Culp (CULP) 10-K 15 Jul 22 2022 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	May 01, 2022	Jul. 13, 2022	Oct. 31, 2021
Cover [Abstract]
Document Type	10-K
Amendment Flag	false
Document Period End Date	May 01, 2022
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	FY
Entity Registrant Name	CULP INC
Entity Central Index Key	0000723603
Current Fiscal Year End Date	--05-01
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Filer Category	Accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Trading Symbol	CULP
Entity Common Stock, Shares Outstanding		12,248,382
Entity Public Float			$ 154,828,758
Entity File Number	1-12597
Entity Tax Identification Number	56-1001967
Entity Address, Address Line One	1823 Eastchester Drive
Entity Address, City or Town	High Point
Entity Address, State or Province	NC
Entity Address, Postal Zip Code	27265
City Area Code	336
Local Phone Number	889-5161
Entity Incorporation, State or Country Code	NC
Title of 12(b) Security	Common Stock, par value $.05/ Share
Security Exchange Name	NYSE
ICFR Auditor Attestation Flag	true
Document Annual Report	true
Document Transition Report	false
Auditor Name	GRANT THORNTON LLP
Auditor Location	Charlotte, North Carolina
Auditor Firm ID	248
Documents Incorporated by Reference	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 in connection with its Annual Meeting of Shareholders are incorporated by reference into Part III of this Form 10-K.

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($)	May 01, 2022	May 02, 2021
current assets:
cash and cash equivalents	$ 14,550,000	$ 37,009,000
short-term investments - available for sale		5,542,000
short-term investments - held to maturity		3,161,000
accounts receivable, net	22,226,000	37,726,000
inventories	66,557,000	55,917,000
current income taxes receivable	857,000
other current assets	2,986,000	3,852,000
total current assets	107,176,000	143,207,000
property, plant and equipment, net	41,702,000	44,003,000
right of use assets	15,577,000	11,730,000
long-term investments - rabbi trust	9,357,000	8,415,000
long-term investments - held-to-maturity		1,141,000
intangible assets	2,628,000	3,004,000
deferred income taxes	528,000	545,000
other assets	595,000	2,035,000
total assets	177,563,000	214,080,000
current liabilities:
accounts payable - trade	20,099,000	42,540,000
accounts payable - capital expenditures	473,000	348,000
operating lease liability - current	3,219,000	2,736,000
deferred revenue	520,000	540,000
accrued expenses	7,832,000	14,839,000
income taxes payable - current	413,000	229,000
total current liabilities	32,556,000	61,232,000
operating lease liability - long-term	7,062,000	6,821,000
income taxes payable - long-term	3,097,000	3,326,000
deferred income taxes	6,004,000	5,330,000
deferred compensation	9,343,000	8,365,000
total liabilities	58,062,000	85,074,000
commitments and contingencies (notes 11 and 13)
shareholders' equity:
preferred stock, $.05 par value, authorized 10,000,000 shares
common stock, $.05 par value, authorized 40,000,000 shares, issued and outstanding 12,228,629 at May 1, 2022 and 12,312,822 at May 2, 2021	611,000	616,000
capital contributed in excess of par value	43,143,000	43,807,000
accumulated earnings	75,715,000	84,437,000
accumulated other comprehensive income	32,000	146,000
total equity	119,501,000	129,006,000
total liabilities and equity	$ 177,563,000	$ 214,080,000

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	May 01, 2022	May 02, 2021
Statement Of Financial Position [Abstract]
Preferred stock, par value	$ 0.05	$ 0.05
Preferred stock, authorized shares	10,000,000	10,000,000
Common stock, par value	$ 0.05	$ 0.05
Common stock, authorized shares	40,000,000	40,000,000
Common stock, issued	12,228,629	12,312,822
Common stock, outstanding	12,228,629	12,312,822

CONSOLIDATED STATEMENTS OF NET

CONSOLIDATED STATEMENTS OF NET (LOSS) INCOME - USD ($)		12 Months Ended
		May 01, 2022	May 02, 2021	May 03, 2020
Income Statement [Abstract]
net sales		$ 294,839,000	$ 299,720,000	$ 256,166,000
cost of sales		(258,746,000)	(249,888,000)	(215,668,000)
gross profit from continuing operations		36,093,000	49,832,000	40,498,000
selling, general and administrative expenses		(35,415,000)	(37,756,000)	(34,424,000)
asset impairments	[1]			(13,712,000)
restructuring credit				70,000
income (loss) from continuing operations		678,000	12,076,000	(7,568,000)
interest expense		(17,000)	(51,000)	(106,000)
interest income		373,000	244,000	897,000
gain on bargain purchase	[2]		819,000
other expense		(1,359,000)	(2,208,000)	(902,000)
(loss) income before income taxes from continuing operations		(325,000)	10,880,000	(7,679,000)
income tax expense		(2,886,000)	(7,693,000)	(3,354,000)
income (loss) from investment in unconsolidated joint venture			31,000	(125,000)
net (loss) income from continuing operations		(3,211,000)	3,218,000	(11,158,000)
loss before income taxes from discontinued operation				(17,577,000)
income tax benefit				68,000
net loss from discontinued operation				(17,509,000)
net (loss) income		$ (3,211,000)	$ 3,218,000	$ (28,667,000)
net (loss) income from continuing operations per share-basic		$ (0.26)	$ 0.26	$ (0.90)
net (loss) income from continuing operations per share-diluted		(0.26)	0.26	(0.90)
net loss from discontinued operation per share-basic				(1.41)
net loss from discontinued operation per share-diluted				(1.41)
net (loss) income per share-basic		(0.26)	0.26	(2.32)
net (loss) income per share-diluted		$ (0.26)	$ 0.26	$ (2.32)
[1]During fiscal 2020, we incurred asset impairment charges totaling $13.7 million, of which $13.6 million and $143,000 pertained to goodwill and a tradename associated with Read, respectively. Of this $13.7 million, $11.5 million and $2.2 million pertained to the mattress fabrics segment and upholstery fabrics segment, respectively.[2]Effective February 1, 2021, we acquired the remaining fifty percent ownership interest in our former unconsolidated joint venture located in Haiti.  Pursuant to this transaction, we are now the sole owner with full control over this operation.  The gain on bargain purchase represents the net assets acquired from this transaction that exceeded the fair value of our previously held 50% ownership interest of $1.7 million and the $954,000 total purchase price for the remaining 50% ownership interest.

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	12 Months Ended
	May 01, 2022	May 02, 2021	May 03, 2020
Statement Of Income And Comprehensive Income [Abstract]
net (loss) income	$ (3,211)	$ 3,218	$ (28,667)
other comprehensive (loss) income
unrealized holding (loss) gain on investments	(144)	162	(60)
reclassification adjustment for realized loss (gain) included in net (loss) income	30	(6)	10
total unrealized (loss) gain on investments	(114)	156	(50)
comprehensive (loss) income	(3,325)	3,374	(28,717)
Plus: comprehensive loss attributable to non-controlling interest associated with discontinued operation			4,674
comprehensive (loss) income attributable to Culp Inc. common shareholders	$ (3,325)	$ 3,374	$ (24,043)

CONSOLIDATED STATEMENTS OF SHAR

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Common Stock	Capital Contributed in Excess of Par Value	Accumulated Earnings	Accumulated Other Comprehensive Income (Loss)	Shareholders' equity attributable to Culp Inc.	Non-Controlling Interest Discontinued Operation
Balance at Apr. 28, 2019	$ 164,247	$ 620	$ 43,694	$ 115,579	$ 40	$ 159,933	$ 4,314
Balance (in shares) at Apr. 28, 2019		12,391,160
net income (loss)	(28,667)			(23,993)		(23,993)	(4,674)
capital contribution from non-controlling interest - discontinued operation	360						$ 360
stock-based compensation	614		614			614
unrealized gain (loss) on investments	(50)				(50)	(50)
common stock issued in connection with vesting of performance-based restricted stock units		$ 1	(1)
common stock issued in connection with vesting of performance based restricted stock units (in shares)		15,638
immediately vested common stock awards		$ 1	(1)
immediately vested common stock awards (shares)		23,664
common stock surrendered in connection with payroll withholding taxes	(51)		(51)			(51)
common stock surrendered in connection with payroll withholding taxes, in shares		(3,020)
common stock repurchased	(1,680)	$ (7)	(1,673)			(1,680)
common stock repurchased (in shares)		(142,496)
dividends paid	(5,075)			(5,075)		(5,075)
Balance at May. 03, 2020	129,698	$ 615	42,582	86,511	(10)	129,698
Balance (in shares) at May. 03, 2020		12,284,946
net income (loss)	3,218			3,218		3,218
stock-based compensation	1,251		1,251			1,251
unrealized gain (loss) on investments	156				156	156
common stock issued in connection with vesting of performance based restricted stock units (in shares)		8,843
immediately vested common stock awards		$ 1	(1)
immediately vested common stock awards (shares)		21,220
common stock surrendered in connection with payroll withholding taxes	(25)		(25)			(25)
common stock surrendered in connection with payroll withholding taxes, in shares		(2,187)
common stock repurchased (in shares)		0
dividends paid	(5,292)			(5,292)		(5,292)
Balance at May. 02, 2021	129,006	$ 616	43,807	84,437	146	129,006
Balance (in shares) at May. 02, 2021		12,312,822
net income (loss)	(3,211)			(3,211)		(3,211)
stock-based compensation	1,133		1,133			1,133
unrealized gain (loss) on investments	(114)				(114)	(114)
common stock issued in connection with vesting of performance based restricted stock units (in shares)		10,863
immediately vested common stock awards		$ 1	(1)
immediately vested common stock awards (shares)		29,657
common stock surrendered in connection with payroll withholding taxes	(50)		(50)			(50)
common stock surrendered in connection with payroll withholding taxes, in shares		(3,025)
common stock repurchased	(1,752)	$ (6)	(1,746)			(1,752)
common stock repurchased (in shares)		(121,688)
dividends paid	(5,511)			(5,511)		(5,511)
Balance at May. 01, 2022	$ 119,501	$ 611	$ 43,143	$ 75,715	$ 32	$ 119,501
Balance (in shares) at May. 01, 2022		12,228,629

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)		12 Months Ended
		May 01, 2022	May 02, 2021	May 03, 2020
cash flows from operating activities:
net (loss) income		$ (3,211,000)	$ 3,218,000	$ (28,667,000)
adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities:
depreciation		6,994,000	6,846,000	7,827,000
amortization		559,000	466,000	647,000
asset impairments		0	0	33,914,000
reversal of contingent consideration associated with discontinued operation				(6,081,000)
loss on disposal of discontinued operation				1,606,000
stock-based compensation		1,133,000	1,251,000	614,000
deferred income taxes		691,000	3,760,000	(1,694,000)
gain on bargain purchase	[1]		(819,000)
gain on sale of property, plant, and equipment			(57,000)	(238,000)
(income) loss from investment in unconsolidated joint venture			(31,000)	125,000
realized loss (gain) from the sale of investments		450,000	(6,000)	10,000
foreign currency exchange loss		16,000	1,520,000	109,000
changes in assets and liabilities, net of effects of acquisition and disposal of businesses:
accounts receivable		15,416,000	(12,117,000)	(1,994,000)
inventories		(10,787,000)	(7,225,000)	(837,000)
other current assets		946,000	(1,442,000)	342,000
other assets		(1,386,000)	(1,452,000)	(48,000)
accounts payable-trade		(22,131,000)	17,228,000	499,000
accrued expenses and deferred compensation		(5,204,000)	9,457,000	(1,017,000)
deferred revenue		(20,000)	38,000	103,000
accrued restructuring costs				(124,000)
income taxes		(907,000)	843,000	(126,000)
net cash (used in) provided by operating activities		(17,441,000)	21,478,000	4,970,000
cash flows from investing activities:
cash paid for acquisition of assets, net of cash acquired			(892,000)
capital expenditures		(5,695,000)	(6,664,000)	(4,585,000)
proceeds from the sale of property, plant, and equipment			12,000	672,000
proceeds from long-term note receivable associated with discontinued operation				1,523,000
investment in unconsolidated joint venture			(90,000)	(220,000)
proceeds from the sale of short-term investments (available for sale)		9,879,000	468,000	6,606,000
proceeds from the sale and maturity of investments (held to maturity)		13,486,000	10,165,000	6,100,000
purchase of short-term investments (available for sale)		(4,391,000)	(5,044,000)	(7,555,000)
purchase of investments (held-to-maturity)		(9,751,000)	(8,173,000)	(7,465,000)
proceeds from the sale of long-term investments (rabbi trust)		56,000	157,000
purchase of long-term investments (rabbi trust)		(1,088,000)	(619,000)	(788,000)
net cash provided by (used in) investing activities		2,496,000	(10,680,000)	(5,712,000)
cash flows from financing activities:
proceeds from lines of credit		9,000,000		30,765,000
payments associated with lines of credit		(9,000,000)	(30,772,000)
proceeds from Paycheck Protection Program loan				7,606,000
payments associated with Paycheck Protection Program loan			(7,606,000)
proceeds from subordinated loan payable associated with the noncontrolling interest of discontinued operation				250,000
cash paid for acquisition of businesses				(1,532,000)
dividends paid		(5,511,000)	(5,292,000)	(5,075,000)
repurchases of common stock		(1,752,000)		(1,680,000)
common stock surrendered for payroll withholding taxes		(50,000)	(25,000)	(51,000)
capital contribution associated with the noncontrolling interest of discontinued operation				360,000
payments for debt issuance costs		(110,000)	(15,000)
net cash (used in) provided by financing activities		(7,423,000)	(43,710,000)	30,643,000
effect of exchange rate changes on cash and cash equivalents		(91,000)	131,000	(119,000)
(decrease) increase in cash and cash equivalents		(22,459,000)	(32,781,000)	29,782,000
cash and cash equivalents at beginning of year		37,009,000	69,790,000	40,008,000
cash and cash equivalents at end of year		$ 14,550,000	$ 37,009,000	$ 69,790,000
[1]Effective February 1, 2021, we acquired the remaining fifty percent ownership interest in our former unconsolidated joint venture located in Haiti.  Pursuant to this transaction, we are now the sole owner with full control over this operation.  The gain on bargain purchase represents the net assets acquired from this transaction that exceeded the fair value of our previously held 50% ownership interest of $1.7 million and the $954,000 total purchase price for the remaining 50% ownership interest.

