<SEC-DOCUMENT>0001157523-17-000970.txt : 20170504
<SEC-HEADER>0001157523-17-000970.hdr.sgml : 20170504
<ACCEPTANCE-DATETIME>20170404140018
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001157523-17-000970
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20170404

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CULP INC
		CENTRAL INDEX KEY:			0000723603
		STANDARD INDUSTRIAL CLASSIFICATION:	BROADWOVEN FABRIC MILLS, COTTON [2211]
		IRS NUMBER:				561001967
		STATE OF INCORPORATION:			NC
		FISCAL YEAR END:			0429

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		1823 EASTCHESTER DRIVE
		CITY:			HIGH POINT
		STATE:			NC
		ZIP:			27265
		BUSINESS PHONE:		3368895161

	MAIL ADDRESS:	
		STREET 1:		P O BOX 2686
		CITY:			HIGH POINT
		STATE:			NC
		ZIP:			27265
</SEC-HEADER>
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<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">April 4, 2017</div>

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<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">United States Securities and Exchange Commission</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Division of Corporation Finance</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">100 F Street, N.E.</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Washington, D.C.&#160; 20549-3561</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Attention:&#160; Jennifer Thompson, Accounting Branch Chief, Office of Consumer Products</div>

<div>&#160;</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; MARGIN-RIGHT: 36pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Re:&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Culp, Inc. (the &#8220;Company&#8221;)</font></div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 72pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 36pt">Form 10-K for the Fiscal Year Ended May 1, 2016</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 72pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 36pt">Filed July 15, 2016</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 72pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 36pt">Form 8-K</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 72pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 36pt">Filed February 28, 2017</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 72pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 36pt">File No. 001-12597</div>

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<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Ladies and Gentlemen:</div>

<div>&#160;</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">We received a letter from the Division of Corporate Finance dated March 7, 2017 concerning a review of the Company&#8217;s Form 10-K for the fiscal year ended May 1, 2016 and the Company&#8217;s Form 8-K filed February 28, 2017, including comments on those filings.&#160; This letter is delivered in response to those comments, using the same numbering system included in the Staff&#8217;s letter.</div>

<div>&#160;</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>Form 10-K for the Fiscal Year Ended May 1, 2016</u></div>

<div>&#160;</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>ITEM 1A.&#160; RISK FACTORS, page 16</u></div>

<div>&#160;</div>

<div><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">1.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>Comment</u></font>:</font></div>

<div>&#160;</div>

<div style="TEXT-ALIGN: justify; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 36pt; FONT-SIZE: 10pt">We note that a significant portion of your annual net sales is derived from your upholstery fabrics segment and that you operate a manufacturing facility in Shanghai, China.&#160; Please confirm that in future filings you will include a discussion of any material risks associated with business operations in China.&#160; Please refer to Item 503 of Regulation S-K.</div>

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<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 36pt; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>Response</u></font>:</div>

<div>&#160;</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 36pt; FONT-SIZE: 10pt">In future filings, we will include a discussion of any material risks associated with business operations in China, potentially including such matters as changes in governmental rules and regulations, such as financial regulations or trade policy, both in China and in the United States.</div>

<div>&#160;</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>ITEM 7. MANAGEMENT&#8217;S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS</u></div>

<div>&#160;</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>Results of Operations</u></div>

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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>Segment Analysis</u></div>

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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>Mattress Fabrics Segment, page 28</u></div>

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<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Culp, Inc. &#9632; P.O. Box 2686 &#9632; 1823 Eastchester Drive &#9632; High Point, NC 27265 &#9632; 336-889-<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">5161</font></div>
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<div><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">2.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>Comment</u></font>:</font></div>

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<div style="TEXT-ALIGN: justify; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 36pt; FONT-SIZE: 10pt">It appears that the net increase in revenue in fiscal 2016 for this segment was the result of an increased volume of goods sold, partially offset by the inclusion of one less week in fiscal 2016 and a decline in pricing resulting from &#8220;increased customer pricing pressures.&#8221;&#160; Please quantify the degree to which the change in net sales was caused by each of the changes in volumes and pricing at the consolidated and segment levels. Please refer to Item 303(a)(3)(iii) of Regulation S-K for guidance.</div>

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<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 36pt; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>Response</u></font>:</div>

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<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 36pt; FONT-SIZE: 10pt">The 3.7% increase in net sales in the mattress fabrics segment was caused by a combination of factors.&#160; Sales volume (number of units) increased on a per week basis, but the inclusion of one less week during the year offset this increase to the extent that the net change from increases in volume was immaterial.&#160; Most of the increase in net sales was attributable to a change in product mix to higher priced products, including mattress covers, which was offset somewhat by customer pricing pressures that caused prices for some of those products to be lower than they otherwise would have been.</div>

