Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Aug. 01, 2021 | Sep. 08, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Aug. 1, 2021 | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q1 | |
Entity Registrant Name | CULP INC | |
Entity Central Index Key | 0000723603 | |
Current Fiscal Year End Date | --05-01 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Trading Symbol | CULP | |
Entity Common Stock, Shares Outstanding | 12,203,284 | |
Entity File Number | 1-12597 | |
Entity Tax Identification Number | 56-1001967 | |
Entity Address, Address Line One | 1823 Eastchester Drive | |
Entity Address, City or Town | High Point | |
Entity Address, State or Province | NC | |
Entity Address, Postal Zip Code | 27265-1402 | |
City Area Code | 336 | |
Local Phone Number | 889-5161 | |
Entity Incorporation, State or Country Code | NC | |
Title of 12(b) Security | Common Stock, par value $.05/ Share | |
Security Exchange Name | NYSE | |
Document Quarterly Report | true | |
Document Transition Report | false |
CONSOLIDATED STATEMENTS OF NET
CONSOLIDATED STATEMENTS OF NET INCOME (LOSS) - USD ($) shares in Thousands | 3 Months Ended | |
Aug. 01, 2021 | Aug. 02, 2020 | |
Income Statement [Abstract] | ||
Net sales | $ 83,047,000 | $ 64,464,000 |
Cost of sales | (70,548,000) | (54,563,000) |
Gross profit | 12,499,000 | 9,901,000 |
Selling, general and administrative expenses | (9,181,000) | (8,018,000) |
Income from operations | 3,318,000 | 1,883,000 |
Interest expense | (51,000) | |
Interest income | 74,000 | 58,000 |
Other expense | (237,000) | (366,000) |
Income before income taxes | 3,155,000 | 1,524,000 |
Income tax expense | (905,000) | (4,324,000) |
Income from investment in unconsolidated joint venture | 67,000 | |
Net income (loss) | $ 2,250,000 | $ (2,733,000) |
Net income (loss) per share - basic | $ 0.18 | $ (0.22) |
Net income (loss) per share - diluted | $ 0.18 | $ (0.22) |
Average shares outstanding, basic | 12,313 | 12,287 |
Average shares outstanding, diluted | 12,415 | 12,287 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands | 3 Months Ended | |
Aug. 01, 2021 | Aug. 02, 2020 | |
Consolidated Statements of Comprehensive Income (Loss) | ||
Net income (loss) | $ 2,250 | $ (2,733) |
Unrealized holding gains on investments, net of tax | 148 | 69 |
Comprehensive income (loss) | $ 2,398 | $ (2,664) |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) | Aug. 01, 2021 | May 02, 2021 | [1] | Aug. 02, 2020 |
Current assets: | ||||
Cash and cash equivalents | $ 26,061,000 | $ 37,009,000 | $ 39,986,000 | |
Short-term investments - held-to-maturity | 1,661,000 | 3,161,000 | 5,092,000 | |
Short-term investments - available for sale | 9,698,000 | 5,542,000 | 983,000 | |
Accounts receivable | 35,008,000 | 37,726,000 | 29,893,000 | |
Inventories | 58,613,000 | 55,917,000 | 40,402,000 | |
Current income taxes receivable | 524,000 | 782,000 | ||
Other current assets | 3,889,000 | 3,852,000 | 3,547,000 | |
Total current assets | 135,454,000 | 143,207,000 | 120,685,000 | |
Property, plant and equipment, net | 43,930,000 | 44,003,000 | 42,051,000 | |
Intangible assets | 2,910,000 | 3,004,000 | 3,286,000 | |
Long-term investments - rabbi trust | 8,841,000 | 8,415,000 | 7,916,000 | |
Long-term investments - held-to-maturity | 6,629,000 | 1,141,000 | 1,314,000 | |
Right of use assets | 11,447,000 | 11,730,000 | 6,443,000 | |
Deferred income taxes | 455,000 | 545,000 | 593,000 | |
Investment in unconsolidated joint venture | 1,759,000 | |||
Other assets | 2,582,000 | 2,035,000 | 540,000 | |
Total assets | 212,248,000 | 214,080,000 | 184,587,000 | |
Current liabilities: | ||||
Accounts payable - trade | 45,285,000 | 42,540,000 | 25,746,000 | |
Accounts payable - capital expenditures | 48,000 | 348,000 | 333,000 | |
Operating lease liability - current | 2,727,000 | 2,736,000 | 2,387,000 | |
Deferred revenue | 694,000 | 540,000 | 685,000 | |
Accrued expenses | 9,950,000 | 14,839,000 | 7,852,000 | |
Income taxes payable - current | 253,000 | 229,000 | 613,000 | |
Total current liabilities | 58,957,000 | 61,232,000 | 37,616,000 | |
Accrued expenses - long-term | 117,000 | |||
Operating lease liability - long-term | 6,665,000 | 6,821,000 | 4,214,000 | |
Income taxes payable - long-term | 3,365,000 | 3,326,000 | 3,591,000 | |
Deferred income taxes | 4,917,000 | 5,330,000 | 5,311,000 | |
Deferred compensation | 8,795,000 | 8,365,000 | 7,869,000 | |
Total liabilities | 82,699,000 | 85,074,000 | 58,718,000 | |
Commitments and Contingencies (Notes 3, 9, 15, and 16) | ||||
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 12,276,286 at August 1, 2021; 12,291,946 at August 2, 2020; and 12,312,822 at May 2, 2021 | 614,000 | 616,000 | 615,000 | |
Capital contributed in excess of par value | 43,310,000 | 43,807,000 | 42,708,000 | |
Accumulated earnings | 85,331,000 | 84,437,000 | 82,487,000 | |
Accumulated other comprehensive income | 294,000 | 146,000 | 59,000 | |
Total shareholders' equity | 129,549,000 | 129,006,000 | 125,869,000 | |
Total liabilities and shareholders' equity | $ 212,248,000 | $ 214,080,000 | $ 184,587,000 | |
[1] | Derived from audited financial statements. |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Aug. 01, 2021 | May 02, 2021 | Aug. 02, 2020 |
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 | 12,276,286 | 12,312,822 | 12,291,946 |
Common stock, outstanding | 12,276,286 | 12,312,822 | 12,291,946 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) | 3 Months Ended | |
Aug. 01, 2021 | Aug. 02, 2020 | |
Cash flows from operating activities: | ||
Net income (loss) | $ 2,250,000 | $ (2,733,000) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||
Depreciation | 1,726,000 | 1,822,000 |
Amortization | 121,000 | 118,000 |
Stock-based compensation | 274,000 | 126,000 |
Deferred income taxes | (323,000) | 3,693,000 |
Income from investment in unconsolidated joint venture | (67,000) | |
Foreign currency exchange loss | 3,000 | 154,000 |
Changes in assets and liabilities: | ||
Accounts receivable | 2,715,000 | (4,757,000) |
Inventories | (2,676,000) | 7,592,000 |
Other current assets | (39,000) | (1,254,000) |
Other assets | (556,000) | (24,000) |
Accounts payable – trade | 2,723,000 | 2,544,000 |
Deferred revenue | 154,000 | 183,000 |
Accrued expenses and deferred compensation | (4,336,000) | 2,377,000 |
Income taxes | (465,000) | 807,000 |
Net cash provided by operating activities | 1,571,000 | 10,581,000 |
Cash flows from investing activities: | ||
Capital expenditures | (1,953,000) | (500,000) |
Investment in unconsolidated joint venture | (90,000) | |
Proceeds from the maturity of short-term investments (Held to Maturity) | 1,967,000 | 350,000 |
Purchase of short-term and long-term investments (Held to Maturity) | (5,973,000) | (423,000) |
Purchase of short-term investments (Available for Sale) | (4,031,000) | (34,000) |
Proceeds from the sale of long-term investments (rabbi trust) | 39,000 | |
Purchase of long-term investments (rabbi trust) | (403,000) | (78,000) |
Net cash used in investing activities | (10,393,000) | (736,000) |
Cash flows from financing activities: | ||
Payments associated with lines of credit | (30,772,000) | |
Payment associated with Paycheck Protection Program Loan | (7,606,000) | |
Dividends paid | (1,356,000) | (1,291,000) |
Common stock repurchased | (723,000) | |
Common stock surrendered for withholding taxes payable | (50,000) | |
Payments of debt issuance costs | (15,000) | |
Net cash used in financing activities | (2,129,000) | (39,684,000) |
Effect of exchange rate changes on cash and cash equivalents | 3,000 | 35,000 |
Decrease in cash and cash equivalents | (10,948,000) | (29,804,000) |
Cash and cash equivalents at beginning of period | 37,009,000 | 69,790,000 |
Cash and cash equivalents at end of period | $ 26,061,000 | $ 39,986,000 |
CONSOLIDATED STATEMENTS OF SHAR
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) | Total | Common Stock | Capital Contributed in Excess of Par Value | Accumulated Earnings | Accumulated Other Comprehensive (Loss) Income | |
Balance at May. 03, 2020 | [1] | $ 129,698,000 | $ 615,000 | $ 42,582,000 | $ 86,511,000 | $ (10,000) |
Balance (in shares) at May. 03, 2020 | [1] | 12,284,946 | ||||
Net income (loss) | (2,733,000) | (2,733,000) | ||||
Stock-based compensation | 126,000 | 126,000 | ||||
Unrealized gain on investments | 69,000 | 69,000 | ||||
Fully vested common stock award, (in shares) | 7,000 | |||||
Common stock repurchased (in shares) | 0 | |||||
Dividends paid | (1,291,000) | (1,291,000) | ||||
Balance at Aug. 02, 2020 | 125,869,000 | $ 615,000 | 42,708,000 | 82,487,000 | 59,000 | |
Balance (in shares) at Aug. 02, 2020 | 12,291,946 | |||||
Balance at May. 02, 2021 | [1] | 129,006,000 | $ 616,000 | 43,807,000 | 84,437,000 | 146,000 |
Balance (in shares) at May. 02, 2021 | [1] | 12,312,822 | ||||
Net income (loss) | 2,250,000 | 2,250,000 | ||||
Stock-based compensation | 274,000 | 274,000 | ||||
Unrealized gain on investments | 148,000 | 148,000 | ||||
Common stock issued in connection with vesting of performance based restricted stock units (in shares) | 10,863 | |||||
Common stock surrendered for withholding taxes payable | (50,000) | (50,000) | ||||
Common stock surrendered for withholding taxes payable (in shares) | (3,025) | |||||
Fully vested common stock award, (in shares) | 4,312 | |||||
Common stock repurchased | (723,000) | $ (2,000) | (721,000) | |||
Common stock repurchased (in shares) | (48,686) | |||||
Dividends paid | (1,356,000) | (1,356,000) | ||||
Balance at Aug. 01, 2021 | $ 129,549,000 | $ 614,000 | $ 43,310,000 | $ 85,331,000 | $ 294,000 | |
Balance (in shares) at Aug. 01, 2021 | 12,276,286 | |||||
[1] | Derived from audited financial statements. |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Aug. 01, 2021 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Basis of Presentation | 1. Basis of Presentation The accompanying unaudited condensed 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 these adjustments are of a normal recurring nature. Results of operations for interim periods may not be indicative of future results. The unaudited condensed 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 16, 2021, for the fiscal year ended May 2, 2021. The company’s three-months ended August 1, 2021, and August 2, 2020, each represent 13-week periods. |
Significant Accounting Policies
Significant Accounting Policies | 3 Months Ended |
Aug. 01, 2021 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | 2. Significant Accounting Policies As of August 1, 2021, 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 May 2, 2021. Recently Adopted Accounting Pronouncements Income Taxes In December 2019, the FASB issued ASU No. 2019-12, Income Taxes Simplifying the Accounting for Income Taxes Recently Issued Accounting Pronouncements Currently, there are no new recent accounting pronouncements that are expected to have a material impact on our consolidated financial statements. |
Business Combination Achieved i
Business Combination Achieved in Stages | 3 Months Ended |
Aug. 01, 2021 | |
Business Combinations [Abstract] | |
Business Combination Achieved in Stages | 3. BUSINESS COMBINATION ACHIEVED IN STAGES Overview Effective January 1, 2017, Culp International Holdings, Ltd. (“Culp International”), a wholly-owned subsidiary of the company entered into a joint venture agreement pursuant to which Culp International owned 50% of Class International Holdings, Ltd. (“CIH). Effective February 1, 2021 (sometimes referred to as the “acquisition date”), Culp International entered into a Share Purchase Agreement with its former joint venture partner pursuant to which Culp International acquired the remaining 50% ownership interest in CIH. CIH produces cut and sewn mattress covers and is housed in two facilities totaling 120,000 square feet, located in a modern industrial park on the northeastern border of Haiti. We believe having sole ownership of this operation increases our capacity and enhances our flexibility by having near-shore capabilities that will help us to meet the needs of our mattress cover customers. Prior to the acquisition of the remaining 50% ownership interest in CIH, we accounted for our initial 50% ownership interest in CIH as an unconsolidated joint venture under the equity method of accounting. In connection with the acquisition of the remaining 50% ownership interest in CIH, our consolidated financial statements now include all of the accounts of CIH, and any significant intercompany balances and transactions have been eliminated in consolidation. The consideration transferred for our now-100% ownership interest in connection with this acquisition totaled $2.7 million, of which $1.7 million represented the fair value of our previously held 50% ownership interest in CIH at the time of acquisition, and $954,000 represented the purchase price that was mostly paid at closing on February 1, 2021, for the remaining 50% ownership interest in CIH. In accordance with ASC Topic 805-10-25-10, we remeasured our previously held 50% ownership interest in CIH at its acquisition date fair value. As of the acquisition date, the fair value of our previously held 50% ownership interest totaling $1.7 million represented its carrying amount, and therefore, no gain or loss was recognized in earnings for the remeasurement of our previously held 50% ownership interest. Assets Acquired and Liabilities Assumed The following table presents the final allocation of the consideration transferred to the assets acquired and liabilities assumed based on their fair values: (dollars in thousands) Fair Value Cash and cash equivalents $ 62 Accounts receivable 169 Inventory 31 Right of use assets 2,544 Equipment and leasehold improvements 846 Accounts payable (155 ) Gain on bargain purchase (819 ) $ 2,678 Equipment and leasehold improvements is being depreciated on a straight-line basis over their remaining useful lives ranging from 1 to 10 years. Gain on Bargain Purchase Concurrent with our acquisition of the remaining 50% ownership interest in CIH, our former joint venture partner sold its mattress business to a third party. Our acquisition of the remaining 50% ownership interest in CIH was undertaken due to this sale and the terms negotiated in connection therewith. As a result, the $3.5 million fair value of the identifiable assets acquired and liabilities assumed exceeded the consideration transferred of $2.7 million. Consequently, in accordance with ASC Topic 825-30-25-4, we (i) reassessed the recognition and measurement of the assets acquired, liabilities assumed, and previously held ownership interest; (ii) gained an understanding of why there was a bargain purchase; and (iii) reviewed the rebate and supply agreements that were executed concurrent with the Share Purchase Agreement. As part of our review of the rebate and supply agreements, we verified that the terms of these agreements were consistent with fair market terms and were considered separate transactions and not considered part of the business combination in accordance with ASC Topic 805-20-25-21. Accordingly, this acquisition was accounted for as a bargain purchase and, as a result, we recognized a gain of $819,000 as of the acquisition date. Supply and Rebate Agreements In connection with the Share Purchase Agreement, we entered into a supply agreement and rebate agreement with an affiliated company of our former joint venture partner to secure plant capacity utilization and preserve sales channels of certain mattress fabric products. The supply and rebate agreements are effective as of the acquisition date and are based on future sales orders consistent with current market conditions. The transactions associated with the supply and rebate agreements are accounted for in accordance with ASC Topic 606 Revenue from Contract with Customers Pro Forma Financial Information The following unaudited pro forma consolidated results of operations for the three-month periods ending August 1, 2021, and August 2, 2020, have been prepared as if this acquisition had occurred on April 29, 2019. (dollars in thousands, except per share data) August 1, 2021 August 2, 2020 Net Sales $ 83,047 $ 64,761 Income from operations 3,318 2,017 Net income (loss) 2,250 (2,666 ) Net income (loss) per share - basic $ 0.18 $ (0.22 ) Net income (loss) per share - diluted $ 0.18 $ (0.22 ) The unaudited pro forma information is presented for informational purposes only and is not necessarily indicative of the results of operations that would have been achieved had the acquisition been consummated as of that time, nor is it intended to be a projection of future results. Equity Method of Accounting In accordance with the equity method of accounting, we reported our previous 50% proportionate share of net income of CIH as a separate line titled “income from investment in unconsolidated joint venture” in the accompanying Consolidated Statements of Net Income (Loss). Our 50% proportionate share of the net income of the unconsolidated joint venture was $67,000 during the first quarter of fiscal 2021. The following table summarizes assets, liabilities, and members’ equity for our equity method investment in CIH: (dollars in thousands) August 2, 2020 total assets $ 3,668 total liabilities $ 149 total members’ equity $ 3,519 As of August 2, 2020, our investment in unconsolidated joint venture totaled $1.8 million, which represents our 50% ownership interest in our investment in CIH. |
Allowance for Doubtful Accounts
Allowance for Doubtful Accounts | 3 Months Ended |
Aug. 01, 2021 | |
