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Culp's Third Quarter 2010 Expectations Change as Upholstery Fabric Sales Rise

January 14, 2010

HIGH POINT, North Carolina - After a challenging stretch for the fabrics industry, Culp, Inc. is seeing a shift in the tide and predicts that an upward swing in upholstery and mattress fabrics will continue throughout 2010.

Based on quarterly results to date and current estimates, sales for the third quarter of fiscal 2010 (ending Jan. 31, 2010), are expected to be up by about 18 percent over third quarter fiscal 2009 - an estimate far better than five percent, which was the increase the company had previously predicted. Sales in the upholstery fabrics segment of the company are expected to be up about 34 percent, a good sign for an industry that has been in arguably dire straits since the current recession began.

''Our projected financial results for the third quarter of fiscal 2010 reflect better sales growth than anticipated, primarily in our upholstery fabrics business,'' said Frank Saxon, President and CEO, Culp. ''During the third quarter we have seen a greater improvement in upholstery fabrics performance due to favorable results from our sales and marketing initiatives and an improved macro environment. While we are pleased with the progress we are making, we remain cautious about the outlook for the future demand trends in the home furnishings industry.''

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