Culp is one of the largest marketers of mattress fabrics and upholstery fabrics in North America, selling B2B to bedding manufacturers and furniture makers. The company operates two segments currently being merged into one: Mattress Fabrics (~53% of FY25 net sales) and Upholstery Fabrics (~47%). In mattress fabrics, Culp manufactures knitted fabrics at its Stokesdale, NC plant, produces sewn covers in Haiti, and sources woven jacquard fabrics from a partner in Turkey. Knitted fabrics have grown in importance, particularly for roll-packed "boxed" mattresses across a wide range of price points. In upholstery fabrics, Culp operates an asset-light model, sourcing wovens, velvets, suedes, faux leathers, and cut-and-sewn kits from suppliers in China and Vietnam, with design and quality control managed from Shanghai. The upholstery segment also includes Read Window Products, which fabricates and installs window treatments for hospitality and commercial customers. Culp's largest customers include Serta-Simmons Bedding (~13% of sales) and La-Z-Boy (~11% of sales). Revenue is driven by yards sold and price mix, with profitability tied to fixed cost leverage in mattress fabrics and product mix across both segments. Tariffs on China-sourced upholstery fabrics are a growing headwind, and Culp is responding by building out Vietnam sourcing, implementing price increases, and leaning on its U.S. and Haiti manufacturing. Near-term strategy centers on cost reduction through segment integration and the FY25 restructuring, while growing higher-margin hospitality and commercial sales.