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 1, 2021 August 2, 2020 Beginning balance $ 591 $ 472 Provision for bad debts (11 ) 80 Ending balance $ 580 $ 552 During the three-month periods ended August 1, 2021, and August 2, 2020, we assessed the credit risk of our customers within our accounts receivable portfolio. Our risk assessment includes the respective customer’s (i) financial position; (ii) past payment history; (iii) management’s general ability; and (iv) historical loss experience; as well as (v) any other ongoing economic conditions (i.e., COVID-19). After our risk assessment was completed, we assigned credit grades to our customers, which in turn, were used to determine our allowance for doubtful accounts totaling $580,000 and $552,000 as of August 1, 2021 and August 2, 2020, respectively. |
Revenue from Contracts with Cus
Revenue from Contracts with Customers | 3 Months Ended |
Aug. 01, 2021 | |
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 two business segments: mattress fabrics and upholstery fabrics. 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. In addition, the upholstery fabrics segment includes Read Window Products LLC (“Read”), which provides window treatments and sourcing of upholstery fabrics and other products, as well as measuring and installation services for Read’s products, to customers in the hospitality and commercial industries. Read also supplies soft goods such as decorative top sheets, coverlets, duvet covers, bed skirts, bolsters, and pillows. Our primary performance obligations include the sale of mattress fabrics and upholstery fabrics, 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 associated with Read, 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 – 60 days. During the first quarter of fiscal 2021, extended terms were granted to certain customers in response to the challenging business conditions resulting from the COVID-19 global pandemic. Our customary terms, as well as any limited extended 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 1, 2021, August 2, 2020, and May 2, 2021. A summary of the activity associated with deferred revenue follows: Three months ended (dollars in thousands) August 1, 2021 August 2, 2020 Beginning balance $ 540 $ 502 Revenue recognized on contract liabilities (611 ) (593 ) Payments received for services not yet rendered 765 776 Ending balance $ 694 $ 685 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 1, 2021: Mattress Upholstery (dollars in thousands) Fabrics Fabrics Total Products transferred at a point in time $ 43,058 $ 38,290 $ 81,348 Services transferred over time — 1,699 1,699 Total Net Sales $ 43,058 $ 39,989 $ 83,047 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 2, 2020: Mattress Upholstery (dollars in thousands) Fabrics Fabrics Total Products transferred at a point in time $ 36,103 $ 26,061 $ 62,164 Services transferred over time — 2,300 2,300 Total Net Sales $ 36,103 $ 28,361 $ 64,464 |
Inventories
Inventories | 3 Months Ended |
Aug. 01, 2021 | |
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 1, 2021 August 2, 2020 May 2, 2021 Raw materials $ 9,443 $ 7,742 $ 7,742 Work-in-process 3,637 2,292 3,156 Finished goods 45,533 30,368 45,019 $ 58,613 $ 40,402 $ 55,917 |
Intangible Assets
Intangible Assets | 3 Months Ended |
Aug. 01, 2021 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Intangible Assets | 7. Intangible Assets A summary of intangible assets follows: (dollars in thousands) August 1, 2021 August 2, 2020 May 2, 2021 Tradename $ 540 $ 540 $ 540 Customer relationships, net 1,862 2,162 1,937 Non-compete agreement, net 508 584 527 $ 2,910 $ 3,286 $ 3,004 Tradename Our tradename totaling $540,000 as of August 1, 2021, pertained to Read, a separate reporting unit within the upholstery fabrics segment. Read’s tradename was determined to have an indefinite useful life at the time of its acquisition, and therefore, is not being amortized. However, we are required to assess this tradename annually or between annual tests if we believe indicators of impairment exist. Based on our assessment as of August 1, 2021, no indicators of impairment existed and therefore, no asset impairment charges associated with Read’s tradename were recorded during the first quarter of fiscal 2022. Customer Relationships A summary of the change in the carrying amount of our customer relationships follows: Three months ended (dollars in thousands) August 1, 2021 August 2, 2020 Beginning balance $ 1,937 $ 2,238 Amortization expense (75 ) (76 ) Ending balance $ 1,862 $ 2,162 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 was $3.1 million as of August 1, 2021, August 2, 2020, and May 2, 2021, respectively. Accumulated amortization for these customer relationships was $1.3 million, $953,000, and $1.2 million as of August 1, 2021, August 2, 2020, and May 2, 2021, respectively. The remaining amortization expense for the next five fiscal years and thereafter follows: FY 2022 - $226,000; FY 2023 - $301,000; FY 2024 - $301,000; FY 2025 - $301,000; FY 2026 - $301,000; and thereafter - $432,000. The weighted average amortization period for our customer relationships was 6.4 years as of August 1, 2021. 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 1, 2021 August 2, 2020 Beginning balance $ 527 $ 602 Amortization expense (19 ) (18 ) Ending balance $ 508 $ 584 Our non-compete agreement is amortized on a straight-line basis over the fifteen-year The gross carrying amount of our non-compete agreement was $2.0 million as of August 1, 2021, August 2, 2020, and May 2, 2021, respectively. Accumulated amortization for our non-compete agreement was $1.6 million, $1.5 million, and $1.5 million as of August 1, 2021, August 2, 2020, and May 2, 2021, respectively. The remaining amortization expense for the next five years and thereafter follows: FY 2022 - $56,000; FY 2023 - $76,000; FY 2024 - $76,000; FY 2025 - $76,000; FY 2026 - $76,000, and thereafter - $148,000. The weighted average amortization period for the non-compete agreement was 6.8 years as of August 1, 2021. |
Accrued Expenses
Accrued Expenses | 3 Months Ended |
Aug. 01, 2021 | |
Text Block [Abstract] | |
Accrued Expenses | 8. Accrued Expenses A summary of accrued expenses follows: (dollars in thousands) August 1, 2021 August 2, 2020 May 2, 2021 Compensation, commissions and related benefits $ 5,006 $ 4,549 $ 9,816 Other accrued expenses 4,944 3,420 5,023 $ 9,950 $ 7,969 $ 14,839 Our entire accrued expense balances totaling $10.0 million as of August 1, 2021, and $14.8 million as of May 2, 2021, were classified as current accrued expenses in the accompanying Consolidated Balance Sheets. As of August 2, 2020, we had accrued expenses totaling $ 8.0 million, of which $ 7.9 million , and $ 117,000 , were classified as current accrued expenses and long-term accrued expenses, r espectively, in the accompanying Consolidated Balance Sheets. |
Lines of Credit
Lines of Credit | 3 Months Ended |
Aug. 01, 2021 | |
Debt Disclosure [Abstract] | |
Lines of Credit | 9. Lines of Credit Revolving Credit Agreement – United States Our Credit Agreement (“Credit Agreement”) with Wells Fargo Bank, N.A. (“Wells Fargo”) provides a revolving loan commitment of $30 million, is set to expire on August 15, 2022, and allows us to issue letters of credit not to exceed $1 million. Interest is charged at a rate (applicable interest rate of 1.69%, 1.75%, and 1.71% as of August 1, 2021, August 2, 2020, and May 2, 2021, respectively) calculated using 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 of August 1, 2021, August 2, 2020, and May 2, 2021, there were $275,000, $250,000, and $275,000, respectively, in outstanding letters of credit provided by the Credit Agreement. As of August 1, 2021, we had $725,000 remaining for the issuance of additional letters of credit. There were no borrowings outstanding under the Credit Agreement as of August 1, 2021, August 2, 2020, and May 2, 2021, respectively. Revolving Credit Agreements – China Operations Denominated in Chinese Yuan Renminbi (“RMB”) We have an unsecured credit agreement denominated in RMB with a bank located in China that provides for a line of credit of up to 40 million RMB ($6.2 million USD as of August 1, 2021). This agreement has an interest rate determined by the Chinese government at the time of borrowing and is set to expire on December 1, 2021. There were no borrowings outstanding under this agreement as of August 1, 2021, August 2, 2020, and May 2, 2021, respectively. Denominated in United States Dollar (“USD”) As of May 2, 2021, we had an unsecured credit agreement denominated in USD with another bank located in China that provided for a line of credit up to $2 million USD and was set to expire on July 7, 2021. On August 30, 2021, we renewed this agreement, which maintains our borrowing capacity of $2.0 million and extends the expiration date to August 30, 2022. The interest rate regarding this agreement is determined by the Chinese government at the time of the borrowing. There were no borrowings outstanding under this agreement as August 1, 2021, August 2, 2021, and May 2, 2021, respectively. Overall Our loan agreements require, among other things, that we maintain compliance with certain financial covenants. As of August 1, 2021, we complied with our financial covenants. No interest payments were made during the first quarter of fiscal 2022. Interest paid during the first quarter of fiscal 2021 totaled $60,000. |
Fair Value
Fair Value | 3 Months Ended |
Aug. 01, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value | 10. Fair Value 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 observabl e , and Level 3 – Unobservable inputs developed using the company’s estimates and assumptions, which reflect those that market participants would use. 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. Recurring Basis The following tables present information about assets measured at fair value on a recurring basis: Fair value measurements as of August 1, 2021, using: Quoted prices Significant in active other Significant markets for observable unobservable identical assets inputs inputs (amounts in thousands) Level 1 Level 2 Level 3 Total Assets: U.S. Government Money Market Fund $ 8,205 N/A N/A $ 8,205 Bond Mutual Funds 4,656 N/A N/A 4,656 Inflation Protected Bond Mutual Funds 2,979 N/A N/A 2,979 Mortgage Securities Mutual Funds 1,124 N/A N/A 1,124 Large Cap Equity Mutual Funds 708 N/A N/A 708 Growth Allocation Mutual Funds 419 N/A N/A 419 U.S. Event Driven Equity Mutual Fund 194 N/A N/A 194 Moderate Allocation Mutual Fund 91 N/A N/A 91 Other 163 N/A N/A 163 Fair value measurements as of August 2, 2020, using: Quoted prices Significant in active other Significant markets for observable unobservable identical assets inputs inputs (amounts in thousands) Level 1 Level 2 Level 3 Total Assets: Premier Money Market Fund $ 7,533 N/A N/A $ 7,533 Bond Mutual Funds 983 N/A N/A 983 Growth Allocation Mutual Funds 246 N/A N/A 246 Moderate Allocation Mutual Fund 71 N/A N/A 71 Other 66 N/A N/A 66 Fair value measurements as of May 2, 2021, using: Quoted prices Significant in active other Significant markets for observable unobservable identical assets inputs inputs (amounts in thousands) Level 1 Level 2 Level 3 Total Assets: Premier Money Market Fund $ 7,879 N/A N/A $ 7,879 Bond Mutual Funds 4,101 N/A N/A 4,101 Inflation Protected Bond Mutual Funds 722 N/A N/A 722 Mortgage Securities Mutual Fund 719 N/A N/A 719 Growth Allocation Mutual Funds 339 N/A N/A 339 Moderate Allocation Mutual Fund 86 N/A N/A 86 Other 111 N/A N/A 111 Short-Term Investments – Available for Sale Our short-term investments classified as available for sale consisted of various types of bond and equity mutual funds and had an accumulated unrealized gain totaling $143,000, $6,000 and $24,000 as of August 1, 2021, August 2, 2020, and May 2, 2021, respectively. Our short-term investments classified as available for sale were recorded at their fair values of $9.7 million, $983,000, and $5.5 million as of August 1, 2021, August 2, 2020, and May 2, 2021, respectively. As of August 1, 2021, August 2, 2020, and May 2, 2021, the fair value of our short-term investments classified as available for sale approximated their cost basis. Short-Term and Long-Term Investments - Held-To-Maturity Our investments classified as held-to-maturity consisted of investment grade U.S. corporate bonds, foreign bonds, and government bonds with remaining maturities of less than 4 years as of August 1, 2021. These investments were classified as held-to-maturity as we have the positive intent and ability to hold these investments until maturity. Our held-to-maturity investments were recorded as either current or noncurrent on our Consolidated Balance Sheets, based on the maturity date in relation to the respective reporting period, and were recorded at amortized cost. As of August 1, 2021, August 2, 2020, and May 2, 2021, our held-to-maturity investments recorded at amortized cost totaled $8.3 million, $6.4 million, and $4.3 million, respectively. The fair value of our held-to-maturity investments as of August 1, 2021, August 2, 2020, and May 2, 2021, totaled $8.3 million, $6.5 million, and $4.3 million, respectively. Our bond investments were classified as level 2 within the fair value hierarchy as they were traded over the counter within a broker network and not on an active market. The fair value of our bond investments 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 bond investment. Current Expected Credit Loses (“CECL”)- Available for Sale and Held-To-Maturity Investments As of August 1, 2021, August 2, 2020, and May 2, 2021, we did not record an allowance for credit losses related to our short-term available for sale or held-to-maturity investments, which are comprised of high-grade U.S. and foreign corporate bonds, U.S. Treasury bonds, and bond and equity mutual funds. We determined that our credit loss exposure was immaterial as we have experienced historically low unrealized losses and gains during past reporting periods. In addition, it is not our intention to sell, and it is not likely that we will be required to sell, our held-to-maturity investments before the recovery of their amortized cost basis. As of August 1, 2021, we reported an accumulated unrealized gain of $143,000 associated with our short-term investments classified as available for sale. As mentioned above, it is not our intention to sell nor is it likely that we will be required to sell, our held-to-maturity investments before the recovery of their amortized cost basis. Accordingly, we did not record any credit loss expense during the three-month period ending August 1, 2021. Long-Term Investments - Rabbi Trust We have a rabbi trust for the participants of our deferred compensation plan (the “Plan”), that enables our participants to credit their contributions to various investment options of the Plan. The investments associated with the rabbi trust consist of a U.S. Government money market fund and various equity related mutual funds that are classified as available for sale. Our long-term investments associated with our rabbi trust are classified as available for sale and recorded at their fair values of $8.8 million, $7.9 million, and $8.4 million as of August 1, 2021, August 2, 2020, and May 2, 2021, respectively. The long-term investments associated with our rabbi trust had an accumulated unrealized gain of $151,000, $53,000, and 122,000, as of August 1, 2021, August 2, 2020, and May 2, 2021, respectively. The fair value of our long-term investments associated with our rabbi trust approximates their cost basis. Other The carrying amount of our cash and cash equivalents, accounts receivable, other current assets, accounts payable, and accrued expenses approximate their fair value because of the short maturity of these financial instruments. Nonrecurring Basis – Fourth Quarter of Fiscal 2021 During the three-month period ending May 2, 2021, we had assets and liabilities that were required to be measured at fair value on a nonrecurring basis that pertained to assets acquired and certain liabilities that were assumed in connection with the CIH business combination effective February 1, 2021. See Note 3 of the consolidated financial statements for further details regarding this business combination. Fair value measurements as of May 2, 2021, using: Quoted prices Significant in active other Significant markets for observable unobservable identical assets inputs inputs (amounts in thousands) Level 1 Level 2 Level 3 Total Assets: Right of use assets N/A 2,544 N/A $ 2,544 Equipment and leasehold improvements N/A N/A 846 846 Inventory N/A N/A 31 31 The fair value of our right of use assets was based on our analysis of a recent appraisal of annual lease rates per square foot for industrial buildings that are similar in nature and within the same locale. We believe the annual lease rates per square foot presented in our recent appraisal represent significant observable inputs and therefore the right of use assets were classified as level 2. Additionally, in connection with the CIH business combination effective February 1, 2021, we acquired cash, accounts receivable, and certain other current assets, and we assumed accounts payable. Based on the nature of these items and their short-term maturity, the carrying amount of these items approximated their fair values. See Note 3 of the consolidated financial statements for the final allocation of the acquisition cost to assets acquired and liabilities assumed based on their fair values. |
Net Income (Loss) Per Share
