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CONSOLIDATED STATEMENTS OF NET (LOSS) INCOME - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended 9 Months Ended
Feb. 02, 2020
Jan. 27, 2019
Feb. 02, 2020
Jan. 27, 2019
Income Statement [Abstract]        
Net sales $ 71,998 $ 77,226 $ 219,465 $ 225,705
Cost of sales 59,614 63,103 179,612 187,697
Gross profit 12,384 14,123 39,853 38,008
Selling, general and administrative expenses 9,952 10,038 30,783 28,174
Asset impairments [1] 13,639   13,639  
Reversal of contingent consideration - earn-out obligation [2] (6,081)   (6,081)  
Restructuring credit (35) (214) (70) (825)
(Loss) income from operations (5,091) 4,299 1,582 10,659
Interest expense 8   47 38
Interest income (242) (251) (732) (552)
Other expense 267 288 441 688
(Loss) income before income taxes (5,124) 4,262 1,826 10,485
Income tax (benefit) expense (973) 1,225 2,607 3,407
Loss (income) from investment in unconsolidated joint venture 56 (23) 60 109
Net (loss) income (4,207) 3,060 (841) 6,969
Net loss attributable to non-controlling interest 4,149 94 4,421 75
Net (loss) income attributable to Culp, Inc. common shareholders $ (58) $ 3,154 $ 3,580 $ 7,044
Net (loss) income attributable to Culp Inc. common shareholders per share - basic $ 0.00 $ 0.25 $ 0.29 $ 0.56
Net (loss) income attributable to Culp Inc. common shareholders per share - diluted $ 0.00 $ 0.25 $ 0.29 $ 0.56
Average shares outstanding, basic 12,409 12,438 12,405 12,488
Average shares outstanding, diluted 12,409 12,465 12,421 12,593
[1] Our home accessories segment incurred asset impairment charges totaling $13.6 million, of which $11.2 million and $2.4 million pertained to this segment’s goodwill and tradename, respectively.
[2] We recorded a reversal of $6.1 million that pertained to a contingent earn-out obligation associated with the purchase of our 80% ownership interest in eLuxury, LLC.