General and Summary of Signific

General and Summary of Significant Accounting Policies	12 Months Ended
	May 01, 2022
Accounting Policies [Abstract]
General and Summary of Significant Accounting Policies	1. GENERAL AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Description of Business Continuing Operations Our continuing operations are classified into two business segments: mattress fabrics and upholstery fabrics. The mattress fabrics segment manufactures, sources, and sells fabrics and mattress covers primarily to bedding manufacturers. We have mattress fabric operations located in Stokesdale, NC, High Point, NC, and Quebec, Canada. Additionally, we acquired the remaining fifty percent ownership interest in our former unconsolidated joint venture located in Ouanaminthe, Haiti during the fourth quarter of fiscal 2021. As a result, we are now the sole owner with full control of this cut and sew mattress cover operation (see Note 2 of the consolidated financial statements for further details regarding this business combination). The upholstery fabrics segment develops, sources, manufactures, and sells fabrics primarily to residential and commercial furniture manufacturers. We have upholstery fabric operations located in Shanghai, China and Burlington, NC. During the third quarter of fiscal 2022, we also commenced operation of a new facility in Ouanaminthe, Haiti dedicated to the production of cut and sewn upholstery kits. Additionally, Read Window Products, LLC (“Read”), a wholly-owned subsidiary with operations located in Knoxville, TN, provides window treatments and sourcing of upholstery fabrics and other products, as well as measuring and installation of Read’s products, to customers in the hospitality and commercial industries. Read also supplies soft goods such as decorative top sheets, coverlets, duvet covers, bed skirts, bolsters, and pillows. Discontinued Operation – Home Accessories Segment Effective June 22, 2018, we acquired an 80% ownership interest in eLuxury, LLC (“eLuxury”), a company that offers bedding accessories and home goods directly to consumers and businesses through its e-commerce platform. eLuxury’s financial information was included in our home accessories segment. Effective March 31, 2020, we sold our entire ownership interest in eLuxury to its noncontrolling interest holder as part of our comprehensive response to the challenging conditions arising from the COVID-19 global pandemic. As a result of this sale, our home accessories segment was eliminated at such time, and therefore its results of operations and assets and liabilities were excluded from our continuing operations and presented as a discontinued operation in our consolidated financial statements. See Note 3 of the consolidated financial statements for further details. Basis of Presentation The consolidated financial statements of the company have been prepared in accordance with U.S. generally accepted accounting principles. Principles of Consolidation Overall The consolidated financial statements include the accounts of the company and its subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. The accounts of our subsidiaries located in Shanghai, China and Poznan, Poland are consolidated as of April 30, a calendar month end, which are required by the Chinese and Polish governments, respectively. No events occurred related to the difference between our fiscal year end on the Sunday closest to April 30 and our China and Polish subsidiaries, year end of April 30 that materially affected the company’s financial position, results of operations, or cash flows for fiscal years 2022, 2021, and 2020. Class International Holdings, Ltd. (CIH) Equity Method of Accounting and Consolidation Effective January 1, 2017, Culp International Holdings, Ltd. (Culp International), a wholly-owned subsidiary of Culp, Inc. (“Culp”), entered into a joint venture agreement pursuant to which Culp International owned 50% of CIH. As a result of our initial 50% ownership interest, Culp’s investment in CIH was accounted for under the equity method of accounting in accordance with ASC Topic 823 – Investments – Equity Method and Joint Ventures. method of accounting, our 50 % proportionate share of earnings and losses from CIH w ere reflected in the caption “Income (loss) from investment in unconsolidated joint venture” in the Consolidated Statements of Net (Loss) Income for the first nine months of fiscal 2021 and the full fiscal 2020 year . Effective February 1, 2021, Culp International entered into a Share Purchase Agreement to acquire the remaining 50% ownership interest in CIH. Pursuant to this transaction, Culp International is now the sole owner with full control over CIH. As a result, effective February 1, 2021, our consolidated financial statements now include all of the accounts of CIH, and any significant intercompany balances and transactions have been eliminated in consolidation. Furthermore, the equity method of accounting will no longer be used and the former investment in unconsolidated joint venture is now included in the net assets of our now 100% interest in CIH. (see Note 2 of the consolidated financial statements for further details regarding this business combination). Fiscal Year Our fiscal year is the 52 or 53-week period ending on the Sunday closest to April 30. Fiscal 2022, 2021, and 2020 included 52 weeks, 52 weeks, and 53 weeks, respectively. Use of Estimates The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Cash and Cash Equivalents Cash and cash equivalents include demand deposit and money market accounts. We consider all highly liquid instruments with original maturities of three months or less to be cash equivalents. A summary of our cash and cash equivalents by geographic area follows: May 1, May 2, (dollars in thousands) 2022 2021 United States $ 4,430 $ 24,621 China 9,502 10,635 Canada 267 1,525 Haiti 341 220 Cayman Islands 10 8 $ 14,550 $ 37,009 Throughout the year, we have cash balances regarding our U.S. operations of more than the federally insured amounts on deposit with a financial institution. We have not experienced any losses in such accounts. Management believes we are not exposed to any significant credit risk related to cash and cash equivalents. Short-Term Investments (Available-for-Sale) During fiscal 2022, we sold all our short-term investments classified as available-for-sale, and therefore we did not report short-term investments classified as available-for-sale in the accompanying Consolidated Balance Sheet as of May 1, 2022. As of May 2, 2021, our short-term investments classified as available-for-sale were recorded at their fair values of $5.5 million, had an accumulated unrealized gain of $24,000, and resided with our U.S. operations. The fair value of our short-term investments approximated their cost basis. Long-Term Investments (Rabbi Trust) We have a rabbi trust to set aside funds for participants of our deferred compensation plan (the “Plan”) that enables our participants to credit their contributions to various investment options of the Plan. The investments associated with the rabbi trust consist of investments in a money market fund and various mutual funds that are classified as available-for-sale. Our long-term investments classified as available-for-sale were recorded at their fair value of $9.4 million and $8.4 million as of May 1, 2022, and May 2, 2021, respectively. These investments had an accumulated unrealized gain totaling $32,000 and $122,000 as of May 1, 2022, and May 2, 2021, respectively. The fair value of our long-term investments associated with our rabbi trust approximates their cost basis and reside with our U.S. operations. Investments (Held-To-Maturity) During fiscal 2022, we sold all our short-term investments classified as held-to-maturity, and therefore we did not report short-term or long-term investments classified as held-to-maturity in the accompanying Consolidated Balance Sheet as of May 1, 2022. As of May 2, 2021, our investments classified as held-to-maturity consisted of investment grade U.S. corporate bonds, foreign bonds, and government bonds. These investments were classified as held-to-maturity as we had the positive intent and ability to hold these investments until maturity. Our held-to-maturity investments were recorded as either current or noncurrent in our Consolidated Balance Sheets, based on the maturity date in relation to the respective reporting period and recorded at amortized cost. As of May 2, 2021, the amortized cost and fair value of our held-to-maturity investments were $4.3 million. Our bond investments were classified as level 2 in accordance with the fair value hierarchy defined in Note 15 of the consolidated financial statements. Our bond investments were traded over the counter within a broker network and not on an active market. The fair value of our bond investments was determined based on a published source that provided an average bid price. The average bid price was based on various broker prices that were determined based on market conditions, interest rates, and the rating of the respective bond investments. All our investments classified as held-to-maturity resided with our U.S. operations. Accounts Receivable and Current Expected Credit Losses Substantially all our accounts receivable were due from manufacturers in the bedding and furniture industries. We grant credit to customers and generally do not require collateral. We record an allowance for doubtful accounts that reflects estimates of probable credit losses. As of the end of each reporting period, we assess the credit risk of our customers within our accounts receivable portfolio. Our risk assessment includes the respective customer’s (i) financial position; (ii) past payment history; (iii) management’s general ability; and (iv) historical loss experience; as well as (v) any other ongoing economic conditions. After our risk assessment is completed, we assign credit grades to our customers, which in turn, are used to determine our allowance for doubtful accounts. We do not have any off-balance sheet credit exposure related to our customers. Inventories We account for inventories at the lower of first-in, first-out (FIFO) cost or net realizable value. Management continuously examines inventory to determine if there are indicators that the carrying value exceeds its net realizable value. Experience has shown that the most significant indicators of the need for inventory markdowns are the age of the inventory and the planned discontinuance of certain patterns. As a result, we provide inventory valuation write-downs based upon established percentages based on the age of the inventory that are continually evaluated as events and market conditions require. Our inventory aging categories are six, nine, twelve, and fifteen months. We also provide inventory valuation write-downs based on the planned discontinuance of certain products based on the current market values at that time as compared to their current carrying values. Property, Plant and Equipment Property, plant, and equipment are recorded at cost and depreciated over their estimated useful lives using the straight-line method. Major renewals and betterments are capitalized. Maintenance, repairs, and minor renewals are expensed as incurred. When properties or equipment are retired or otherwise disposed of, the related cost and accumulated depreciation are removed from the accounts. Amounts received on disposal less the book value of assets sold are charged or credited to income from operations. Management reviews long-lived assets, which consist principally of property, plant, and equipment, for impairment whenever events or changes in circumstances indicate that the carrying value of the asset may not be recovered. Recoverability of long-lived assets to be held and used is measured by a comparison of the carrying amount of the asset to future net undiscounted cash flows expected to be generated by the asset. If the carrying amount of an asset exceeds its estimated future cash flows, an impairment charge is recognized for the excess of the carrying amount over the fair value of the asset. After the impairment loss is recognized, the adjusted carrying amount is the new accounting basis. Assets to be disposed of by sale are reported at the lower of the carrying value or fair value less cost to sell when the company has committed to a disposal plan and would be reported separately as assets held for sale in the Consolidated Balance Sheets. Advertising Costs Advertising costs are expensed as incurred. No advertising costs were incurred and presented in continuing operations during fiscal years 2022, 2021, or 2020. We did incur advertising costs totaling $1.7 million during fiscal 2020, which were included in net loss from discontinued operation in the fiscal 2020 Consolidated Statement of Net Loss. Interest Costs Total interest costs incurred were $17,000, $51,000, and, $190,000 during fiscal 2022, 2021, and 2020, respectively. All of the total interest costs incurred during fiscal years 2022 and 2021 were presented in continuing operations. Of the $190,000 in total interest costs incurred during fiscal 2020, $106,000 and $84,000 were presented in continuing operations and discontinued operations, respectively. We capitalize interest costs incurred on funds used to construct property, plant, and equipment. The capitalized interest is recorded as part of the asset to which it relates and is depreciated over the asset’s estimated useful life. No interest costs for the construction of qualifying fixed assets were capitalized during fiscal 2022, 2021, or 2020. Foreign Currency Adjustments The United States dollar is the functional currency for the company’s Canadian and Chinese subsidiaries. All monetary foreign currency asset and liability accounts are remeasured into U.S. dollars at year-end exchange rates. Non-monetary assets and liabilities such as property, plant, and equipment and right of use assets are recorded at historical exchange rates. Foreign currency revenues and expenses are remeasured at average exchange rates in effect during the year, except for certain expenses related to balance sheet amounts remeasured at historical exchange rates, such as depreciation expense. Exchange gains and losses from remeasurement of foreign currency denominated monetary assets and liabilities are recorded in the other expense line item in the Consolidated Statements of Net (Loss) Income in the period in which they occur. A summary of our foreign currency exchange (losses) gains by geographic area follows: (dollars in thousands) 2022 2021 2020 China $ (104 ) $ (1,389 ) $ 42 Canada (28 ) (22 ) (138 ) $ (132 ) $ (1,411 ) $ (96 ) Goodwill and Intangible Assets Fiscal 2022 and 2021 No asset impairment charges were recorded during fiscal 2022 or fiscal 2021. Fiscal 2020 In accordance with ASC Topic 350, Intangibles – Goodwill and Other, ASC Topic 350 requires us to assess goodwill for impairment annually (the last day of our fiscal year) or between annual tests if we believe certain indicators of impairment exist. Such indicators could include but are not limited to (1) deterioration in the environment of the industry and markets in which we operate, (2) unanticipated competition, (3) a deterioration in general economic conditions, (4) overall decline in financial performance such as negative and declining cash flows, or a decline in actual or planned revenue or earnings compared with actual and projected results or relevant prior periods, and (5) a decrease in the price per share of our common stock. As a result, we first assess qualitative factors, such as the indicators outlined above, to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount, including goodwill. If we conclude that it is more likely than not that the fair value of a reporting unit is less than its carrying amount, we conduct a quantitative goodwill impairment test. The quantitative impairment test involves comparing the fair value of the applicable reporting unit with its carrying value. We estimate the fair values of our reporting units using a combination of income, discounted cash flows, and market approaches, which utilize comparable companies’ data. If the carrying amount of a reporting unit exceeds the reporting unit’s fair value, an impairment loss is recognized in an amount equal to that excess, limited to the total amount of goodwill allocated to that reporting unit. As a result of our third quarter and annual impairment assessments during the fourth quarter, we recorded asset impairment charges associated with our goodwill and tradenames totaling $33.9 million during fiscal 2020. Of the total $33.9 million, $20.2 million and $13.7 million were reported in discontinued operations and continuing operations, respectively. Also, of the total $33.9 million asset impairment charges, $27.2 million and $6.7 million pertained to goodwill and tradenames, respectively. Due to the asset impairment charges of $27.2 million associated with our goodwill, no goodwill was reported on our Consolidated Balance Sheet as of May 1, 2022, and May 2, 2021. See Notes 8 and 9 to the consolidated financial statements for further details of our assessment s of impairment, conclusions reached, and the performance of our quantitative test. Income Taxes Deferred Income Taxes – Overall Income taxes are accounted for under the asset and liability method. Deferred income taxes are recognized for temporary differences between the financial statement carrying amounts and the tax basis of our assets, liabilities, U.S. loss carryforwards, and foreign income tax credits at income tax rates expected to be in effect when such amounts are realized or settled. The effect on deferred income taxes of a change in tax rates is recognized in income tax (expense) benefit in the period that includes the enactment date. Deferred Income Taxes – Valuation Allowance We evaluate our deferred income taxes to determine if a valuation allowance is required. We assess whether a valuation allowance should be established based on the consideration of all available evidence using a “more-likely-than-not” standard with significant weight being given to evidence that can be objectively verified. Since we operate in multiple jurisdictions, we assess the need for a valuation allowance on a jurisdiction-by-jurisdiction basis, considering the effects of local tax law. Deferred Income Taxes – Undistributed Earnings from Foreign Subsidiaries We assess whether the undistributed earnings from our foreign subsidiaries will be reinvested indefinitely or eventually distributed to our U.S. parent company. We are required to record a deferred tax liability for undistributed earnings from foreign subsidiaries that will not be reinvested indefinitely. As a result of the 2017 Tax Cuts and Jobs Act, a U.S. corporation is allowed a 100% dividend received deduction for earnings and profits received from a 10% owned foreign corporation. Therefore, a deferred tax liability will only be required for unremitted withholding taxes associated with earnings and profits generated by our foreign subsidiaries that will ultimately be repatriated to the U.S. parent company. Uncertain Income Tax Positions We recognize an income tax benefit for a tax position taken or expected to be taken in an income tax return if the more-likely-than-not recognition threshold is met by the end of the reporting period, or is effectively settled through examination, or litigation, or negotiation, or if the statute of limitations for the relevant taxing authority to examine and challenge the tax position has expired. The income tax effect recognized in the financial statements from such a position is measured based on the largest benefit that has a greater than 50% likelihood of being realized upon ultimate resolution. Penalties and interest related to uncertain income tax positions are recorded as income tax expense. Significant judgment is required in the identification of uncertain income tax positions and in the estimation of penalties and interest on uncertain income tax positions. Revenue from Contracts with Customers Revenue Recognition Revenue is recognized upon the transfer of control of promised products or services to customers in an amount that reflects the consideration we expect to receive in exchange for those products or services. We determined that our customer purchase orders represent contracts. In addition to purchase orders, we also have supply contracts with certain customers that define standard terms and conditions. Our contracts generally include promises to sell upholstery fabrics, mattress fabrics, or home goods products. In addition, we provide fabrication and installation services of our own products associated with customized window treatments. Revenue associated with sales of our products is recognized at the point in time when control of the promised goods has been transferred to the customer. The point in time when control transfers to the customer depends on the contractually agreed upon shipping terms, but typically occurs once the product has been shipped or once it has been delivered to a location specified by the customer. For certain warehousing arrangements, transfer of control to the customer is deemed to have occurred when the customer pulls the inventory for use in their production. Revenue associated with our customized fabrication services, which are performed on various types of window treatments, is recognized over time once the customized products are deemed to have no alternative use and for which we have an enforceable right to payment for the services performed. Revenue for our customized fabrication services is recognized over time using the output method based on units produced. Revenue associated with our installation services of our own products is also recognized over time as the customer receives and consumes the benefits of the promised installation services. Revenue associated with our installation services is recognized over time using the output method based on units installed. Transaction Price The transaction price is typically allocated to performance obligations based upon stand-alone selling prices. We did not disclose the value of unsatisfied performance obligations as substantially all of any unsatisfied performance obligations as of May 1, 2022, will be satisfied within one year or less. Revenue Measurement Revenue is measured as the amount of consideration we expect to receive in exchange for the transfer of the promised products and services. The amount of consideration we expect to receive changes due to variable consideration is associated with allowances for sales returns, early payment discounts, and volume rebates that we offer to customers. The amount of variable consideration which is included in the transaction price is only included in net sales to the extent that it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur in a future period. Our mattress fabrics and upholstery fabrics business segments only allow product returns to the extent that the products or services did not meet the contractually agreed upon specifications at the time of sale. Customers must receive authorization prior to returning products. Our former home accessories business segment allowed returns for any reason provided the product was returned within the stated time frame, generally 30 days, unless the product was customized in which case a defect must be present in order to return the product. Estimates of allowances for sales returns are based on historical data, current potential product return issues, and known sales returns for which customers have been granted return authorization. Known sales returns for which customers have been granted permission to return products for a refund or credit, continue to be recorded as a contra account receivable. Estimates for potential future sales returns and related customer accommodations are recorded within accrued expenses. We record estimates for sales returns on a gross basis rather than a net basis and an estimate for a right of return asset is recorded in other current assets and cost of goods sold. Variable consideration associated with early payment cash discounts are estimated using current payment trends and historical data on a customer-by-customer basis. The variable consideration associated with volume rebates is based on the portion of the rebate earned relative to the total amount of rebates the customer is expected to earn over the rebate period, as determined using historical data and projections. We evaluated the nature of our warranties related to our contracts with customers and determined that any such warranties are assurance-type warranties that cover only compliance with agreed upon specifications, and therefore are not considered separate performance obligations. Shipping and Handling Costs Revenue received for shipping and handling costs, which is immaterial for all periods presented, is included in net sales. Shipping costs, principally freight, that comprise payments to third-party shippers are classified as cost of sales. Handling costs represent finished goods warehousing costs incurred to store, move, and prepare products for shipment in the company’s various distribution facilities. Handling costs were $4.3 million, $3.9 million, and $4.0 million fiscal 2022, 2021, and 2020, respectively, and are included in selling, general and administrative expenses. Sales and Other Taxes Sales and other taxes collected from customers and remitted to governmental authorities are presented on a net basis and, as such, are excluded from revenues. Leases We lease manufacturing facilities, office space, distribution centers, and equipment under operating lease arrangements. We determine if an arrangement is a lease at its inception if it conveys the right to control the use of identified property, plant, or equipment for a period of time in exchange for consideration. Operating leases with an initial term of 12 months or less are not recognized in our Consolidated Balance Sheets. We account for lease components separately from non-lease components. We recognize a ROU asset and lease liability on the commencement date of a lease arrangement based on the present value of lease payments over the lease term. A lease term may include renewal options if it is reasonably certain that the option to renew a lease period will be exercised. A renewal option is considered reasonably certain to be exercised if there is a significant economic incentive to exercise the renewal option on the date a lease arrangement is commenced. For our leases, an estimated incremental borrowing rate (“IBR”) is utilized, based on information available at the inception of the lease. The IBR represents an estimate of the interest rate we would incur at lease commencement to borrow an amount equal to the lease payments on a collateralized basis over the term of the lease. Stock-Based Compensation Our equity incentive plans are described more fully in Note 14 to the notes to the consolidated financial statements. ASC Topic 718, “Compensation – Stock Compensation”, requires that all stock-based compensation be recognized as compensation expense in the financial statements and that such cost be measured at the grant date for awards issued to employees and the company’s board of directors. Equity awards issued to a non-employee are measured at the earlier date of when the performance criteria are met or at the end of each reporting period. Compensation expense for time-vested restricted stock awards is amortized on a straight-line basis over the respective vesting period. Compensation expense for performance-based restricted stock units is recorded based on an assessment each reporting period to determine the probability of whether or not certain performance targets will be met and how many common stock shares are expected to be earned as of the end of the vesting period. If certain performance targets are not expected to be achieved, compensation expense will not be recorded, and any previously recognized compensation expense will be reversed. Fair Value of Financial Instruments The accompanying consolidated financial statements include certain financial instruments, and the fair market value of such instruments may differ from amounts reflected on a historical basis. These financial instruments include our short-term and long-term investments classified as available-for-sale. The fair value measurements of our financial instruments are described more fully in Note 15 of the consolidated financial statements. The carrying amount of cash and cash equivalents, accounts receivable, other current assets, lines of credit, accounts payable, and accrued expenses approximate their fair value because of the short maturity of these financial instruments. Recently Adopted Accounting Pronouncements In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes (“ASU 2019-12”), which is intended to simplify various aspects of accounting for income taxes. ASU 2019-12 removes certain exceptions to the general principles in Topic 740 and clarifies and amends existing guidance to improve consistent application. This guidance was effective for fiscal years, and periods within those fiscal years, beginning after December 15, 2020, with early adoption permitted. As a result, we adopted the provisions of ASU 2019-12 on May 3, 2021 (the beginning of fiscal 2022). The adoption of ASU 2019-12 did not affect our financial position, results of operations, or cash flows. Recently Issued Accounting Pronouncements Currently, there are no new accounting pronouncements that are expected to have a material effect on our consolidated financial statements.

Business Combination Achieved i

Business Combination Achieved in Stages	12 Months Ended
	May 01, 2022
Business Combinations [Abstract]
Business Combination Achieved in Stages	2. BUSINESS COMBINATION ACHIEVED IN STAGES Overview Effective January 1, 2017, Culp International Holdings, Ltd. (“Culp International”), a wholly-owned subsidiary of the company, entered into a joint venture agreement pursuant to which Culp International owned 50% of CLASS International Holdings, Ltd. (“CIH). CIH produces cut and sewn mattress covers housed in two facilities totaling 120,000 square feet, located in a modern industrial park on the northeastern border of Haiti. Effective February 1, 2021 (sometimes referred to as the “acquisition date”), Culp International entered into a Share Purchase Agreement with its former joint venture partner pursuant to which Culp International acquired the remaining 50% ownership interest in CIH. We believe having sole ownership of this operation increases our flexibility and enhances our capacity by having near-shore capabilities that help us meet the needs of our mattress cover customers. Prior to the acquisition of the remaining 50% ownership interest in CIH, we accounted for our initial 50% ownership interest in CIH as an unconsolidated joint venture under the equity method of accounting. In connection with the acquisition of the remaining 50% ownership interest in CIH, our consolidated financial statements now include all of the accounts of CIH, and any significant intercompany balances and transactions have been eliminated in consolidation. The consideration transferred for our now-100% ownership interest in connection with this acquisition totaled $2.7 million, of which $1.7 million represents the fair value of our previously held 50% ownership interest in CIH, and $954,000 represented the purchase price that was mostly paid at closing on February 1, 2021, for the remaining 50% ownership interest in CIH. We remeasured our previously held 50% ownership interest in CIH at its acquisition date fair value. As of the acquisition date, the fair value of our previously held 50% ownership interest totaling $1.7 million represented its carrying amount, and therefore, no gain or loss was recognized in earnings for the remeasurement of our previously held 50% ownership interest. Assets Acquired and Liabilities Assumed The following table presents the final allocation of the consideration transferred to the assets acquired and liabilities assumed based on their fair values. (dollars in thousands) Fair Value Cash and cash equivalents $ 62 Accounts receivable 169 Inventory 31 Right of use assets 2,544 Equipment and leasehold improvements 846 Accounts payable (155 ) Gain on bargain purchase (819 ) $ 2,678 Equipment and leasehold improvements will be depreciated on a straight-line basis over their remaining useful lives ranging from 1 to 10 years. Gain on Bargain Purchase Concurrent with our acquisition of the remaining 50% ownership interest in CIH, our former joint venture partner sold its mattress related business to a third party. Our acquisition of the remaining 50% ownership interest in CIH was undertaken due to this sale and the terms negotiated therewith. As a result, the $3.5 million fair value of the identifiable assets acquired and liabilities assumed exceeded the consideration transferred of $2.7 million. Consequently, we (i) reassessed the recognition and measurement of the assets acquired, liabilities assumed, and previously held ownership interest; (ii) gained an understanding of why there was a bargain purchase; and (iii) reviewed the rebate and supply agreements that were executed concurrent with the Share Purchase Agreement. As part of our review of the rebate and supply agreements, we verified that the terms of these agreements were consistent with fair market value terms and are considered separate transactions and not considered part of the business combination. Accordingly, this acquisition has been accounted for as a bargain purchase and, as a result, we recognized a gain of $819,000, which is reported in the line-item “gain on bargain purchase” in the fiscal 2021 Consolidated Statement of Net Income. Separate Transactions Supply and Rebate Agreements In connection with the Share Purchase Agreement, we entered into supply and rebate agreements with an affiliated company of our former joint venture partner to secure plant capacity utilization and preserve sales channels of certain mattress fabric products. The supply and rebate agreement s are effective as of the acquisition date and are based on future sales orders consistent with current market conditions. The transactions associated with the supply and rebate agreements will be accounted for in accordance with ASC Topic 606 Revenue from Contract with Customers. Acquisition-Related Costs Acquisition-related costs totaling $30,000 were included in selling, general, and administrative expenses in the fiscal 2021 Consolidated Statement of Net Income. Other Actual revenue and net loss from the acquisition date of February 1, 2021, through May 2, 2021, included in our fiscal 2021 Consolidated Statement of Net Income totaled $379,000 and $(2,000), respectively. (Unaudited) Pro Forma Financial Information The following unaudited pro forma consolidated results of operations for the fiscal years ending May 2, 2021, and May 3, 2020, have been prepared as if this acquisition had occurred on April 29, 2019. (dollars in thousands, except per share data) May 2, 2021 May 3, 2020 Net Sales $ 300,995 $ 256,960 Income (loss) from continuing operations 12,138 (7,820 ) Net income (loss) from continuing operations 2,430 (11,283 ) Net loss from discontinued operation — (17,509 ) Net income (loss) $ 2,430 $ (28,792 ) net income (loss) from continuing operations per share-basic $ 0.20 $ (0.91 ) net income (loss) from continuing operations per share-diluted $ 0.20 $ (0.91 ) net loss from discontinued operation per share-basic $ — $ (1.41 ) net loss from discontinued operation per share-diluted $ — $ (1.41 ) Net income (loss) per share - basic $ 0.20 $ (2.33 ) Net income (loss) per share - diluted $ 0.20 $ (2.33 ) The unaudited pro forma information is presented for informational purposes only and is not necessarily indicative of the results of operations that would have been achieved had the acquisition been consummated as of that time, nor is it intended to be a projection of future results. Equity Method of Accounting In accordance with the equity method of accounting, we reported our previous 50% proportionate share of net income (loss) of CIH as a separate line titled “income (loss) from investment in consolidated joint venture” in the accompanying Consolidated Statements of Net (Loss) Income. Our 50% proportionate share of the net income (loss) of the unconsolidated joint venture was $31,000 and $(125,000) during fiscal 2021 and 2020, respectively.