Net Income (Loss) Per Share | 3 Months Ended |
Aug. 01, 2021 | |
Earnings Per Share [Abstract] | |
Net Income (Loss) Per Share | 11. Net Income (Loss) Per Share Basic net income (loss) per share is computed using the weighted-average number of shares outstanding during the period. Diluted net income (loss) 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 (loss) per share are as follows: Three months ended (amounts in thousands) August 1, 2021 August 2, 2020 Weighted average common shares outstanding, basic 12,313 12,287 Dilutive effect of stock-based compensation 102 — Weighted average common shares outstanding, diluted 12,415 12,287 During the first quarter of fiscal 2022, all unvested shares of common stock were included in the computation of diluted net income per share. During the first quarter of fiscal 2021, 33,828 shares of unvested common stock were not included in the computation of diluted net loss per share, as their effect would be antidilutive. Of the 33,828 shares of unvested common stock, 27,153 shares were not included in the computation as their effect would be antidilutive due to the decrease in the price per share of our common stock during the reporting period in relation to the price per share of our common stock as of the respective grant dates of the related stock-based compensation awards. In addition, 6,675 shares of unvested common stock were not included in the computation as we incurred a net loss for the first quarter of fiscal 2021, and therefore, their effect would be antidilutive. |
Segment Information
Segment Information | 3 Months Ended |
Aug. 01, 2021 | |
Segment Reporting [Abstract] | |
Segment Information | 12. Segment Information Overall Our operations are classified into two business segments: mattress fabrics and upholstery fabrics. 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. In addition, this segment includes Read, which provides window treatments and sourcing of upholstery fabrics and other products, as well as measuring and installation services for Read’s products, to customers in the hospitality and commercial industries. Read also supplies soft goods such as decorative top sheets, coverlets, duvet covers, bed skirts, bolsters, and pillows. Financial Information We evaluate the operating performance of our business segments based upon income (loss) from operations before certain unallocated corporate expenses, asset impairments, restructuring credit (expense) and related charges, and other non-recurring items. Cost of sales for each segment includes 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 and their support staff, 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. The mattress fabrics segment also included in segment assets its investment in an unconsolidated joint venture as of August 2, 2020. 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, allocate resources to individual segments, or determine executive compensation. Statements of operations for our operating segments are as follows: Three months ended August 1, 2021 August 2, 2020 net sales by segment: mattress fabrics $ 43,058 $ 36,103 upholstery fabrics 39,989 28,361 net sales $ 83,047 $ 64,464 gross profit: mattress fabrics $ 6,795 $ 4,608 upholstery fabrics 5,704 5,293 gross profit $ 12,499 $ 9,901 selling, general, and administrative expenses by segment: mattress fabrics $ 3,184 $ 2,763 upholstery fabrics 3,437 3,180 unallocated corporate expenses 2,560 2,075 selling, general, and administrative expenses $ 9,181 $ 8,018 income (loss) from operations by segment: mattress fabrics $ 3,611 $ 1,845 upholstery fabrics 2,267 2,113 unallocated corporate expenses (2,560 ) (2,075 ) income from operations 3,318 1,883 interest expense — (51 ) interest income 74 58 other expense (237 ) (366 ) income before income taxes $ 3,155 $ 1,524 Balance sheet information for our operating segments follows: (dollars in thousands) August 1, 2021 August 2, 2020 May 2, 2021 Segment assets: Mattress Fabrics: Accounts receivable $ 18,016 $ 15,585 $ 20,427 Inventory 31,778 20,070 30,047 Property, plant and equipment (1) 40,881 39,597 41,264 Right of use assets (2) 4,058 832 4,278 Investment in unconsolidated joint venture — 1,759 — Total mattress fabrics assets 94,733 77,843 96,016 Upholstery Fabrics: Accounts receivable 16,992 14,308 17,299 Inventory 26,835 20,332 25,870 Property, plant and equipment (3) 2,080 1,634 1,925 Right of use assets (4) 5,984 3,802 5,945 Total upholstery fabrics assets 51,891 40,076 51,039 Total segment assets 146,624 117,919 147,055 Non-segment assets: Cash and cash equivalents 26,061 39,986 37,009 Short-term investments - available for sale 9,698 983 5,542 Short-term investments - held-to-maturity 1,661 5,092 3,161 Current income taxes receivable 524 782 — Other current assets 3,889 3,547 3,852 Deferred income taxes 455 593 545 Property, plant and equipment (5) 969 820 814 Right of use assets (6) 1,405 1,809 1,507 Intangible assets 2,910 3,286 3,004 Long-term investments - rabbi trust 8,841 7,916 8,415 Long-term investments - held-to-maturity 6,629 1,314 1,141 Other assets 2,582 540 2,035 Total assets $ 212,248 $ 184,587 $ 214,080 Three months ended (dollars in thousands) August 1, 2021 August 2, 2020 Capital expenditures (7): Mattress Fabrics $ 1,117 $ 545 Upholstery Fabrics 262 113 Unallocated Corporate 274 68 Total capital expenditures $ 1,653 $ 726 Depreciation expense: Mattress Fabrics $ 1,521 $ 1,631 Upholstery Fabrics 205 191 Total depreciation expense $ 1,726 $ 1,822 (1) The $40.9 million as of August 1, 2021, represents property, plant, and equipment of $27.6 million, $12.4 million, and $875,000 located in the U.S., Canada, and Haiti, respectively. The $39.6 million as of August 2, 2020, represents property, plant, and equipment of $27.0 million and $12.6 million located in the U.S. and Canada, respectively. The $41.3 million as of May 2, 2021, represents property, plant, and equipment of $28.4 million, $12.0 million, and $855,000 located in the U.S., Canada, and Haiti, respectively. (2) The $4.1 million as of August 1, 2021, represents right of use assets of $2.3 million, $1.4 million, and $355,000 located in Haiti, the U.S., and Canada, respectively. The $832,000 as of August 2, 2020, represents right of use assets of $535,000 and $297,000 located in Canada and the U.S., respectively. The $4.3 million as of May 2, 2021, represents right of use assets of $2.4 million, $1.4 million, and $400,000 located in Haiti, the U.S., and Canada, respectively. (3) The $2.1 million as of August 1, 2021, represents property, plant, and equipment of $1.1 million, $830,000, and $130,000 located in the U.S., China, and Haiti, respectively. The $1.6 million as of August 2, 2020, represents property, plant, and equipment of $1.2 million and $456,000 located in the U.S. and China, respectively. The $1.9 million as of May 2, 2021, represents property, plant, and equipment of $1.1 million and $850,000 located in the U.S. and China, respectively. (4) The $ 6.0 million as of August 1 , 202 1 , represents right of use assets of $ 4.6 million and $ million located in China and the U.S., respectively. The $ 3.8 million a s of August 2 , 20 20 , represents right of use assets of $ 3.1 million and $ located in China and the U.S., respectively . The $ 5.9 million as of May 2 , 202 1 , represents right of use assets of $ 5.0 million and $ 952,000 located in China and the U.S. , respectively . (5) The $969,000, $820,000, and $814,000 as of August 1, 2021, August 2, 2020, and May 2, 2021, respectively, represent property, plant, and equipment associated with unallocated corporate departments and corporate departments shared by our mattress fabrics and upholstery fabrics segments. Property, plant, and equipment associated with our corporate departments reside in the U.S. (6) The $1.4 million, $1.8 million, and $1.5 million as of August 1, 2021, August 2, 2020, and May 2, 2021, respectively, represent right of use assets located in the U.S. (7) 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. 01, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 13. Income Taxes Effective Income Tax Rate We recorded income tax expense of $905,000, or 28.7% of income before income taxes, for the three-month period ending August 1, 2021, compared with income tax expense of $4.3 million, or 283.7% of income before income taxes, for the three-month period ending August 2, 2020. Our effective income tax rates for the three-month periods ended August 1, 2021, and August 2, 2020, 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. When calculating the annual estimated effective income tax rate for the three-month periods ended August 1, 2021, and August 2, 2020, we were subject to a loss limitation rule in accordance with ASC Topic 740-270-30-36(a). This loss limitation rule requires any taxable loss associated with our U.S. or foreign operations to be excluded from the annual estimated effective income tax rate calculation if it was determined that no tax benefit could be recognized during the current fiscal year. 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, Canada, and Haiti 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 for the three-month periods ending August 1, 2021, and August 2, 2020: August 1, August 2, 2021 2020 U.S. federal income tax rate 21.0 % 21.0 % U.S. valuation allowance (3.9 ) 474.4 U.S. income tax law change — (232.5 ) Withholding taxes associated with foreign jurisdictions 6.2 10.1 Foreign income tax rate differential 1.6 9.1 Global Intangible Low Taxed Income Tax ("GILTI") 3.4 — Other 0.4 1.6 28.7 % 283.7 % Our effective income tax rate during the first quarter of fiscal 2022 was negatively affected, but not nearly to the extent as in the first quarter of fiscal 2021, by the mix of taxable income that is mostly earned by our foreign operations located in China and Canada, which have higher income tax rates than the U.S. This is due mostly to higher annual forecasted taxable income from our U.S. operations as of the end of the first quarter of fiscal 2022, as compared with lower annual forecasted taxable as of the end of the first quarter of fiscal 2021. The annual forecasted taxable income at the end of the first quarter of fiscal 2021 was significantly affected by the ongoing disruption and uncertain economic conditions relating to the COVID-19 pandemic. As a result of the increase in forecasted taxable income, the principal differences in the above table are not as pronounced during the first quarter of fiscal 2022 as compared with those differences during the first quarter of fiscal 2021. GILTI Fiscal 2021 Effective July 20, 2020, the U.S. Treasury Department finalized and enacted previously proposed regulations regarding the GILTI tax provisions of the Tax Cuts and Jobs Act of 2017 (“TCJA”). With the enactment of these final regulations, we became eligible for an exclusion from GILTI if we meet the provisions of the GILTI High-Tax exception included in these final regulations. To meet the provisions of the GILTI high tax exception, the tested foreign entity’s effective income tax rate related to current year’s earnings must be higher than 90% Since we met the requirements for the High-Tax exception for our 2019 and 2020 fiscal years, we recorded a non-cash income tax benefit of $3.5 million resulting from the re-establishment of certain U.S. federal net operating loss carryforwards. This $3.5 million income tax benefit was recorded as a discrete event in which its full income tax effects were recorded in the first quarter of fiscal 2021. Additionally, we met the requirements for the High-Tax exception for our 2021 fiscal year, and therefore, were not subject to GILTI tax. Fiscal 2022 As of the end of the first quarter of fiscal 2022, we believe we will not meet the requirements for the GILTI High-Tax exception regarding our foreign subsidiaries located in Canada and Haiti, and therefore, will be subject to GILTI tax for the 2022 fiscal year. Based on our assessment associated with our operation located in Canada, we expect that several significant capital projects will be placed into service during fiscal 2022, and therefore we will be eligible for a significant amount of deductible accelerated depreciation. As a result, our current year’s income tax expense is expected to be much lower than prior fiscal years’, and therefore, our projected current effective income tax rate is expected to be lower than the required 18.9% current effective income tax rate to meet the GILTI High-Tax exception. Based on our assessment associated with our operations located in Haiti, we expect to earn taxable income that is not subject to income tax, as we are located in an economic zone that permits a 0% income tax rate for the first fifteen years of operations, for which we have ten years remaining. Since our operations located in Haiti are not expected to be subject to income tax, our projected current effective income tax rate of 0% will be lower than the required 18.9% current effective income tax rate to meet the GILTI High-Tax exception. Fiscal 2022 is the first fiscal year in which we expect to earn taxable income from our operations located in Haiti. Valuation Allowance In accordance with ASC Topic 740, we evaluate the realizability of 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, considering the effects of local tax law. As a result of the U.S. tax law change relating to the GILTI tax provisions of the TCJA, we assessed the need for an additional valuation allowance against our U.S. net deferred income taxes as of the end of the first quarter of fiscal 2021. GILTI represented a significant source of our U.S. taxable income during fiscal 2019 and 2020 that offset our U.S. pre-tax losses during such years, and which offset was reversed as a result of the retroactivity of the new GILTI regulations. Consequently, due to the retroactivity of the new regulations, we experienced a recent history of cumulative U.S. taxable losses during our last two fiscal years, and we expected at the time of this assessment that our history of U.S. pre-tax losses would continue into fiscal 2021. As a result of the significant weight of this negative evidence, we believed it was more-likely-than-not that our U.S. net deferred income tax assets would not be fully realizable. Accordingly, we recorded a non-cash income tax charge of $7.0 million to provide for a full valuation allowance against our U.S. net deferred income tax assets. This $7.0 million income tax charge was recorded as a discrete event in which its full income tax effects were recorded during the first quarter of fiscal 2021. As of August 1, 2021, we evaluated the realizability of our U.S. net deferred income tax assets to determine if a full valuation allowance was required. Based on our assessment, we determined we have a recent history of cumulative U.S. taxable losses, in that we experienced U.S. taxable losses during each of the fiscal years 2020 and 2021. In addition, as of August 1, 2021, we are currently expecting U.S. taxable income during fiscal 2022 stemming from the source of taxable income provided by GILTI noted above. However, the cumulative losses that we have experienced during fiscal years 2020 and 2021 significantly exceed the U.S. taxable income expected during fiscal 2022. As a result of the significant weight of this negative evidence, we believe it is more likely than not that our U.S. deferred income tax assets w ill not be fully realizable, and therefore we provided for a full valuation allowance against our U.S. net deferred income tax assets. Based on our assessments as of August 1, 2021, August 2, 2020, and May 2, 2021, valuation allowances against our net deferred income taxes pertain to the following: (dollars in thousands) August 1, 2021 August 2, 2020 May 2, 2021 U.S. federal and state net deferred income tax assets $ 9,221 7,830 9,344 U.S. capital loss carryforward 2,330 2,281 2,330 $ 11,551 10,111 11,674 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 income tax liability should be recorded for undistributed earnings from foreign subsidiaries that will not be reinvested indefinitely. As of August 1, 2021, we assessed the liquidity requirements of our U.S. parent company and determined that our undistributed earnings and profits from our foreign subsidiaries would not be reinvested indefinitely and would be eventually distributed to our U.S. parent company. The conclusion reached from this assessment was consistent with prior years. As a result of the TCJA, 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 income tax liability will be required for unremitted withholding taxes associated with earnings and profits generated by our foreign subsidiaries that will ultimately be repatriated to the U.S. parent company. As a result, as of August 1, 2021, August 2, 2020, and May 2, 2021, we recorded a deferred income tax liability of $3.2 million, $3.6 million, and $3.5 million, respectively, for withholding taxes associated with undistributed earnings and profits from our foreign subsidiaries. Uncertain Income Tax Positions 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 end of the reporting period, or is effectively settled through examination, negotiation, 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 benefit will be recorded at that time. As of August 1, 2021, August 2, 2020, and May 2, 2021, we had a $1.4 million total gross unrecognized income tax benefit, of which $1.1 million and $380,000 were recorded to income taxes payable-long-term and noncurrent deferred income taxes, respectively, in the accompanying Consolidated Balance Sheets. Of this $1.4 million total gross unrecognized income tax benefit, $1.1 million would favorably affect the income tax rate in future periods. Our gross unrecognized income tax benefit of $1.4 million 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. Income Taxes Paid The following table sets forth taxes paid (refunded) by jurisdiction: Three Months Ended August 1, August 2, (dollars in thousands) 2021 2020 United States Federal - Alternative Minimum Tax (AMT) credit refunds (1) $ — $ (745 ) China 1,408 349 Canada 280 405 $ 1,688 $ 9 (1) In accordance with the provisions of the TCJA, corporate taxpayers were eligible to treat prior AMT credit carryforwards as refundable. Accordingly, we elected to treat our prior AMT credit carryforward balance of $1.5 million as refundable, and as a result, 50 % of the $ 1.5 million refundable balance was received during the first quarter of fiscal 2021, with the remaining balance expected to be received in fiscal 2022. In accordance with the provisions of the U.S. federal Coronavirus Aid, Relief, and Economic Security (CARES) Act (2020), 100 % of AMT credit carryforwards for years beginning in the 2019 tax year were immediately refundable. Accordingly, we claimed credit for the remaining 50 % installment of our refundable AMT credit carryforward in May 2020. We received our remaining 50 % installment, plus interest, totaling $ 764,000 during the second quarter of fiscal 2021. |
