卡尔普纺织 2024年度报告

FORM10-K ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OFTHE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year endedApril 27,2025 Commission File No.1-12597 NORTH CAROLINA(State or other jurisdiction of Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Securities Exchange Actof 1934.YES☐NO☒ Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities ExchangeAct of 1934 during the preceding 12 months and (2) has been subject to the filing requirements for at least the past 90 days.YES☒NO☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant toRule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was requiredto submit such files).YES☒NO☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reportingcompany, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and“emerging growth company” in Rule 12b-2 of the Exchange Act. Large Accelerated Filer☐Accelerated Filer☐Non-Accelerated FilerSmaller Reporting Company☒Emerging Growth Company☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complyingwith any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐ Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of itsinternal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accountingfirm that prepared or issued its audit report.☐ If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrantincluded in the filing reflect the correction of an error to previously issued financial statements.☐ Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-basedcompensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b).☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).YES☐NO☒ As of July 9, 2025,12,559,129shares of common stock were outstanding. As of October 27, 2024, the aggregate market value of the votingstock held by non-affiliates of the registrant on that datewas $56,266,570based on the closing sales price of such stock as quoted on the New YorkStock Exchange (NYSE), assuming, for purposes of this report, that all executive officers and directors of the registrant are affiliates. DOCUMENTS INCORPORATED BY REFERENCE Portions of the registrant’s definitive proxy statement to be filed with the Securities and Exchange Commission pursuant to Regulation 14A inconnection with its Annual Meeting of Shareholders are incorporated by reference into Part III of this Form 10-K. CULP, INC.FORM 10-K REPORTTABLE OF CONTENTS PART I 1.BusinessOverviewGeneral InformationSegmentsOverview of Industry and MarketsOverview of Bedding IndustryOverview of Residential, Commercial, and Hospitality Furnishing IndustriesProductsManufacturing and SourcingProduct Design and InnovationDistributionSources and Availability of Raw MaterialsSeasonalityCompetitionEnvironmental and Other RegulationsHuman CapitalCustomers and SalesNet Sales by Geographic AreaBacklogIntellectual Property 141A.Risk Factors151B.Unresolved Staff Comments231C.Cybersecurity232.Properties263.Legal Proceedings264.Mine Safety Disclosure27PART II5.Market for the Registrant’s Common Equity, Related Stockholder Matters, and Issuer Purchases of EquitySecurities286.Reserved307.Management’s Discussion and Analysis of Financial Condition and Results of Operations317A.Quantitative and Qualitative Disclosures about Market Risk498.Consolidated Financial Statements and Supplementary Data509.Changes in and Disagreements with Accountants on Accounting and Financial Disclosure919A.Controls and Procedures919B.Other Information919C.Disclosure Regarding Foreign Jurisdictions that Prevent Inspections91 PART III 10.Directors, Executive Officers, and Corporate Governance9211.Executive Compensation9212.Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters9213.Certain Relationships, Related Transactions, and Director Independence9314.Principal Accountant Fees and Services93PART IV15.Exhibits and Financial Statement Schedules94Documents Filed as Part of this Report94Exhibits95Financial Statement Schedules9416.Form 10-K Summa