Home Accessories Segment

Home Accessories Segment	12 Months Ended
	May 01, 2022
Discontinued Operations And Disposal Groups [Abstract]
Home Accessories Segment	3. HOME ACCESSORIES SEGMENT Overview Effective June 22, 2018, we entered into an Equity Purchase Agreement (the “Equity Agreement”) in which we acquired an 80% ownership interest in eLuxury, LLC (eLuxury) a company that offers bedding accessories and home goods directly to consumers. eLuxury’s primary products include a line of mattress pads manufactured at eLuxury’s facility located in Evansville, Indiana. eLuxury also offers handmade platform beds, cotton bed sheets, as well as other bedding items sourced from other suppliers. Its products are available on eLuxury’s own branded website, eLuxury.com On March 31, 2020, we sold our entire ownership interest in eLuxury to eLuxury’s noncontrolling interest holder in consideration of an accelerated settlement of certain financial obligations due and payable by eLuxury to us and the entry into supply and royalty arrangements designed to preserve an additional sales channel for our core products. Also, this sale was expected to increase our liquidity and allow us to focus on our core businesses of upholstery and mattress fabrics and was part of our comprehensive response to the challenging business conditions arising from the COVID-19 global pandemic. In connection with the sale of our entire ownership interest in eLuxury, (i) we received $509,500 at closing as an accelerated repayment of principal amounts previously loaned to eLuxury, together with outstanding interest, under a loan agreement between us and eLuxury; (ii) we forgave $300,000 of borrowings payable by eLuxury to us under this loan agreement; (iii) we entered into an amended and restated credit and security agreement with eLuxury and the buyer (former noncontrolling interest holder) (together, the “Borrowers”), pursuant to which the Borrowers agreed to repay an additional $1 million previously loaned to eLuxury within thirty days of the closing of the sale transaction (and which amount was secured by the assets of both Borrowers); and (iv) eLuxury agreed to pay $613,000 within sixty days of the sale transaction in satisfaction of certain trade accounts payable due from eLuxury to us. The remaining $1 million we previously loaned to eLuxury and the outstanding trade accounts payable balance of $613,000 due from eLuxury to us was paid in full in accordance with the terms of the sale agreement outlined above. Discontinued Operation Financial Statement Presentation and Disclosures Financial Statement Presentation Due to the sale of our entire ownership interest in eLuxury, our home accessories segment was eliminated. Consequently, we determined that the results from operations and assets and liabilities associated with our home accessories segment were to be excluded from our continuing operations and presented as a discontinued operation in our consolidated financial statements. As a result, we classified the results from operations of our home accessories segment separately in captions titled “Discontinued Operations” within our fiscal 2020 Consolidated Statements of Net Loss. Consolidated Balance Sheet as of Disposal Date The following is a summary of the assets and liabilities that were sold on March 31, 2020: March 31, (dollars in thousands) 2020 ASSETS current assets: cash and cash equivalents $ 285 accounts receivable 588 inventories 3,344 other current assets 170 total current assets held for sale - discontinued operation 4,387 property, plant, and equipment 1,694 goodwill — intangible asset — right of use assets 918 total noncurrent assets held for sale - discontinued operation 2,612 total assets $ 6,999 LIABILITIES AND NET ASSETS current liabilities: accounts -payable trade $ 1,394 operating lease liability - current 195 accrued expenses 351 total current liabilities held for sale - discontinued operation 1,940 loan payable - Culp Inc. 1,500 subordinated loan payable - noncontrolling interest 925 operating lease liability - long-term 743 total noncurrent liabilities held for sale - discontinued operation 3,168 total liabilities 5,108 total net assets of discontinued operation $ 1,891 Net Loss from Discontinued Operation The following is a reconciliation of the major classes of financial statement line items constituting loss before income taxes from discontinued operation that are disclosed in the notes to the financial statements to loss from discontinued operation that are presented in the fiscal 2020 Consolidated Statements of Net Loss: (dollars in thousands) 2020 net sales $ 13,763 cost of sales (10,953 ) gross profit 2,810 selling, general and administrative expenses (4,100 ) asset impairments (1) (20,202 ) reversal of contingent consideration - earn-out obligation (2) 5,856 interest expense (3) (84 ) other income 34 loss from discontinued operation related to major classes of loss before income taxes (15,686 ) loss on disposal of discontinued operation (4) (1,891 ) loss before income taxes from discontinued operation (17,577 ) income tax benefit 68 net loss from discontinued operation $ (17,509 ) (1) During fiscal 2020, we recorded asset impairment charges totaling $20.2 million, of which $13.6 million and $6.6 million pertained to the goodwill and tradename, respectively. See Notes 8, 9, and 15 of the notes to the consolidated financial statements for further details of our assessments that resulted in the impairment of the goodwill and tradename associated with this discontinued operation. (2) See separate section below titled “Contingent Consideration” for further details. (3) Interest expense is directly attributable to our discontinued operation as it pertains to loans payable assumed by the buyer, (the noncontrolling interest) or required to be paid to Culp Inc. based on the terms of the sale agreement. (4) See separate section below titled “Consolidation and Deconsolidation” for further details. The following is a summary of net loss from continuing operations, net loss from discontinued operation, and net loss attributable Culp Inc. common shareholders and the noncontrolling interest for fiscal year 2020: (dollars in thousands) 2020 net loss from continuing operations $ (11,158 ) net loss from continuing operations attributable to noncontrolling interest — net loss from continuing operations attributable to Culp Inc. common shareholders $ (11,158 ) net loss from discontinued operation $ (17,509 ) net loss from discontinued operation attributable to noncontrolling interest 4,674 net loss from discontinued operation attributable to Culp Inc. common shareholders $ (12,835 ) net loss $ (28,667 ) net loss from noncontrolling interest 4,674 net loss attributable to Culp Inc. common shareholders $ (23,993 ) Cash Flow Disclosures Our discontinued operation had net cash used in operating activities totaling $(2.3) million during fiscal 2020. Our discontinued operation had net cash used in investing activities totaling $(134,000) during fiscal 2020. Our discontinued operation had net cash provided by financing activities, all of which were loan proceeds and capital contributions from Culp Inc. and the noncontrolling interest holder of eLuxury totaling $2.4 million during fiscal 2020. We incurred a $1.9 million loss on disposal of discontinued operation that was reported within loss before income taxes from discontinued operation in the fiscal 2020 Consolidated Statement of Net Loss. In addition, we reported a loss on disposal of discontinued operation of $1.6 million in the fiscal 2020 Consolidated Statement of Cash Flows, as the buyer (former noncontrolling interest holder) retained the cash held with eLuxury totaling $285,000. Contingent Consideration The Equity Agreement related to the acquisition of our ownership interest in eLuxury contained a contingent consideration arrangement that required us to pay the seller, who was also the owner of the noncontrolling interest, an earn-out payment based on a multiple of adjusted EBITDA, as defined in the Equity Agreement, for the twelve-month period ending August 31, 2021, less $12.0 million. We recorded a contingent liability at the acquisition date for this earn-out obligation at its fair value totaling $5.6 million based on the Black Scholes pricing model. We were required to assess the fair value of this earn-out obligation each quarterly reporting period. Based on management’s assessment as of the end of our third quarter of fiscal 2020, we determined it was necessary to adjust forecasted EBITDA as it related to this earn-out obligation. This determination was based on the future outlook of our former home accessories segment and its slower than expected business improvement, as well as updated assumptions on economic conditions in the e-commerce space, combined with the upcoming timeframe for determining the amount associated with this contingent consideration arrangement. As a result of these factors, we recorded a reversal of $6.1 million for the full amount of our earn-out obligation at the end of our third quarter of fiscal 2020. In connection with the sale agreement of our entire ownership interest in eLuxury, this contingent consideration arrangement was nullified on March 31, 2020. Since the earn-out obligation was solely based on the financial performance of our home accessories segment and the contingent consideration arrangement was nullified as a result of the disposal, the reversal of this earn-out obligation is directly attributable to our discontinued operation. Consolidation and Deconsolidation Consolidation Prior to the disposal of eLuxury, we included all the accounts of eLuxury in our consolidated financial statements and eliminated all significant intercompany balances and transactions during the first nine months of fiscal 2020. Net loss attributable to the noncontrolling interest in eLuxury was excluded from net loss attributable to Culp Inc. common shareholders during the first nine months of fiscal 2020. Substantive Profit-Sharing Provisions T he Equity Agreement related to the acquisition of our ownership interest in eLuxury contained substantive profit-sharing provisions which explicitly stated the ownership interests as of the acquisition date of June 22, 2018, and the allocation of net income or loss between us, as the controlling interest holder, and the noncontrolling interest holder. The Equity Agreement stated that as of the acquisition date, we acquired an 80% ownership interest in eLuxury, with the seller retaining a 20% noncontrolling interest. Additionally, eLuxury’s net income or loss, future capital contributions and equity distributions were allocated at a percentage of 70% to or from us and 30% to or from the noncontrolling interest holder. Also, the Equity Agreement included certain loss limitations pursuant to which net losses allocated pursuant to the Equity Agreement would not exceed the maximum amount of net loss that could be allocated without causing any owners to have a capital account deficit as defined in the agreement. The carrying value of our controlling interest and the noncontrolling interest was recorded based on the terms of the substantive profit-sharing provisions of the Equity Agreement. As a result, eLuxury’s total net asset balance of $1.9 million as of March 31, 2020 (the disposal date), represented the carrying value of our interest (the controlling interest holder) in eLuxury. Deconsolidation A parent company must deconsolidate a subsidiary as of the date the parent ceases to have a controlling interest in that subsidiary and recognize a gain or loss in net income at that time. As a result, we deconsolidated eLuxury from our consolidated financial statements on March 31, 2020, and recognized a loss on disposal of discontinued operation totaling $1.9 million. The $1.9 million loss on disposal of discontinued operation represented the entire carrying amount of eLuxury’s assets less liabilities as of the disposal date of March 31, 2020. Based on the terms of the sale agreement, we did not receive any consideration for eLuxury’s net assets associated with the sale of our entire ownership interest in eLuxury, and we did not retain a noncontrolling interest in eLuxury. Additionally, based on the terms of the substantive profit-sharing provisions stated in the Equity Agreement, the noncontrolling interest holder did not have a carrying amount for its interest in eLuxury . Continuing Obligations, Financial Commitments, and Continuing Relationships with the Discontinued Operation Supply Agreement In connection with the sale of our entire ownership interest in eLuxury, we entered into a supply agreement with eLuxury to preserve an additional sales channel for our core products – upholstery and mattress fabrics. The supply agreement requires eLuxury to purchase all its requirements at fair market prices for mattress and upholstery fabrics products of the type we were supplying to eLuxury at the time of the sale transaction, as well as certain home accessories and soft goods products, subject to our ability to provide competitive pricing and delivery terms for such products. There are no guarantees or provisions under the supply agreement that require eLuxury to purchase a minimum amount of our products. On January 12, 2022, we entered into an agreement with eLuxury that extended the term of the supply agreement from its original expiration date of March 31, 2022, to March 31, 2027. During fiscal 2022 and 2021, shipments to eLuxury pursuant to the supply agreement were $103,000 and $331,000, respectively. During the three-month period after the disposal date of March 31, 2020, and through our fiscal year end date of May 3, 2020, shipments to eLuxury pursuant to the supply agreement totaled $7,000. As a result of our continuing involvement with eLuxury, we reported net sales and the related cost of sales associated with our inventory shipments to eLuxury, which required us to report these transactions in continuing operations for all periods presented in our Consolidated Statements of Net (Loss) Income. During fiscal 2020, we reported both net sales and cost of sales totaling $968,000 that were previously eliminated in consolidation and occurred prior to the March 31, 2020, disposal date. Royalty Agreement Also in connection with the sale of our entire ownership interest in eLuxury, we entered into a royalty agreement with eLuxury that required eLuxury to pay us a royalty fee based on a percentage of sales, as defined in the royalty agreement. On January 12, 2022, we entered into an agreement with eLuxury that terminated this royalty agreement and required eLuxury to pay us a termination fee of $150,000. During fiscal years 2022, 2021, and 2020, royalty payments received pursuant to the royalty agreement were immaterial. Financial Guarantee As of May 2, 2021, we had an agreement that guaranteed 70% of any unpaid lease payments associated with eLuxury’s facility located in Evansville, Indiana. The lease agreement expires during September 2024 and requires monthly payments of $18,865. In connection with the termination of the royalty agreement noted above, we were fully released from our guarantee associated with this lease.

Accounts Receivable

Accounts Receivable	12 Months Ended
	May 01, 2022
Receivables [Abstract]
Accounts Receivable	4 . ACCOUNTS RECEIVABLE A summary of accounts receivable follows: May 1, May 2, (dollars in thousands) 2022 2021 customers $ 22,613 $ 38,455 allowance for doubtful accounts (292 ) (591 ) allowance for cash discounts (74 ) (124 ) reserve for returns and allowances and discounts (21 ) (14 ) $ 22,226 $ 37,726 A summary of the activity in the allowance for doubtful accounts follows: (dollars in thousands) 2022 2021 2020 beginning balance $ (591 ) $ (472 ) $ (393 ) provision for bad debts 74 (119 ) (79 ) write-offs, net of recoveries 225 — — ending balance $ (292 ) $ (591 ) $ (472 ) As of May 1, 2022, and May 2, 2021, we assessed the credit risk of our customers within our accounts receivable portfolio. Our risk assessment includes the respective customer’s (i) financial position; (ii) past payment history; (iii) management’s general ability; and (iv) historical loss experience; as well as (v) any other ongoing economic conditions. After our risk assessment was completed, we assigned credit grades to our customers, which in turn were used to determine our allowance for doubtful accounts totaling $292,000 and $591,000 as of May 1, 2022, and May 2, 2021, respectively. A summary of the activity in the allowance for returns and allowances and discounts follow: (dollars in thousands) 2022 2021 2020 beginning balance $ (138 ) $ (84 ) $ (226 ) provision for returns and allowances and discounts (1,386 ) (1,665 ) (1,603 ) credits issued and discounts taken 1,429 1,611 1,745 ending balance $ (95 ) $ (138 ) $ (84 ) Subsequent Event On June 25, 2022, a customer and its affiliates associated with our mattress fabrics segment announced that they filed voluntary petitions for reorganization under Chapter 11 of the U.S. Bankruptcy Code. Subject to court approval, our customer and its affiliates entered into an asset purchase agreement for the sale of substantially all of its assets. The proposed buyer under the asset purchase agreement has also provided a commitment for debtor-in-possession financing to allow our customer and its affiliates to conduct normal business operations pending the anticipated closing of the sale. A credit loss associated with accounts receivable outstanding as of May 1, 2022, for this customer and its affiliates was not recorded as we received payment in full regarding these invoices and, based on information available to us at this time, we do not believe there is a risk of loss on these accounts. In addition, based on the information available to us at this time, we currently do not expect to record a material credit loss associated with accounts receivable for this customer and its affiliates for outstanding invoices after May 1, 2022 relating to products sold prior to the bankruptcy filing.

Revenue from Contracts with Cus

Revenue from Contracts with Customers	12 Months Ended
	May 01, 2022
Revenue From Contract With Customer [Abstract]
Revenue from Contracts with Customers	5 . REVENUE FROM CONTRACTS WITH CUSTOMERS Nature of Performance Obligations Continuing Operations Our continuing operations are classified into two business segments: mattress fabrics and upholstery fabrics. The mattress fabrics segment manufactures, sources, and sells fabrics and mattress covers primarily to bedding manufacturers. The upholstery fabrics segment develops, manufactures, sources, and sells fabrics primarily to residential and commercial furniture manufacturers. In addition, the upholstery fabrics segment includes Read, which provides window treatments and sourcing of upholstery fabrics and other products, as well as measuring and installation services of Read’s products, to customers in the hospitality and commercial industries. Read also supplies soft goods such as decorative top sheets, coverlets, duvet covers, bed skirts, bolsters, and pillows. Our primary performance obligations include the sale of mattress fabrics and upholstery fabrics, as well as the performance of customized fabrication and installation services of Read’s products associated with window treatments. Discontinued Operation – Home Accessories Segment As disclosed in Note 3 of the notes to the consolidated financial statements, we sold our entire ownership interest in eLuxury on March 31, 2020, and consequently our home accessories segment was eliminated at such time. Additionally, net sales associated with our home accessories segment were excluded from our continuing operations and presented within discontinued operation in our Consolidated Statement of Net Loss for fiscal 2020. The home accessories segment was our finished products business that manufactured, sourced, and sold bedding accessories and home goods directly to consumers and businesses through global e-commerce, business-to-business, and other sales channels. Prior to its disposal, our former home accessories segment reported net sales totaling $13.8 million during fiscal 2020. Revenue associated with the sales of home accessories products was recognized at the point-in-time when control was transferred to the customer. Significant Judgments See Note 1 of the consolidated financial statements for disclosure of our accounting policies regarding our significant judgements associated with revenue recognition, determining our transaction prices, and revenue measurement. Contract Assets & Liabilities Certain contracts, primarily those for customized fabrication and installation services associated with Read, require upfront customer deposits that result in a contract liability which is recorded on the Consolidated Balance Sheets as deferred revenue. If upfront deposits or prepayments are not required, customers may be granted credit terms which generally range from 15-60 days. Our terms are customary within the industries in which we operate and are not considered financing arrangements. There were no contract assets recognized as of May 1, 2022, or May 2, 2021. A summary of the activity of deferred revenue follows: (dollars in thousands) Fiscal 2022 Fiscal 2021 Beginning Balance $ 540 $ 502 Revenue recognized on contract liabilities (3,434 ) (2,459 ) Payments received for services not yet rendered 3,414 2,497 Ending Balance $ 520 $ 540 Disaggregation of Revenue The following table presents our disaggregated revenue related to continuing operations by segment, timing of revenue recognition, and product sales versus services rendered for fiscal 2022: (dollars in thousands) Mattress Fabrics Upholstery Fabrics Total Products transferred at a point in time $ 152,159 $ 133,622 $ 285,781 Services transferred over time — 9,058 9,058 Total Net Sales $ 152,159 $ 142,680 $ 294,839 The following table presents our disaggregated revenue related to continuing operations by segment, timing of revenue recognition, and product sales versus services rendered for fiscal 2021: (dollars in thousands) Mattress Fabrics Upholstery Fabrics Total Products transferred at a point in time $ 157,671 $ 133,501 $ 291,172 Services transferred over time — 8,548 8,548 Total Net Sales $ 157,671 $ 142,049 $ 299,720 The following table presents our disaggregated revenue related to continuing operations by segment, timing of revenue recognition, and product sales versus services rendered for fiscal 2020: (dollars in thousands) Mattress Fabrics Upholstery Fabrics Total Products transferred at a point in time $ 131,412 $ 114,154 $ 245,566 Services transferred over time — 10,600 10,600 Total Net Sales $ 131,412 $ 124,754 $ 256,166

Inventories

Inventories	12 Months Ended
	May 01, 2022
Inventory Disclosure [Abstract]
Inventories	6 . INVENTORIES A summary of inventories follows: (dollars in thousands) May 1, 2022 May 2, 2021 raw materials $ 13,477 $ 7,742 work-in-process 4,237 3,156 finished goods 48,843 45,019 $ 66,557 $ 55,917

Property, Plant and Equipment

Property, Plant and Equipment	12 Months Ended
	May 01, 2022
Property Plant And Equipment [Abstract]
Property, Plant and Equipment	7 . PROPERTY, PLANT AND EQUIPMENT A summary of property, plant, and equipment follows: (dollars in thousands) depreciable lives (in years) May 1, 2022 May 2, 2021 land and improvements 0-10 $ 947 $ 937 buildings and improvements 7-40 31,628 31,205 leasehold improvements ** 3,474 2,884 machinery and equipment 3-15 67,827 65,258 data processing equipment and software 3-7 8,706 8,261 office furniture and equipment 3-10 1,643 1,313 capital projects in progress 613 3,077 114,838 112,935 accumulated depreciation (73,136 ) (68,932 ) $ 41,702 $ 44,003 ** Shorter of life of lease or useful life.

Intangible Assets

Intangible Assets	12 Months Ended
	May 01, 2022
Goodwill And Intangible Assets Disclosure [Abstract]
Intangible Assets	8 . INTANGIBLE ASSETS A summary of intangible assets follows: (dollars in thousands) May 1, 2022 May 2, 2021 Tradenames $ 540 $ 540 Customer relationships, net 1,636 1,937 Non-compete agreement, net 452 527 $ 2,628 $ 3,004 Tradename A summary of the change in the carrying amount of our tradename follows: (dollars in thousands) 2022 2021 2020 beginning balance $ 540 $ 540 7,232 loss on impairment - continuing operations — — (143 ) loss on impairment - discontinued operation (note 3) — — (6,549 ) ending balance $ 540 $ 540 540 Our tradename as of May 1, 2022, and May 2, 2021, pertained to Read, a separate reporting unit within the upholstery fabrics segment. This tradename was determined to have an indefinite useful life at the time of acquisition, and therefore is not being amortized. However, we are required to assess this tradename annually or between annual tests if we believe indicators of impairment exist. Based on our assessments as of May 1, 2022, and May 2, 2021, no indicators of impairment existed, and therefore we did not record any asset impairment charges associated with our tradename during fiscal 2022 or fiscal 2021. Continuing Operations (Fiscal 2020) As of April 28, 2019, the tradename associated with our continuing operations totaled $683,000 and was associated with Read. In accordance with ASC Topic 350 Intangibles – Goodwill and Other, that the fair value of Read’s tradename was less than its carrying amount, we performed a quantitative impairment test. Our quantitative impairment test involved determining the fair value of Read’s tradename utilizing the relief from royalty method and comparing the respective fair value of Read’s tradename with its carrying amount. Consequently, based on our quantitative impairment test, we recorded an asset impairment charge totaling $ 143,000 in the fiscal 2020 Consolidated Statement of Net Loss. Discontinued Operation – Home Accessories Segment (Fiscal 2020) As of April 28, 2019, the tradename associated with our discontinued operation totaled $6.6 million. During the fiscal 2020 year, we recorded asset impairment charges totaling $6.6 million, of which $2.4 million and $4.2 million were recorded in the third and fourth quarters, respectively. Third Quarter of Fiscal 2020 As of February 2, 2020 (the end of our third quarter), we believed indicators of impairment existed that pertained to the future outlook of our former home accessories segment and its slower than expected business improvement, as well as economic conditions that existed within the e-commerce bedding space. Since we determined it was more-likely-than-not that the fair value of the tradename associated with our former home accessories segment was less than its carrying amount, we performed a quantitative impairment test. Our quantitative impairment test involved determining the fair value of the tradename associated with our former home accessories segment utilizing a relief from royalty method and comparing the respective fair value with its carrying amount. Consequently, based on our quantitative impairment test, we recorded Fourth Quarter of Fiscal 2020 During the fourth quarter of fiscal 2020, management made a strategic decision to sell our entire ownership interest in eLuxury to focus on our core products of mattress and upholstery fabrics, which we believed would increase our liquidity and assist with our comprehensive response to the COVID-19 global pandemic. As a result, we recorded an additional asset impairment charge of $4.2 million based on the expected selling price of our entire ownership in eLuxury in comparison to its carrying amount. As disclosed in Note 3 of the notes to the consolidated financial statements, effective March 31, 2020, we sold our entire ownership interest in eLuxury to its noncontrolling interest holder, resulting in the elimination of the home accessories segment at such time. Based on the terms of the sale agreement, we did not receive any consideration for eLuxury’s net assets associated with the sale of our entire ownership interest in eLuxury. The $4.2 million asset impairment charge recorded during the fourth quarter is presented within the discontinued operation section of our fiscal 2020 Consolidated Statement of Net Loss. Customer Relationships A summary of the change in the carrying amount of our customer relationships follows: (dollars in thousands) 2022 2021 2020 beginning balance $ 1,937 2,238 2,538 amortization expense (301 ) (301 ) (300 ) ending balance $ 1,636 1,937 2,238 Our customer relationships are amortized on a straight-line basis over useful lives ranging from nine to seventeen years. The gross carrying amount of our customer relationships was $3.1 million as of May 1, 2022, and May 2, 2021. Accumulated amortization for these customer relationships was $1.5 million and $1.2 million as of May 1, 2022, and May 2, 2021, respectively. The remaining amortization expense for the next five fiscal years and thereafter follows: FY 2023 - $301,000; FY 2024 - $301,000; FY 2025 - $301,000; FY 2026 - $301,000; FY 2027 - $278,000; and thereafter - $154,000. The weighted average amortization period for our customer relationships is 5.7 years as of May 1, 2022. Non-Compete Agreement A summary of the change in the carrying amount of our non-compete agreement follows: (dollars in thousands) 2022 2021 2020 beginning balance $ 527 $ 602 678 amortization expense (75 ) (75 ) (76 ) ending balance $ 452 $ 527 602 Our non-compete agreement is associated with a prior acquisition by our mattress fabrics segment and is amortized on a straight-line basis over the fifteen-year The gross carrying amount of this non-compete agreement was $2.0 million as of May 1, 2022, and May 2, 2021. Accumulated amortization for this non-compete agreement was $1.6 million and $1.5 million as of May 1, 2022, and May 2, 2021, respectively. The remaining amortization expense for the next five years and thereafter follows: FY 2023 - $76,000; FY 2024 - $76,000; FY 2025 - $76,000; FY 2026 - $76,000; FY 2027 - $75,000, and thereafter - $73,000. The weighted average amortization period for the non-compete agreement is 6.0 years as of May 1, 2022.

Goodwill

Goodwill	12 Months Ended
	May 01, 2022
Goodwill And Intangible Assets Disclosure [Abstract]
Goodwill	9 . GOODWILL A summary of the change in the carrying amount of goodwill follows: (dollars in thousands) 2020 beginning balance $ 27,222 loss on impairment - continuing operations (13,569 ) loss on impairment - discontinued operation (note 3) (13,653 ) ending balance — As a result of asset impairments incurred during fiscal 2020 described below, we did not report goodwill in the accompanying Consolidated Balance Sheets as of May 1, 2022, and May 2, 2021. Continuing Operations (Fiscal 2020) As of April 28, 2019, goodwill associated with our continuing operations totaled $13.6 million, of which $11.5 million was associated with our mattress fabrics reporting unit and $2.1 million was associated with Read, a separate reporting unit within the upholstery fabrics segment. In accordance with ASC Topic 350 Intangibles – Goodwill and Other, that the fair value for both our mattress fabrics and Read reporting units were less than their carrying amounts, we conducted a quantitative goodwill impairment test. Our quantitative goodwill impairment test involved determining the fair value of each of our mattress fabrics and Read reporting units utilizing a discounted cash flows method and comparing the respective fair value of our mattress fabrics and Read reporting units with their respective carrying amounts, including goodwill. Consequently, based on our quantitative goodwill impairment test, we recorded Discontinued Operation – Home Accessories Segment (Fiscal 2020) As of April 28, 2019, goodwill associated with our discontinued operation totaled $13.6 million. During fiscal 2020, we recorded asset impairment charges totaling $13.6 million, of which $11.2 million and $2.4 million were recorded in the third and fourth quarters, respectively. Third Quarter of Fiscal 2020 As of February 2, 2020 (the end of our third quarter), we believed indicators of impairment existed that pertained to the future outlook of our former home accessories segment and its slower than expected business improvement, as well as economic conditions that existed within the e-commerce bedding space. Since we determined it was more likely than not that the fair value of our former home accessories reporting unit was less than its carrying amount, we performed a quantitative goodwill impairment test. Our quantitative goodwill impairment test involved determining the fair value of our former home accessories segment utilizing a discounted cash flows method and comparing the respective fair value of our former home accessories reporting unit with its respective carrying amount, including goodwill. Consequently, based on our quantitative goodwill impairment test, we recorded Fourth Quarter of Fiscal 2020 During the fourth quarter of fiscal 2020, management made a strategic decision to sell our entire ownership interest in eLuxury to focus on our core products of mattress and upholstery fabrics, which we believed would increase our liquidity and assist with our comprehensive response to the COVID-19 global pandemic. As a result, we recorded an additional asset impairment charge of $2.4 million based on the expected selling price of our entire ownership in eLuxury in comparison to its carrying amount, including goodwill. As disclosed in Note 3 of the consolidated financial statements, effective March 31, 2020, we sold our entire ownership interest in eLuxury to its noncontrolling interest holder, resulting in the elimination of the home accessories segment at such time. Based on the terms of the sale agreement, we did not receive any consideration for eLuxury’s net assets that were associated with the sale of our entire ownership interest in eLuxury. The $2.4 million asset impairment charge recorded during the fourth quarter is presented within the discontinued operation section of our fiscal 2020 Consolidated Statement of Net Loss.