Stock-Based Compensation
Stock-Based Compensation | 3 Months Ended |
Aug. 01, 2021 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stock-Based Compensation | 14. Stock-Based Compensation Equity Incentive Plan Description On September 16, 2015, our shareholders approved an equity incentive plan titled 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. As of August 1, 2021, there were 474,575 shares available for future equity-based grants under the 2015 Plan. Performance-Based Restricted Stock Units Senior Executives We have granted performance-based restricted stock units to 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 performance targets that have been achieved may be adjusted based on a market-based total shareholder return component as defined in the related restricted stock unit agreements. Our performance-based restricted stock units granted to senior executives were measured based on their fair market value on the date of grant. The fair market value per share was 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 component. Key Employees We have granted 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. Overall The following table summarizes information related to our grants of performance-based restricted stock units associated with senior executives and key employees that are unvested as of August 1, 2021: (3) (4) Performance-Based Restricted Stock Restricted Stock Units Expected Date of Grant Units Awarded to Vest Price Per Share Vesting Period July 22, 2021 (1) 122,477 61,237 $ 14.75 (6) 3 years July 22, 2021 (2) 21,900 10,950 $ 14.75 (6) 3 years July 18, 2019 (1) 93,653 5,749 $ 19.04 (5) 3 years July 18, 2019 (2) 29,227 3,442 $ 18.49 (6) 3 years (1) Performance-based restricted stock units awarded to 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) Compensation cost is based on an assessment each reporting period to determine the probability of whether or not certain performance goals will be met and how many shares are expected to be earned as of the end of the vesting period. These amounts represent the number of shares that were expected to vest as of August 1, 2021. (5) Price per share represents the fair market value per share ($1.03 per $1, or an increase of $0.55 to the closing price of 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 ($18.49) for the performance-based component of the performance-based restricted stock units granted to senior executives on July 18, 2019. ( 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 1, 2021, and August 2, 2020: Performance-Based (4) Restricted Stock (3) Price Fiscal Year Units Vested Fair Value Per Share Fiscal 2022 (1) 6,734 $ 115 $ 17.14 Fiscal 2022 (2) 5,812 $ 100 $ 17.14 Fiscal 2021 (1) 3,277 $ 33 $ 9.96 Fiscal 2021 (2) 3,710 $ 37 $ 9.96 (1) Performance-based restricted stock units vested by senior executives. (2) Performance-based restricted stock units vested by key employees. (3) Dollar amounts are in thousands. (4) Price per share is derived from the closing price of our common stock on the date the respective performance-based restricted stock units vested. We recorded a charge or a (credit) to compensation expense of $20,000 and $(11,000) within selling, general, and administrative expenses for the three-month periods ending August 1, 2021, and August 2, 2020, respectively. Compensation cost is recorded based on an assessment each reporting period to determine the probability of whether or not certain performance targets will be met and how many shares are expected to be earned as of the end of the vesting period. If certain performance goals are not expected to be achieved, compensation cost would not be recorded, and any previously recognized compensation cost would be reversed. As of August 1, 2021, the remaining unrecognized compensation cost related to our performance-based restricted stock units was $1.1 million, which is expected to be recognized over a weighted average vesting period of 2.8 years. As of August 1, 2021, the performance-based restricted stock units that were expected to vest had a fair value totaling $1.1 million. Time-Based Restricted Stock Units The following table summarizes information related to our grants of time-based restricted stock unit awards associated with senior executives and key members of management that are unvested as of August 1, 2021: Time-Based Restricted Stock (1) Date of Grant Units Awarded Price Per Share Vesting Period July 22, 2021 38,289 $ 14.75 3 years August 6, 2020 129,896 $ 11.01 3 years July 18, 2019 34,399 $ 18.49 3 years August 2, 2018 10,000 $ 24.35 5 years (1) Price per share represents closing price of common stock on the date the respective award was granted. Overall We recorded compensation expense of $184,000 and $67,000 within selling, general, and administrative expenses associated with our time-based restricted stock unit awards for the three-month periods ending August 1, 2021, and August 2, 2020, respectively. As of August 1, 2021, the remaining unrecognized compensation cost related to our time-based restricted stock units was $1.8 million, which is expected to be recognized over a weighted average vesting period of 1.3 years. As of August 1, 2021, the time-based restricted stock units that are expected to vest had a fair value totaling $3.2 million. Common Stock Award We granted a total of 4,312 shares of common stock to our outside directors on July 1, 2021. These shares of common stock vested immediately and were measured at their fair value on the date of grant. The fair value of these awards was $16.24 per share on July 1, 2021, which represents the closing price of our common stock on the date of grant. We granted a total of 7,000 shares of common stock to our outside directors on July 1, 2020. These shares of common stock vested immediately and were measured at their fair value on the date of grant. The fair value of these awards was $10.00 per share on July 1, 2020 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 expenses for common stock awards to our outside directors for each of the three-month periods ending August 1, 2021, and August 2, 2020. |
Leases
Leases | 3 Months Ended |
Aug. 01, 2021 | |
Assets And Liabilities Lessee [Abstract] | |
Leases | 15. Leases Overview We lease manufacturing facilities, showroom and office space, distribution centers, and equipment under operating lease arrangements. Our operating leases have remaining lease terms of one to ten years, with renewal options for additional periods ranging up to twelve years. Balance Sheet The right of use assets and lease liabilities associated with our operating leases as of August 1, 2021, August 2, 2020, and May 2, 2021, are as follows: (dollars in thousands) August 1, 2021 August 2, 2020 May 2, 2021 Right of use assets $ 11,447 $ 6,443 $ 11,730 Operating lease liability - current 2,727 2,387 2,736 Operating lease liability – noncurrent 6,665 4,214 6,821 Supplemental Cash Flow Information Three Months Ended Three Months Ended (dollars in thousands) August 1, 2021 August 2, 2020 Operating lease liability payments $ 717 $ 445 Right of use assets exchanged for lease liabilities 547 3,154 Operating lease expense for the three-month periods ended August 1, 2021, and August 2, 2020, was $876,000 and $658,000, respectively. Short-term lease and variable lease expenses were immaterial for the three-month periods ended August 1, 2021, and August 2, 2020. Other Information Maturity of our operating lease liabilities for the remainder of fiscal 2022, the subsequent next four fiscal years, and thereafter follows: (dollars in thousands) 2022 $ 2,098 2023 2,760 2024 2,458 2025 1,525 2026 272 Thereafter 617 $ 9,730 Less: interest (338 ) Present value of lease liabilities $ 9,392 As of August 1, 2021, the weighted average remaining lease term and discount rate for our operating leases follows: August 1, 2021 Weighted average lease term 3.9 years Weighted average discount rate 1.95 % Lease Contracts Culp Upholstery Fabrics – Haiti, Ltd. Effective April 9, 2021, we entered into an agreement to lease a 90,000 square foot facility located in a modern industrial park on the northeastern border of Haiti. This facility will be dedicated to the production of cut and sewn upholstery kits and is expected to be operational during the second quarter of fiscal 2022. The lease agreement has an initial non-cancelable lease term of eight years, which will commence after the construction of the facility has been completed, and at such time we will have control of the facility based on the terms of the lease. The rent payments for the initial term of the lease total $2.8 million and will be paid in advance of the commencement of the lease. Of the $2.8 million rent payments, $1.4 million was paid during April 2021, $558,000 was paid during July 2021, $418,500 is due August 30, 2021, and $418,500 is due October 30, 2021, or 30 days after commencement of the lease as defined in the agreement. As of August 1, 2021, the $2.0 million paid in April and July 2021 was classified as other assets in the accompanying Consolidated Balance Sheets. The initial non-cancelable term of the lease can be subsequently renewed and extended for successive eight-year High Point, NC – Design and Innovation Campus Effective May 7, 2021, we entered into an agreement to lease showroom and office space encompassing 21,000 square feet located in downtown High Point, NC. This facility will be used to advance synergies between our upholstery fabrics and mattress fabrics business segments by bringing our creative talent together to collaborate, develop new products through shared innovation and technology, and meet with new and existing customers. The lease agreement has an initial non-cancelable lease term of ten years, which will commence once certain lessor-owned leasehold improvements have been completed, and at such time we will have control of the facility based on the terms of the lease. The rent payments for the initial term of the lease total $2.2 million and will be paid in monthly installments beginning at the commencement of the lease, which is expected to occur near the end of the second quarter of fiscal 2022. The initial non-cancelable term of the lease can be subsequently renewed and extended up to four additional periods of three years each by written communication as defined in the lease agreement. As of August 1, 2021, we had a commitment for the construction of leasehold improvements associated with this lease totaling $865,000. |
Commitments, Contingencies, and
Commitments, Contingencies, and Guarantees | 3 Months Ended |
Aug. 01, 2021 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments, Contingencies, and Guarantees | 16. Commitments, Contingencies, and Guarantees 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 As of August 1, 2021, August 2, 2020, and May 2, 2021, we had total amounts due regarding capital expenditures totaling $48,000, $333,000, and $348,000, respectively, which pertained to outstanding vendor invoices, none of which were financed. . Purchase Commitments – Capital Expenditures As of August 1, 2021, we had open purchase commitments to acquire equipment for our mattress fabrics segment totaling $1.2 million. Discontinued Operations Supply and Royalty Agreements In connection with the sale of our entire ownership interest in eLuxury, LLC (“eLuxury”) on March 31, 2020, we entered into supply and royalty agreements with eLuxury to preserve an additional sales channel for our core products – upholstery and mattress fabrics. The supply agreement requires eLuxury to purchase all its requirements at fair market prices for mattress and upholstery fabric products of the type we were supplying to eLuxury at the time of the sale transaction, as well as certain home accessories and soft good products, subject to our ability to provide competitive pricing and delivery terms for such products. The royalty agreement requires eLuxury to pay us a royalty fee based on a percentage of sales, as defined in the royalty agreement, for sales of eLuxury’s products to certain business-to-business customers, including customers which we referred to eLuxury prior to the sale transaction and new customer relationships we develop for eLuxury going forward, as well as sales of eLuxury products generated by sales representatives that we develop or introduce to eLuxury. There are no guarantees or provisions under either the supply or royalty agreements that require eLuxury to purchase a minimum amount of our products or sell a certain amount of eLuxury products to customers or through sales representatives developed or introduced by us. As a result, the success of these agreements and the period of time in which our involvement with eLuxury is expected to continue are based on eLuxury’s ability to sell products that require mattress and upholstery fabrics and our ability to provide an additional sales channel for eLuxury to grow its business-to-business sales platform. During the three-month periods ending August 1, 2021, and August 2, 2020, shipments to eLuxury under the supply agreement totaled $43,000 and $244,000, respectively. During the three-month periods ending August 1, 2021, and August 2, 2020, we received payments pursuant to the royalty agreement totaling $14,000 and $17,000, respectively. Financial Guarantee Currently, we have an agreement that guarantees 70% of any unpaid lease payments associated with eLuxury’s facility located in Evansville, Indiana. The lease agreement expires in September 2024 and requires monthly payments of $18,865. Under the terms of the sale of our controlling interest in eLuxury, the buyer (the former noncontrolling interest holder) must use commercially reasonable efforts to cause the lessor to release us from this financial guarantee of eLuxury’s lease agreement. Following the sale transaction, eLuxury and its sole owner have indemnified us from any liabilities and obligations that we would be required to pay regarding this lease agreement. |
Statutory Reserves
Statutory Reserves | 3 Months Ended |
Aug. 01, 2021 | |
Text Block [Abstract] | |
Statutory Reserves | 17. Statutory Reserves Our subsidiary located in China was required to transfer 10% of its 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 reached 50% of the company’s registered capital. As of August 1, 2021, the statutory surplus reserve fund represents the 50% registered capital requirement, and therefore, our subsidiary located in China is no longer required to transfer 10% of its net income in accordance with PRC accounting rules and regulations. The transfer to this reserve must be made before distributions of any dividend to shareholders. As of August 1, 2021, the company’s statutory surplus reserve was $4.5 million. The statutory surplus reserve fund is non-distributable other than during liquidation and can be used to fund previous years’ losses, if any. The statutory surplus reserve fund 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. The company’s subsidiary located in China can transfer funds to the parent company, except for the statutory surplus reserve of $4.5 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. 01, 2021 | |
Text Block [Abstract] | |
Common Stock Repurchase Program | 18. Common Stock Repurchase Program In March 2020, 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. During the first quarter of fiscal 2022, we repurchased 48,686 shares of our common stock at a cost of $723,000. As a result, as of August 1, 2021, we had $4.3 million available for additional repurchases of our common stock. During the first quarter of fiscal 2021, we did not repurchase any shares of our common stock. |
Dividend Program
Dividend Program | 3 Months Ended |
Aug. 01, 2021 | |
Text Block [Abstract] | |