<div>&#160;</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 36pt; FONT-SIZE: 10pt">In upholstery fabrics and on a consolidated basis, there was not a material increase in net sales when comparing fiscal 2016 to fiscal 2015.</div>

<div>&#160;</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 36pt; FONT-SIZE: 10pt">In future filings, we will include a discussion of the extent to which material increases in net sales are attributable to increases in prices or to increases in the volume or amount of goods being sold or to the introduction of new products.</div>

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<div><u>Upholstery Fabrics Segment, page 30</u></div>

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<div><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">3.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>Comment</u></font>:</font></div>

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<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 36pt; FONT-SIZE: 10pt">It appears the enhancements you made to your product mix have resulted in increases in the upholstery fabrics segment&#8217;s gross profit and operating income.&#160; Tell us what consideration you gave to providing more discussion about your enhanced product mix. In this regard, tell us and consider disclosing in further detail the change in product mix that occurred, or the enhancements that were made, and whether management expects this change in product mix to continue.&#160; Please refer to Item 303(a)(3) of Regulation S-K.</div>

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<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 36pt; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>Response</u></font>:</div>

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<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 36pt; FONT-SIZE: 10pt">The change in product mix was a result of the Company continuing to emphasize design and innovation in our products, and an emphasis on marketing to customers who demand those types of products, which tend to carry higher prices and profit margins.&#160; While these initiatives continue to form an important part of our business strategy, it is difficult to predict the extent to which the trends noted in product mix will continue, as the results depend on the level of demand for various products from our customers, and also on our success in continuing to create innovative products that are well-received in the marketplace.&#160; In addition, we continue to promote our lower priced products to customers who are more interested in that part of our product offerings.&#160; In future filings, we will include disclosures about significant changes in product mix and expectations about known material trends in this area.</div>

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<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Culp, Inc.&#160; &#9632;&#160; P.O. Box 2686&#160; &#9632;&#160; 1823 Eastchester Drive&#160; &#9632;&#160; High Point, NC 27265&#160; &#9632;&#160; 336-889-<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">5161</font></div>
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<div><u>Item 2.02 Form 8-K Filed on February 28, 2017</u></div>

<div>&#160;</div>

<div><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">4.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>Comment</u></font>:</font></div>

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<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 36pt; FONT-SIZE: 10pt">We refer to your non-GAAP performance measure &#8220;Adjusted Net Income&#8221; which excludes non-cash income tax expense.&#160; This presentation is inconsistent with Question 102.11 of the updated Non-GAAP Compliance and Disclosure Interpretations issued on May 17, 2016.&#160; Please revise accordingly in future filings.</div>

<div>&#160;</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 36pt; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>Response</u></font>:</div>

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<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 36pt; FONT-SIZE: 10pt">The Company acknowledges the Staff&#8217;s comment, and in light of discussions with the Staff and after review of the Staff&#8217;s updated guidance in Question 102.11 of Compliance and Disclosure Interpretations issued on May 17, 2016, in future filings we will no longer include adjusted net income, which incorporates a calculation of estimated cash income tax expense, in earnings releases.&#160; The Company intends to continue disclosing our adjusted effective income tax rate, in the same manner as contained in prior filings, and accompanied by comparable disclosures and reconciliations as contained in prior filings.&#160; We believe that the continued disclosure of this measure is useful to investors and is consistent with the Staff&#8217;s guidance on non-GAAP financial measures.</div>

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<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>Conclusion</u></div>

<div>&#160;</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">We hope that we have adequately addressed all of the concerns and comments included in the Staff&#8217;s letter.&#160; We appreciate your review of these responses.&#160; If you have further comments or any questions about our responses, please contact the undersigned at the address and telephone number listed above.&#160; Thank you for your consideration.</div>

<div>&#160;</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 234pt; FONT-SIZE: 10pt">Sincerely yours,</div>

<div>&#160;</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 216pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;/s/ Kenneth R. Bowling</div>

<div>&#160;</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 234pt; FONT-SIZE: 10pt">Kenneth R. Bowling</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 234pt; FONT-SIZE: 10pt">Chief Financial Officer</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 234pt; FONT-SIZE: 10pt">Culp, Inc.</div>

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<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Cc:&#160; Robert Babula, Staff Accountant</div>

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<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Culp, Inc. &#9632; P.O. Box 2686 &#9632; 1823 Eastchester Drive &#9632; High Point, NC 27265 &#9632; 336-889-<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">5161</font></div>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