Accrued Expenses

Accrued Expenses	12 Months Ended
	May 01, 2022
Text Block [Abstract]
Accrued Expenses	1 0 . ACCRUED EXPENSES (dollars in thousands) May 1, 2022 May 2, 2021 compensation and related benefits $ 4,248 $ 9,816 other 3,584 5,023 $ 7,832 $ 14,839

Lines of Credit

Lines of Credit	12 Months Ended
	May 01, 2022
Debt Disclosure [Abstract]
Lines of Credit	1 1 . LINES OF CREDIT Revolving Credit Agreement – United States Overall As of May 1, 2022, our Credit Agreement (the “Existing Credit Agreement”) with Wells Fargo Bank, N.A. (“Wells Fargo”) provided a revolving loan commitment of $30 million, was set to expire on August 15, 2022, and allowed us to issue letters of credit not to exceed $1 million. Interest was charged under the Existing Credit Agreement at a rate (applicable interest rate of 2.40% and 1.71% as of May 1, 2022, and May 2, 2021, respectively) as a variable spread over LIBOR based on our ratio of debt to EBITDA. Outstanding borrowings were secured by a pledge of 65% of the common stock of Culp International Holdings, Ltd. (a subsidiary located in the Cayman Islands). There were $275,000 of outstanding letters of credit provided by the Existing Credit Agreement as of May 1, 2022, and May 2, 2021. As of May 1, 2022, we had $725,000 remaining for the issuance of additional letters of credit. There were no borrowings outstanding under the Existing Credit Agreement as of May 1, 2022, or May 2, 2021. Subsequent Event Effective June 24, 2022, we entered into an Amended and Restated Credit Agreement (the “Amended Agreement”) with Wells Fargo. The Amended Agreement amends, restates, supersedes, and serves as a replacement for the Existing Credit Agreement. The Amended Agreement provides a revolving credit facility of up to $40 million, is secured by a lien on the company’s assets, and expires in June 2025. The proceeds of borrowings under the Amended Agreement are to be used for working capital and other general corporate purposes. The company’s available borrowings under the Amended Agreement are based on a borrowing base calculation using certain accounts receivable and inventory of the company, subject to certain sub-limits as defined in the Amended Agreement, to be calculated on a monthly basis. Similar to the Existing Credit Agreement, the Amended Agreement contains a sub-facility that allows the company to issue letters of credit in an aggregate amount not to exceed $1 million. Borrowings under the Amended Agreement bear interest at a rate calculated using a margin (the “Applicable Margin”) over the Federal Reserve Bank of New York’s secured overnight funding rate (SOFR). The Applicable Margin is set initially at 1.35% and may vary under the terms of the Amended Agreement from 1.35% to 2.50%, depending on the ratio of the company’s consolidated debt to consolidated EBITDA, as defined in the Amended Agreement, determined on a quarterly basis. The Amended Agreement contains customary affirmative and negative covenants and requires compliance by the company with certain financial covenants, including minimum tangible net worth of $100 million plus 50% of annual net income, and a minimum ratio of consolidated EBITDA to consolidated net interest expense of 3.0 to 1.0 as defined in the Amended Agreement. The EBITDA to interest expense covenant does not apply during the first three quarters of the company’s fiscal 2023, but during that period, the company must maintain minimum “access to liquidity” of $ 15 million, which is defined as unencumbered liquid assets plus available and unused credit under the revolving credit facility as calculated using the borrowing base, all as defined in the Amended Agreement. Revolving Credit Agreements – China Denominated in Chinese Yuan Renminbi (RMB) We have an unsecured credit agreement denominated in RMB with a bank located in China that provides for a line of credit of up to 40 million RMB ($6.1 million USD as of May 1, 2022). This agreement has an interest rate determined by the Chinese government at the time of borrowing and was renewed during the third quarter of fiscal 2022 to extend the expiration date to November 15, 2022. There were no borrowings outstanding under this agreement as of May 1, 2022, or May 2, 2021, respectively. Denominated in United States Dollar (USD) We have an unsecured credit agreement denominated in USD with another bank located in China that provides for a line of credit of up to $2 million USD and expires on August 30, 2022. The interest rate regarding this agreement is determined by the Chinese government at the time of borrowing. There were no borrowings outstanding under this agreement as of May 1, 2022, or May 2, 2021, respectively. Overall Our loan agreements require, among other things, that we maintain compliance with certain financial covenants. As of May 1, 2022, we were in compliance with our financial covenants. Interest paid during fiscal years 2022, 2021, and 2020 was $10,000, $60,000, and $124,000, respectively.

Income Taxes

Income Taxes	12 Months Ended
	May 01, 2022
Income Tax Disclosure [Abstract]
Income Taxes	1 2 . INCOME TAXES Income Tax Expense and Effective Income Tax Rate Total income tax expense was allocated as follows: (dollars in thousands) 2022 2021 2020 (loss) income from continuing operations $ 2,886 $ 7,693 $ 3,354 loss from discontinued operation — — (68 ) $ 2,886 $ 7,693 $ 3,286 Income tax expense attributable to (loss) income from continuing operations consists of: (dollars in thousands) 2022 2021 2020 current federal $ — (17 ) — state 2 3 7 foreign 2,156 4,151 4,248 uncertain income tax positions 37 (204 ) 725 2,195 3,933 4,980 deferred federal 1,121 (1,933 ) (1,875 ) state 47 (80 ) (103 ) 2017 Tax Cuts and Jobs Act — (3,674 ) — undistributed earnings – foreign subsidiaries 76 112 (114 ) U.S. Federal & State carryforwards and credits (971 ) 451 974 uncertain income tax positions (380 ) 380 (380 ) foreign 615 (22 ) (247 ) valuation allowance 183 8,526 119 691 3,760 (1,626 ) $ 2,886 7,693 3,354 (Loss) income before income taxes from continuing operations related to our foreign and U.S. operations consists of: (dollars in thousands) 2022 2021 2020 Foreign China $ 6,998 10,007 8,316 Canada 1,302 4,764 (1,391 ) Haiti (980 ) 817 — Cayman Islands — (5 ) (6 ) Total Foreign 7,320 15,583 6,919 United States (7,645 ) (4,703 ) (14,598 ) $ (325 ) 10,880 (7,679 ) The following schedule summarizes the principal differences between the income tax expense from continuing operations at the federal income tax rate and the effective income tax rate from continuing operations reflected in the consolidated financial statements: 2022 2021 2020 U.S. federal income tax rate 21.0 % 21.0 % 21.0 % valuation allowance (56.3 ) 78.4 (1.6 ) income tax effects of the 2017 Tax Cuts and Jobs Act — (33.8 ) — global intangible low taxed income tax (GILTI) (540.9 ) — (19.0 ) foreign tax rate differential (206.2 ) 10.9 (5.4 ) income tax effects of Chinese foreign exchange gains and losses (20.6 ) (8.4 ) (5.0 ) withholding taxes associated with foreign tax jurisdictions (172.8 ) 7.7 (16.0 ) uncertain income tax positions 105.4 1.6 (4.8 ) U.S. state income taxes 21.5 0.3 0.4 stock-based compensation (3.3 ) 0.3 (0.3 ) gain on bargain purchase — (1.6 ) — income tax effects of impairment of nondeductible goodwill — — (11.3 ) other (2) (35.8 ) (5.7 ) (1.7 ) Consolidated effective income tax rate (1) (888.0 )% 70.7 % (43.7 )% (1) Our consolidated effective income tax rates for all fiscal years presented were negatively affected by the mix of consolidated (loss) income before income taxes from continuing operations, as significant pre-tax losses have been incurred by our U.S. operations and almost all our taxable income was earned by our foreign operations located in China and Canada, which have higher income tax rates than the U.S. As a result, income tax expense incurred stems from taxable income from our foreign jurisdictions that exceeds our consolidated (loss) income before income taxes from continuing operations. Accordingly, the extent of the fluctuations in our consolidated effective income tax rates is dependent on the extent income tax expense incurred from our foreign operations compares with our consolidated (loss) income before income taxes from continuing operations that has been significantly lowered by our U.S. operations. (2) “Other” for all periods presented represents miscellaneous adjustments that pertain to U.S. permanent differences such as meals and entertainment and income tax provision to return adjustments. Deferred Income Taxes - Overall The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and liabilities consist of the following: (dollars in thousands) 2022 2021 deferred tax assets: accounts receivable $ 227 362 inventories 2,020 2,019 compensation 2,437 3,284 liabilities and other 28 23 intangible assets and goodwill 536 690 property, plant, and equipment (1) 199 202 operating lease liability 1,297 836 foreign income tax credits - U.S. 783 783 loss carryforwards – U.S. 8,373 7,533 valuation allowance - U.S. (11,857 ) (11,674 ) total deferred tax assets 4,043 4,058 deferred tax liabilities: undistributed earnings on foreign subsidiaries (3,586 ) (3,521 ) unrecognized tax benefits – U.S. — (380 ) property, plant and equipment (2) (4,292 ) (3,968 ) right of use assets (1,520 ) (855 ) other (121 ) (119 ) total deferred tax liabilities (9,519 ) (8,843 ) Net deferred liabilities $ (5,476 ) (4,785 ) (1) Pertains to the company’s operations located in China. (2) Pertains to the company’s operations located in the U.S. and Canada. As of May 1, 2022, our U.S. federal net operating loss carryforwards totaled $23.7 million, with related future income tax benefits of $5.0 million. In accordance with the 2017 Tax Cuts and Jobs Act (“TCJA”), U.S. federal net operating loss carryforwards generated in fiscal 2019 and after do not expire. As of May 1, 2022, all our unused U.S. federal net operating loss carryforwards were generated during fiscal 2019 and after, and therefore, do not expire in accordance with the TCJA. As of May 1, 2022, our U.S. state net operating loss carryforwards totaled $28.0 million, with related future income tax benefits of $1.0 million. Our U.S. state net operating loss carryforwards totaling $28.0 million have expiration dates ranging from fiscal years 2023 through 2043. Our U.S. foreign income tax credits of $783,000 have expiration dates ranging from fiscal years 2026 through 2028, which represent 10 years from when the associated earnings and profits from our foreign subsidiaries were repatriated to the U.S. GILTI Fiscal 2020 In accordance with the TJCA, GILTI became effective during fiscal 2019. Our policy to account for GILTI is to expense this tax in the period incurred. As a result, we recorded an income tax charge of $1.9 million during fiscal 2020. Fiscal 2021 Effective July 20, 2020, the U.S. Treasury Department finalized and enacted previously proposed regulations regarding the GILTI tax provisions of the TCJA. With the enactment of these final regulations, we became eligible for an exclusion from GILTI if we meet the provisions for the GILTI High-Tax exception included in these final regulations on a jurisdiction-by-jurisdiction basis. To meet the provisions of the GILTI High-Tax exception, the tested foreign entity’s effective income tax rate related to current year’s earnings must be higher than 90% of the U.S. federal income tax rate of 21% (i.e.,18.9%). In addition, the enactment of the new regulations and the provisions for the GILTI High-Tax exception were retroactive to the original enactment of the GILTI tax provision, which included our fiscal 2019 and 2020 fiscal years. Since we met the requirements for the GILTI High-Tax exception for our fiscal 2019 and 2020 fiscal years, we recorded a non-cash income tax benefit of $3.6 million resulting from the re-establishment of certain U.S. federal net operating loss carryforwards. The $ 3.6 million income tax benefit was recorded as a discrete event in which its full income tax effects were recorded during the first quarter of fiscal 2021. Fiscal 2022 We did not meet the GILTI High-Tax exception for the 2021 tax year regarding our foreign operations located in China. This was due primarily to significant income tax deductible foreign exchange losses that significantly lowered income tax expense associated with current year’s earnings. As a result, the current effective income tax rate was lower than the required 18.9% current effective income tax rate to meet the GILTI High-Tax exception. Consequently, we incurred a non-cash income tax charge of $1.8 million, which was fully offset by a $1.8 million non-cash income tax benefit due to a corresponding reversal of our full valuation allowance associated with our U.S. net deferred income tax assets. We do not expect to meet the GILTI High-Tax exception for the 2022 tax year regarding our operations located in Canada and Haiti. With regards to Canada, we placed several significant capital projects into service during fiscal 2022, and therefore, are eligible for a significant amount of deductible accelerated depreciation. As a result, our current year’s income tax expense is much lower than prior fiscal years, and therefore, our current effective income tax rate is expected to be lower than the required 18.9% current effective income tax rate to meet the GILTI High-Tax exception. For our operations located in Haiti, taxable income or losses are not subject to income tax, as we are in an economic zone that permits a 0% income tax rate for the first fifteen years of operations, for which we have ten years remaining. Since our operations located in Haiti are not subject to income tax, our projected current effective income tax rate of 0% will be lower than the required 18.9% current effective income tax rate to meet the GILTI High-Tax exception. Although, our operations located in Canada and Haiti did not meet the GILTI High-Tax exception, we did not incur any GILTI tax for the 2022 tax year, as the losses subject to GILTI tax from our Haitian operations exceeded the income subject to GILTI tax from our Canadian operation. Deferred Income Taxes – Valuation Allowance Assessment We evaluate the realizability of our deferred income taxes to determine if a valuation allowance is required. We assess whether a valuation allowance should be established based on the consideration of all available evidence using a “more-likely-than-not” standard with significant weight being given to evidence that can be objectively verified. Since the company operates in multiple jurisdictions, we assess the need for a valuation allowance on a jurisdiction-by-jurisdiction basis, considering the effects of local tax law. As a result of the U.S. tax law change relating to the GILTI tax provisions of the TCJA, we assessed the need for an additional valuation allowance against our U.S. net deferred income taxes as of the end of the first quarter of fiscal 2021. GILTI represented a significant source of our U.S. taxable income during fiscal 2019 and 2020 that offset our U.S. pre-tax losses during such years, and which offset was reversed because of the retroactivity of the new GILTI regulations. Consequently, due to the retroactivity of the new regulations, we experienced a recent history of cumulative U.S. taxable losses during the last two fiscal years, and we expected at the time of this assessment that our history of U.S. pre-tax losses would continue into fiscal 2021. As a result of the significant weight of this negative evidence, we believed it was more-likely-than-not that our U.S. deferred income tax assets would not be fully realizable. Accordingly, we recorded a non-cash income tax charge of $7.0 million to provide for a full valuation allowance against our U.S. net deferred income tax assets. This $7.0 million income tax charge was recorded as a discrete event in which its full income tax effects were recorded during the first quarter of fiscal 2021. As of May 1, 2022, we evaluated the realizability of our U.S. net deferred income tax assets to determine if a full valuation allowance was still required. Based on our assessment, we determined we still have a recent history of significant cumulative U.S. taxable losses, in that we experienced U.S. taxable losses during each of the last three fiscal years. In addition, we are currently expecting U.S. taxable losses to continue into fiscal 2023. As a result of the significant weight of this negative evidence, we believe it is more-likely-than-not that our U.S deferred income tax assets would not be fully realizable, and therefore we provided for a full valuation allowance against our U.S. net deferred income tax assets. Based on our assessments as of May 1, 2022, and May 2, 2021, valuation allowances against our U.S. net deferred income tax assets pertain to the following: (dollars in thousands) May 1, 2022 May 2, 2021 U.S. federal and state net deferred income tax assets $ 9,527 $ 9,344 U.S. capital loss carryforward 2,330 2,330 $ 11,857 $ 11,674 A summary of the change in the valuation allowances against our U.S. net deferred income tax assets follows: (dollars in thousands) 2022 2021 2020 beginning balance $ 11,674 3,148 748 change in judgement of beginning of year U.S. valuation allowance (1) — 6,964 — change in valuation allowance associated with current year earnings 1,640 1,004 — establishment of valuation allowance (2) — — 2,281 change in estimate during current year (3) (1,457 ) 558 119 ending balance $ 11,857 11,674 3,148 (1) Refer to the above Assessment within the section titled Deferred Income Taxes – Valuation Allowance (2) In connection with the sale of a discontinued operation that was treated as a partnership for income tax purposes, we generated a capital loss carryforward totaling $10.9 million with a related future income tax benefit of $2.3 million. Since capital losses can only be offset by capital gains, we established a full valuation allowance on this capital loss carryforward, as we do not have capital assets that would generate capital gains that would utilize this carryforward. ( 3 ) Amount represents changes in our U.S. net deferred income tax asset balances during the current year that pertain to (i) income tax provision to return adjustments, (ii) changes in estimates of our U.S. effective income tax rate that pertain to U.S. state income tax rates and apportionment percentages, (iii) recognition of uncertain income tax position due to expiration of statute of limitations, and (iv) other immaterial items. Deferred Income Taxes – Undistributed Earnings from Foreign Subsidiaries We assess (i) whether the undistributed earnings from our foreign subsidiaries will be reinvested indefinitely or eventually distributed to our U.S. parent company, and (ii) if we are required to record a deferred income tax liability for undistributed earnings from foreign subsidiaries that will not be reinvested indefinitely. As of May 1, 2022, we assessed the liquidity requirements of our U.S. parent company and determined that our undistributed earnings and profits from our foreign subsidiaries would not be reinvested indefinitely and would be eventually distributed to our U.S. parent company. The conclusion reached from this assessment has been consistent with prior years. As a result of the TCJA, a U.S. corporation is allowed a 100% dividend received deduction for earnings and profits received from a 10% owned foreign corporation. Therefore, a deferred income tax liability will be required for unremitted withholding taxes associated with earnings and profits generated by our foreign subsidiaries that will ultimately be repatriated to the U.S. parent company. As a result, we recorded a deferred income tax liability of $3.6 million and $3.5 million as of May 1, 2022, and May 2, 2021, respectively. Uncertainty in Income Taxes An unrecognized income tax benefit for an uncertain income tax position can be recognized in the first interim period if the more-likely-than-not recognition threshold is met by the end of the reporting period, or is effectively settled through examination, or negotiation, or litigation, or if the statute of limitations for the relevant taxing authority to examine and challenge the tax position has expired. If it is determined that any of the above conditions occur regarding our uncertain income tax positions, an adjustment to our unrecognized income tax benefit will be recorded at that time. The following table sets forth the change in the company’s unrecognized income tax benefit: (dollars in thousands) 2022 2021 2020 beginning balance $ 1,444 1,269 903 increases from prior period tax positions 114 249 106 decreases from prior period tax positions (77 ) (74 ) (85 ) lapse of applicable statute of limitations (380 ) — — increases from current period tax positions — — 434 decreases from current period tax positions — — (89 ) ending balance $ 1,101 1,444 1,269 As of May 1, 2022, we had $1.1 million of total gross unrecognized tax benefits, of which the entire $1.1 million would favorably affect the income tax rate in future periods. As of May 2, 2021, we had $1.4 million of total gross unrecognized tax benefits, of which $1.1 million would favorably affect the income tax rate in future periods. As of May 1, 2022, we had $1.1 million of total gross unrecognized tax benefits, of which the entire $1.1 million was classified as income taxes payable-long-term in the accompanying Consolidated Balance Sheets. As of May 2, 2021, we had $1.4 million of total gross unrecognized tax benefits, of which $1.1 million and $380,000 were classified as income taxes payable-long-term and noncurrent deferred income taxes, respectively, in the accompanying Consolidated Balance Sheets. We elected to classify interest and penalties as part of income tax expense. As of May 1, 2022, and May 2, 2021, the gross amount of interest and penalties due to unrecognized tax benefits was $125,000 and $165,000, respectively. Our gross unrecognized income tax benefit of $1.1 million as of May 1, 2022, relates to income tax positions for which significant change is currently not expected within the next year. This amount primarily relates to double taxation under applicable income tax treaties with foreign tax jurisdictions. United States federal and state income tax returns filed by us remain subject to examination for income tax years 2019 and subsequent. Canadian federal income tax returns filed by us remain subject to examination for income tax years 2018 and subsequent. Canadian provincial (Quebec) income tax returns filed by us remain subject to examination for income tax years 2018 and subsequent. Income tax returns associated with our operations located in China are subject to examination for income tax year 2017 and subsequent. Income Taxes Paid The following table sets forth income taxes paid (refunded) by jurisdiction: (dollars in thousands) 2022 2021 2020 United States Federal - Alternative Minimum Tax (AMT) credit refunds (1) $ — $ (1,510 ) $ — United States Federal - Transition Tax 266 226 — China - Income Taxes 2,036 2,076 2,559 China - Withholding Taxes Associated with Earnings and Profits Distribution to U.S. Parent 487 798 838 Canada - Income Taxes 311 1,408 1,598 $ 3,100 $ 2,998 $ 4,995 (1) In accordance with the provisions of the TCJA, we elected to treat our prior AMT credit carryforward balance of $1.5 million as refundable. We received refunds totaling $1.5 million in two separate installments totaling $746,000 and $764,000 during the first and second quarters of fiscal 2021, respectively.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	May 01, 2022
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	1 3 . COMMITMENTS AND CONTINGENCIES Leases Balance Sheet The right of use assets and lease liabilities associated with our operating leases as of May 1, 2022, and May 2, 2021, are as follows: (dollars in thousands) May 1, 2022 May 2, 2021 Right of use assets $ 15,577 $ 11,730 Operating lease liability - current 3,219 2,736 Operating lease liability – noncurrent 7,062 6,821 Supplemental Cash Flow Information (dollars in thousands) 2022 2021 2020 Operating lease liability payments $ 2,954 $ 2,634 $ 2,524 Right of use assets exchanged for lease liabilities 3,762 8,014 344 Operating lease costs associated with continuing operations were $3.9 million, $2.9 million, and $2.6 million during fiscal 2022, 2021, and 2020, respectively. During fiscal 2020, operating lease costs totaling $204,000 were associated with our former home accessories segment and were presented within loss from discontinued operations in the fiscal 2020 Consolidated Statement of Net Loss. Short-term lease costs were $68,000, $55,000, and $148,000 during fiscal 2022, 2021, and 2020, respectively. Variable lease expense was immaterial for fiscal 2022, 2021, and 2020. As of May 1, 2022, the weighted average remaining lease term and discount rate for our operating leases follows: Weighted average lease term 3.29 years Weighted average discount rate 1.77 % As of May 2, 2021, the weighted average remaining lease term and discount rate for our operating leases follows: Weighted average lease term 4.36 years Weighted average discount rate 2.41 % Other Information Maturity of our operating lease liabilities for the next five fiscal years and thereafter follows: (dollars in thousands) Amount 2023 $ 3,367 2024 2,986 2025 1,945 2026 493 2027 457 Thereafter 1,409 10,657 Less: interest (376 ) Present value of lease liabilities $ 10,281 Related Party Lease – Mattress Fabrics Segment We have an agreement to lease a facility totaling 65,886 square feet from a partnership owned by an immediate family member of an officer of the company. The current non-cancelable lease term for this facility ends September 30, 2023. Rents paid to the entity owned by an immediate family member of an officer totaled $148,000, $151,000, and $157,000 in fiscal 2022, 2021, and 2020, respectively. Litigation The company is involved in legal proceedings and claims which have arisen in the ordinary course of business. Management has determined that these actions, when ultimately concluded and settled, will not have a material adverse effect upon the financial position, results of operations, or cash flows of the company. Accounts Payable – Capital Expenditures As of May 1, 2022, and May 2, 2021, we had total amounts due regarding capital expenditures totaling $473,000 and $348,000, respectively, which pertained to outstanding vendor invoices, none of which were financed. Purchase Commitments - Capital Expenditures As of May 1, 2022, we had open purchase commitments to acquire equipment for our U.S. and Canadian mattress fabrics operations totaling $580,000.