Dividend Program | 19. Dividend Program On September 1, 2021, our board of directors approved a quarterly cash dividend of $0.11 per share. This payment will be made on October 18, 2021, to shareholders of record as of October 11, 2021. During the first quarter of fiscal 2022, dividend payments totaled $1.4 million, which represented a quarterly dividend payment of $0.11 per share. During the first quarter of fiscal 2021, dividend payments totaled $1.3 million, which represented a quarterly dividend payment of $0.105 per share. Our board of directors has sole authority to determine if and when we will declare future dividends and on what terms. Future dividend payments will depend on our earnings, capital requirements, financial condition, excess availability under our lines of credit, market and economic conditions, and other factors we consider relevant. |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 3 Months Ended |
Aug. 01, 2021 | |
Accounting Policies [Abstract] | |
Recently Adopted and Issued Accounting Pronouncements | Recently Adopted Accounting Pronouncements Income Taxes In December 2019, the FASB issued ASU No. 2019-12, Income Taxes Simplifying the Accounting for Income Taxes Recently Issued Accounting Pronouncements Currently, there are no new recent accounting pronouncements that are expected to have a material impact on our consolidated financial statements. |
Business Combination Achieved_2
Business Combination Achieved in Stages (Tables) | 3 Months Ended |
Aug. 01, 2021 | |
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 1, 2021, and August 2, 2020, have been prepared as if this acquisition had occurred on April 29, 2019. (dollars in thousands, except per share data) August 1, 2021 August 2, 2020 Net Sales $ 83,047 $ 64,761 Income from operations 3,318 2,017 Net income (loss) 2,250 (2,666 ) Net income (loss) per share - basic $ 0.18 $ (0.22 ) Net income (loss) per share - diluted $ 0.18 $ (0.22 ) |
Summary of Equity Method Investment | The following table summarizes assets, liabilities, and members’ equity for our equity method investment in CIH: (dollars in thousands) August 2, 2020 total assets $ 3,668 total liabilities $ 149 total members’ equity $ 3,519 |
CIH [Member] | |
Schedule of Allocation of Consideration Transferred to Assets Acquired and Liabilities Assumed | The following table presents the final allocation of the consideration transferred to the assets acquired and liabilities assumed based on their fair values: (dollars in thousands) Fair Value Cash and cash equivalents $ 62 Accounts receivable 169 Inventory 31 Right of use assets 2,544 Equipment and leasehold improvements 846 Accounts payable (155 ) Gain on bargain purchase (819 ) $ 2,678 |
Allowance for Doubtful Accoun_2
Allowance for Doubtful Accounts (Tables) | 3 Months Ended |
Aug. 01, 2021 | |
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 1, 2021 August 2, 2020 Beginning balance $ 591 $ 472 Provision for bad debts (11 ) 80 Ending balance $ 580 $ 552 |
Revenue from Contracts with C_2
Revenue from Contracts with Customers (Tables) | 3 Months Ended |
Aug. 01, 2021 | |
Revenue From Contract With Customer [Abstract] | |
Summary of Activity Associated with Deferred Revenue | A summary of the activity associated with deferred revenue follows: Three months ended (dollars in thousands) August 1, 2021 August 2, 2020 Beginning balance $ 540 $ 502 Revenue recognized on contract liabilities (611 ) (593 ) Payments received for services not yet rendered 765 776 Ending balance $ 694 $ 685 |
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 1, 2021: Mattress Upholstery (dollars in thousands) Fabrics Fabrics Total Products transferred at a point in time $ 43,058 $ 38,290 $ 81,348 Services transferred over time — 1,699 1,699 Total Net Sales $ 43,058 $ 39,989 $ 83,047 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 2, 2020: Mattress Upholstery (dollars in thousands) Fabrics Fabrics Total Products transferred at a point in time $ 36,103 $ 26,061 $ 62,164 Services transferred over time — 2,300 2,300 Total Net Sales $ 36,103 $ 28,361 $ 64,464 |
Inventories (Tables)
Inventories (Tables) | 3 Months Ended |
Aug. 01, 2021 | |
Inventory Disclosure [Abstract] | |
Summary of Inventories | A summary of inventories follows: (dollars in thousands) August 1, 2021 August 2, 2020 May 2, 2021 Raw materials $ 9,443 $ 7,742 $ 7,742 Work-in-process 3,637 2,292 3,156 Finished goods 45,533 30,368 45,019 $ 58,613 $ 40,402 $ 55,917 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 3 Months Ended |
Aug. 01, 2021 | |
Summary of Intangible Assets | A summary of intangible assets follows: (dollars in thousands) August 1, 2021 August 2, 2020 May 2, 2021 Tradename $ 540 $ 540 $ 540 Customer relationships, net 1,862 2,162 1,937 Non-compete agreement, net 508 584 527 $ 2,910 $ 3,286 $ 3,004 |
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 1, 2021 August 2, 2020 Beginning balance $ 1,937 $ 2,238 Amortization expense (75 ) (76 ) Ending balance $ 1,862 $ 2,162 |
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 1, 2021 August 2, 2020 Beginning balance $ 527 $ 602 Amortization expense (19 ) (18 ) Ending balance $ 508 $ 584 |
Accrued Expenses (Tables)
Accrued Expenses (Tables) | 3 Months Ended |
Aug. 01, 2021 | |
Text Block [Abstract] | |
Summary of Accrued Expenses | A summary of accrued expenses follows: (dollars in thousands) August 1, 2021 August 2, 2020 May 2, 2021 Compensation, commissions and related benefits $ 5,006 $ 4,549 $ 9,816 Other accrued expenses 4,944 3,420 5,023 $ 9,950 $ 7,969 $ 14,839 |
Fair Value (Tables)
Fair Value (Tables) | 3 Months Ended |
Aug. 01, 2021 | |
Fair Value Disclosures [Abstract] | |
Schedule of Assets Measured at Fair Value on a Recurring Basis | The following tables present information about assets measured at fair value on a recurring basis: Fair value measurements as of August 1, 2021, using: Quoted prices Significant in active other Significant markets for observable unobservable identical assets inputs inputs (amounts in thousands) Level 1 Level 2 Level 3 Total Assets: U.S. Government Money Market Fund $ 8,205 N/A N/A $ 8,205 Bond Mutual Funds 4,656 N/A N/A 4,656 Inflation Protected Bond Mutual Funds 2,979 N/A N/A 2,979 Mortgage Securities Mutual Funds 1,124 N/A N/A 1,124 Large Cap Equity Mutual Funds 708 N/A N/A 708 Growth Allocation Mutual Funds 419 N/A N/A 419 U.S. Event Driven Equity Mutual Fund 194 N/A N/A 194 Moderate Allocation Mutual Fund 91 N/A N/A 91 Other 163 N/A N/A 163 Fair value measurements as of August 2, 2020, using: Quoted prices Significant in active other Significant markets for observable unobservable identical assets inputs inputs (amounts in thousands) Level 1 Level 2 Level 3 Total Assets: Premier Money Market Fund $ 7,533 N/A N/A $ 7,533 Bond Mutual Funds 983 N/A N/A 983 Growth Allocation Mutual Funds 246 N/A N/A 246 Moderate Allocation Mutual Fund 71 N/A N/A 71 Other 66 N/A N/A 66 Fair value measurements as of May 2, 2021, using: Quoted prices Significant in active other Significant markets for observable unobservable identical assets inputs inputs (amounts in thousands) Level 1 Level 2 Level 3 Total Assets: Premier Money Market Fund $ 7,879 N/A N/A $ 7,879 Bond Mutual Funds 4,101 N/A N/A 4,101 Inflation Protected Bond Mutual Funds 722 N/A N/A 722 Mortgage Securities Mutual Fund 719 N/A N/A 719 Growth Allocation Mutual Funds 339 N/A N/A 339 Moderate Allocation Mutual Fund 86 N/A N/A 86 Other 111 N/A N/A 111 |
Schedule of Assets Measured at Fair Value on a Nonrecurring Basis | During the three-month period ending May 2, 2021, we had assets and liabilities that were required to be measured at fair value on a nonrecurring basis that pertained to assets acquired and certain liabilities that were assumed in connection with the CIH business combination effective February 1, 2021. See Note 3 of the consolidated financial statements for further details regarding this business combination. Fair value measurements as of May 2, 2021, using: Quoted prices Significant in active other Significant markets for observable unobservable identical assets inputs inputs (amounts in thousands) Level 1 Level 2 Level 3 Total Assets: Right of use assets N/A 2,544 N/A $ 2,544 Equipment and leasehold improvements N/A N/A 846 846 Inventory N/A N/A 31 31 |
Net Income (Loss) Per Share (Ta
Net Income (Loss) Per Share (Tables) | 3 Months Ended |
Aug. 01, 2021 | |
Earnings Per Share [Abstract] | |
Schedule of Weighted Average Shares Used in the Computation of Basic and Diluted Net Income (Loss) Per Share | Weighted average shares used in the computation of basic and diluted net income (loss) per share are as follows: Three months ended (amounts in thousands) August 1, 2021 August 2, 2020 Weighted average common shares outstanding, basic 12,313 12,287 Dilutive effect of stock-based compensation 102 — Weighted average common shares outstanding, diluted 12,415 12,287 |
Segment Information (Tables)
Segment Information (Tables) | 3 Months Ended |
Aug. 01, 2021 | |
Segment Reporting [Abstract] | |
Schedule of Operating Segments Information | Statements of operations for our operating segments are as follows: Three months ended August 1, 2021 August 2, 2020 net sales by segment: mattress fabrics $ 43,058 $ 36,103 upholstery fabrics 39,989 28,361 net sales $ 83,047 $ 64,464 gross profit: mattress fabrics $ 6,795 $ 4,608 upholstery fabrics 5,704 5,293 gross profit $ 12,499 $ 9,901 selling, general, and administrative expenses by segment: mattress fabrics $ 3,184 $ 2,763 upholstery fabrics 3,437 3,180 unallocated corporate expenses 2,560 2,075 selling, general, and administrative expenses $ 9,181 $ 8,018 income (loss) from operations by segment: mattress fabrics $ 3,611 $ 1,845 upholstery fabrics 2,267 2,113 unallocated corporate expenses (2,560 ) (2,075 ) income from operations 3,318 1,883 interest expense — (51 ) interest income 74 58 other expense (237 ) (366 ) income before income taxes $ 3,155 $ 1,524 Balance sheet information for our operating segments follows: (dollars in thousands) August 1, 2021 August 2, 2020 May 2, 2021 Segment assets: Mattress Fabrics: Accounts receivable $ 18,016 $ 15,585 $ 20,427 Inventory 31,778 20,070 30,047 Property, plant and equipment (1) 40,881 39,597 41,264 Right of use assets (2) 4,058 832 4,278 Investment in unconsolidated joint venture — 1,759 — Total mattress fabrics assets 94,733 77,843 96,016 Upholstery Fabrics: Accounts receivable 16,992 14,308 17,299 Inventory 26,835 20,332 25,870 Property, plant and equipment (3) 2,080 1,634 1,925 Right of use assets (4) 5,984 3,802 5,945 Total upholstery fabrics assets 51,891 40,076 51,039 Total segment assets 146,624 117,919 147,055 Non-segment assets: Cash and cash equivalents 26,061 39,986 37,009 Short-term investments - available for sale 9,698 983 5,542 Short-term investments - held-to-maturity 1,661 5,092 3,161 Current income taxes receivable 524 782 — Other current assets 3,889 3,547 3,852 Deferred income taxes 455 593 545 Property, plant and equipment (5) 969 820 814 Right of use assets (6) 1,405 1,809 1,507 Intangible assets 2,910 3,286 3,004 Long-term investments - rabbi trust 8,841 7,916 8,415 Long-term investments - held-to-maturity 6,629 1,314 1,141 Other assets 2,582 540 2,035 Total assets $ 212,248 $ 184,587 $ 214,080 Three months ended (dollars in thousands) August 1, 2021 August 2, 2020 Capital expenditures (7): Mattress Fabrics $ 1,117 $ 545 Upholstery Fabrics 262 113 Unallocated Corporate 274 68 Total capital expenditures $ 1,653 $ 726 Depreciation expense: Mattress Fabrics $ 1,521 $ 1,631 Upholstery Fabrics 205 191 Total depreciation expense $ 1,726 $ 1,822 (1) The $40.9 million as of August 1, 2021, represents property, plant, and equipment of $27.6 million, $12.4 million, and $875,000 located in the U.S., Canada, and Haiti, respectively. The $39.6 million as of August 2, 2020, represents property, plant, and equipment of $27.0 million and $12.6 million located in the U.S. and Canada, respectively. The $41.3 million as of May 2, 2021, represents property, plant, and equipment of $28.4 million, $12.0 million, and $855,000 located in the U.S., Canada, and Haiti, respectively. (2) The $4.1 million as of August 1, 2021, represents right of use assets of $2.3 million, $1.4 million, and $355,000 located in Haiti, the U.S., and Canada, respectively. The $832,000 as of August 2, 2020, represents right of use assets of $535,000 and $297,000 located in Canada and the U.S., respectively. The $4.3 million as of May 2, 2021, represents right of use assets of $2.4 million, $1.4 million, and $400,000 located in Haiti, the U.S., and Canada, respectively. (3) The $2.1 million as of August 1, 2021, represents property, plant, and equipment of $1.1 million, $830,000, and $130,000 located in the U.S., China, and Haiti, respectively. The $1.6 million as of August 2, 2020, represents property, plant, and equipment of $1.2 million and $456,000 located in the U.S. and China, respectively. The $1.9 million as of May 2, 2021, represents property, plant, and equipment of $1.1 million and $850,000 located in the U.S. and China, respectively. (4) The $ 6.0 million as of August 1 , 202 1 , represents right of use assets of $ 4.6 million and $ million located in China and the U.S., respectively. The $ 3.8 million a s of August 2 , 20 20 , represents right of use assets of $ 3.1 million and $ located in China and the U.S., respectively . The $ 5.9 million as of May 2 , 202 1 , represents right of use assets of $ 5.0 million and $ 952,000 located in China and the U.S. , respectively . (5) The $969,000, $820,000, and $814,000 as of August 1, 2021, August 2, 2020, and May 2, 2021, respectively, represent property, plant, and equipment associated with unallocated corporate departments and corporate departments shared by our mattress fabrics and upholstery fabrics segments. Property, plant, and equipment associated with our corporate departments reside in the U.S. (6) The $1.4 million, $1.8 million, and $1.5 million as of August 1, 2021, August 2, 2020, and May 2, 2021, respectively, represent right of use assets located in the U.S. (7) 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. 01, 2021 | |
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 for the three-month periods ending August 1, 2021, and August 2, 2020: August 1, August 2, 2021 2020 U.S. federal income tax rate 21.0 % 21.0 % U.S. valuation allowance (3.9 ) 474.4 U.S. income tax law change — (232.5 ) Withholding taxes associated with foreign jurisdictions 6.2 10.1 Foreign income tax rate differential 1.6 9.1 Global Intangible Low Taxed Income Tax ("GILTI") 3.4 — Other 0.4 1.6 28.7 % 283.7 % |
Summary of Valuation Allowances Against Net Deferred Income Taxes | Based on our assessments as of August 1, 2021, August 2, 2020, and May 2, 2021, valuation allowances against our net deferred income taxes pertain to the following: (dollars in thousands) August 1, 2021 August 2, 2020 May 2, 2021 U.S. federal and state net deferred income tax assets $ 9,221 7,830 9,344 U.S. capital loss carryforward 2,330 2,281 2,330 $ 11,551 10,111 11,674 |
Summary of Taxes Paid (Refunded) | The following table sets forth taxes paid (refunded) by jurisdiction: Three Months Ended August 1, August 2, (dollars in thousands) 2021 2020 United States Federal - Alternative Minimum Tax (AMT) credit refunds (1) $ — $ (745 ) China 1,408 349 Canada 280 405 $ 1,688 $ 9 (1) In accordance with the provisions of the TCJA, corporate taxpayers were eligible to treat prior AMT credit carryforwards as refundable. Accordingly, we elected to treat our prior AMT credit carryforward balance of $1.5 million as refundable, and as a result, 50 % of the $ 1.5 million refundable balance was received during the first quarter of fiscal 2021, with the remaining balance expected to be received in fiscal 2022. In accordance with the provisions of the U.S. federal Coronavirus Aid, Relief, and Economic Security (CARES) Act (2020), 100 % of AMT credit carryforwards for years beginning in the 2019 tax year were immediately refundable. Accordingly, we claimed credit for the remaining 50 % installment of our refundable AMT credit carryforward in May 2020. We received our remaining 50 % installment, plus interest, totaling $ 764,000 during the second quarter of fiscal 2021. |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 3 Months Ended |
Aug. 01, 2021 | |
Performance-Based Restricted Stock Units [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 1, 2021, and August 2, 2020: Performance-Based (4) Restricted Stock (3) Price Fiscal Year Units Vested Fair Value Per Share Fiscal 2022 (1) 6,734 $ 115 $ 17.14 Fiscal 2022 (2) 5,812 $ 100 $ 17.14 Fiscal 2021 (1) 3,277 $ 33 $ 9.96 Fiscal 2021 (2) 3,710 $ 37 $ 9.96 (1) Performance-based restricted stock units vested by senior executives. (2) Performance-based restricted stock units vested by key employees. (3) Dollar amounts are in thousands. (4) Price per share is derived from the closing price of our common stock on the date the respective performance-based restricted stock units vested. |
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 senior executives and key employees that are unvested as of August 1, 2021: (3) (4) Performance-Based Restricted Stock Restricted Stock Units Expected Date of Grant Units Awarded to Vest Price Per Share Vesting Period July 22, 2021 (1) 122,477 61,237 $ 14.75 (6) 3 years July 22, 2021 (2) 21,900 10,950 $ 14.75 (6) 3 years July 18, 2019 (1) 93,653 5,749 $ 19.04 (5) 3 years July 18, 2019 (2) 29,227 3,442 $ 18.49 (6) 3 years (1) Performance-based restricted stock units awarded to 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) Compensation cost is based on an assessment each reporting period to determine the probability of whether or not certain performance goals will be met and how many shares are expected to be earned as of the end of the vesting period. These amounts represent the number of shares that were expected to vest as of August 1, 2021. (5) Price per share represents the fair market value per share ($1.03 per $1, or an increase of $0.55 to the closing price of 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 ($18.49) for the performance-based component of the performance-based restricted stock units granted to senior executives on July 18, 2019. ( 6 ) Price per share represents the closing price of our common stock on the date of grant. |
