | 235 | ||||||
Investment in unconsolidated joint venture | 1,520 | 1,525 | 1,508 | |||||
Depreciation expense | 1,620 | 1,762 | ||||||
Capital expenditures | [3] | 669 | 1,198 | |||||
Total assets | 82,108 | 92,595 | 82,521 | |||||
Operating Segments [Member] | Upholstery Fabrics [Member] | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Accounts receivable | 11,029 | 11,345 | 11,274 | |||||
Inventory | 23,183 | 21,784 | 22,915 | |||||
Property, plant and equipment | [6] | 1,856 | 2,370 | 1,795 | ||||
Right of use assets | [7] | 3,054 | ||||||
Depreciation expense | 190 | 215 | ||||||
Capital expenditures | [3] | 184 | 57 | |||||
Total assets | 39,122 | 35,499 | 35,984 | |||||
Operating Segments [Member] | Home Accessories [Member] | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Accounts receivable | 429 | 472 | 379 | |||||
Inventory | 3,067 | 1,699 | 3,296 | |||||
Property, plant and equipment | [8] | 1,815 | 2,141 | 1,910 | ||||
Right of use assets | [9] | 1,042 | ||||||
Depreciation expense | 95 | 38 | ||||||
Total assets | 6,353 | 4,312 | 5,585 | |||||
Unallocated Corporate [Member] | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Property, plant and equipment | [10] | 407 | 511 | 418 | ||||
Right of use assets | [11] | 2,199 | ||||||
Cash and cash equivalents | 44,236 | 8,593 | 40,008 | |||||
Short-term investments (Held-to-Maturity) | 30,756 | 5,001 | ||||||
Current income taxes receivable | 776 | 776 | ||||||
Other current assets | 2,578 | 3,852 | 2,849 | |||||
Deferred income taxes | 486 | 3,721 | 457 | |||||
Goodwill | 27,222 | 27,222 | 27,222 | |||||
Intangible assets | 10,354 | 10,730 | 10,448 | |||||
Long-term investments (Rabbi Trust) | 7,347 | 7,671 | 7,081 | |||||
Noncurrent income taxes receivable | 733 | 733 | ||||||
Capital expenditures | [3] | 56 | 0 | |||||
Other assets | 526 | 910 | 643 | |||||
Total assets | $ 224,447 | $ 226,372 | $ 219,726 | |||||
[1] | Derived from audited financial statements. | |||||||
[2] | Represents adoption date of Topic 842. | |||||||
[3] | Capital expenditure amounts are stated on the accrual basis. See Consolidated Statements of Cash Flows for capital expenditure amounts on a cash basis. | |||||||
[4] | The $43.2 million at August 4, 2019, represents property, plant, and equipment of $31.2 million and $12.0 million located in the U.S. and Canada, respectively. The $48.2 million at July 29, 2018, represents property, plant, and equipment of $35.1 million and $13.1 million located in the U.S. and Canada, respectively. The $44.3 million at April 28, 2019, represents property, plant, and equipment of $32.4 million and $11.9 million located in the U.S. and Canada, respectively. | |||||||
[5] | The $235 at August 4, 2019, represents right of use assets located in the U.S. | |||||||
[6] | The $1.9 million at August 4, 2019, represents property, plant, and equipment of $1.3 million and $548 located in the U.S. and China, respectively. The $2.4 million at July 29, 2018, represents property, plant, and equipment of $1.8 million and $616 located in the U.S. and China, respectively. The $1.8 million at April 28, 2019, represents property, plant, and equipment of $1.2 million and $591 located in the U.S. and China, respectively. | |||||||
[7] | The $3.1 million at August 4, 2019, represents right of use assets of $1.8 million and $1.3 million located in China and the U.S., respectively | |||||||
[8] | The $1.8 million at August 4, 2019, $2.1 million at July 29, 2018, and $1.9 million at April 28, 2019, represents property, plant and equipment located in the U.S. | |||||||
[9] | The $1.0 million at August 4, 2019, represents right of use assets located in the U.S. | |||||||