Stock-Based Compensation

Stock-Based Compensation	12 Months Ended
	May 01, 2022
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Stock-Based Compensation	1 4 . STOCK-BASED COMPENSATION Equity Incentive Plan Description On September 16, 2015, our shareholders approved an equity incentive plan titled the Culp, Inc. 2015 Equity Incentive Plan (the “2015 Plan”). The 2015 Plan authorizes the grant of stock options intended to qualify as incentive stock options, nonqualified stock options, stock appreciation rights, restricted stock, restricted stock units, performance-based units, and other equity and cash related awards as determined by our Compensation Committee. An aggregate of 1,200,000 shares of common stock were authorized for issuance under the 2015 Plan, with certain sub-limits that would apply with respect to specific types of awards that may be issued as defined in the 2015 Plan. As of May 1, 2022, there were 577,349 shares available for future equity-based grants under the company’s 2015 Plan. Time-Based Restricted Stock Awards The following table summarizes the time-based restricted stock unit activity during fiscal years 2022, 2021, and 2020: 2022 2021 2020 Shares Shares Shares outstanding at beginning of year 174,295 44,399 10,000 granted 37,991 129,896 34,399 forfeited (2,002 ) — — outstanding at end of year 210,284 174,295 44,399 The following table summarizes information related to our grants of time-based restricted stock unit awards associated with certain senior executives and key members of management during fiscal years 2022, 2021, and 2020: (1) Restricted Price Vesting Date of Grant Stock Awarded Per Share Period July 22, 2021 37,991 $ 14.75 3 years August 6, 2020 129,896 $ 11.01 3 years July 18, 2019 34,399 $ 18.49 3 years (1) Price per share represents closing price of our common stock on the date the respective award was granted. Overall We recorded compensation expense of $893,000, $614,000, and $220,000 within selling, general, and administrative expense for time-based restricted stock units in fiscal 2022, 2021, and 2020, respectively. As of May 1, 2022, the remaining unrecognized compensation cost related to our time-based restricted stock units was $1.1 million, which is expected to be recognized over a weighted average vesting period of 1.6 years. As of May 1, 2022, our time-based restricted stock unit awards that were expected to vest had a fair value totaling $1.4 million. Performance-Based Restricted Stock Units Senior Executives We grant performance-based restricted stock units to senior executives which could earn up to a certain number of shares of common stock if certain performance targets are met over a three-fiscal year performance period as defined in the related restricted stock unit award agreements. The number of shares of common stock that are earned based on the performance targets that have been achieved may be adjusted based on a market-based total shareholder return component as defined in the related restricted stock unit award agreements. Our performance-based restricted stock units granted to senior executives were measured based on their fair market value on the date of grant. The fair market value per share was determined using the Monte Carlo simulation model for the market-based total shareholder return component and the closing price of our common stock for the performance-based component. The following table provides assumptions used to determine the fair market value of the market-based total shareholder return component using the Monte Carlo simulation model on our outstanding performance-based restricted stock units granted to senior executives on July 22, 2021, and July 18, 2019: July 22, July 18, 2021 2019 Closing price of our common stock $ 14.75 $ 18.49 Expected volatility of our common stock 54.2 % 30.0 % Expected volatility of peer companies (1) 45.7% - 101.5% 29.9% - 82.3% Risk-free interest rate 0.33 % 1.73 % Dividend yield 3.00 % 2.10 % Correlation coefficient of peer companies (1) 0.03 - 0.35 0.00 - 0.43 (1) The expected volatility and correlation coefficient of our peer companies for the July 22, 2021, and July 18, 2019, grant dates were based on peer companies that were approved by the Compensation Committee of our board of directors as an aggregate benchmark for determining the market-based total shareholder return component. Therefore, we disclosed ranges of the expected volatility and correlation coefficient for the companies that represented this peer group. Key Employees and a Non-Employee We grant performance-based restricted stock units which could earn up to a certain number of shares of common stock if certain performance targets are met over a three-fiscal year performance period, as defined in the related restricted stock unit award agreements. Our performance-based restricted stock units granted to key employees were measured based on the fair market value (the closing price of our common stock) on the date of grant. No market-based total shareholder return component was included in these awards. Our performance-based restricted stock units granted to a non-employee, which vested during the first quarter of fiscal 2020, were measured based on the fair market value (the closing price of our common stock) on the date when the performance criteria were met. Overall The following table summarizes information related to our grants of performance-based restricted stock units associated with certain senior executives and key employees that were unvested as of May 1, 2022: (4) (3) Restricted Stock Restricted Stock Units Expected Price Per Vesting Date of Grant Units Awarded to Vest Share Period July 22, 2021 (1) 122,476 — $ 15.93 (5) 3 years July 22, 2021 (2) 20,500 — $ 14.75 (7) 3 years July 18, 2019 (1) 93,653 727 $ 19.04 (6) 3 years July 18, 2019 (2) 29,227 435 $ 18.49 (7) 3 years (1) Performance-based restricted stock units awarded to certain senior executives. (2) Performance-based restricted stock units awarded to key employees. (3) Amounts represent the maximum number of common stock shares that could be earned if certain performance targets are met, as defined in the related restricted stock unit award agreements. (4) Compensation cost is based on an assessment each reporting period to determine the probability of whether or not certain performance targets will be met and how many shares are expected to be earned as of the end of the vesting period. These amounts represent the number of shares that are expected to vest as of May 1, 2022. (5) Price per share represents the fair market value per share ($1.08 per $1, or an increase of $1.18 to the closing price of our common stock on the date of grant) determined using the Monte Carlo simulation model for the market-based total shareholder return component and the closing price of our common stock ($14.75) for the performance-based component of the performance-based restricted stock units granted to senior executives on July 22, 2021. ( 6 ) Price per share represents the fair market value per share ($1.03 per $1, or an increase of $0.55 to the closing price of our common stock on the date of grant) determined using the Monte Carlo simulation model for the market-based total shareholder return component and the closing price of our common stock ($ 18.49 ) for the performance-based component of the performance-based restricted stock units granted to certain senior executives on July 18, 2019 . ( 7 ) Price per share represents the closing price of our common stock on the date of grant. The following table summarizes information related to our performance-based restricted stock units that vested during fiscal 2022, 2021, and 2020: (3) (4) Common Weighted Weighted Stock Shares Average Average Price Fiscal Year Vested Fair Value Per Share Fiscal 2022 (1) 5,051 $ 87 $ 17.14 Fiscal 2022 (1) 5,812 $ 100 $ 17.14 Fiscal 2021 (1) 3,277 $ 33 $ 9.96 Fiscal 2021 (1) 3,710 $ 37 $ 9.96 Fiscal 2020 (1) 11,351 $ 197 $ 17.36 Fiscal 2020 (2) 4,961 $ 86 $ 17.36 (1) Senior executives and key employees. (2) Non-employee. (3) Dollar amounts are in thousands. (4) The weighted average price per share is derived from the closing prices of our common stock on the dates the respective performance-based restricted stock units vested. We recorded a (credit) charge to compensation expense totaling $(81,000), $357,000, and $114,000 within selling, general, and administrative expense associated with our performance-based restricted stock units for fiscal years 2022, 2021, and 2020, respectively. As of May 1, 2022, the remaining unrecognized compensation cost related to the performance-based restricted stock units was $2,000, which is expected to be recognized over a weighted average vesting period of 0.2 years. As of May 1, 2022, our performance-based restricted stock units that are expected to vest had a fair value totaling $1,000. Common Stock Awards The following table summarizes information related to our grants of common stock to our outside directors during fiscal 2022, 2021, and 2020: Common (1) Stock Price Per Vesting Date of Grant Awarded Share Period April 1, 2022 - Fiscal 2022 10,562 $ 7.93 Immediate January 3, 2022 - Fiscal 2022 8,357 $ 10.02 Immediate October 1, 2021 - Fiscal 2022 6,426 $ 13.03 Immediate July 1, 2021 - Fiscal 2022 4,312 $ 16.24 Immediate April 1, 2021 - Fiscal 2021 4,467 $ 15.67 Immediate January 4, 2021 - Fiscal 2021 4,563 $ 15.34 Immediate October 1, 2020 - Fiscal 2021 5,193 $ 13.48 Immediate July 1, 2020 - Fiscal 2021 7,000 $ 10.00 Immediate April 1, 2020 - Fiscal 2020 10,511 $ 6.66 Immediate January 2, 2020 - Fiscal 2020 4,972 $ 14.08 Immediate October 1, 2019 - Fiscal 2020 4,519 $ 15.49 Immediate July 1, 2019 - Fiscal 2020 3,659 $ 19.21 Immediate (1) Price per share represents closing price of our common stock on the date of grant. We recorded $321,000, $280,000, and $280,000 of compensation expense within selling, general, and administrative expense for these common stock awards for fiscal 2022, 2021, and 2020, respectively.

Fair Value

Fair Value	12 Months Ended
	May 01, 2022
Fair Value Disclosures [Abstract]
Fair Value	1 5 . FAIR VALUE ASC Topic 820 establishes a fair value hierarchy that distinguishes between assumptions based on market data (observable inputs) and the company’s assumptions (unobservable inputs). Determining where an asset or liability falls within that hierarchy depends on the lowest level input that is significant to the fair value measurement as a whole. An adjustment to the pricing method used within either level 1 or level 2 inputs could generate a fair value measurement that effectively falls in a lower level in the hierarchy. The hierarchy consists of three broad levels as follows: Level 1 – Quoted market prices in active markets for identical assets or liabilities, Level 2 – Inputs other than level 1 inputs that are either directly or indirectly observable, and Level 3 – Unobservable inputs developed using the company’s estimates and assumptions, which reflect those that market participants would use. The determination of where an asset or liability falls in the hierarchy requires significant judgment. We evaluate our hierarchy disclosures each quarter based on a range of various factors, and it is possible that an asset or liability may be classified differently from quarter to quarter. However, we expect that changes in classifications between different levels will be rare. Recurring Basis – Continuing Operations The following tables present information about assets and liabilities measured at fair value on a recurring basis related to our continuing operations: Fair value measurements as of May 1, 2022, using: Quoted prices in active markets for identical assets Significant other observable inputs Significant unobservable inputs (amounts in thousands) Level 1 Level 2 Level 3 Total Assets: U.S. Government Money Market Fund $ 8,683 N/A N/A $ 8,683 Growth Allocation Mutual Funds 435 N/A N/A 435 Moderate Allocation Mutual Fund 81 N/A N/A 81 Other 158 N/A N/A 158 Fair value measurements as of May 2, 2021, using: Quoted prices in active markets for identical assets Significant other observable inputs Significant unobservable inputs (amounts in thousands) Level 1 Level 2 Level 3 Total Assets: Premier Money Market Fund $ 7,879 N/A N/A $ 7,879 Short Term Bond Mutual Funds 4,101 N/A N/A 4,101 Short Duration Inflation Protected Mutual Fund 722 N/A N/A 722 Mortgage Securities Mutual Fund 719 N/A N/A 719 Growth Allocation Mutual Funds 339 N/A N/A 339 Moderate Allocation Mutual Fund 86 N/A N/A 86 Other 111 N/A N/A 111 Nonrecurring Basis – Continuing Operations Fourth Quarter of Fiscal 2021 We had assets and liabilities that were required to be measured at fair value on a nonrecurring basis that pertained to assets acquired and certain liabilities that were assumed in connection with the CIH business combination effective February 1, 2021. See Note 2 of the consolidated financial statements for further details regarding this business combination. Fair value measurements on February 1, 2021, using: Quoted Prices in active markets for identical assets Significant other observable inputs Significant unobservable inputs (amounts in thousands) Level 1 Level 2 Level 3 Total Assets: Right of use assets N/A $ 2,544 N/A $ 2,544 Equipment and leasehold improvements N/A N/A 846 846 Inventory N/A N/A 31 31 The fair value of the right of use assets was based on our analysis of a recent appraisal of the annual lease rates per square foot for industrial buildings that are similar in nature and within the same locale. We believe the annual lease rates per square foot presented in our recent appraisal represent significant observable inputs and therefore these right of use assets were classified as level 2. Additionally, in connection with the CIH business combination effective February 1, 2021, we acquired cash, accounts receivable, and certain other current assets, and we assumed accounts payable. Based on the nature of these items and their short-term maturity, the carrying amount of these items approximated their fair values. See Note 2 of the consolidated financial statements for the final allocation of the acquisition cost to assets acquired and liabilities assumed based on their fair values. Annual Impairment Assessment – May 3, 2020 The following table presents information about assets measured at fair value on a nonrecurring basis related to our continuing operations as of May 3, 2020: Fair value measurements as of May 3, 2020, using: Quoted Prices in active markets for identical assets Significant other observable inputs Significant unobservable inputs (amounts in thousands) Level 1 Level 2 Level 3 Total Assets: Goodwill N/A N/A $ — $ — Tradename N/A N/A 540 540 We recorded an asset impairment charge of $13.6 million in asset impairments in the fiscal 2020 Consolidated Statement of Net Loss for the entire carrying value of goodwill associated with our continuing operations. As a result, we did not have goodwill recorded in our Consolidated Balance Sheets as of May 1, 2022, and May 2, 2021, respectively. Goodwill was recorded at fair market value using a discounted cash flow method that used significant unobservable inputs and was classified as level 3. See Note 9 of the consolidated financial statements for further details regarding our assessment of impairment, conclusions reached, and the performance of our quantitative impairment tests. We recorded an asset impairment charge of $143,000 in asset impairments in the fiscal 2020 Consolidated Statement of Net Loss. Tradename was recorded at fair market value using the relief from royalty method that used significant unobservable inputs and was classified as level 3. See Note 8 of the consolidated financial statements for further details regarding our assessment of impairment, conclusions reached, and the performance of our quantitative impairment test. Nonrecurring Basis – Discontinued Operation During fiscal 2020, the entire carrying value of our goodwill and tradename associated with our discontinued operation was impaired. Consequently, we recorded asset impairment charges totaling $20.2 million that were presented in loss before income taxes from discontinued operation of the fiscal 2020 Consolidated Statement of Net Loss. Of the total asset impairment charges totaling $20.2 million, $13.6 million and $6.6 million pertained to goodwill and tradename, respectively. At the end of the third quarter of fiscal 2020, we assessed the fair value of our contingent consideration related to the acquisition of our ownership interest in eLuxury. Based on this assessment, we recorded a reversal of $6.1 million for the full amount of this contingent consideration. See below for fair value techniques used to determine the fair value of goodwill, tradename, and contingent consideration and the level of the fair value hierarchy at which these assets and liabilities were classified based on the lowest level of inputs used. Goodwill Goodwill was assessed for impairment at the end of our third quarter and during our fourth quarter of fiscal 2020. At the end of the third quarter of fiscal 2020, goodwill was recorded at fair market value using a discounted cash flow method that used significant unobservable inputs and was classified as level 3. During the fourth quarter of fiscal 2020, goodwill was recorded at fair market value See Note 9 of the consolidated financial statements for further details regarding our assessment of impairment, conclusions reached, and the performance of our quantitative impairment tests. Tradename Tradename was assessed for impairment at the end of our third quarter and during our fourth quarter of fiscal 2020. At the end of the third quarter of fiscal 2020, tradename was recorded at fair market value using the relief from royalty method that used significant unobservable inputs and was classified as level 3. During the fourth quarter of fiscal 2020, tradename was recorded at fair market value See Note 8 of the consolidated financial statements for further details regarding our assessment of impairment, conclusions reached, and the performance of our quantitative impairment test. Contingent Consideration At the end of the third quarter of fiscal 2020, the fair value of our contingent consideration was determined using forecasted financial information to calculate EBITDA as it related to the Equity Agreement associated with the acquisition of our ownership interest in eLuxury. Since forecasted financial information utilizes significant unobservable inputs, the fair value of our contingent consideration was classified as level 3. See Note 3 of the consolidated financial statements for further details regarding the terms of this contingent consideration arrangement.

Net (Loss) Income from Continui

Net (Loss) Income from Continuing Operations Per Share	12 Months Ended
	May 01, 2022
Earnings Per Share [Abstract]
Net (Loss) Income from Continuing Operations Per Share	1 6 . NET (LOSS) INCOME FROM CONTINUING OPERATIONS PER SHARE Basic net (loss) income from continuing operations per share is computed using the weighted-average number of shares outstanding during the period. Diluted net (loss) income from continuing operations per share uses the weighted-average number of shares outstanding during the period plus the dilutive effect of stock-based compensation calculated using the treasury stock method. Weighted average shares used in the computation of basic and diluted net (loss) income from continuing operations per share are as follows: (in thousands) 2022 2021 2020 weighted-average common shares outstanding, basic 12,242 12,300 12,378 dilutive effect of stock-based compensation — 22 — weighted-average common shares outstanding, diluted 12,242 12,322 12,378 During fiscal 2022, 18,281 shares of unvested common stock were not included in the computation of diluted net loss from continuing operations per share, as their effect would be antidilutive due to the decrease in the price per share of our common stock during the reporting period compared with the price per share of our common stock as of the respective grant dates of the related stock-based compensation awards. In addition, during fiscal 2022, 85,796 shares of unvested common stock were not included in the computation of diluted net loss from continuing operations per share as we incurred a net loss during the reporting period. During fiscal 2021, 2,175 shares of unvested common stock were not included in the computation of diluted net income from continuing operations per share, as their effect would be antidilutive due to the decrease in the price per share of our common stock during the reporting period compared with the price per share of our common stock as of the respective grant dates of the related stock-based compensation awards. During fiscal 2020, 19,388 shares of unvested common stock were not included in the computation of diluted net loss from continuing operations per share, as their effect would be antidilutive due to the decrease in the price per share of our common stock during the reporting period compared with the price per share of our common stock as of the respective grant dates of the related stock-based compensation awards. In addition, during fiscal 2020, 26,343 shares of unvested common stock were not included in the computation of diluted net loss from continuing operations per share as we incurred a net loss during the reporting period.

Benefit Plans

Benefit Plans	12 Months Ended
	May 01, 2022
Postemployment Benefits [Abstract]
Benefit Plans	17 . BENEFIT PLANS Defined Contribution Plans We have defined contribution plans that cover substantially all employees and allow participants to contribute on a pre-tax basis, along with, matching contributions by the company for its U.S. and Canadian operations. Our contributions to these plans were $1.3 million, $1.2 million, and $1.2 million during fiscal years 2022, 2021, and 2020, respectively. Deferred Compensation Plan We have a nonqualified deferred compensation plan (the “Plan”) covering senior executives and certain key members of management. The Plan provides for participant deferrals on a pre-tax basis that are subject to annual deferral limits by the IRS and non-elective contributions made by the company. Participant deferrals and non-elective contributions made by the company are immediately vested. Our contributions to the Plan were $212,000, $143,000, and $185,000 in fiscal years 2022, 2021, and 2020, respectively. Our nonqualified deferred compensation plan liability was $9.3 million and $8.4 million as of May 1, 2022, and May 2, 2021, respectively. We have a rabbi trust (the “Trust”) to set aside funds for the participants of the Plan and that allows the participants to direct their contributions to various investment options in the Plan. The investment options of the Plan consist of a money market fund and various mutual funds. The funds set aside in the Trust are subject to the claims of our general creditors in the event of the company’s insolvency, as defined in the Plan. The investment assets of the Trust are recorded at their fair value of $9.4 million and $8.4 million as of May 1, 2022, and May 2, 2021, respectively. The investment assets of the Trust are classified as available for sale and accordingly, changes in their fair values are recorded in other comprehensive (loss) income.