Senior Executives and Management [Member] | Time-Based Restricted Stock Units [Member] | |
Summary of Grants of Time-Based Restricted Stock Unit Awards | The following table summarizes information related to our grants of time-based restricted stock unit awards associated with senior executives and key members of management that are unvested as of August 1, 2021: Time-Based Restricted Stock (1) Date of Grant Units Awarded Price Per Share Vesting Period July 22, 2021 38,289 $ 14.75 3 years August 6, 2020 129,896 $ 11.01 3 years July 18, 2019 34,399 $ 18.49 3 years August 2, 2018 10,000 $ 24.35 5 years (1) Price per share represents closing price of common stock on the date the respective award was granted. |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Aug. 01, 2021 | |
Assets And Liabilities Lessee [Abstract] | |
Summary of right of use assets and lease liabilities | The right of use assets and lease liabilities associated with our operating leases as of August 1, 2021, August 2, 2020, and May 2, 2021, are as follows: (dollars in thousands) August 1, 2021 August 2, 2020 May 2, 2021 Right of use assets $ 11,447 $ 6,443 $ 11,730 Operating lease liability - current 2,727 2,387 2,736 Operating lease liability – noncurrent 6,665 4,214 6,821 |
Supplemental Cash Flow Information | Supplemental Cash Flow Information Three Months Ended Three Months Ended (dollars in thousands) August 1, 2021 August 2, 2020 Operating lease liability payments $ 717 $ 445 Right of use assets exchanged for lease liabilities 547 3,154 |
Leases-Other Information | Other Information Maturity of our operating lease liabilities for the remainder of fiscal 2022, the subsequent next four fiscal years, and thereafter follows: (dollars in thousands) 2022 $ 2,098 2023 2,760 2024 2,458 2025 1,525 2026 272 Thereafter 617 $ 9,730 Less: interest (338 ) Present value of lease liabilities $ 9,392 |
Summary of weighted average remaining lease term and discount rate | As of August 1, 2021, the weighted average remaining lease term and discount rate for our operating leases follows: August 1, 2021 Weighted average lease term 3.9 years Weighted average discount rate 1.95 % |
Business Combination Achieved_3
Business Combination Achieved in Stages - Narrative (Detail) | Feb. 01, 2021USD ($)ft² | Aug. 01, 2021USD ($) | Aug. 02, 2020USD ($) | Jan. 01, 2017 |
Business Acquisition [Line Items] | ||||
Equity method investment, ownership percentage | 50.00% | |||
Net sales related to inventory shipments in supply agreement | $ 455,000 | |||
Charges related to rebate agreement | $ 21,000 | |||
Income from investment in unconsolidated joint venture | $ 67,000 | |||
Proportionate share | 50.00% | |||
Investment in unconsolidated joint venture | $ 1,759,000 | |||
CIH [Member] | ||||
Business Acquisition [Line Items] | ||||
Equity method investment, ownership percentage | 50.00% | |||
Acquisition of additional ownership percentage | 50.00% | |||
Area of additional plant facility | ft² | 120,000 | |||
Date of acquisition | Feb. 1, 2021 | |||
Consideration transferred | $ 2,700,000 | |||
Payment for acquisition | 954,000 | |||
Fair value of previously held ownership interest | $ 1,700,000 | |||
Majority ownership percentage acquired | 100.00% | |||
Gain loss on remeasurement of previously held ownership interest | $ 0 | |||
Fair value of the identifiable assets acquired, and liabilities assumed | 2,678,000 | |||
Proportionate share | 50.00% | |||
CIH [Member] | Mattress Fabrics [Member] | ||||
Business Acquisition [Line Items] | ||||
Consideration transferred | 2,700,000 | |||
Fair value of the identifiable assets acquired, and liabilities assumed | $ 3,500,000 | |||
CIH [Member] | Minimum [Member] | Equipment and Leasehold Improvements [Member] | ||||
Business Acquisition [Line Items] | ||||
Property, plant and equipment, remaining useful life | 1 year | |||
CIH [Member] | Maximum [Member] | Equipment and Leasehold Improvements [Member] | ||||
Business Acquisition [Line Items] | ||||
Property, plant and equipment, remaining useful life | 10 years |
Business Combination Achieved_4
Business Combination Achieved in Stages - Schedule of Allocation of Consideration Transferred to Assets Acquired And Liabilities Assumed (Detail) - CIH [Member] $ in Thousands | Feb. 01, 2021USD ($) |
Business Acquisition [Line Items] | |
Cash and cash equivalents | $ 62 |
Accounts receivable | 169 |
Inventory | 31 |
Right of use assets | 2,544 |
Equipment and leasehold improvements | 846 |
Accounts payable | (155) |
Gain on bargain purchase | (819) |
Assets acquired and liabilities assumed, net | $ 2,678 |
Business Combination Achieved_5
Business Combination Achieved in Stages - Schedule of Unaudited Pro Forma Consolidated Results of Operations (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Aug. 01, 2021 | Aug. 02, 2020 | |
Business Combinations [Abstract] | ||
Net Sales | $ 83,047 | $ 64,761 |
Income from operations | 3,318 | 2,017 |
Net income (loss) | $ 2,250 | $ (2,666) |
Net income (loss) per share - basic | $ 0.18 | $ (0.22) |
Net income (loss) per share - diluted | $ 0.18 | $ (0.22) |
Business Combination Achieved_6
Business Combination Achieved in Stages - Summary of Equity Method Investment (Detail) - USD ($) $ in Thousands | Aug. 01, 2021 | May 02, 2021 | [1] | Aug. 02, 2020 | May 03, 2020 | [1] |
Business Acquisition [Line Items] | ||||||
total assets | $ 212,248 | $ 214,080 | $ 184,587 | |||
total liabilities | 82,699 | 85,074 | 58,718 | |||
total members’ equity | $ 129,549 | $ 129,006 | 125,869 | $ 129,698 | ||
CIH [Member] | ||||||
Business Acquisition [Line Items] | ||||||
total assets | 3,668 | |||||
total liabilities | 149 | |||||
total members’ equity | $ 3,519 | |||||
[1] | Derived from audited financial statements. |
Allowance for Doubtful Accoun_3
Allowance for Doubtful Accounts - Summary of the Activity in the Allowance for Doubtful Accounts (Detail) - Allowance for doubtful accounts [Member] - USD ($) | 3 Months Ended | |
Aug. 01, 2021 | Aug. 02, 2020 | |
Valuation and Qualifying Accounts Disclosure [Line Items] | ||
Beginning balance | $ 591,000 | $ 472,000 |
Provision for bad debts | (11,000) | 80,000 |
Ending balance | $ 580,000 | $ 552,000 |
Allowance for Doubtful Accoun_4
Allowance for Doubtful Accounts - Narrative (Detail) - USD ($) | Aug. 01, 2021 | May 02, 2021 | Aug. 02, 2020 | May 03, 2020 |
Allowance for doubtful accounts [Member] | ||||
Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Allowance for doubtful accounts | $ 580,000 | $ 591,000 | $ 552,000 | $ 472,000 |
Revenue from Contracts with C_3
Revenue from Contracts with Customers - Narrative (Detail) | 3 Months Ended | ||
Aug. 01, 2021USD ($)Segment | May 02, 2021USD ($) | Aug. 02, 2020USD ($) | |
Contract Assets and Liabilities [Line Items] | |||
Number of operating segments | Segment | 2 | ||
Contract assets recognized | $ | $ 0 | $ 0 | $ 0 |
Minimum [Member] | |||
Contract Assets and Liabilities [Line Items] | |||
Contract with customers credit period | 15 days | ||
Maximum [Member] | |||
Contract Assets and Liabilities [Line Items] | |||
Contract with customers credit period | 60 days |
Revenue from Contracts with C_4
Revenue from Contracts with Customers - Summary of the activity associated with deferred revenue (Detail) - USD ($) $ in Thousands | 3 Months Ended | ||
Aug. 01, 2021 | Aug. 02, 2020 | ||
Revenue From Contract With Customer [Abstract] | |||
Beginning balance | $ 540 | [1] | $ 502 |
Revenue recognized on contract liabilities | (611) | (593) | |
Payments received for services not yet rendered | 765 | 776 | |
Ending balance | $ 694 | $ 685 | |
[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. 01, 2021 | Aug. 02, 2020 | |
Disaggregation of Revenue [Line Items] | ||
Total Net Sales | $ 83,047 | $ 64,464 |
Transferred at Point in Time [Member] | Product [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total Net Sales | 81,348 | 62,164 |
Transferred over Time [Member] | Services [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total Net Sales | 1,699 | 2,300 |
Mattress Fabrics [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total Net Sales | 43,058 | 36,103 |
Mattress Fabrics [Member] | Transferred at Point in Time [Member] | Product [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total Net Sales | 43,058 | 36,103 |
Upholstery Fabrics [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total Net Sales | 39,989 | 28,361 |
Upholstery Fabrics [Member] | Transferred at Point in Time [Member] | Product [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total Net Sales | 38,290 | 26,061 |
Upholstery Fabrics [Member] | Transferred over Time [Member] | Services [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total Net Sales | $ 1,699 | $ 2,300 |
Inventories - Summary of Invent
Inventories - Summary of Inventories (Detail) - USD ($) $ in Thousands | Aug. 01, 2021 | May 02, 2021 | Aug. 02, 2020 | |
Inventory Disclosure [Abstract] | ||||
Raw materials | $ 9,443 | $ 7,742 | $ 7,742 | |
Work-in-process | 3,637 | 3,156 | 2,292 | |
Finished goods | 45,533 | 45,019 | 30,368 | |
Inventories | $ 58,613 | $ 55,917 | [1] | $ 40,402 |
[1] | Derived from audited financial statements. |
Intangible Assets - Summary of
Intangible Assets - Summary of Intangible Assets (Detail) - USD ($) | Aug. 01, 2021 | May 02, 2021 | Aug. 02, 2020 | May 03, 2020 | |
Intangible Assets [Line Items] | |||||
Tradename | $ 540,000 | $ 540,000 | $ 540,000 | ||
Intangible assets | 2,910,000 | 3,004,000 | [1] | 3,286,000 | |
Customer Relationships [Member] | |||||
Intangible Assets [Line Items] | |||||
Finite-lived intangible assets, net | 1,862,000 | 1,937,000 | 2,162,000 | $ 2,238,000 | |
Non-Compete Agreement [Member] | |||||
Intangible Assets [Line Items] | |||||
Finite-lived intangible assets, net | $ 508,000 | $ 527,000 | $ 584,000 | $ 602,000 | |
[1] | Derived from audited financial statements. |
Intangible Assets - Narrative (
Intangible Assets - Narrative (Detail) - USD ($) | 3 Months Ended | ||
Aug. 01, 2021 | May 02, 2021 | Aug. 02, 2020 | |
Intangible Assets [Line Items] | |||
Tradename | $ 540,000 | $ 540,000 | $ 540,000 |
Asset impairment charges | 0 | ||
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 | 1,300,000 | 1,200,000 | 953,000 |
Remaining amortization expense for the fiscal year | 226,000 | ||
Remaining amortization expense for the first fiscal year | 301,000 | ||
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 fiscal year thereafter | $ 432,000 | ||
Weighted average remaining amortization period | 6 years 4 months 24 days | ||
Customer Relationships [Member] | Minimum [Member] | |||
Intangible Assets [Line Items] | |||
Useful life | 9 years | ||
Customer Relationships [Member] | Maximum [Member] | |||
Intangible Assets [Line Items] | |||
Useful life | 17 years | ||
Non-Compete Agreement [Member] | |||
Intangible Assets [Line Items] | |||
Useful life | 15 years | ||
Accumulated amortization | $ 1,600,000 | $ 1,500,000 | $ 1,500,000 |
Remaining amortization expense for the fiscal year | 56,000 | ||
Remaining amortization expense for the first fiscal year | 76,000 | ||
Remaining amortization expense for the second fiscal year | 76,000 | ||
Remaining amortization expense for the third fiscal year | 76,000 | ||
Remaining amortization expense for the fourth fiscal year | 76,000 | ||
Remaining amortization expense for the fiscal year thereafter | $ 148,000 | ||
Weighted average remaining amortization period | 6 years 9 months 18 days |
Intangible Assets - Summary o_2
Intangible Assets - Summary of Change in Carrying Amount of Finite-Lived Intangible Assets (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Aug. 01, 2021 | Aug. 02, 2020 | |
Customer Relationships [Member] | ||
Finite Lived Intangible Assets [Line Items] | ||
Beginning balance | $ 1,937 | $ 2,238 |
Amortization expense | (75) | (76) |
Ending balance | 1,862 | 2,162 |
Non-Compete Agreement [Member] | ||
Finite Lived Intangible Assets [Line Items] | ||
Beginning balance | 527 | 602 |
Amortization expense | (19) | (18) |
Ending balance | $ 508 | $ 584 |
Accrued Expenses - Summary of A
Accrued Expenses - Summary of Accrued Expenses (Detail) - USD ($) $ in Thousands | Aug. 01, 2021 | May 02, 2021 | Aug. 02, 2020 |
Payables And Accruals [Abstract] | |||
Compensation, commissions and related benefits | $ 5,006 | $ 9,816 | $ 4,549 |
Other accrued expenses | 4,944 | 5,023 | 3,420 |
Accrued expenses | $ 9,950 | $ 14,839 | $ 7,969 |
Accrued Expenses - Narrative (D
Accrued Expenses - Narrative (Detail) - USD ($) | Aug. 01, 2021 | May 02, 2021 | Aug. 02, 2020 | |
Payables And Accruals [Abstract] | ||||
Accrued expenses | $ 9,950,000 | $ 14,839,000 | $ 7,969,000 | |
Current accrued expenses | $ 9,950,000 | $ 14,839,000 | [1] | 7,852,000 |
Long-term accrued expenses | $ 117,000 | |||
[1] | Derived from audited financial statements. |
Lines of Credit - Narrative (De
Lines of Credit - Narrative (Detail) | Aug. 30, 2021USD ($) | Aug. 01, 2021USD ($) | Aug. 02, 2020USD ($) | May 02, 2021USD ($) | Aug. 01, 2021CNY (¥) |
Revolving Credit Facility [Member] | United States [Member] | |||||
Line Of Credit Facility [Line Items] | |||||
Maximum borrowing capacity | $ 30,000,000 | ||||
Expiration date | Aug. 15, 2022 | ||||
Maximum amount of letters of credit | $ 1,000,000 | ||||
Applicable interest rate at end of period | 1.69% | 1.75% | 1.71% | 1.69% | |
Interest rate description | Interest is charged at a rate calculated using a variable spread over LIBOR based on our ratio of debt to EBITDA. | ||||
Reference rate on which the interest rate is based | LIBOR | ||||
Percentage of common stock in subsidiary pledge as collateral | 65.00% | ||||
Letters of credit, outstanding amount | $ 275,000 | $ 250,000 | $ 275,000 | ||
Outstanding amount | 0 | 0 | 0 | ||
Interest paid during the year | 0 | 60,000 | |||
Revolving Credit Facility [Member] | United States [Member] | Letters of Credit [Member] | |||||
Line Of Credit Facility [Line Items] | |||||
Remaining letters of credit | 725,000 | ||||
Revolving credit agreements [Member] | China [Member] | Chinese Yuan Renminbi [Member] | |||||
Line Of Credit Facility [Line Items] | |||||
Maximum borrowing capacity | $ 6,200,000 | ¥ 40,000,000 | |||
Expiration date | Dec. 1, 2021 | ||||
Interest rate description | This agreement has an interest rate determined by the Chinese government at the time of borrowing | ||||
Outstanding amount | $ 0 | 0 | 0 | ||
Revolving credit agreements [Member] | China [Member] | United States Dollar [Member] | |||||
Line Of Credit Facility [Line Items] | |||||
Maximum borrowing capacity | $ 2,000,000 | ||||
Expiration date | Jul. 7, 2021 | ||||
Interest rate description | The interest rate regarding this agreement is determined by the Chinese government at the time of the borrowing. | ||||
Outstanding amount | $ 0 | $ 0 | $ 0 | ||
Revolving credit agreements [Member] | China [Member] | United States Dollar [Member] | Subsequent Event [Member] | |||||
Line Of Credit Facility [Line Items] | |||||
Maximum borrowing capacity | $ 2,000,000 | ||||
Expiration date | Aug. 30, 2022 |
Fair Value - Recurring Basis (D
Fair Value - Recurring Basis (Detail) - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Thousands | Aug. 01, 2021 | May 02, 2021 | Aug. 02, 2020 |
U.S. Government Money Market Fund [Member] | |||
Assets: | |||
Investments at fair value | $ 8,205 | ||
Premier Money Market Fund [Member] | |||
Assets: | |||
Investments at fair value | $ 7,879 | $ 7,533 | |
Bond Mutual Funds [Member] | |||
Assets: | |||
Investments at fair value | 4,656 | 4,101 | 983 |
Inflation Protected Bond Mutual Funds [Member] | |||
Assets: | |||
Investments at fair value | 2,979 | 722 | |
Mortgage Securities Mutual Funds [Member] | |||
Assets: | |||
Investments at fair value | 1,124 | 719 | |
Large Cap Equity Mutual Funds [Member] | |||
Assets: | |||
Investments at fair value | 708 | ||
Growth Allocation Mutual Funds [Member] | |||
Assets: | |||
Investments at fair value | 419 | 339 | 246 |
U.S. Event Driven Equity Mutual Fund [Member] | |||
Assets: | |||
Investments at fair value | 194 | ||
Moderate Allocation Mutual Fund [Member] | |||
Assets: | |||
Investments at fair value | 91 | 86 | 71 |
Other [Member] | |||
Assets: | |||
Investments at fair value | 163 | 111 | 66 |
Quoted prices in active markets for identical assets - Level 1 [Member] | U.S. Government Money Market Fund [Member] | |||
Assets: | |||
Investments at fair value | 8,205 | ||
Quoted prices in active markets for identical assets - Level 1 [Member] | Premier Money Market Fund [Member] | |||
Assets: | |||
Investments at fair value | 7,879 | 7,533 | |
Quoted prices in active markets for identical assets - Level 1 [Member] | Bond Mutual Funds [Member] | |||
Assets: | |||
Investments at fair value | 4,656 | 4,101 | 983 |
Quoted prices in active markets for identical assets - Level 1 [Member] | Inflation Protected Bond Mutual Funds [Member] | |||
Assets: | |||
Investments at fair value | 2,979 | 722 | |
Quoted prices in active markets for identical assets - Level 1 [Member] | Mortgage Securities Mutual Funds [Member] | |||
Assets: | |||
Investments at fair value | 1,124 | 719 | |