[10] | The $407, $511, and $418 at August 4, 2019, July 29, 2018, and April 28, 2019, respectively, represent property, plant, and equipment associated with unallocated corporate departments and corporate departments shared by our mattress fabrics, upholstery fabrics, and home accessories segments. Property, plant, and equipment associated with our corporate departments reside in the U.S. | |||||||
[11] | The $2.2 million at August 4, 2019, represents right of use assets located in the U.S. |
Segment Information - Balance_2
Segment Information - Balance Sheet Information by Operating Segments (Parenthetical) (Detail) - USD ($) $ in Thousands | Aug. 04, 2019 | Apr. 29, 2019 | [2] | Apr. 28, 2019 | Jul. 29, 2018 | ||
Segment Reporting Information [Line Items] | |||||||
Property, plant and equipment | $ 47,289 | $ 48,389 | [1] | $ 53,178 | |||
Right of use asset | 6,530 | $ 7,191 | |||||
Operating Segments [Member] | Mattress Fabrics [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Property, plant and equipment | [3] | 43,211 | 44,266 | 48,156 | |||
Right of use asset | [4] | 235 | |||||
Operating Segments [Member] | Upholstery Fabrics [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Property, plant and equipment | [5] | 1,856 | 1,795 | 2,370 | |||
Right of use asset | [6] | 3,054 | |||||
Operating Segments [Member] | Home Accessories [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Property, plant and equipment | [7] | 1,815 | 1,910 | 2,141 | |||
Right of use asset | [8] | 1,042 | |||||
Operating Segments [Member] | United States [Member] | Mattress Fabrics [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Property, plant and equipment | 31,200 | 32,400 | 35,100 | ||||
Right of use asset | 235 | ||||||
Operating Segments [Member] | United States [Member] | Upholstery Fabrics [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Property, plant and equipment | 1,300 | 1,200 | 1,800 | ||||
Right of use asset | 1,300 | ||||||
Operating Segments [Member] | United States [Member] | Home Accessories [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Property, plant and equipment | 1,800 | 1,900 | 2,100 | ||||
Right of use asset | 1,000 | ||||||
Operating Segments [Member] | Canada [Member] | Mattress Fabrics [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Property, plant and equipment | 12,000 | 11,900 | 13,100 | ||||
Operating Segments [Member] | China [Member] | Upholstery Fabrics [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Property, plant and equipment | 548 | 591 | 616 | ||||
Right of use asset | 1,800 | ||||||
Unallocated Corporate [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Property, plant and equipment | [9] | 407 | $ 418 | $ 511 | |||
Right of use asset | [10] | 2,199 | |||||
Unallocated Corporate [Member] | United States [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Right of use asset | $ 2,200 | ||||||
[1] | Derived from audited financial statements. | ||||||
[2] | Represents adoption date of Topic 842. | ||||||
[3] | The $43.2 million at August 4, 2019, represents property, plant, and equipment of $31.2 million and $12.0 million located in the U.S. and Canada, respectively. The $48.2 million at July 29, 2018, represents property, plant, and equipment of $35.1 million and $13.1 million located in the U.S. and Canada, respectively. The $44.3 million at April 28, 2019, represents property, plant, and equipment of $32.4 million and $11.9 million located in the U.S. and Canada, respectively. | ||||||
[4] | The $235 at August 4, 2019, represents right of use assets located in the U.S. | ||||||
[5] | The $1.9 million at August 4, 2019, represents property, plant, and equipment of $1.3 million and $548 located in the U.S. and China, respectively. The $2.4 million at July 29, 2018, represents property, plant, and equipment of $1.8 million and $616 located in the U.S. and China, respectively. The $1.8 million at April 28, 2019, represents property, plant, and equipment of $1.2 million and $591 located in the U.S. and China, respectively. | ||||||