Segment Information

Segment Information	12 Months Ended
	May 01, 2022
Segment Reporting [Abstract]
Segment Information	1 8 . SEGMENT INFORMATION Overall Continuing Operations Our continuing operations are classified into two business segments: mattress fabrics and upholstery fabrics. Mattress Fabrics The mattress fabrics segment manufactures, sources, and sells fabrics and mattress covers primarily to bedding manufacturers. Upholstery Fabrics The upholstery fabrics segment develops, manufactures, sources, and sells fabrics primarily to residential and commercial furniture manufacturers. In addition, this segment includes Read, which provides window treatments and sourcing of upholstery fabrics and other products, as well as measuring and installation services of Read’s products, to customers in the hospitality and commercial industries. Read also supplies soft goods such as decorative top sheets, coverlets, duvet covers, bed skirts, bolsters, and pillows. Discontinued Operation – Home Accessories Segment As disclosed in Note 3 of the consolidated financial statements, we sold our entire ownership interest in eLuxury on March 31, 2020, and consequently our home accessories segment was eliminated at such time. Additionally, the results of operations associated with our home accessories segment were excluded from our continuing operations and presented as a discontinued operation in our consolidated financial statements for fiscal year 2020. Our former home accessories segment was our finished products business that manufactured, sourced, and sold bedding accessories and home goods directly to consumers and businesses through global e-commerce, business-to-business, and other sales channels. See Note 3 of the consolidated financial statements for detailed financial information of our former home accessories segment. A reconciliation is provided in Note 3 that contains detailed income statement information and is reconciled to net loss from discontinued operation presented in the Consolidated Statement of Net Loss for fiscal year 2020. Net Sales Geographic Concentration Net sales denominated in U.S. dollars accounted for 90%, 91%, and 93% of total consolidated net sales in fiscal 2022, 2021, and 2020, respectively. International sales accounted for 31%, 27%, and 26% of net sales during fiscal 2022, 2021, and 2020, respectively, and are summarized by geographic area as follows: (dollars in thousands) 2022 2021 2020 north america (excluding USA) (1) $ 39,256 $ 32,925 $ 27,637 far east and asia (2) 43,015 43,764 36,470 all other areas 8,114 5,558 2,986 $ 90,385 $ 82,247 $ 67,093 (1) Of this amount, $33.5 million, $27.2 million, and $21.7 million are attributable to shipments to Mexico in fiscal 2022, 2021, and 2020, respectively. (2) Of this amount $26.9 million, $28.1 million, and $21.4 million are attributable to shipments to China in fiscal 2022, 2021, and 2020, respectively. Sales attributed to individual countries are based upon the location that the company ships its products to for delivery to customers. Customer Concentration One customer within the upholstery fabrics segment represented 13%, 13%, and 12% of consolidated net sales during fiscal 2022, 2021, and 2020, respectively. No customers within the upholstery fabrics segment accounted for greater than 10% of the consolidated net accounts receivable balance as of May 1, 2022, or May 2, 2021. No customers within the mattress fabrics segment represented greater than 10% of consolidated net sales during fiscal 2022, 2021, or fiscal 2020. No customers within the mattress fabrics segment accounted for greater than 10% of the consolidated net accounts receivable balance as of May 1, 2022. One customer within the mattress fabrics segment accounted for 12% of the consolidated net accounts receivable balance as of May 2, 2021. Employee Workforce Concentration The hourly employees associated with our manufacturing facility located in Canada (approximately 10% of our workforce) are represented by a local, unaffiliated union. The collective bargaining agreement for these employees expires on February 1, 2023. We are not aware of any efforts to organize any more of our employees, and we believe our relations with our employees are good. Financial Information We evaluate the operating performance of our business segments based upon income (loss) from continuing operations before certain unallocated corporate expenses, asset impairment charges, restructuring credit, and other items that are not expected to occur on a regular basis. Cost of sales in each of our current business segments include costs to develop, manufacture, or source our products, including costs such as raw material and finished goods purchases, direct and indirect labor, overhead and incoming freight charges. Unallocated corporate expenses primarily represent compensation and benefits for certain senior executives and their support staff, all costs associated with being a public company, amortization of intangible assets, and other miscellaneous expenses. Segment assets include assets used in operations of each segment and primarily consist of accounts receivable, inventories, property, plant, and equipment, and right of use assets. Statements of operations for our current operating segments are as follows: (dollars in thousands) 2022 2021 2020 net sales by segment: upholstery fabrics $ 142,680 $ 142,049 $ 124,754 mattress fabrics 152,159 157,671 131,412 total net sales $ 294,839 $ 299,720 $ 256,166 gross profit from continuing operations by segment: upholstery fabrics $ 19,635 $ 25,968 $ 24,220 mattress fabrics 16,458 23,864 16,278 total gross profit from continuing operations $ 36,093 $ 49,832 $ 40,498 selling, general, and administrative expenses by segment: upholstery fabrics $ 14,009 $ 14,092 $ 14,353 mattress fabrics 12,246 12,066 11,354 unallocated corporate 9,160 11,598 8,717 total selling, general, and administrative expenses $ 35,415 $ 37,756 $ 34,424 income (loss) from continuing operations: upholstery fabrics $ 5,626 $ 11,876 $ 9,867 mattress fabrics 4,212 11,798 4,924 unallocated corporate expenses (9,160 ) (11,598 ) (8,717 ) total segment income from continuing operations 678 12,076 6,074 asset impairments (1) — — (13,712 ) restructuring credit — — 70 total income (loss) from continuing operations 678 12,076 (7,568 ) interest expense (17 ) (51 ) (106 ) interest income 373 244 897 gain on bargain purchase (2) — 819 — other expense (1,359 ) (2,208 ) (902 ) (loss) income before income taxes from continuing operations $ (325 ) $ 10,880 $ (7,679 ) ( 1 ) During fiscal 2020, we incurred asset impairment charges totaling $13.7 million, of which $13.6 million and $143,000 pertained to goodwill and a tradename associated with Read, respectively. Of this $13.7 million, $11.5 million and $2.2 million pertained to the mattress fabrics segment and upholstery fabrics segment, respectively. ( 2 ) Effective February 1, 2021, we acquired the remaining fifty percent ownership interest in our former unconsolidated joint venture located in Haiti. Pursuant to this transaction, we are now the sole owner with full control over this operation. The gain on bargain purchase represents the net assets acquired from this transaction that exceeded the fair value of our previously held 50% ownership interest of $1.7 million and the $954,000 total purchase price for the remaining 50% ownership interest. Balance sheet information for our current operating segments follow: (dollars in thousands) May 1, 2022 May 2, 2021 segment assets mattress fabrics accounts receivable $ 9,865 $ 20,427 inventory 39,028 30,047 property, plant, and equipment 38,731 (1) 41,694 (2) right of use assets 3,469 (3) 4,278 (4) total mattress fabrics assets 91,093 96,446 upholstery fabrics accounts receivable 12,361 17,299 inventory 27,529 25,870 property, plant, and equipment 2,030 (5) 1,495 (6) right of use assets 8,124 (7) 5,945 (8) total upholstery fabrics assets 50,044 50,609 total segment assets 141,137 147,055 non-segment assets cash and cash equivalents 14,550 37,009 short-term investments – available for sale — 5,542 short-term investments – held-to-maturity — 3,161 current income taxes receivable 857 — deferred income taxes 528 545 other current assets 2,986 3,852 property, plant, and equipment (9) 941 814 right of use assets (10) 3,984 1,507 intangible assets 2,628 3,004 long-term investments - held-to-maturity — 1,141 long-term investments - rabbi trust 9,357 8,415 other assets 595 2,035 total assets $ 177,563 $ 214,080 (dollars in thousands) 2022 2021 2020 capital expenditures (11): mattress fabrics $ 3,383 $ 6,226 $ 3,475 upholstery fabrics 1,032 347 348 discontinued operation — — 135 unallocated corporate 1,406 332 675 total capital expenditures $ 5,821 $ 6,905 $ 4,633 depreciation expense mattress fabrics $ 6,200 $ 6,014 $ 6,712 upholstery fabrics 794 832 765 discontinued operation — — 350 total depreciation expense $ 6,994 $ 6,846 $ 7,827 (1) The $38.7 million as of May 1, 2022, represents property, plant, and equipment of $25.6 million, $12.4 million, and $757,000 located in the U.S., Canada, and Haiti, respectively. (2) The $41.7 million as of May 2, 2021, represents property, plant, and equipment of $28.8 million, $12.0 million, and $855,000 located in the U.S., Canada, and Haiti, respectively. (3) The $3.5 million as of May 1, 2022, represents right of use assets of $2.0 million, $1.2 million, and $291,000 located in Haiti, the U.S., and Canada, respectively. (4) The $4.3 million as of May 2, 2021, represents right of use assets of $2.4 million, $1.4 million, and $400,000 located in Haiti, the U.S., and Canada, respectively. (5) The $2.0 million as of May 1, 2022, represents property, plant, and equipment of $1.0 million, $756,000, and $255,000 located in the U.S., Haiti, and China, respectively. (6) The $1.5 million as of May 2, 2021, represents property, plant, and equipment of $1.1 million and $420,000 located in the U.S. and China, respectively. (7) The $8.1 million as of May 1, 2022, represents right of use assets of $3.7 million, $2.6 million, and $1.8 million located in China, Haiti, and the U.S., respectively. (8) The $5.9 million as of May 2, 2021, represents right of use assets of $5.0 million and $952,000 located in China and the U.S., respectively. (9) The $941,000 as of May 1, 2022, and $814,000 as of May 2, 2021, represent property, plant, and equipment associated with unallocated corporate departments and corporate departments shared by both the mattress fabrics and upholstery fabrics segments located in the U.S. (10) The $4.0 million as of May 1, 2022, and $1.5 million as of May 2, 2021, represents right of use assets located in the U.S. associated with unallocated corporate departments and corporate departments shared by both the mattress fabrics and upholstery fabrics segments located in the U.S. (11) Capital expenditure amounts are stated on an accrual basis. See the Consolidated Statement of Cash Flows for capital expenditure amounts on a cash basis.

Statutory Reserves

Statutory Reserves	12 Months Ended
	May 01, 2022
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Statutory Reserves	19 . STATUTORY RESERVES Our subsidiary located in China was required to transfer 10% of its net income, as determined in accordance with the People’s Republic of China (PRC) accounting rules and regulations, to a statutory surplus reserve fund until such reserve balance reached 50% of the company’s registered capital. As of May 1, 2022, the statutory surplus reserve fund represents the 50% registered capital requirement, and therefore, our subsidiary located in China is no longer required to transfer 10% of its net income in accordance with PRC accounting rules and regulations. The transfer to this reserve must be made before distributions of any dividend to shareholders. As of May 1, 2022, the company’s statutory surplus reserve was $4.4 million. The statutory surplus reserve fund is non-distributable other than during liquidation and can be used to fund previous years’ losses, if any. The statutory surplus reserve fund may be utilized for business expansion or converted into share capital by issuing new shares to existing shareholders in proportion to their shareholding or by increasing the par value of the shares currently held by them provided that the remaining reserve balance after such issue is not less than 25% of the registered capital. The company’s subsidiary located in China can transfer funds to the parent company, except for the statutory surplus reserve of $4.4 million, to assist with debt repayment, capital expenditures, and other expenses of the company’s business.

Common Stock Repurchase Program

Common Stock Repurchase Program	12 Months Ended
	May 01, 2022
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Common Stock Repurchase Program	2 0 . COMMON STOCK REPURCHASE PROGRAM In March 2020, our board of directors approved an authorization for us to acquire up to $5.0 million of our common stock. Under the common stock repurchase program, shares may be purchased in open market transactions, block trades, through plans established under the Securities Exchange Act Rule 10b5-1, or otherwise. The number and timing of share purchases are based on working capital requirements, market and general business conditions, and other factors, including alternative investment opportunities. During fiscal 2022, we repurchased 121,688 shares of our common stock at a cost of $1.8 million. As a result, as of May 1, 2022, $3.2 million is available for additional repurchases of our common stock. During fiscal 2021, we did not repurchase any shares of our common stock. During fiscal 2020, we repurchased 142,496 shares of our common stock at a cost of $1.7 million pursuant to the authorization approved by our board of directors on September 5, 2019.

Dividend Program

Dividend Program	12 Months Ended
	May 01, 2022
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Dividend Program	2 1 . DIVIDEND PROGRAM On June 29, 2022, our board of directors announced the decision to suspend the company’s quarterly cash dividend. Considering the current and expected macroeconomic conditions, we believe that preserving capital and managing our liquidity is in the company’s best interest to support future growth and the long-term interests of our shareholders. During fiscal 2022, dividend payments totaled $5.5 million, which represented quarterly dividend payments ranging from $0.11 per share to $0.115 per share. During fiscal 2021, dividend payments totaled $5.3 million, which represented quarterly dividend payments ranging from $0.105 per share to $0.11 per share. During fiscal 2020, dividend payments totaled $5.1 million, which represented quarterly dividend payments ranging from $0.10 per share to $0.105 per share.

General and Summary of Signif_2

General and Summary of Significant Accounting Policies (Policies)	12 Months Ended
	May 01, 2022
Description of Business	Description of Business Continuing Operations Our continuing operations are classified into two business segments: mattress fabrics and upholstery fabrics. The mattress fabrics segment manufactures, sources, and sells fabrics and mattress covers primarily to bedding manufacturers. We have mattress fabric operations located in Stokesdale, NC, High Point, NC, and Quebec, Canada. Additionally, we acquired the remaining fifty percent ownership interest in our former unconsolidated joint venture located in Ouanaminthe, Haiti during the fourth quarter of fiscal 2021. As a result, we are now the sole owner with full control of this cut and sew mattress cover operation (see Note 2 of the consolidated financial statements for further details regarding this business combination). The upholstery fabrics segment develops, sources, manufactures, and sells fabrics primarily to residential and commercial furniture manufacturers. We have upholstery fabric operations located in Shanghai, China and Burlington, NC. During the third quarter of fiscal 2022, we also commenced operation of a new facility in Ouanaminthe, Haiti dedicated to the production of cut and sewn upholstery kits. Additionally, Read Window Products, LLC (“Read”), a wholly-owned subsidiary with operations located in Knoxville, TN, provides window treatments and sourcing of upholstery fabrics and other products, as well as measuring and installation of Read’s products, to customers in the hospitality and commercial industries. Read also supplies soft goods such as decorative top sheets, coverlets, duvet covers, bed skirts, bolsters, and pillows. Discontinued Operation – Home Accessories Segment Effective June 22, 2018, we acquired an 80% ownership interest in eLuxury, LLC (“eLuxury”), a company that offers bedding accessories and home goods directly to consumers and businesses through its e-commerce platform. eLuxury’s financial information was included in our home accessories segment. Effective March 31, 2020, we sold our entire ownership interest in eLuxury to its noncontrolling interest holder as part of our comprehensive response to the challenging conditions arising from the COVID-19 global pandemic. As a result of this sale, our home accessories segment was eliminated at such time, and therefore its results of operations and assets and liabilities were excluded from our continuing operations and presented as a discontinued operation in our consolidated financial statements. See Note 3 of the consolidated financial statements for further details.
Basis of Presentation	Basis of Presentation The consolidated financial statements of the company have been prepared in accordance with U.S. generally accepted accounting principles.
Principles of Consolidation	Principles of Consolidation Overall The consolidated financial statements include the accounts of the company and its subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. The accounts of our subsidiaries located in Shanghai, China and Poznan, Poland are consolidated as of April 30, a calendar month end, which are required by the Chinese and Polish governments, respectively. No events occurred related to the difference between our fiscal year end on the Sunday closest to April 30 and our China and Polish subsidiaries, year end of April 30 that materially affected the company’s financial position, results of operations, or cash flows for fiscal years 2022, 2021, and 2020. Class International Holdings, Ltd. (CIH) Equity Method of Accounting and Consolidation Effective January 1, 2017, Culp International Holdings, Ltd. (Culp International), a wholly-owned subsidiary of Culp, Inc. (“Culp”), entered into a joint venture agreement pursuant to which Culp International owned 50% of CIH. As a result of our initial 50% ownership interest, Culp’s investment in CIH was accounted for under the equity method of accounting in accordance with ASC Topic 823 – Investments – Equity Method and Joint Ventures. method of accounting, our 50 % proportionate share of earnings and losses from CIH w ere reflected in the caption “Income (loss) from investment in unconsolidated joint venture” in the Consolidated Statements of Net (Loss) Income for the first nine months of fiscal 2021 and the full fiscal 2020 year . Effective February 1, 2021, Culp International entered into a Share Purchase Agreement to acquire the remaining 50% ownership interest in CIH. Pursuant to this transaction, Culp International is now the sole owner with full control over CIH. As a result, effective February 1, 2021, our consolidated financial statements now include all of the accounts of CIH, and any significant intercompany balances and transactions have been eliminated in consolidation. Furthermore, the equity method of accounting will no longer be used and the former investment in unconsolidated joint venture is now included in the net assets of our now 100% interest in CIH. (see Note 2 of the consolidated financial statements for further details regarding this business combination).
Fiscal Year	Fiscal Year Our fiscal year is the 52 or 53-week period ending on the Sunday closest to April 30. Fiscal 2022, 2021, and 2020 included 52 weeks, 52 weeks, and 53 weeks, respectively.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Cash and Cash Equivalents	Cash and Cash Equivalents Cash and cash equivalents include demand deposit and money market accounts. We consider all highly liquid instruments with original maturities of three months or less to be cash equivalents. A summary of our cash and cash equivalents by geographic area follows: May 1, May 2, (dollars in thousands) 2022 2021 United States $ 4,430 $ 24,621 China 9,502 10,635 Canada 267 1,525 Haiti 341 220 Cayman Islands 10 8 $ 14,550 $ 37,009 Throughout the year, we have cash balances regarding our U.S. operations of more than the federally insured amounts on deposit with a financial institution. We have not experienced any losses in such accounts. Management believes we are not exposed to any significant credit risk related to cash and cash equivalents.
Accounts Receivable and Current Expected Credit Losses	Accounts Receivable and Current Expected Credit Losses Substantially all our accounts receivable were due from manufacturers in the bedding and furniture industries. We grant credit to customers and generally do not require collateral. We record an allowance for doubtful accounts that reflects estimates of probable credit losses. As of the end of each reporting period, we assess the credit risk of our customers within our accounts receivable portfolio. Our risk assessment includes the respective customer’s (i) financial position; (ii) past payment history; (iii) management’s general ability; and (iv) historical loss experience; as well as (v) any other ongoing economic conditions. After our risk assessment is completed, we assign credit grades to our customers, which in turn, are used to determine our allowance for doubtful accounts. We do not have any off-balance sheet credit exposure related to our customers.
Inventories	Inventories We account for inventories at the lower of first-in, first-out (FIFO) cost or net realizable value. Management continuously examines inventory to determine if there are indicators that the carrying value exceeds its net realizable value. Experience has shown that the most significant indicators of the need for inventory markdowns are the age of the inventory and the planned discontinuance of certain patterns. As a result, we provide inventory valuation write-downs based upon established percentages based on the age of the inventory that are continually evaluated as events and market conditions require. Our inventory aging categories are six, nine, twelve, and fifteen months. We also provide inventory valuation write-downs based on the planned discontinuance of certain products based on the current market values at that time as compared to their current carrying values.
Property, Plant and Equipment	Property, Plant and Equipment Property, plant, and equipment are recorded at cost and depreciated over their estimated useful lives using the straight-line method. Major renewals and betterments are capitalized. Maintenance, repairs, and minor renewals are expensed as incurred. When properties or equipment are retired or otherwise disposed of, the related cost and accumulated depreciation are removed from the accounts. Amounts received on disposal less the book value of assets sold are charged or credited to income from operations. Management reviews long-lived assets, which consist principally of property, plant, and equipment, for impairment whenever events or changes in circumstances indicate that the carrying value of the asset may not be recovered. Recoverability of long-lived assets to be held and used is measured by a comparison of the carrying amount of the asset to future net undiscounted cash flows expected to be generated by the asset. If the carrying amount of an asset exceeds its estimated future cash flows, an impairment charge is recognized for the excess of the carrying amount over the fair value of the asset. After the impairment loss is recognized, the adjusted carrying amount is the new accounting basis. Assets to be disposed of by sale are reported at the lower of the carrying value or fair value less cost to sell when the company has committed to a disposal plan and would be reported separately as assets held for sale in the Consolidated Balance Sheets.
Advertising Costs	Advertising Costs Advertising costs are expensed as incurred. No advertising costs were incurred and presented in continuing operations during fiscal years 2022, 2021, or 2020. We did incur advertising costs totaling $1.7 million during fiscal 2020, which were included in net loss from discontinued operation in the fiscal 2020 Consolidated Statement of Net Loss.
Interest Costs	Interest Costs Total interest costs incurred were $17,000, $51,000, and, $190,000 during fiscal 2022, 2021, and 2020, respectively. All of the total interest costs incurred during fiscal years 2022 and 2021 were presented in continuing operations. Of the $190,000 in total interest costs incurred during fiscal 2020, $106,000 and $84,000 were presented in continuing operations and discontinued operations, respectively. We capitalize interest costs incurred on funds used to construct property, plant, and equipment. The capitalized interest is recorded as part of the asset to which it relates and is depreciated over the asset’s estimated useful life. No interest costs for the construction of qualifying fixed assets were capitalized during fiscal 2022, 2021, or 2020.
Foreign Currency Adjustments	Foreign Currency Adjustments The United States dollar is the functional currency for the company’s Canadian and Chinese subsidiaries. All monetary foreign currency asset and liability accounts are remeasured into U.S. dollars at year-end exchange rates. Non-monetary assets and liabilities such as property, plant, and equipment and right of use assets are recorded at historical exchange rates. Foreign currency revenues and expenses are remeasured at average exchange rates in effect during the year, except for certain expenses related to balance sheet amounts remeasured at historical exchange rates, such as depreciation expense. Exchange gains and losses from remeasurement of foreign currency denominated monetary assets and liabilities are recorded in the other expense line item in the Consolidated Statements of Net (Loss) Income in the period in which they occur. A summary of our foreign currency exchange (losses) gains by geographic area follows: (dollars in thousands) 2022 2021 2020 China $ (104 ) $ (1,389 ) $ 42 Canada (28 ) (22 ) (138 ) $ (132 ) $ (1,411 ) $ (96 )
Goodwill and Intangible Assets	Goodwill and Intangible Assets Fiscal 2022 and 2021 No asset impairment charges were recorded during fiscal 2022 or fiscal 2021. Fiscal 2020 In accordance with ASC Topic 350, Intangibles – Goodwill and Other, ASC Topic 350 requires us to assess goodwill for impairment annually (the last day of our fiscal year) or between annual tests if we believe certain indicators of impairment exist. Such indicators could include but are not limited to (1) deterioration in the environment of the industry and markets in which we operate, (2) unanticipated competition, (3) a deterioration in general economic conditions, (4) overall decline in financial performance such as negative and declining cash flows, or a decline in actual or planned revenue or earnings compared with actual and projected results or relevant prior periods, and (5) a decrease in the price per share of our common stock. As a result, we first assess qualitative factors, such as the indicators outlined above, to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount, including goodwill. If we conclude that it is more likely than not that the fair value of a reporting unit is less than its carrying amount, we conduct a quantitative goodwill impairment test. The quantitative impairment test involves comparing the fair value of the applicable reporting unit with its carrying value. We estimate the fair values of our reporting units using a combination of income, discounted cash flows, and market approaches, which utilize comparable companies’ data. If the carrying amount of a reporting unit exceeds the reporting unit’s fair value, an impairment loss is recognized in an amount equal to that excess, limited to the total amount of goodwill allocated to that reporting unit. As a result of our third quarter and annual impairment assessments during the fourth quarter, we recorded asset impairment charges associated with our goodwill and tradenames totaling $33.9 million during fiscal 2020. Of the total $33.9 million, $20.2 million and $13.7 million were reported in discontinued operations and continuing operations, respectively. Also, of the total $33.9 million asset impairment charges, $27.2 million and $6.7 million pertained to goodwill and tradenames, respectively. Due to the asset impairment charges of $27.2 million associated with our goodwill, no goodwill was reported on our Consolidated Balance Sheet as of May 1, 2022, and May 2, 2021. See Notes 8 and 9 to the consolidated financial statements for further details of our assessment s of impairment, conclusions reached, and the performance of our quantitative test.
Income Taxes	Income Taxes Deferred Income Taxes – Overall Income taxes are accounted for under the asset and liability method. Deferred income taxes are recognized for temporary differences between the financial statement carrying amounts and the tax basis of our assets, liabilities, U.S. loss carryforwards, and foreign income tax credits at income tax rates expected to be in effect when such amounts are realized or settled. The effect on deferred income taxes of a change in tax rates is recognized in income tax (expense) benefit in the period that includes the enactment date. Deferred Income Taxes – Valuation Allowance We evaluate our deferred income taxes to determine if a valuation allowance is required. We assess whether a valuation allowance should be established based on the consideration of all available evidence using a “more-likely-than-not” standard with significant weight being given to evidence that can be objectively verified. Since we operate in multiple jurisdictions, we assess the need for a valuation allowance on a jurisdiction-by-jurisdiction basis, considering the effects of local tax law. Deferred Income Taxes – Undistributed Earnings from Foreign Subsidiaries We assess whether the undistributed earnings from our foreign subsidiaries will be reinvested indefinitely or eventually distributed to our U.S. parent company. We are required to record a deferred tax liability for undistributed earnings from foreign subsidiaries that will not be reinvested indefinitely. As a result of the 2017 Tax Cuts and Jobs Act, a U.S. corporation is allowed a 100% dividend received deduction for earnings and profits received from a 10% owned foreign corporation. Therefore, a deferred tax liability will only be required for unremitted withholding taxes associated with earnings and profits generated by our foreign subsidiaries that will ultimately be repatriated to the U.S. parent company. Uncertain Income Tax Positions We recognize an income tax benefit for a tax position taken or expected to be taken in an income tax return if the more-likely-than-not recognition threshold is met by the end of the reporting period, or is effectively settled through examination, or litigation, or negotiation, or if the statute of limitations for the relevant taxing authority to examine and challenge the tax position has expired. The income tax effect recognized in the financial statements from such a position is measured based on the largest benefit that has a greater than 50% likelihood of being realized upon ultimate resolution. Penalties and interest related to uncertain income tax positions are recorded as income tax expense. Significant judgment is required in the identification of uncertain income tax positions and in the estimation of penalties and interest on uncertain income tax positions.
Revenue from Contracts with Customers	Revenue from Contracts with Customers Revenue Recognition Revenue is recognized upon the transfer of control of promised products or services to customers in an amount that reflects the consideration we expect to receive in exchange for those products or services. We determined that our customer purchase orders represent contracts. In addition to purchase orders, we also have supply contracts with certain customers that define standard terms and conditions. Our contracts generally include promises to sell upholstery fabrics, mattress fabrics, or home goods products. In addition, we provide fabrication and installation services of our own products associated with customized window treatments. Revenue associated with sales of our products is recognized at the point in time when control of the promised goods has been transferred to the customer. The point in time when control transfers to the customer depends on the contractually agreed upon shipping terms, but typically occurs once the product has been shipped or once it has been delivered to a location specified by the customer. For certain warehousing arrangements, transfer of control to the customer is deemed to have occurred when the customer pulls the inventory for use in their production. Revenue associated with our customized fabrication services, which are performed on various types of window treatments, is recognized over time once the customized products are deemed to have no alternative use and for which we have an enforceable right to payment for the services performed. Revenue for our customized fabrication services is recognized over time using the output method based on units produced. Revenue associated with our installation services of our own products is also recognized over time as the customer receives and consumes the benefits of the promised installation services. Revenue associated with our installation services is recognized over time using the output method based on units installed. Transaction Price The transaction price is typically allocated to performance obligations based upon stand-alone selling prices. We did not disclose the value of unsatisfied performance obligations as substantially all of any unsatisfied performance obligations as of May 1, 2022, will be satisfied within one year or less. Revenue Measurement Revenue is measured as the amount of consideration we expect to receive in exchange for the transfer of the promised products and services. The amount of consideration we expect to receive changes due to variable consideration is associated with allowances for sales returns, early payment discounts, and volume rebates that we offer to customers. The amount of variable consideration which is included in the transaction price is only included in net sales to the extent that it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur in a future period. Our mattress fabrics and upholstery fabrics business segments only allow product returns to the extent that the products or services did not meet the contractually agreed upon specifications at the time of sale. Customers must receive authorization prior to returning products. Our former home accessories business segment allowed returns for any reason provided the product was returned within the stated time frame, generally 30 days, unless the product was customized in which case a defect must be present in order to return the product. Estimates of allowances for sales returns are based on historical data, current potential product return issues, and known sales returns for which customers have been granted return authorization. Known sales returns for which customers have been granted permission to return products for a refund or credit, continue to be recorded as a contra account receivable. Estimates for potential future sales returns and related customer accommodations are recorded within accrued expenses. We record estimates for sales returns on a gross basis rather than a net basis and an estimate for a right of return asset is recorded in other current assets and cost of goods sold. Variable consideration associated with early payment cash discounts are estimated using current payment trends and historical data on a customer-by-customer basis. The variable consideration associated with volume rebates is based on the portion of the rebate earned relative to the total amount of rebates the customer is expected to earn over the rebate period, as determined using historical data and projections. We evaluated the nature of our warranties related to our contracts with customers and determined that any such warranties are assurance-type warranties that cover only compliance with agreed upon specifications, and therefore are not considered separate performance obligations. Shipping and Handling Costs Revenue received for shipping and handling costs, which is immaterial for all periods presented, is included in net sales. Shipping costs, principally freight, that comprise payments to third-party shippers are classified as cost of sales. Handling costs represent finished goods warehousing costs incurred to store, move, and prepare products for shipment in the company’s various distribution facilities. Handling costs were $4.3 million, $3.9 million, and $4.0 million fiscal 2022, 2021, and 2020, respectively, and are included in selling, general and administrative expenses. Sales and Other Taxes Sales and other taxes collected from customers and remitted to governmental authorities are presented on a net basis and, as such, are excluded from revenues.
Leases	Leases We lease manufacturing facilities, office space, distribution centers, and equipment under operating lease arrangements. We determine if an arrangement is a lease at its inception if it conveys the right to control the use of identified property, plant, or equipment for a period of time in exchange for consideration. Operating leases with an initial term of 12 months or less are not recognized in our Consolidated Balance Sheets. We account for lease components separately from non-lease components. We recognize a ROU asset and lease liability on the commencement date of a lease arrangement based on the present value of lease payments over the lease term. A lease term may include renewal options if it is reasonably certain that the option to renew a lease period will be exercised. A renewal option is considered reasonably certain to be exercised if there is a significant economic incentive to exercise the renewal option on the date a lease arrangement is commenced. For our leases, an estimated incremental borrowing rate (“IBR”) is utilized, based on information available at the inception of the lease. The IBR represents an estimate of the interest rate we would incur at lease commencement to borrow an amount equal to the lease payments on a collateralized basis over the term of the lease.
Stock-Based Compensation	Stock-Based Compensation Our equity incentive plans are described more fully in Note 14 to the notes to the consolidated financial statements. ASC Topic 718, “Compensation – Stock Compensation”, requires that all stock-based compensation be recognized as compensation expense in the financial statements and that such cost be measured at the grant date for awards issued to employees and the company’s board of directors. Equity awards issued to a non-employee are measured at the earlier date of when the performance criteria are met or at the end of each reporting period. Compensation expense for time-vested restricted stock awards is amortized on a straight-line basis over the respective vesting period. Compensation expense for performance-based restricted stock units is recorded based on an assessment each reporting period to determine the probability of whether or not certain performance targets will be met and how many common stock shares are expected to be earned as of the end of the vesting period. If certain performance targets are not expected to be achieved, compensation expense will not be recorded, and any previously recognized compensation expense will be reversed.
Fair Value of Financial Instruments	Fair Value of Financial Instruments The accompanying consolidated financial statements include certain financial instruments, and the fair market value of such instruments may differ from amounts reflected on a historical basis. These financial instruments include our short-term and long-term investments classified as available-for-sale. The fair value measurements of our financial instruments are described more fully in Note 15 of the consolidated financial statements. The carrying amount of cash and cash equivalents, accounts receivable, other current assets, lines of credit, accounts payable, and accrued expenses approximate their fair value because of the short maturity of these financial instruments.
Recently Adopted and Issued Accounting Pronouncements	Recently Adopted Accounting Pronouncements In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes (“ASU 2019-12”), which is intended to simplify various aspects of accounting for income taxes. ASU 2019-12 removes certain exceptions to the general principles in Topic 740 and clarifies and amends existing guidance to improve consistent application. This guidance was effective for fiscal years, and periods within those fiscal years, beginning after December 15, 2020, with early adoption permitted. As a result, we adopted the provisions of ASU 2019-12 on May 3, 2021 (the beginning of fiscal 2022). The adoption of ASU 2019-12 did not affect our financial position, results of operations, or cash flows. Recently Issued Accounting Pronouncements Currently, there are no new accounting pronouncements that are expected to have a material effect on our consolidated financial statements.
Investments (Held-To-Maturity) [Member]
Investments	Investments (Held-To-Maturity) During fiscal 2022, we sold all our short-term investments classified as held-to-maturity, and therefore we did not report short-term or long-term investments classified as held-to-maturity in the accompanying Consolidated Balance Sheet as of May 1, 2022. As of May 2, 2021, our investments classified as held-to-maturity consisted of investment grade U.S. corporate bonds, foreign bonds, and government bonds. These investments were classified as held-to-maturity as we had the positive intent and ability to hold these investments until maturity. Our held-to-maturity investments were recorded as either current or noncurrent in our Consolidated Balance Sheets, based on the maturity date in relation to the respective reporting period and recorded at amortized cost. As of May 2, 2021, the amortized cost and fair value of our held-to-maturity investments were $4.3 million. Our bond investments were classified as level 2 in accordance with the fair value hierarchy defined in Note 15 of the consolidated financial statements. Our bond investments were traded over the counter within a broker network and not on an active market. The fair value of our bond investments was determined based on a published source that provided an average bid price. The average bid price was based on various broker prices that were determined based on market conditions, interest rates, and the rating of the respective bond investments. All our investments classified as held-to-maturity resided with our U.S. operations.
Short-term Investments (Available-for-Sale) [Member]
Investments	Short-Term Investments (Available-for-Sale) During fiscal 2022, we sold all our short-term investments classified as available-for-sale, and therefore we did not report short-term investments classified as available-for-sale in the accompanying Consolidated Balance Sheet as of May 1, 2022. As of May 2, 2021, our short-term investments classified as available-for-sale were recorded at their fair values of $5.5 million, had an accumulated unrealized gain of $24,000, and resided with our U.S. operations. The fair value of our short-term investments approximated their cost basis.
Long-term investments (Rabbi Trust) [Member]
Investments	Long-Term Investments (Rabbi Trust) We have a rabbi trust to set aside funds for participants of our deferred compensation plan (the “Plan”) that enables our participants to credit their contributions to various investment options of the Plan. The investments associated with the rabbi trust consist of investments in a money market fund and various mutual funds that are classified as available-for-sale. Our long-term investments classified as available-for-sale were recorded at their fair value of $9.4 million and $8.4 million as of May 1, 2022, and May 2, 2021, respectively. These investments had an accumulated unrealized gain totaling $32,000 and $122,000 as of May 1, 2022, and May 2, 2021, respectively. The fair value of our long-term investments associated with our rabbi trust approximates their cost basis and reside with our U.S. operations.