Quoted prices in active markets for identical assets - Level 1 [Member] | Large Cap Equity Mutual Funds [Member] | |||
Assets: | |||
Investments at fair value | 708 | ||
Quoted prices in active markets for identical assets - Level 1 [Member] | Growth Allocation Mutual Funds [Member] | |||
Assets: | |||
Investments at fair value | 419 | 339 | 246 |
Quoted prices in active markets for identical assets - Level 1 [Member] | U.S. Event Driven Equity Mutual Fund [Member] | |||
Assets: | |||
Investments at fair value | 194 | ||
Quoted prices in active markets for identical assets - Level 1 [Member] | Moderate Allocation Mutual Fund [Member] | |||
Assets: | |||
Investments at fair value | 91 | 86 | 71 |
Quoted prices in active markets for identical assets - Level 1 [Member] | Other [Member] | |||
Assets: | |||
Investments at fair value | $ 163 | $ 111 | $ 66 |
Fair Value - Narrative (Detail)
Fair Value - Narrative (Detail) - USD ($) | 3 Months Ended | |||
Aug. 01, 2021 | May 02, 2021 | Aug. 02, 2020 | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||||
Short-term investments - available for sale | $ 9,700,000 | $ 5,500,000 | $ 983,000 | |
Amortized cost of held-to-maturity investments | 8,300,000 | 4,300,000 | 6,400,000 | |
Fair value of held-to-maturity investments | 8,300,000 | 4,300,000 | 6,500,000 | |
Long-term investments (Rabbi Trust) - available for sale | $ 8,841,000 | 8,415,000 | [1] | 7,916,000 |
Maximum [Member] | ||||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||||
Investment remaining maturity period | 4 years | |||
Short-term Investments [Member] | ||||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||||
Accumulated unrealized gain on investments | $ 143,000 | 24,000 | 6,000 | |
Current Expected Credit Loses [Member] | ||||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||||
Accumulated unrealized gain on investments | 143,000 | |||
Allowance for credit losses related to short-term available for sale or held-to-maturity investments | 0 | 0 | 0 | |
Credit loss expense | 0 | |||
Long-term Investments (Rabbi Trust) [Member] | ||||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||||
Accumulated unrealized gain on investments | $ 151,000 | $ 122,000 | $ 53,000 | |
[1] | Derived from audited financial statements. |
Fair Value - Nonrecurring Basis
Fair Value - Nonrecurring Basis (Detail) - Fair Value, Measurements, Nonrecurring [Member] - CIH [Member] $ in Thousands | May 02, 2021USD ($) |
Assets: | |
Right of use assets | $ 2,544 |
Equipment and leasehold improvements | 846 |
Inventory | 31 |
Significant Other Observable Inputs - Level 2 [Member] | |
Assets: | |
Right of use assets | 2,544 |
Significant Unobservable Inputs - Level 3 [Member] | |
Assets: | |
Equipment and leasehold improvements | 846 |
Inventory | $ 31 |
Net Income (Loss) Per Share - S
Net Income (Loss) Per Share - Schedule of Weighted Average Shares Used in the Computation of Basic and Diluted Net Income (Loss) Per Share (Detail) - shares shares in Thousands | 3 Months Ended | |
Aug. 01, 2021 | Aug. 02, 2020 | |
Earnings Per Share [Abstract] | ||
Weighted average common shares outstanding, basic | 12,313 | 12,287 |
Dilutive effect of stock-based compensation | 102 | |
Weighted average common shares outstanding, diluted | 12,415 | 12,287 |
Net Income (Loss) Per Share - N
Net Income (Loss) Per Share - Narrative (Detail) - Common Stock Awards [Member] | 3 Months Ended |
Aug. 02, 2020shares | |
Antidilutive securities due to decrease in stock price excluded from computation of loss per share | 27,153 |
Shares excluded from computation of diluted net loss per share | 33,828 |
Shares excluded from computation of diluted net loss per share | 6,675 |
Segment Information - Narrative
Segment Information - Narrative (Detail) | 3 Months Ended |
Aug. 01, 2021Segment | |
Segment Reporting [Abstract] | |
Number of operating segments | 2 |
Description of changes in reporting intangible assets in segment assets | 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, allocate resources to 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. 01, 2021 | Aug. 02, 2020 | |
Segment Reporting Information [Line Items] | ||
net sales | $ 83,047 | $ 64,464 |
gross profit | 12,499 | 9,901 |
selling, general, and administrative expenses | 9,181 | 8,018 |
income from operations | 3,318 | 1,883 |
interest expense | (51) | |
interest income | 74 | 58 |
other expense | (237) | (366) |
income before income taxes | 3,155 | 1,524 |
Mattress Fabrics [Member] | ||
Segment Reporting Information [Line Items] | ||
net sales | 43,058 | 36,103 |
Upholstery Fabrics [Member] | ||
Segment Reporting Information [Line Items] | ||
net sales | 39,989 | 28,361 |
Operating Segments [Member] | ||
Segment Reporting Information [Line Items] | ||
net sales | 83,047 | 64,464 |
selling, general, and administrative expenses | 9,181 | 8,018 |
Operating Segments [Member] | Mattress Fabrics [Member] | ||
Segment Reporting Information [Line Items] | ||
net sales | 43,058 | 36,103 |
gross profit | 6,795 | 4,608 |
selling, general, and administrative expenses | 3,184 | 2,763 |
income from operations | 3,611 | 1,845 |
Operating Segments [Member] | Upholstery Fabrics [Member] | ||
Segment Reporting Information [Line Items] | ||
net sales | 39,989 | 28,361 |
gross profit | 5,704 | 5,293 |
selling, general, and administrative expenses | 3,437 | 3,180 |
income from operations | 2,267 | 2,113 |
Unallocated Corporate [Member] | ||
Segment Reporting Information [Line Items] | ||
selling, general, and administrative expenses | 2,560 | 2,075 |
income from operations | $ (2,560) | $ (2,075) |
Segment Information - Balance S
Segment Information - Balance Sheet Information by Operating Segments (Detail) - USD ($) | 3 Months Ended | ||||
Aug. 01, 2021 | Aug. 02, 2020 | May 02, 2021 | |||
Segment Reporting Information [Line Items] | |||||
Accounts receivable | $ 35,008,000 | $ 29,893,000 | $ 37,726,000 | [1] | |
Inventory | 58,613,000 | 40,402,000 | 55,917,000 | [1] | |
Cash and cash equivalents | 26,061,000 | 39,986,000 | 37,009,000 | [1] | |
Short-term investments - available for sale | 9,698,000 | 983,000 | 5,542,000 | [1] | |
Short-term investments - held-to-maturity | 1,661,000 | 5,092,000 | 3,161,000 | [1] | |
Current income taxes receivable | 524,000 | 782,000 | |||
Other current assets | 3,889,000 | 3,547,000 | 3,852,000 | [1] | |
Deferred income taxes | 455,000 | 593,000 | 545,000 | [1] | |
Property, plant and equipment | 43,930,000 | 42,051,000 | 44,003,000 | [1] | |
Right of use assets | 11,447,000 | 6,443,000 | 11,730,000 | [1] | |
Intangible assets | 2,910,000 | 3,286,000 | 3,004,000 | [1] | |
Long-term investments - rabbi trust | 8,841,000 | 7,916,000 | 8,415,000 | [1] | |
Long-term investments - held-to-maturity | 6,629,000 | 1,314,000 | 1,141,000 | [1] | |
Other assets | 2,582,000 | 540,000 | 2,035,000 | [1] | |
Investment in unconsolidated joint venture | 1,759,000 | ||||
Total assets | 212,248,000 | 184,587,000 | 214,080,000 | [1] | |
Capital expenditures | [2] | 1,653,000 | 726,000 | ||
Depreciation expense | 1,726,000 | 1,822,000 | |||
Operating Segments [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Total assets | 146,624,000 | 117,919,000 | 147,055,000 | ||
Depreciation expense | 1,726,000 | 1,822,000 | |||
Operating Segments [Member] | Mattress Fabrics [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Accounts receivable | 18,016,000 | 15,585,000 | 20,427,000 | ||
Inventory | 31,778,000 | 20,070,000 | 30,047,000 | ||
Property, plant and equipment | [3] | 40,881,000 | 39,597,000 | 41,264,000 | |
Right of use assets | [4] | 4,058,000 | 832,000 | 4,278,000 | |
Investment in unconsolidated joint venture | 1,759,000 | ||||
Total assets | 94,733,000 | 77,843,000 | 96,016,000 | ||
Capital expenditures | [2] | 1,117,000 | 545,000 | ||
Depreciation expense | 1,521,000 | 1,631,000 | |||
Operating Segments [Member] | Upholstery Fabrics [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Accounts receivable | 16,992,000 | 14,308,000 | 17,299,000 | ||
Inventory | 26,835,000 | 20,332,000 | 25,870,000 | ||
Property, plant and equipment | [5] | 2,080,000 | 1,634,000 | 1,925,000 | |
Right of use assets | [6] | 5,984,000 | 3,802,000 | 5,945,000 | |
Total assets | 51,891,000 | 40,076,000 | 51,039,000 | ||
Capital expenditures | [2] | 262,000 | 113,000 | ||
Depreciation expense | 205,000 | 191,000 | |||
Unallocated Corporate [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Cash and cash equivalents | 26,061,000 | 39,986,000 | 37,009,000 | ||
Short-term investments - available for sale | 9,698,000 | 983,000 | 5,542,000 | ||
Short-term investments - held-to-maturity | 1,661,000 | 5,092,000 | 3,161,000 | ||
Current income taxes receivable | 524,000 | 782,000 | |||
Other current assets | 3,889,000 | 3,547,000 | 3,852,000 | ||
Deferred income taxes | 455,000 | 593,000 | 545,000 | ||
Property, plant and equipment | [7] | 969,000 | 820,000 | 814,000 | |
Right of use assets | [8] | 1,405,000 | 1,809,000 | 1,507,000 | |
Intangible assets | 2,910,000 | 3,286,000 | 3,004,000 | ||
Long-term investments - rabbi trust | 8,841,000 | 7,916,000 | 8,415,000 | ||
Long-term investments - held-to-maturity | 6,629,000 | 1,314,000 | 1,141,000 | ||
Other assets | 2,582,000 | 540,000 | 2,035,000 | ||
Total assets | 212,248,000 | 184,587,000 | $ 214,080,000 | ||
Capital expenditures | [2] | $ 274,000 | $ 68,000 | ||
[1] | Derived from audited financial statements. | ||||
[2] | Capital expenditure amounts are stated on the accrual basis. See Consolidated Statements of Cash Flows for capital expenditure amounts on a cash basis. | ||||
[3] | The $40.9 million as of August 1, 2021, represents property, plant, and equipment of $27.6 million, $12.4 million, and $875,000 located in the U.S., Canada, and Haiti, respectively. The $39.6 million as of August 2, 2020, represents property, plant, and equipment of $27.0 million and $12.6 million located in the U.S. and Canada, respectively. The $41.3 million as of May 2, 2021, represents property, plant, and equipment of $28.4 million, $12.0 million, and $855,000 located in the U.S., Canada, and Haiti, respectively. | ||||
[4] | The $4.1 million as of August 1, 2021, represents right of use assets of $2.3 million, $1.4 million, and $355,000 located in Haiti, the U.S., and Canada, respectively. The $832,000 as of August 2, 2020, represents right of use assets of $535,000 and $297,000 located in Canada and the U.S., respectively. The $4.3 million as of May 2, 2021, represents right of use assets of $2.4 million, $1.4 million, and $400,000 located in Haiti, the U.S., and Canada, respectively. | ||||
[5] | The $2.1 million as of August 1, 2021, represents property, plant, and equipment of $1.1 million, $830,000, and $130,000 located in the U.S., China, and Haiti, respectively. The $1.6 million as of August 2, 2020, represents property, plant, and equipment of $1.2 million and $456,000 located in the U.S. and China, respectively. The $1.9 million as of May 2, 2021, represents property, plant, and equipment of $1.1 million and $850,000 located in the U.S. and China, respectively. | ||||
[6] | The $ 6.0 million as of August 1 , 202 1 , represents right of use assets of $ 4.6 million and $ million located in China and the U.S., respectively. The $ 3.8 million a s of August 2 , 20 20 , represents right of use assets of $ 3.1 million and $ located in China and the U.S., respectively . The $ 5.9 million as of May 2 , 202 1 , represents right of use assets of $ 5.0 million and $ 952,000 located in China and the U.S. , respectively . | ||||
[7] | The $969,000, $820,000, and $814,000 as of August 1, 2021, August 2, 2020, and May 2, 2021, respectively, represent property, plant, and equipment associated with unallocated corporate departments and corporate departments shared by our mattress fabrics and upholstery fabrics segments. Property, plant, and equipment associated with our corporate departments reside in the U.S. | ||||
[8] | The $1.4 million, $1.8 million, and $1.5 million as of August 1, 2021, August 2, 2020, and May 2, 2021, respectively, represent right of use assets located in the U.S. |
Segment Information - Balance_2
Segment Information - Balance Sheet Information by Operating Segments (Parenthetical) (Detail) - USD ($) | Aug. 01, 2021 | May 02, 2021 | Aug. 02, 2020 | ||
Segment Reporting Information [Line Items] | |||||
property, plant, and equipment | $ 43,930,000 | $ 44,003,000 | [1] | $ 42,051,000 | |
Right of use assets | 11,447,000 | 11,730,000 | [1] | 6,443,000 | |
Operating Segments [Member] | Mattress Fabrics [Member] | |||||
Segment Reporting Information [Line Items] | |||||
property, plant, and equipment | [2] | 40,881,000 | 41,264,000 | 39,597,000 | |
Right of use assets | [3] | 4,058,000 | 4,278,000 | 832,000 | |
Operating Segments [Member] | Upholstery Fabrics [Member] | |||||
Segment Reporting Information [Line Items] | |||||
property, plant, and equipment | [4] | 2,080,000 | 1,925,000 | 1,634,000 | |
Right of use assets | [5] | 5,984,000 | 5,945,000 | 3,802,000 | |
Operating Segments [Member] | United States [Member] | Mattress Fabrics [Member] | |||||
Segment Reporting Information [Line Items] | |||||
property, plant, and equipment | 27,600,000 | 28,400,000 | 27,000,000 | ||
Right of use assets | 1,400,000 | 1,400,000 | 297,000 | ||
Operating Segments [Member] | United States [Member] | Upholstery Fabrics [Member] | |||||
Segment Reporting Information [Line Items] | |||||
property, plant, and equipment | 1,100,000 | 1,100,000 | 1,200,000 | ||
Right of use assets | 1,400,000 | 952,000 | 710,000 | ||
Operating Segments [Member] | Canada [Member] | Mattress Fabrics [Member] | |||||
Segment Reporting Information [Line Items] | |||||
property, plant, and equipment | 12,400,000 | 12,000,000 | 12,600,000 | ||
Right of use assets | 355,000 | 400,000 | 535,000 | ||
Operating Segments [Member] | Haiti [Member] | Mattress Fabrics [Member] | |||||
Segment Reporting Information [Line Items] | |||||
property, plant, and equipment | 875,000 | 855,000 | |||
Right of use assets | 2,300,000 | 2,400,000 | |||
Operating Segments [Member] | Haiti [Member] | Upholstery Fabrics [Member] | |||||
Segment Reporting Information [Line Items] | |||||
property, plant, and equipment | 130,000 | ||||
Operating Segments [Member] | China [Member] | Upholstery Fabrics [Member] | |||||
Segment Reporting Information [Line Items] | |||||
property, plant, and equipment | 830,000 | 850,000 | 456,000 | ||
Right of use assets | 4,600,000 | 5,000,000 | 3,100,000 | ||
Unallocated Corporate [Member] | |||||
Segment Reporting Information [Line Items] | |||||
property, plant, and equipment | [6] | 969,000 | 814,000 | 820,000 | |
Right of use assets | [7] | 1,405,000 | 1,507,000 | 1,809,000 | |
Unallocated Corporate [Member] | United States [Member] | |||||
Segment Reporting Information [Line Items] | |||||
property, plant, and equipment | 969,000 | 814,000 | 820,000 | ||
Right of use assets | $ 1,400,000 | $ 1,500,000 | $ 1,800,000 | ||
[1] | Derived from audited financial statements. | ||||
[2] | The $40.9 million as of August 1, 2021, represents property, plant, and equipment of $27.6 million, $12.4 million, and $875,000 located in the U.S., Canada, and Haiti, respectively. The $39.6 million as of August 2, 2020, represents property, plant, and equipment of $27.0 million and $12.6 million located in the U.S. and Canada, respectively. The $41.3 million as of May 2, 2021, represents property, plant, and equipment of $28.4 million, $12.0 million, and $855,000 located in the U.S., Canada, and Haiti, respectively. | ||||
[3] | The $4.1 million as of August 1, 2021, represents right of use assets of $2.3 million, $1.4 million, and $355,000 located in Haiti, the U.S., and Canada, respectively. The $832,000 as of August 2, 2020, represents right of use assets of $535,000 and $297,000 located in Canada and the U.S., respectively. The $4.3 million as of May 2, 2021, represents right of use assets of $2.4 million, $1.4 million, and $400,000 located in Haiti, the U.S., and Canada, respectively. | ||||
[4] | The $2.1 million as of August 1, 2021, represents property, plant, and equipment of $1.1 million, $830,000, and $130,000 located in the U.S., China, and Haiti, respectively. The $1.6 million as of August 2, 2020, represents property, plant, and equipment of $1.2 million and $456,000 located in the U.S. and China, respectively. The $1.9 million as of May 2, 2021, represents property, plant, and equipment of $1.1 million and $850,000 located in the U.S. and China, respectively. | ||||
[5] | The $ 6.0 million as of August 1 , 202 1 , represents right of use assets of $ 4.6 million and $ million located in China and the U.S., respectively. The $ 3.8 million a s of August 2 , 20 20 , represents right of use assets of $ 3.1 million and $ located in China and the U.S., respectively . The $ 5.9 million as of May 2 , 202 1 , represents right of use assets of $ 5.0 million and $ 952,000 located in China and the U.S. , respectively . | ||||
[6] | The $969,000, $820,000, and $814,000 as of August 1, 2021, August 2, 2020, and May 2, 2021, respectively, represent property, plant, and equipment associated with unallocated corporate departments and corporate departments shared by our mattress fabrics and upholstery fabrics segments. Property, plant, and equipment associated with our corporate departments reside in the U.S. | ||||
[7] | The $1.4 million, $1.8 million, and $1.5 million as of August 1, 2021, August 2, 2020, and May 2, 2021, respectively, represent right of use assets located in the U.S. |
Income Taxes - Effective Income