[6] | The $3.1 million at August 4, 2019, represents right of use assets of $1.8 million and $1.3 million located in China and the U.S., respectively | ||||||
[7] | The $1.8 million at August 4, 2019, $2.1 million at July 29, 2018, and $1.9 million at April 28, 2019, represents property, plant and equipment located in the U.S. | ||||||
[8] | The $1.0 million at August 4, 2019, represents right of use assets located in the U.S. | ||||||
[9] | The $407, $511, and $418 at August 4, 2019, July 29, 2018, and April 28, 2019, respectively, represent property, plant, and equipment associated with unallocated corporate departments and corporate departments shared by our mattress fabrics, upholstery fabrics, and home accessories segments. Property, plant, and equipment associated with our corporate departments reside in the U.S. | ||||||
[10] | The $2.2 million at August 4, 2019, represents right of use assets located in the U.S. |
Income Taxes - Differences Betw
Income Taxes - Differences Between Income Tax Expense at Federal Income Tax Rate and Effective Income Tax Rate (Detail) | 3 Months Ended | |
Aug. 04, 2019 | Jul. 29, 2018 | |
Income Tax Disclosure [Abstract] | ||
U.S. federal income tax rate | 21.00% | 21.00% |
Global Intangible Low Taxed Income Tax (GILTI) | 23.70% | 2.50% |
Foreign income tax rate differential | 10.60% | 8.30% |
Tax effects of Chinese foreign exchange gains | 1.30% | 2.10% |
Change in estimate of U.S. valuation allowance | 1.80% | 8.60% |
Excess income tax deficiency related to stock-based compensation | 0.80% | 1.70% |
other | (0.10%) | 2.30% |
Effective income tax rate | 59.10% | 46.50% |
Income Taxes - Effective Income
Income Taxes - Effective Income Tax Rate - Narrative (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Aug. 04, 2019 | Jul. 29, 2018 | |
Income Tax Disclosure [Abstract] | ||
Income taxes | $ 1,681 | $ 906 |
Effective income tax rate | 59.10% | 46.50% |
Income Taxes - Summary of Valua
Income Taxes - Summary of Valuation Allowances Against Deferred Income Taxes (Detail) - USD ($) $ in Thousands | Aug. 04, 2019 | Apr. 28, 2019 | Jul. 29, 2018 |
Valuation Allowance [Line Items] | |||
Valuation allowance | $ 711 | $ 748 | $ 5,399 |
U.S. State Tax [Member] | Loss Carryforwards and Credits [Member] | |||
Valuation Allowance [Line Items] | |||
Valuation allowance | $ 711 | 666 | 849 |
Internal Revenue Service (IRS) [Member] | Income Tax Credits [Member] | |||
Valuation Allowance [Line Items] | |||
Valuation allowance | $ 82 | $ 4,550 |
Income Taxes - Deferred Income
Income Taxes - Deferred Income Taxes - Undistributed Earnings from Foreign Subsidiaries - Narrative (Detail) - USD ($) $ in Millions | 3 Months Ended | ||
Aug. 04, 2019 | Apr. 28, 2019 | Jul. 29, 2018 | |
Income Taxes [Line Items] | |||
Dividends received deduction percentage for earnings and profits received from foreign corporation | 100.00% | ||
Dividends received deduction, foreign corporation ownership percentage | 10.00% | ||
Deferred tax liability, undistributed earnings from foreign subsidiaries | $ 2.9 | $ 3.5 | $ 2.8 |
Income Taxes - Uncertainty in I
Income Taxes - Uncertainty in Income Taxes - Narrative (Detail) - USD ($) | Aug. 04, 2019 | Apr. 28, 2019 | Jul. 29, 2018 |
Income Taxes [Line Items] | |||
Unrecognized tax benefits | $ 903,000 | $ 820,000 | |
Unrecognized tax benefits that would favorably impact effective income tax rate if recognized | $ 914,000 | 523,000 | 440,000 |
Non-current Deferred Income Taxes [Member] | |||
Income Taxes [Line Items] | |||
Unrecognized tax benefits | 380,000 | 380,000 | |
Income Taxes Payable - Long-Term [Member] | |||
Income Taxes [Line Items] | |||
Unrecognized tax benefits | $ 914,000 | $ 523,000 | $ 440,000 |