General and Summary of Signif_3

General and Summary of Significant Accounting Policies (Tables)	12 Months Ended
	May 01, 2022
Accounting Policies [Abstract]
Summary of Cash and Cash Equivalents by Geographic Area	A summary of our cash and cash equivalents by geographic area follows: May 1, May 2, (dollars in thousands) 2022 2021 United States $ 4,430 $ 24,621 China 9,502 10,635 Canada 267 1,525 Haiti 341 220 Cayman Islands 10 8 $ 14,550 $ 37,009
Summary of Foreign Currency Exchange (Losses) Gains by Geographic Area	A summary of our foreign currency exchange (losses) gains by geographic area follows: (dollars in thousands) 2022 2021 2020 China $ (104 ) $ (1,389 ) $ 42 Canada (28 ) (22 ) (138 ) $ (132 ) $ (1,411 ) $ (96 )

Business Combination Achieved_2

Business Combination Achieved in Stages (Tables)	12 Months Ended
	May 01, 2022
Schedule of Unaudited Pro Forma Consolidated Results of Operations	The following unaudited pro forma consolidated results of operations for the fiscal years ending May 2, 2021, and May 3, 2020, have been prepared as if this acquisition had occurred on April 29, 2019. (dollars in thousands, except per share data) May 2, 2021 May 3, 2020 Net Sales $ 300,995 $ 256,960 Income (loss) from continuing operations 12,138 (7,820 ) Net income (loss) from continuing operations 2,430 (11,283 ) Net loss from discontinued operation — (17,509 ) Net income (loss) $ 2,430 $ (28,792 ) net income (loss) from continuing operations per share-basic $ 0.20 $ (0.91 ) net income (loss) from continuing operations per share-diluted $ 0.20 $ (0.91 ) net loss from discontinued operation per share-basic $ — $ (1.41 ) net loss from discontinued operation per share-diluted $ — $ (1.41 ) Net income (loss) per share - basic $ 0.20 $ (2.33 ) Net income (loss) per share - diluted $ 0.20 $ (2.33 )
CIH [Member]
Schedule of Allocation of Consideration Transferred to Assets Acquired and Liabilities Assumed	The following table presents the final allocation of the consideration transferred to the assets acquired and liabilities assumed based on their fair values. (dollars in thousands) Fair Value Cash and cash equivalents $ 62 Accounts receivable 169 Inventory 31 Right of use assets 2,544 Equipment and leasehold improvements 846 Accounts payable (155 ) Gain on bargain purchase (819 ) $ 2,678

Home Accessories Segment (Table

Home Accessories Segment (Tables)	12 Months Ended
	May 01, 2022
Discontinued Operations And Disposal Groups [Abstract]
Summary of Disposal of Discontinued Operation on Consolidated Balance Sheet	The following is a summary of the assets and liabilities that were sold on March 31, 2020: March 31, (dollars in thousands) 2020 ASSETS current assets: cash and cash equivalents $ 285 accounts receivable 588 inventories 3,344 other current assets 170 total current assets held for sale - discontinued operation 4,387 property, plant, and equipment 1,694 goodwill — intangible asset — right of use assets 918 total noncurrent assets held for sale - discontinued operation 2,612 total assets $ 6,999 LIABILITIES AND NET ASSETS current liabilities: accounts -payable trade $ 1,394 operating lease liability - current 195 accrued expenses 351 total current liabilities held for sale - discontinued operation 1,940 loan payable - Culp Inc. 1,500 subordinated loan payable - noncontrolling interest 925 operating lease liability - long-term 743 total noncurrent liabilities held for sale - discontinued operation 3,168 total liabilities 5,108 total net assets of discontinued operation $ 1,891
Summary of Loss from Discontinued Operation on Consolidated Statements of Net Income (Loss)	The following is a reconciliation of the major classes of financial statement line items constituting loss before income taxes from discontinued operation that are disclosed in the notes to the financial statements to loss from discontinued operation that are presented in the fiscal 2020 Consolidated Statements of Net Loss: (dollars in thousands) 2020 net sales $ 13,763 cost of sales (10,953 ) gross profit 2,810 selling, general and administrative expenses (4,100 ) asset impairments (1) (20,202 ) reversal of contingent consideration - earn-out obligation (2) 5,856 interest expense (3) (84 ) other income 34 loss from discontinued operation related to major classes of loss before income taxes (15,686 ) loss on disposal of discontinued operation (4) (1,891 ) loss before income taxes from discontinued operation (17,577 ) income tax benefit 68 net loss from discontinued operation $ (17,509 ) (1) During fiscal 2020, we recorded asset impairment charges totaling $20.2 million, of which $13.6 million and $6.6 million pertained to the goodwill and tradename, respectively. See Notes 8, 9, and 15 of the notes to the consolidated financial statements for further details of our assessments that resulted in the impairment of the goodwill and tradename associated with this discontinued operation. (2) See separate section below titled “Contingent Consideration” for further details. (3) Interest expense is directly attributable to our discontinued operation as it pertains to loans payable assumed by the buyer, (the noncontrolling interest) or required to be paid to Culp Inc. based on the terms of the sale agreement. (4) See separate section below titled “Consolidation and Deconsolidation” for further details.
Summary of Net Loss from Continuing Operations, Net Loss from Discontinued Operation, and Net Loss Attributable to Common Shareholders and Noncontrolling Interest	The following is a summary of net loss from continuing operations, net loss from discontinued operation, and net loss attributable Culp Inc. common shareholders and the noncontrolling interest for fiscal year 2020: (dollars in thousands) 2020 net loss from continuing operations $ (11,158 ) net loss from continuing operations attributable to noncontrolling interest — net loss from continuing operations attributable to Culp Inc. common shareholders $ (11,158 ) net loss from discontinued operation $ (17,509 ) net loss from discontinued operation attributable to noncontrolling interest 4,674 net loss from discontinued operation attributable to Culp Inc. common shareholders $ (12,835 ) net loss $ (28,667 ) net loss from noncontrolling interest 4,674 net loss attributable to Culp Inc. common shareholders $ (23,993 )

Accounts Receivable (Tables)

Accounts Receivable (Tables)	12 Months Ended
	May 01, 2022
Receivables [Abstract]
Summary of Accounts Receivable	A summary of accounts receivable follows: May 1, May 2, (dollars in thousands) 2022 2021 customers $ 22,613 $ 38,455 allowance for doubtful accounts (292 ) (591 ) allowance for cash discounts (74 ) (124 ) reserve for returns and allowances and discounts (21 ) (14 ) $ 22,226 $ 37,726
Allowance for Doubtful Accounts	A summary of the activity in the allowance for doubtful accounts follows: (dollars in thousands) 2022 2021 2020 beginning balance $ (591 ) $ (472 ) $ (393 ) provision for bad debts 74 (119 ) (79 ) write-offs, net of recoveries 225 — — ending balance $ (292 ) $ (591 ) $ (472 )
Summary of the Activity in the Allowance for Returns and Allowances and Discounts	A summary of the activity in the allowance for returns and allowances and discounts follow: (dollars in thousands) 2022 2021 2020 beginning balance $ (138 ) $ (84 ) $ (226 ) provision for returns and allowances and discounts (1,386 ) (1,665 ) (1,603 ) credits issued and discounts taken 1,429 1,611 1,745 ending balance $ (95 ) $ (138 ) $ (84 )

Revenue from Contracts with C_2

Revenue from Contracts with Customers (Tables)	12 Months Ended
	May 01, 2022
Revenue From Contract With Customer [Abstract]
Summary of Activity for Deferred Revenue	A summary of the activity of deferred revenue follows: (dollars in thousands) Fiscal 2022 Fiscal 2021 Beginning Balance $ 540 $ 502 Revenue recognized on contract liabilities (3,434 ) (2,459 ) Payments received for services not yet rendered 3,414 2,497 Ending Balance $ 520 $ 540
Summary of Disaggregation of Revenue	The following table presents our disaggregated revenue related to continuing operations by segment, timing of revenue recognition, and product sales versus services rendered for fiscal 2022: (dollars in thousands) Mattress Fabrics Upholstery Fabrics Total Products transferred at a point in time $ 152,159 $ 133,622 $ 285,781 Services transferred over time — 9,058 9,058 Total Net Sales $ 152,159 $ 142,680 $ 294,839 The following table presents our disaggregated revenue related to continuing operations by segment, timing of revenue recognition, and product sales versus services rendered for fiscal 2021: (dollars in thousands) Mattress Fabrics Upholstery Fabrics Total Products transferred at a point in time $ 157,671 $ 133,501 $ 291,172 Services transferred over time — 8,548 8,548 Total Net Sales $ 157,671 $ 142,049 $ 299,720 The following table presents our disaggregated revenue related to continuing operations by segment, timing of revenue recognition, and product sales versus services rendered for fiscal 2020: (dollars in thousands) Mattress Fabrics Upholstery Fabrics Total Products transferred at a point in time $ 131,412 $ 114,154 $ 245,566 Services transferred over time — 10,600 10,600 Total Net Sales $ 131,412 $ 124,754 $ 256,166

Inventories (Tables)

Inventories (Tables)	12 Months Ended
	May 01, 2022
Inventory Disclosure [Abstract]
Summary of Inventories	A summary of inventories follows: (dollars in thousands) May 1, 2022 May 2, 2021 raw materials $ 13,477 $ 7,742 work-in-process 4,237 3,156 finished goods 48,843 45,019 $ 66,557 $ 55,917

Property, Plant and Equipment (

Property, Plant and Equipment (Tables)	12 Months Ended
	May 01, 2022
Property Plant And Equipment [Abstract]
Summary of Property, Plant, and Equipment	A summary of property, plant, and equipment follows: (dollars in thousands) depreciable lives (in years) May 1, 2022 May 2, 2021 land and improvements 0-10 $ 947 $ 937 buildings and improvements 7-40 31,628 31,205 leasehold improvements ** 3,474 2,884 machinery and equipment 3-15 67,827 65,258 data processing equipment and software 3-7 8,706 8,261 office furniture and equipment 3-10 1,643 1,313 capital projects in progress 613 3,077 114,838 112,935 accumulated depreciation (73,136 ) (68,932 ) $ 41,702 $ 44,003 ** Shorter of life of lease or useful life.