Income Taxes - Effective Income Tax Rate - Narrative (Detail) - USD ($) | 3 Months Ended | |
Aug. 01, 2021 | Aug. 02, 2020 | |
Income Tax Disclosure [Abstract] | ||
Income taxes | $ 905,000 | $ 4,324,000 |
Effective income tax rate | 28.70% | 283.70% |
Income Taxes - Differences Betw
Income Taxes - Differences Between Income Tax Expense from Continuing Operations at Federal Income Tax Rate and Effective Income Tax Rate (Detail) | 3 Months Ended | |
Aug. 01, 2021 | Aug. 02, 2020 | |
Income Tax Disclosure [Abstract] | ||
U.S. federal income tax rate | 21.00% | 21.00% |
U.S. valuation allowance | (3.90%) | 474.40% |
U.S. income tax law change | (232.50%) | |
Withholding taxes associated with foreign jurisdictions | 6.20% | 10.10% |
Foreign income tax rate differential | 1.60% | 9.10% |
Global Intangible Low Taxed Income Tax ("GILTI") | 3.40% | |
Other | 0.40% | 1.60% |
Effective income tax rate | 28.70% | 283.70% |
Income Taxes - GILTI - Narrativ
Income Taxes - GILTI - Narrative (Detail) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||
Aug. 01, 2021 | Aug. 02, 2020 | May 02, 2021 | May 03, 2020 | Apr. 28, 2019 | |
Income Taxes [Line Items] | |||||
U.S. Federal income tax rate | 21.00% | 21.00% | |||
Effective income tax rate | 28.70% | 283.70% | |||
GILTI [Member] | |||||
Income Taxes [Line Items] | |||||
Non-cash income tax benefit | $ 3.5 | $ 3.5 | $ 3.5 | ||
GILTI [Member] | Canada [Member] | |||||
Income Taxes [Line Items] | |||||
Minimum effective income tax rate required to meet the high-tax exception provision | 18.90% | ||||
GILTI [Member] | Haiti [Member] | |||||
Income Taxes [Line Items] | |||||
Effective income tax rate | 0.00% | ||||
Minimum effective income tax rate required to meet the high-tax exception provision | 18.90% | ||||
GILTI [Member] | Haiti [Member] | Economic Zone [Member] | |||||
Income Taxes [Line Items] | |||||
Effective income tax rate | 0.00% | ||||
Income tax rate exemption for available period | first fifteen years | ||||
Income tax rate exemption for remaining period | 10 years | ||||
GILTI [Member] | High Tax Exception [Member] | |||||
Income Taxes [Line Items] | |||||
Minimum percentage of high tax exception foreign effective income tax rate to current year earnings of us federal income tax rate | 90.00% | 90.00% | 90.00% | 90.00% | 90.00% |
U.S. Federal income tax rate | 21.00% | 21.00% | 21.00% | 21.00% | 21.00% |
Effective income tax rate | 18.90% | 18.90% | 18.90% | 18.90% | 18.90% |
Income Taxes - Valuation Allowa
Income Taxes - Valuation Allowance - Narrative (Detail) - USD ($) | 3 Months Ended | |
Aug. 01, 2021 | Aug. 02, 2020 | |
Income Taxes [Line Items] | ||
Income tax charge | $ 905,000 | $ 4,324,000 |
Valuation Allowance, Net Deferred Tax Assets [Member] | GILTI [Member] | ||
Income Taxes [Line Items] | ||
Income tax charge | $ 7,000,000 |
Income Taxes - Summary of Valua
Income Taxes - Summary of Valuation Allowances Against Net Deferred Income Taxes (Detail) - USD ($) $ in Thousands | Aug. 01, 2021 | May 02, 2021 | Aug. 02, 2020 |
Valuation Allowance [Line Items] | |||
Valuation allowance | $ 11,551 | $ 11,674 | $ 10,111 |
Capital Loss Carry Forwards and Credits [Member] | |||
Valuation Allowance [Line Items] | |||
Valuation allowance | 2,330 | 2,330 | 2,281 |
U.S. Federal and State [Member] | Deferred Income Tax Assets [Member] | |||
Valuation Allowance [Line Items] | |||
Valuation allowance | $ 9,221 | $ 9,344 | $ 7,830 |
Income Taxes - Undistributed Ea
Income Taxes - Undistributed Earnings - Narrative (Detail) - USD ($) $ in Millions | 3 Months Ended | ||
Aug. 01, 2021 | May 02, 2021 | Aug. 02, 2020 | |
Income Tax Disclosure [Abstract] | |||
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 | $ 3.2 | $ 3.5 | $ 3.6 |
Income Taxes - Uncertain Income
Income Taxes - Uncertain Income Tax Positions - Narrative (Detail) - USD ($) | Aug. 01, 2021 | May 02, 2021 | Aug. 02, 2020 |
Income Taxes [Line Items] | |||
Unrecognized tax benefits | $ 1,400,000 | $ 1,400,000 | $ 1,400,000 |
Unrecognized tax benefits that would favorably impact effective income tax rate if recognized | 1,100,000 | 1,100,000 | 1,100,000 |
Non-current Deferred Income Taxes [Member] | |||
Income Taxes [Line Items] | |||
Unrecognized tax benefits | 380,000 | 380,000 | 380,000 |
Income Taxes Payable - Long-Term [Member] | |||
Income Taxes [Line Items] | |||
Unrecognized tax benefits | $ 1,100,000 | $ 1,100,000 | $ 1,100,000 |
Income Taxes - Summary of Taxes
Income Taxes - Summary of Taxes Paid (Refunded) (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Aug. 01, 2021 | Aug. 02, 2020 | |
Income Taxes [Line Items] | ||
United States Federal - Alternative Minimum Tax (AMT) credit refunds | $ 1,500 | |
Total income tax payments, net | $ 1,688 | 9 |
Domestic Tax Authority [Member] | United States [Member] | ||
Income Taxes [Line Items] | ||
United States Federal - Alternative Minimum Tax (AMT) credit refunds | (745) | |
Foreign Tax Authority [Member] | China [Member] | ||
Income Taxes [Line Items] | ||
Total income tax payments, net | 1,408 | 349 |
Foreign Tax Authority [Member] | Canada [Member] | ||
Income Taxes [Line Items] | ||
Total income tax payments, net | $ 280 | $ 405 |
Income Taxes - Summary of Tax_2
Income Taxes - Summary of Taxes Paid (Refunded) (Parenthetical) (Detail) - USD ($) | 1 Months Ended | 3 Months Ended | |
May 31, 2020 | Nov. 01, 2020 | Aug. 02, 2020 | |
Income Tax Disclosure [Abstract] | |||
United States Federal - Alternative Minimum Tax (AMT) credit refunds | $ 1,500,000 | ||
Percentage of received alternative minimum tax | 50.00% | 50.00% | |
Percentage of AMT credits refundable under CARES Act | 100.00% | ||
Percentage of remaining refundable AMT credit carryforward | 50.00% | ||
AMT credit carryforward remaining refundable balance amount received | $ 764,000 |
Stock-Based Compensation - Narr
Stock-Based Compensation - Narrative (Detail) - USD ($) | Jul. 01, 2021 | Jul. 01, 2020 | Aug. 01, 2021 | Aug. 02, 2020 | Sep. 16, 2015 |
Performance-Based Restricted Stock Units [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Fair value of units expected to vest | $ 1,100,000 | ||||
Remaining unrecognized compensation cost | $ 1,100,000 | ||||
Weighted average period over which unrecognized compensation cost is expected to be recognized | 2 years 9 months 18 days | ||||
Performance-Based Restricted Stock Units [Member] | Selling, General and Administrative Expenses [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based compensation expense | $ 20,000 | $ (11,000) | |||
Time-Based Restricted Stock Units [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Fair value of units expected to vest | 3,200,000 | ||||
Remaining unrecognized compensation cost | $ 1,800,000 | ||||
Weighted average period over which unrecognized compensation cost is expected to be recognized | 1 year 3 months 18 days | ||||
Time-Based Restricted Stock Units [Member] | Selling, General and Administrative Expenses [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based compensation expense | $ 184,000 | 67,000 | |||
Common Stock Awards [Member] | Outside Directors [Member] | Immediate Vesting [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of shares/units granted | 4,312 | 7,000 | |||
Price Per Share | $ 16.24 | $ 10 | |||
Common Stock Awards [Member] | Selling, General and Administrative Expenses [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based compensation expense | $ 70,000 | $ 70,000 | |||
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 | 474,575 |
Stock-Based Compensation - Summ
Stock-Based Compensation - Summary of Grants of Performance-Based Restricted Stock Units Associated with Senior Executives and Key Employees (Detail) - Performance-Based Restricted Stock Units [Member] - $ / shares | Jul. 22, 2021 | Jul. 18, 2019 | |||
Senior Executives [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Performance-Based Restricted Stock Units Awarded | [1],[2] | 122,477 | 93,653 | ||
Restricted Stock Units Expected to Vest | [2],[3] | 61,237 | 5,749 | ||
Price Per Share | [2] | $ 14.75 | [4] | $ 19.04 | [5] |
Vesting Period | [2] | 3 years | 3 years | ||
Key Employees [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Performance-Based Restricted Stock Units Awarded | [1],[6] | 21,900 | 29,227 | ||
Restricted Stock Units Expected to Vest | [3],[6] | 10,950 | 3,442 | ||
Price Per Share | [4],[6] | $ 14.75 | $ 18.49 | ||
Vesting Period | [6] | 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 senior executives. | ||||
[3] | Compensation cost is based on an assessment each reporting period to determine the probability of whether or not certain performance goals will be met and how many shares are expected to be earned as of the end of the vesting period. These amounts represent the number of shares that were expected to vest as of August 1, 2021. | ||||
[4] | Price per share represents the closing price of our common stock on the date of grant. | ||||
[5] | Price per share represents the fair market value per share ($1.03 per $1, or an increase of $0.55 to the closing price of 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 ($18.49) for the performance-based component of the performance-based restricted stock units granted to senior executives on July 18, 2019. | ||||
[6] | Performance-based restricted stock units awarded to key employees. |
Stock-Based Compensation - Su_2
Stock-Based Compensation - Summary of Grants of Performance-Based Restricted Stock Units Associated with Senior Executives and Key Employees (Parenthetical) (Detail) - Performance-Based Restricted Stock Units [Member] - Senior Executives [Member] | Jul. 18, 2019$ / shares |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Fair value adjustment to closing price of common stock, percentage | 1.03% |
Fair value adjustment to closing price of common stock, per share | $ 0.55 |
Closing price of common stock | $ 18.49 |
Stock-Based Compensation - Su_3
Stock-Based Compensation - Summary of Vested Performance-Based Restricted Stock Units (Detail) - Performance-Based Restricted Stock Units [Member] - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | ||
Aug. 01, 2021 | Aug. 02, 2020 | ||
Senior Executives [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Performance-Based Restricted Stock Units Vested | [1] | 6,734 | 3,277 |
Fair Value | [1],[2] | $ 115 | $ 33 |
Price Per Share | [1],[3] | $ 17.14 | $ 9.96 |
Key Employees [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Performance-Based Restricted Stock Units Vested | [4] | 5,812 | 3,710 |
Fair Value | [2],[4] | $ 100 | $ 37 |
Price Per Share | [3],[4] | $ 17.14 | $ 9.96 |
[1] | Performance-based restricted stock units vested by senior executives. | ||
[2] | Dollar amounts are in thousands. | ||
[3] | Price per share is derived from the closing price of our common stock on the date the respective performance-based restricted stock units vested. | ||
[4] | Performance-based restricted stock units vested by key employees. |
Stock-Based Compensation - Su_4
Stock-Based Compensation - Summary of Grants of Time-Based Restricted Stock Unit Awards Associated with Key Member of Management (Detail) - Time-Based Restricted Stock Units [Member] - Senior Executives and Management [Member] - $ / shares | Jul. 22, 2021 | Aug. 06, 2020 | Jul. 18, 2019 | Aug. 02, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Time-Based Restricted Stock Units Awarded | 38,289 | 129,896 | 34,399 | 10,000 | |
Price Per Share | [1] | $ 14.75 | $ 11.01 | $ 18.49 | $ 24.35 |
Vesting Period | 3 years | 3 years | 3 years | 5 years | |
[1] | Price per share represents closing price of common stock on the date the respective award was granted. |
Leases - Narrative (Detail)
Leases - Narrative (Detail) | Oct. 30, 2021USD ($) | Aug. 30, 2021USD ($) | May 07, 2021USD ($)ft² | Apr. 09, 2021USD ($)ft² | Jul. 31, 2021USD ($) | Apr. 30, 2021USD ($) | Aug. 01, 2021USD ($) | Aug. 02, 2020USD ($) |
Lessee, Operating Lease, Option to Extend | renewal options for additional periods ranging up to twelve years | |||||||
Operating lease expenses | $ 876,000 | $ 658,000 | ||||||
Operating lease liability payments | $ 717,000 | $ 445,000 | ||||||
Upholstery Fabrics [Member] | ||||||||
Lessee, Operating Lease, Option to Extend | The initial non-cancelable term of the lease can be subsequently renewed and extended for successive eight-year | |||||||
Area of facility | ft² | 90,000 | |||||||
Lease term | 8 years | |||||||
Operating lease liability payments | $ 2,800,000 | |||||||
Lease renewal term | 8 years | |||||||
High Point ,NC [Member] | ||||||||
Lessee, Operating Lease, Option to Extend | The initial non-cancelable term of the lease can be subsequently renewed and extended up to four additional periods of three years | |||||||
Area of facility | ft² | 21,000 | |||||||
Lease term | 10 years | |||||||
Operating lease liability payments | $ 2,200,000 | |||||||
Lease renewal term | 3 years | |||||||
Commitment for construction of leasehold improvements | $ 865,000 | |||||||
Other Assets [Member] | Upholstery Fabrics [Member] | ||||||||
Operating lease liability payments | $ 558,000 | $ 1,400,000 | $ 2,000,000 | |||||
Subsequent Event [Member] | Upholstery Fabrics [Member] | ||||||||
Operating lease liability payments | $ 418,500 | |||||||
Forecast [Member] | Upholstery Fabrics [Member] | ||||||||
Operating lease liability payments | $ 418,500 | |||||||
Minimum [Member] | ||||||||
Operating Lease Remaining Lease Terms | 1 year | |||||||
Maximum [Member] | ||||||||
Operating Lease Remaining Lease Terms | 10 years |
Leases - Lessee Operating Lease
Leases - Lessee Operating Lease Right of Use Assets and Liabilities (Detail) - USD ($) $ in Thousands | Aug. 01, 2021 | May 02, 2021 | [1] | Aug. 02, 2020 |
Assets And Liabilities Lessee [Abstract] | ||||
Right of use assets | $ 11,447 | $ 11,730 | $ 6,443 | |
Operating lease liability - current | 2,727 | 2,736 | 2,387 | |
Operating lease liability – noncurrent | $ 6,665 | $ 6,821 | $ 4,214 | |
[1] | Derived from audited financial statements. |
Leases - Operating Leases of Le
Leases - Operating Leases of Lessee Disclosure (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Aug. 01, 2021 | Aug. 02, 2020 | |
Lessee Disclosure [Abstract] | ||
Operating lease liability payments | $ 717 | $ 445 |
Right of use assets exchanged for lease liabilities | $ 547 | $ 3,154 |
Leases - Lessee Operating Lea_2
Leases - Lessee Operating Lease Liability Maturity (Details) $ in Thousands | Aug. 01, 2021USD ($) |
Lessee Disclosure [Abstract] | |
2022 | $ 2,098 |
2023 | 2,760 |
2024 | 2,458 |
2025 | 1,525 |
2026 | 272 |
Thereafter | 617 |
Total | 9,730 |
Less: interest | (338) |
Present value of lease liabilities | $ 9,392 |
Leases - Weighted Average Lease
Leases - Weighted Average Lease Term and Discount Rate (Detail) | Aug. 01, 2021 |
Lessee Disclosure [Abstract] | |
Weighted average lease term | 3 years 10 months 24 days |
Weighted average discount rate | 1.95% |
Commitments, Contingencies, a_2
Commitments, Contingencies, and Guarantees - Narrative (Detail) - USD ($) | 3 Months Ended | |||
Aug. 01, 2021 | Aug. 02, 2020 | May 02, 2021 | [1] | |
Commitments and Contingencies Disclosure [Line Items] | ||||
Accounts payable for capital expenditures | $ 48,000 | $ 333,000 | $ 348,000 | |
Payment received from royalty agreement | 14,000 | 17,000 | ||
Operating lease liability payments | 717,000 | 445,000 | ||
eLuxury [Member] | ||||
Commitments and Contingencies Disclosure [Line Items] | ||||
Net sales related to inventory shipments | $ 43,000 | $ 244,000 | ||
Unpaid Lease Payments Guarantees Percentage | 70.00% | |||
Lease agreement expiry date | 2024-09 | |||
Operating lease liability payments | $ 18,865 | |||
Mattress Fabrics [Member] | Capital Addition Purchase Commitments [Member] | ||||
Commitments and Contingencies Disclosure [Line Items] | ||||
Open purchase commitments for equipment | $ 1,200,000 | |||
[1] | Derived from audited financial statements. |
Statutory Reserves - Narrative
Statutory Reserves - Narrative (Detail) - Subisidiary [Member] - China [Member] $ in Millions | 3 Months Ended |
Aug. 01, 2021USD ($) | |
Statutory Reserves [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% |
Percentage of statutory surplus reserve fund to registered capital | 50.00% |
Statutory surplus reserve fund balance | $ 4.5 |
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) - USD ($) | 3 Months Ended | ||
Aug. 01, 2021 | Aug. 02, 2020 | Mar. 31, 2020 | |
Stockholders Equity Note [Line Items] | |||
Cost of common stock repurchase | $ 723,000 | ||
Common Stock [Member] | |||
Stockholders Equity Note [Line Items] | |||
Common stock repurchased | 48,686 | 0 | |
Cost of common stock repurchase | $ 2,000 | ||
Remaining authorized repurchase amount | $ 4,300,000 | ||
Stock Repurchase Program March 2020 [Member] | Common Stock [Member] | |||
Stockholders Equity Note [Line Items] | |||
Authorization amount for repurchase of common stock | $ 5,000,000 |
Dividend Program - Narrative (D
Dividend Program - Narrative (Detail) - USD ($) $ / shares in Units, $ in Thousands | Sep. 01, 2021 | Aug. 01, 2021 | Aug. 02, 2020 |
Dividends [Line Items] | |||
Cash dividends paid | $ 1,356 | $ 1,291 | |
Quarterly Dividend [Member] | |||
Dividends [Line Items] | |||
Cash dividends paid | $ 1,400 | $ 1,300 | |
Cash dividend payment, per share | $ 0.11 | $ 0.105 | |
Subsequent Event [Member] | Quarterly Dividend [Member] | |||
Dividends [Line Items] | |||
Cash dividend declared, per share | $ 0.11 | ||
Date of payment to shareholders entitled to dividends | Oct. 18, 2021 | ||
Date of record of shareholders entitled to dividends | Oct. 11, 2021 |