Stock-Based Compensation - Narr
Stock-Based Compensation - Narrative (Detail) - USD ($) | Oct. 01, 2018 | Aug. 04, 2019 | Jul. 29, 2018 | Sep. 16, 2015 |
2015 Equity Incentive Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of common stock authorized for issuance | 1,200,000 | |||
Number of shares available for future equity based grants | 913,648 | |||
Performance Based Restricted Stock Units [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Remaining unrecognized compensation cost | $ 1,400,000 | |||
Weighted average period over which unrecognized compensation cost is expected to be recognized | 2 years 8 months 12 days | |||
Fair value of units expected to vest | $ 1,500,000 | |||
Common Stock Awards [Member] | Director [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of shares granted | 3,659 | |||
Price Per Share | $ 19.21 | |||
Time Vested Restricted Stock Units [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Remaining unrecognized compensation cost | $ 467,000 | |||
Weighted average period over which unrecognized compensation cost is expected to be recognized | 3 years 3 months 18 days | |||
Fair value of units expected to vest | $ 435,000 | |||
Selling, General and Administrative Expenses [Member] | Performance Based Restricted Stock Units [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based compensation expense | 68,000 | $ (506,000) | ||
Selling, General and Administrative Expenses [Member] | Common Stock Awards [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based compensation expense | 70,000 | |||
Selling, General and Administrative Expenses [Member] | Time Vested Restricted Stock Units [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based compensation expense | $ 16,000 | $ 5,000 |
Stock-Based Compensation - Summ
Stock-Based Compensation - Summary of Grants of Performance Based Restricted Stock Units Associated with executive officers and Key Employees (Detail) - Performance Based Restricted Stock Units [Member] - $ / shares | Jul. 18, 2019 | Aug. 02, 2018 | Jul. 13, 2017 | ||||
Senior Executives [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Restricted Stock Units Awarded | [1],[2] | 93,653 | 86,599 | 78,195 | |||
Price Per Share | [2] | $ 18.49 | [3] | $ 18.51 | [4] | $ 31.85 | [5] |
Vesting Period | [2] | 3 years | 3 years | 3 years | |||
Key Employees [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Restricted Stock Units Awarded | [1],[6] | 15,213 | 47,800 | 44,000 | |||
Price Per Share | [2],[3],[6] | $ 18.49 | $ 24.35 | $ 32.50 | |||
Vesting Period | [6] | 3 years | 3 years | 3 years | |||
[1] | Amounts represent the maximum number of common stock shares that could be earned if certain performance targets are met as defined in the related restricted stock unit agreements. | ||||||
[2] | Performance-based restricted stock units awarded to certain senior executives. | ||||||
[3] | Price per share represents the closing price of our common stock on the date of grant. | ||||||
[4] | Price per share represents the fair market value per share ($0.76 per $1 or a reduction of $5.84 to the closing price of the our common stock on the date of grant) determined using the Monte Carlo simulation model for the market-based total shareholder return component and the closing price of our common stock ($24.35) for the performance-based components of the performance-based restricted stock units granted to certain senior executives on August 2, 2018. | ||||||
[5] | Price per share represents the fair market value per share ($0.98 per $1 or a reduction of $0.65 to the closing price of the our common stock on the date of grant) determined using the Monte Carlo simulation model for the market-based total shareholder return component and the closing price of our common stock ($32.50) for the performance-based components of the performance-based restricted stock units granted to certain senior executives on July 13, 2017. | ||||||
[6] | Performance-based restricted stock units awarded to key employees. |
Stock-Based Compensation - Su_2
Stock-Based Compensation - Summary of Grants of Performance Based Restricted Stock Units Associated with executive officers and Key Employees (Parenthetical) (Detail) - Senior Executives [Member] - $ / shares | Aug. 02, 2018 | Jul. 13, 2017 | Jul. 18, 2019 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Closing price of common stock | $ 24.35 | $ 32.50 | $ 18.49 |
Performance Based Restricted Stock Units [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Fair value adjustment to closing price of common stock, percentage | 0.76% | 0.98% | |
Fair value adjustment to closing price of common stock, per share | $ 5.84 | $ 0.65 | |
Closing price of common stock | $ 24.35 | $ 32.50 | $ 18.49 |
Stock-Based Compensation - Su_3
Stock-Based Compensation - Summary of Vested Performance Based and Time Based Restricted Stock Units (Detail) - Performance Based Restricted Stock Units [Member] - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Apr. 28, 2019 | Apr. 29, 2018 | ||
Key Employees and Senior Executives [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Restricted Stock Units Vested | [1] | 9,489 | 128,632 |
Weighted Average Fair Value | [2] | $ 165 | $ 3,754 |
Price Per Share | [3] | $ 17.36 | $ 29.19 |
Non-employee [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Restricted Stock Units Vested | [4] | 4,148 | 10,364 |
Weighted Average Fair Value | [2] | $ 72 | $ 320 |
Price Per Share | [3] | $ 17.36 | $ 30.90 |
[1] | Certain senior executives and key employees. | ||
[2] | Dollar amounts are in thousands. | ||
[3] | The weighted average price per share is derived from the closing prices of our common stock on the dates the respective time-based restricted stock units vested. | ||
[4] | Non-employee |
Stock-Based Compensation - Su_4
Stock-Based Compensation - Summary of Vested Time Based Restricted Stock Units (Detail) - Time Based Restricted Stock Unit [Member] - USD ($) | 3 Months Ended | |||
Aug. 04, 2019 | Jul. 29, 2018 | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Restricted Stock Units Vested | 1,200 | |||
Weighted Average Fair Value | [1] | $ 21 | [2] | |
Price Per Share | $ 17.36 | [2] | ||
[1] | Dollar amounts are in thousands. | |||
[2] | The weighted average price per share is derived from the closing prices of our common stock on the dates the respective time-based restricted stock units vested. |
Stock-Based Compensation - Su_5
Stock-Based Compensation - Summary of Assumptions Used to Determine Fair Value of Performance Based Restricted Stock Units (Detail) - $ / shares | Jul. 18, 2019 | Aug. 02, 2018 | Jul. 13, 2017 |
Senior Executives [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Closing price of our common stock | $ 18.49 | $ 24.35 | $ 32.50 |
Stock-Based Compensation - Su_6
Stock-Based Compensation - Summary of Grants of Time-Based Restricted Stock Awards Associated with Key Member of Management (Detail) - Time Vested Restricted Stock Awards [Member] - Management [Member] - $ / shares | Jul. 18, 2019 | Aug. 02, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Restricted Stock Awarded | 15,213 | 10,000 | |
Price Per Share | [1] | $ 18.49 | $ 24.35 |
Vesting Period | 3 years | 5 years | |
[1] | Price per share represents the closing price of our common stock on the date of grant. |
Leases - Lessee Operating Lease
Leases - Lessee Operating Lease Right Of Use Assets And Liabilities (Detail) - USD ($) $ in Thousands | Aug. 04, 2019 | Apr. 29, 2019 | [1] |
Right of use asset | $ 6,530 | $ 7,191 | |
Operating lease liability – current | 2,456 | 2,629 | |
Operating lease liability – noncurrent | $ 3,955 | $ 4,473 | |
[1] | Represents adoption date of Topic 842. |
Leases - Operating Leases Of Le
Leases - Operating Leases Of Lessee Disclosure (Details) $ in Thousands | 3 Months Ended |
Aug. 04, 2019USD ($) | |
Operating lease liability payments | $ 657 |
Right of use assets exchanged for lease liabilities |
Leases - Lessee Operating Lea_2
Leases - Lessee Operating Lease Liability Maturity (Details) $ in Thousands | Aug. 04, 2019USD ($) |
2020 | $ 2,025 |
2021 | 2,044 |
2022 | 1,096 |
2023 | 683 |
2024 | 659 |
Thereafter | 346 |
Total | 6,853 |
Less: interest | (442) |
Present value of lease liabilities | $ 6,411 |
Leases - Weighted Average Lease
Leases - Weighted Average Lease Term And Discount Rate (Detail) | Aug. 04, 2019 |
Weighted average lease term | 3 years 6 months |
Weighted average discount rate | 3.82% |
Leases - Narrative (Detail)
Leases - Narrative (Detail) | 3 Months Ended |
Aug. 04, 2019USD ($) | |
Operating Lease Remaining Lease Terms | 3 years 6 months |
Operating Lease Expenses | $ 719,000 |
Lessee, Operating Lease, Option to Extend | renewal options for additional periods ranging up to 10 years |
Minimum [Member] | |
Operating Lease Remaining Lease Terms | 1 year |
Maximum [Member] | |
Operating Lease Remaining Lease Terms | 6 years |
Commitments and Contingencies (
Commitments and Contingencies (Detail) - USD ($) $ in Thousands | Aug. 04, 2019 | Apr. 28, 2019 | [1] | Jul. 29, 2018 |
Commitments and Contingencies Disclosure [Line Items] | ||||
Accounts payable for capital expenditures | $ 60 | $ 78 | $ 862 | |
Mattress Fabrics [Member] | Capital Addition Purchase Commitments [Member] | ||||
Commitments and Contingencies Disclosure [Line Items] | ||||
Open Purchase Commitments For Equipment | $ 1,500 | |||
[1] | Derived from audited financial statements. |
Statutory Reserves (Detail)
Statutory Reserves (Detail) - Subsidiaries [Member] - China [Member] $ in Millions | 3 Months Ended |
Aug. 04, 2019USD ($) | |
Statutory Reserve [Line Items] | |
Percentage of net income required to be transferred to a statutory surplus reserve fund | 10.00% |
Maximum required percentage of statutory surplus reserve fund to registered capital | 50.00% |
Statutory surplus reserve fund balance | $ 4.2 |
Percentage of accumulated earnings and profits determined in accordance with PRC accounting rules and regulations | 10.00% |
Minimum threshold percentage for statutory surplus reserve fund as percentage of registered capital, below which certain capital transactions are prohibited | 25.00% |
Common Stock Repurchase Progr_2
Common Stock Repurchase Program (Detail) - Common Stock [Member] - USD ($) | Sep. 05, 2019 | Jan. 27, 2019 | Jun. 15, 2016 |
Common Stock Repurchase Program June 15, 2016 [Member] | |||
Stockholders Equity Note [Line Items] | |||
Authorization amount for repurchase of common stock | $ 5,000,000 | ||
Remaining authorized repurchase amount | $ 1,700,000 | ||
Stock Repurchase Program September 5, 2019 [Member] | Subsequent Event [Member] | |||
Stockholders Equity Note [Line Items] | |||
Authorization amount for repurchase of common stock | $ 5,000,000 |
Dividend Program (Detail)
Dividend Program (Detail) - USD ($) $ / shares in Units, $ in Thousands | Sep. 05, 2019 | Aug. 04, 2019 | Jul. 29, 2018 |
Dividends [Line Items] | |||
Cash dividends paid | $ 1,241 | $ 1,127 | |
Quarterly Dividend [Member] | |||
Dividends [Line Items] | |||
Cash dividends paid | $ 1,200 | $ 1,100 | |
Cash dividend payment, per share | $ 0.10 | $ 0.09 | |
Subsequent Event [Member] | Quarterly Dividend [Member] | |||
Dividends [Line Items] | |||
Cash dividend declared, per share | $ 0.10 | ||
Date of payment to shareholders entitled to dividends | Oct. 15, 2019 | ||
Date of record of shareholders entitled to dividends | Oct. 4, 2019 |