Intangible Assets (Tables)

Intangible Assets (Tables)	12 Months Ended
	May 01, 2022
Summary of Intangible Assets	A summary of intangible assets follows: (dollars in thousands) May 1, 2022 May 2, 2021 Tradenames $ 540 $ 540 Customer relationships, net 1,636 1,937 Non-compete agreement, net 452 527 $ 2,628 $ 3,004
Summary of Change in Acquired Tradename	A summary of the change in the carrying amount of our tradename follows: (dollars in thousands) 2022 2021 2020 beginning balance $ 540 $ 540 7,232 loss on impairment - continuing operations — — (143 ) loss on impairment - discontinued operation (note 3) — — (6,549 ) ending balance $ 540 $ 540 540
Customer Relationships [Member]
Summary of Change in Carrying Amount of Finite-Lived Intangible Assets	A summary of the change in the carrying amount of our customer relationships follows: (dollars in thousands) 2022 2021 2020 beginning balance $ 1,937 2,238 2,538 amortization expense (301 ) (301 ) (300 ) ending balance $ 1,636 1,937 2,238
Non-Compete Agreement [Member]
Summary of Change in Carrying Amount of Finite-Lived Intangible Assets	A summary of the change in the carrying amount of our non-compete agreement follows: (dollars in thousands) 2022 2021 2020 beginning balance $ 527 $ 602 678 amortization expense (75 ) (75 ) (76 ) ending balance $ 452 $ 527 602

Goodwill (Tables)

Goodwill (Tables)	12 Months Ended
	May 01, 2022
Goodwill And Intangible Assets Disclosure [Abstract]
Summary of Change in Carrying Amount of Goodwill	A summary of the change in the carrying amount of goodwill follows: (dollars in thousands) 2020 beginning balance $ 27,222 loss on impairment - continuing operations (13,569 ) loss on impairment - discontinued operation (note 3) (13,653 ) ending balance —

Accrued Expenses (Tables)

Accrued Expenses (Tables)	12 Months Ended
	May 01, 2022
Text Block [Abstract]
Summary of Accrued Expenses	(dollars in thousands) May 1, 2022 May 2, 2021 compensation and related benefits $ 4,248 $ 9,816 other 3,584 5,023 $ 7,832 $ 14,839

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	May 01, 2022
Income Tax Disclosure [Abstract]
Schedule of Allocation of Income Tax Expense	Total income tax expense was allocated as follows: (dollars in thousands) 2022 2021 2020 (loss) income from continuing operations $ 2,886 $ 7,693 $ 3,354 loss from discontinued operation — — (68 ) $ 2,886 $ 7,693 $ 3,286
Schedule of Income Tax Expense Attributable to (Loss) Income from Operations	Income tax expense attributable to (loss) income from continuing operations consists of: (dollars in thousands) 2022 2021 2020 current federal $ — (17 ) — state 2 3 7 foreign 2,156 4,151 4,248 uncertain income tax positions 37 (204 ) 725 2,195 3,933 4,980 deferred federal 1,121 (1,933 ) (1,875 ) state 47 (80 ) (103 ) 2017 Tax Cuts and Jobs Act — (3,674 ) — undistributed earnings – foreign subsidiaries 76 112 (114 ) U.S. Federal & State carryforwards and credits (971 ) 451 974 uncertain income tax positions (380 ) 380 (380 ) foreign 615 (22 ) (247 ) valuation allowance 183 8,526 119 691 3,760 (1,626 ) $ 2,886 7,693 3,354
Schedule of (Loss) Income before Income Taxes Related to Foreign and U.S. Operations	(Loss) income before income taxes from continuing operations related to our foreign and U.S. operations consists of: (dollars in thousands) 2022 2021 2020 Foreign China $ 6,998 10,007 8,316 Canada 1,302 4,764 (1,391 ) Haiti (980 ) 817 — Cayman Islands — (5 ) (6 ) Total Foreign 7,320 15,583 6,919 United States (7,645 ) (4,703 ) (14,598 ) $ (325 ) 10,880 (7,679 )
Summary of Differences in Income Tax Expense at Federal Income Tax Rate and Effective Income Tax Rate	The following schedule summarizes the principal differences between the income tax expense from continuing operations at the federal income tax rate and the effective income tax rate from continuing operations reflected in the consolidated financial statements: 2022 2021 2020 U.S. federal income tax rate 21.0 % 21.0 % 21.0 % valuation allowance (56.3 ) 78.4 (1.6 ) income tax effects of the 2017 Tax Cuts and Jobs Act — (33.8 ) — global intangible low taxed income tax (GILTI) (540.9 ) — (19.0 ) foreign tax rate differential (206.2 ) 10.9 (5.4 ) income tax effects of Chinese foreign exchange gains and losses (20.6 ) (8.4 ) (5.0 ) withholding taxes associated with foreign tax jurisdictions (172.8 ) 7.7 (16.0 ) uncertain income tax positions 105.4 1.6 (4.8 ) U.S. state income taxes 21.5 0.3 0.4 stock-based compensation (3.3 ) 0.3 (0.3 ) gain on bargain purchase — (1.6 ) — income tax effects of impairment of nondeductible goodwill — — (11.3 ) other (2) (35.8 ) (5.7 ) (1.7 ) Consolidated effective income tax rate (1) (888.0 )% 70.7 % (43.7 )% (1) Our consolidated effective income tax rates for all fiscal years presented were negatively affected by the mix of consolidated (loss) income before income taxes from continuing operations, as significant pre-tax losses have been incurred by our U.S. operations and almost all our taxable income was earned by our foreign operations located in China and Canada, which have higher income tax rates than the U.S. As a result, income tax expense incurred stems from taxable income from our foreign jurisdictions that exceeds our consolidated (loss) income before income taxes from continuing operations. Accordingly, the extent of the fluctuations in our consolidated effective income tax rates is dependent on the extent income tax expense incurred from our foreign operations compares with our consolidated (loss) income before income taxes from continuing operations that has been significantly lowered by our U.S. operations. (2) “Other” for all periods presented represents miscellaneous adjustments that pertain to U.S. permanent differences such as meals and entertainment and income tax provision to return adjustments.
Schedule of Deferred Tax Assets and Liabilities	The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and liabilities consist of the following: (dollars in thousands) 2022 2021 deferred tax assets: accounts receivable $ 227 362 inventories 2,020 2,019 compensation 2,437 3,284 liabilities and other 28 23 intangible assets and goodwill 536 690 property, plant, and equipment (1) 199 202 operating lease liability 1,297 836 foreign income tax credits - U.S. 783 783 loss carryforwards – U.S. 8,373 7,533 valuation allowance - U.S. (11,857 ) (11,674 ) total deferred tax assets 4,043 4,058 deferred tax liabilities: undistributed earnings on foreign subsidiaries (3,586 ) (3,521 ) unrecognized tax benefits – U.S. — (380 ) property, plant and equipment (2) (4,292 ) (3,968 ) right of use assets (1,520 ) (855 ) other (121 ) (119 ) total deferred tax liabilities (9,519 ) (8,843 ) Net deferred liabilities $ (5,476 ) (4,785 ) (1) Pertains to the company’s operations located in China. (2) Pertains to the company’s operations located in the U.S. and Canada.
Summary of Valuation Allowances Against U.S. Net Deferred Income Tax Assets	Based on our assessments as of May 1, 2022, and May 2, 2021, valuation allowances against our U.S. net deferred income tax assets pertain to the following: (dollars in thousands) May 1, 2022 May 2, 2021 U.S. federal and state net deferred income tax assets $ 9,527 $ 9,344 U.S. capital loss carryforward 2,330 2,330 $ 11,857 $ 11,674
Summary of Change in Valuation Allowances Against U.S. Net Deferred Income Tax Assets	A summary of the change in the valuation allowances against our U.S. net deferred income tax assets follows: (dollars in thousands) 2022 2021 2020 beginning balance $ 11,674 3,148 748 change in judgement of beginning of year U.S. valuation allowance (1) — 6,964 — change in valuation allowance associated with current year earnings 1,640 1,004 — establishment of valuation allowance (2) — — 2,281 change in estimate during current year (3) (1,457 ) 558 119 ending balance $ 11,857 11,674 3,148 (1) Refer to the above Assessment within the section titled Deferred Income Taxes – Valuation Allowance (2) In connection with the sale of a discontinued operation that was treated as a partnership for income tax purposes, we generated a capital loss carryforward totaling $10.9 million with a related future income tax benefit of $2.3 million. Since capital losses can only be offset by capital gains, we established a full valuation allowance on this capital loss carryforward, as we do not have capital assets that would generate capital gains that would utilize this carryforward. ( 3 ) Amount represents changes in our U.S. net deferred income tax asset balances during the current year that pertain to (i) income tax provision to return adjustments, (ii) changes in estimates of our U.S. effective income tax rate that pertain to U.S. state income tax rates and apportionment percentages, (iii) recognition of uncertain income tax position due to expiration of statute of limitations, and (iv) other immaterial items.
Schedule of Unrecognized Tax Benefit	The following table sets forth the change in the company’s unrecognized income tax benefit: (dollars in thousands) 2022 2021 2020 beginning balance $ 1,444 1,269 903 increases from prior period tax positions 114 249 106 decreases from prior period tax positions (77 ) (74 ) (85 ) lapse of applicable statute of limitations (380 ) — — increases from current period tax positions — — 434 decreases from current period tax positions — — (89 ) ending balance $ 1,101 1,444 1,269
Summary of Income Taxes Paid (Refunded)	The following table sets forth income taxes paid (refunded) by jurisdiction: (dollars in thousands) 2022 2021 2020 United States Federal - Alternative Minimum Tax (AMT) credit refunds (1) $ — $ (1,510 ) $ — United States Federal - Transition Tax 266 226 — China - Income Taxes 2,036 2,076 2,559 China - Withholding Taxes Associated with Earnings and Profits Distribution to U.S. Parent 487 798 838 Canada - Income Taxes 311 1,408 1,598 $ 3,100 $ 2,998 $ 4,995 (1) In accordance with the provisions of the TCJA, we elected to treat our prior AMT credit carryforward balance of $1.5 million as refundable. We received refunds totaling $1.5 million in two separate installments totaling $746,000 and $764,000 during the first and second quarters of fiscal 2021, respectively.

Commitments and Contingencies (

Commitments and Contingencies (Tables)	12 Months Ended
	May 01, 2022
Commitments And Contingencies Disclosure [Abstract]
Summary of right of use assets and lease liabilities	The right of use assets and lease liabilities associated with our operating leases as of May 1, 2022, and May 2, 2021, are as follows: (dollars in thousands) May 1, 2022 May 2, 2021 Right of use assets $ 15,577 $ 11,730 Operating lease liability - current 3,219 2,736 Operating lease liability – noncurrent 7,062 6,821
Supplemental Cash Flow Information	Supplemental Cash Flow Information (dollars in thousands) 2022 2021 2020 Operating lease liability payments $ 2,954 $ 2,634 $ 2,524 Right of use assets exchanged for lease liabilities 3,762 8,014 344
Summary of weighted average remaining lease term and discount rate	As of May 1, 2022, the weighted average remaining lease term and discount rate for our operating leases follows: Weighted average lease term 3.29 years Weighted average discount rate 1.77 % As of May 2, 2021, the weighted average remaining lease term and discount rate for our operating leases follows: Weighted average lease term 4.36 years Weighted average discount rate 2.41 %
Leases-Other Information	Other Information Maturity of our operating lease liabilities for the next five fiscal years and thereafter follows: (dollars in thousands) Amount 2023 $ 3,367 2024 2,986 2025 1,945 2026 493 2027 457 Thereafter 1,409 10,657 Less: interest (376 ) Present value of lease liabilities $ 10,281

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	12 Months Ended
	May 01, 2022
Summary of Time Based Restricted Stock Unit Activity	The following table summarizes the time-based restricted stock unit activity during fiscal years 2022, 2021, and 2020: 2022 2021 2020 Shares Shares Shares outstanding at beginning of year 174,295 44,399 10,000 granted 37,991 129,896 34,399 forfeited (2,002 ) — — outstanding at end of year 210,284 174,295 44,399
Summary of Assumptions Used to Determine Fair Value of Performance Based Restricted Stock Units	The following table provides assumptions used to determine the fair market value of the market-based total shareholder return component using the Monte Carlo simulation model on our outstanding performance-based restricted stock units granted to senior executives on July 22, 2021, and July 18, 2019: July 22, July 18, 2021 2019 Closing price of our common stock $ 14.75 $ 18.49 Expected volatility of our common stock 54.2 % 30.0 % Expected volatility of peer companies (1) 45.7% - 101.5% 29.9% - 82.3% Risk-free interest rate 0.33 % 1.73 % Dividend yield 3.00 % 2.10 % Correlation coefficient of peer companies (1) 0.03 - 0.35 0.00 - 0.43 (1) The expected volatility and correlation coefficient of our peer companies for the July 22, 2021, and July 18, 2019, grant dates were based on peer companies that were approved by the Compensation Committee of our board of directors as an aggregate benchmark for determining the market-based total shareholder return component. Therefore, we disclosed ranges of the expected volatility and correlation coefficient for the companies that represented this peer group.
Summary of Grants of Common Stock to Outside Directors	The following table summarizes information related to our grants of common stock to our outside directors during fiscal 2022, 2021, and 2020: Common (1) Stock Price Per Vesting Date of Grant Awarded Share Period April 1, 2022 - Fiscal 2022 10,562 $ 7.93 Immediate January 3, 2022 - Fiscal 2022 8,357 $ 10.02 Immediate October 1, 2021 - Fiscal 2022 6,426 $ 13.03 Immediate July 1, 2021 - Fiscal 2022 4,312 $ 16.24 Immediate April 1, 2021 - Fiscal 2021 4,467 $ 15.67 Immediate January 4, 2021 - Fiscal 2021 4,563 $ 15.34 Immediate October 1, 2020 - Fiscal 2021 5,193 $ 13.48 Immediate July 1, 2020 - Fiscal 2021 7,000 $ 10.00 Immediate April 1, 2020 - Fiscal 2020 10,511 $ 6.66 Immediate January 2, 2020 - Fiscal 2020 4,972 $ 14.08 Immediate October 1, 2019 - Fiscal 2020 4,519 $ 15.49 Immediate July 1, 2019 - Fiscal 2020 3,659 $ 19.21 Immediate (1) Price per share represents closing price of our common stock on the date of grant.
Performance Based Restricted Stock Units [Member]
Summary of Vested Performance Based Restricted Stock Units	The following table summarizes information related to our performance-based restricted stock units that vested during fiscal 2022, 2021, and 2020: (3) (4) Common Weighted Weighted Stock Shares Average Average Price Fiscal Year Vested Fair Value Per Share Fiscal 2022 (1) 5,051 $ 87 $ 17.14 Fiscal 2022 (1) 5,812 $ 100 $ 17.14 Fiscal 2021 (1) 3,277 $ 33 $ 9.96 Fiscal 2021 (1) 3,710 $ 37 $ 9.96 Fiscal 2020 (1) 11,351 $ 197 $ 17.36 Fiscal 2020 (2) 4,961 $ 86 $ 17.36 (1) Senior executives and key employees. (2) Non-employee. (3) Dollar amounts are in thousands. (4) The weighted average price per share is derived from the closing prices of our common stock on the dates the respective performance-based restricted stock units vested.
Senior Executives and Management [Member] | Time-Based Restricted Stock Units [Member]
Summary of Grants of Time-Based Restricted Stock Unit Awards	The following table summarizes information related to our grants of time-based restricted stock unit awards associated with certain senior executives and key members of management during fiscal years 2022, 2021, and 2020: (1) Restricted Price Vesting Date of Grant Stock Awarded Per Share Period July 22, 2021 37,991 $ 14.75 3 years August 6, 2020 129,896 $ 11.01 3 years July 18, 2019 34,399 $ 18.49 3 years (1) Price per share represents closing price of our common stock on the date the respective award was granted.
Executive officers and key employees [Member]
Summary of Grants of Performance Based Restricted Stock Units	The following table summarizes information related to our grants of performance-based restricted stock units associated with certain senior executives and key employees that were unvested as of May 1, 2022: (4) (3) Restricted Stock Restricted Stock Units Expected Price Per Vesting Date of Grant Units Awarded to Vest Share Period July 22, 2021 (1) 122,476 — $ 15.93 (5) 3 years July 22, 2021 (2) 20,500 — $ 14.75 (7) 3 years July 18, 2019 (1) 93,653 727 $ 19.04 (6) 3 years July 18, 2019 (2) 29,227 435 $ 18.49 (7) 3 years (1) Performance-based restricted stock units awarded to certain senior executives. (2) Performance-based restricted stock units awarded to key employees. (3) Amounts represent the maximum number of common stock shares that could be earned if certain performance targets are met, as defined in the related restricted stock unit award agreements. (4) Compensation cost is based on an assessment each reporting period to determine the probability of whether or not certain performance targets will be met and how many shares are expected to be earned as of the end of the vesting period. These amounts represent the number of shares that are expected to vest as of May 1, 2022. (5) Price per share represents the fair market value per share ($1.08 per $1, or an increase of $1.18 to the closing price of our common stock on the date of grant) determined using the Monte Carlo simulation model for the market-based total shareholder return component and the closing price of our common stock ($14.75) for the performance-based component of the performance-based restricted stock units granted to senior executives on July 22, 2021. ( 6 ) Price per share represents the fair market value per share ($1.03 per $1, or an increase of $0.55 to the closing price of our common stock on the date of grant) determined using the Monte Carlo simulation model for the market-based total shareholder return component and the closing price of our common stock ($ 18.49 ) for the performance-based component of the performance-based restricted stock units granted to certain senior executives on July 18, 2019 . ( 7 ) Price per share represents the closing price of our common stock on the date of grant.

Fair Value (Tables)

Fair Value (Tables)	12 Months Ended
	May 01, 2022
Fair Value Disclosures [Abstract]
Schedule of Assets Measured at Fair Value on a Recurring Basis	The following tables present information about assets and liabilities measured at fair value on a recurring basis related to our continuing operations: Fair value measurements as of May 1, 2022, using: Quoted prices in active markets for identical assets Significant other observable inputs Significant unobservable inputs (amounts in thousands) Level 1 Level 2 Level 3 Total Assets: U.S. Government Money Market Fund $ 8,683 N/A N/A $ 8,683 Growth Allocation Mutual Funds 435 N/A N/A 435 Moderate Allocation Mutual Fund 81 N/A N/A 81 Other 158 N/A N/A 158 Fair value measurements as of May 2, 2021, using: Quoted prices in active markets for identical assets Significant other observable inputs Significant unobservable inputs (amounts in thousands) Level 1 Level 2 Level 3 Total Assets: Premier Money Market Fund $ 7,879 N/A N/A $ 7,879 Short Term Bond Mutual Funds 4,101 N/A N/A 4,101 Short Duration Inflation Protected Mutual Fund 722 N/A N/A 722 Mortgage Securities Mutual Fund 719 N/A N/A 719 Growth Allocation Mutual Funds 339 N/A N/A 339 Moderate Allocation Mutual Fund 86 N/A N/A 86 Other 111 N/A N/A 111
Schedule of Assets Measured at Fair Value on a Nonrecurring Basis	We had assets and liabilities that were required to be measured at fair value on a nonrecurring basis that pertained to assets acquired and certain liabilities that were assumed in connection with the CIH business combination effective February 1, 2021. See Note 2 of the consolidated financial statements for further details regarding this business combination. Fair value measurements on February 1, 2021, using: Quoted Prices in active markets for identical assets Significant other observable inputs Significant unobservable inputs (amounts in thousands) Level 1 Level 2 Level 3 Total Assets: Right of use assets N/A $ 2,544 N/A $ 2,544 Equipment and leasehold improvements N/A N/A 846 846 Inventory N/A N/A 31 31 The following table presents information about assets measured at fair value on a nonrecurring basis related to our continuing operations as of May 3, 2020: Fair value measurements as of May 3, 2020, using: Quoted Prices in active markets for identical assets Significant other observable inputs Significant unobservable inputs (amounts in thousands) Level 1 Level 2 Level 3 Total Assets: Goodwill N/A N/A $ — $ — Tradename N/A N/A 540 540

Net (Loss) Income from Contin_2

Net (Loss) Income from Continuing Operations Per Share (Tables)	12 Months Ended
	May 01, 2022
Earnings Per Share [Abstract]
Schedule of Weighted Average Shares Used in the Computation of Basic and Diluted Net (Loss) Income from Continuing Operations Per Share	Weighted average shares used in the computation of basic and diluted net (loss) income from continuing operations per share are as follows: (in thousands) 2022 2021 2020 weighted-average common shares outstanding, basic 12,242 12,300 12,378 dilutive effect of stock-based compensation — 22 — weighted-average common shares outstanding, diluted 12,242 12,322 12,378

Segment Information (Tables)

Segment Information (Tables)	12 Months Ended
	May 01, 2022
Segment Reporting [Abstract]
Summary of Segment Information by Geographic Area	International sales accounted for 31%, 27%, and 26% of net sales during fiscal 2022, 2021, and 2020, respectively, and are summarized by geographic area as follows: (dollars in thousands) 2022 2021 2020 north america (excluding USA) (1) $ 39,256 $ 32,925 $ 27,637 far east and asia (2) 43,015 43,764 36,470 all other areas 8,114 5,558 2,986 $ 90,385 $ 82,247 $ 67,093 (1) Of this amount, $33.5 million, $27.2 million, and $21.7 million are attributable to shipments to Mexico in fiscal 2022, 2021, and 2020, respectively. (2) Of this amount $26.9 million, $28.1 million, and $21.4 million are attributable to shipments to China in fiscal 2022, 2021, and 2020, respectively.
Schedule of Operating Segments Information	Statements of operations for our current operating segments are as follows: (dollars in thousands) 2022 2021 2020 net sales by segment: upholstery fabrics $ 142,680 $ 142,049 $ 124,754 mattress fabrics 152,159 157,671 131,412 total net sales $ 294,839 $ 299,720 $ 256,166 gross profit from continuing operations by segment: upholstery fabrics $ 19,635 $ 25,968 $ 24,220 mattress fabrics 16,458 23,864 16,278 total gross profit from continuing operations $ 36,093 $ 49,832 $ 40,498 selling, general, and administrative expenses by segment: upholstery fabrics $ 14,009 $ 14,092 $ 14,353 mattress fabrics 12,246 12,066 11,354 unallocated corporate 9,160 11,598 8,717 total selling, general, and administrative expenses $ 35,415 $ 37,756 $ 34,424 income (loss) from continuing operations: upholstery fabrics $ 5,626 $ 11,876 $ 9,867 mattress fabrics 4,212 11,798 4,924 unallocated corporate expenses (9,160 ) (11,598 ) (8,717 ) total segment income from continuing operations 678 12,076 6,074 asset impairments (1) — — (13,712 ) restructuring credit — — 70 total income (loss) from continuing operations 678 12,076 (7,568 ) interest expense (17 ) (51 ) (106 ) interest income 373 244 897 gain on bargain purchase (2) — 819 — other expense (1,359 ) (2,208 ) (902 ) (loss) income before income taxes from continuing operations $ (325 ) $ 10,880 $ (7,679 ) ( 1 ) During fiscal 2020, we incurred asset impairment charges totaling $13.7 million, of which $13.6 million and $143,000 pertained to goodwill and a tradename associated with Read, respectively. Of this $13.7 million, $11.5 million and $2.2 million pertained to the mattress fabrics segment and upholstery fabrics segment, respectively. ( 2 ) Effective February 1, 2021, we acquired the remaining fifty percent ownership interest in our former unconsolidated joint venture located in Haiti. Pursuant to this transaction, we are now the sole owner with full control over this operation. The gain on bargain purchase represents the net assets acquired from this transaction that exceeded the fair value of our previously held 50% ownership interest of $1.7 million and the $954,000 total purchase price for the remaining 50% ownership interest. Balance sheet information for our current operating segments follow: (dollars in thousands) May 1, 2022 May 2, 2021 segment assets mattress fabrics accounts receivable $ 9,865 $ 20,427 inventory 39,028 30,047 property, plant, and equipment 38,731 (1) 41,694 (2) right of use assets 3,469 (3) 4,278 (4) total mattress fabrics assets 91,093 96,446 upholstery fabrics accounts receivable 12,361 17,299 inventory 27,529 25,870 property, plant, and equipment 2,030 (5) 1,495 (6) right of use assets 8,124 (7) 5,945 (8) total upholstery fabrics assets 50,044 50,609 total segment assets 141,137 147,055 non-segment assets cash and cash equivalents 14,550 37,009 short-term investments – available for sale — 5,542 short-term investments – held-to-maturity — 3,161 current income taxes receivable 857 — deferred income taxes 528 545 other current assets 2,986 3,852 property, plant, and equipment (9) 941 814 right of use assets (10) 3,984 1,507 intangible assets 2,628 3,004 long-term investments - held-to-maturity — 1,141 long-term investments - rabbi trust 9,357 8,415 other assets 595 2,035 total assets $ 177,563 $ 214,080 (dollars in thousands) 2022 2021 2020 capital expenditures (11): mattress fabrics $ 3,383 $ 6,226 $ 3,475 upholstery fabrics 1,032 347 348 discontinued operation — — 135 unallocated corporate 1,406 332 675 total capital expenditures $ 5,821 $ 6,905 $ 4,633 depreciation expense mattress fabrics $ 6,200 $ 6,014 $ 6,712 upholstery fabrics 794 832 765 discontinued operation — — 350 total depreciation expense $ 6,994 $ 6,846 $ 7,827 (1) The $38.7 million as of May 1, 2022, represents property, plant, and equipment of $25.6 million, $12.4 million, and $757,000 located in the U.S., Canada, and Haiti, respectively. (2) The $41.7 million as of May 2, 2021, represents property, plant, and equipment of $28.8 million, $12.0 million, and $855,000 located in the U.S., Canada, and Haiti, respectively. (3) The $3.5 million as of May 1, 2022, represents right of use assets of $2.0 million, $1.2 million, and $291,000 located in Haiti, the U.S., and Canada, respectively. (4) The $4.3 million as of May 2, 2021, represents right of use assets of $2.4 million, $1.4 million, and $400,000 located in Haiti, the U.S., and Canada, respectively. (5) The $2.0 million as of May 1, 2022, represents property, plant, and equipment of $1.0 million, $756,000, and $255,000 located in the U.S., Haiti, and China, respectively. (6) The $1.5 million as of May 2, 2021, represents property, plant, and equipment of $1.1 million and $420,000 located in the U.S. and China, respectively. (7) The $8.1 million as of May 1, 2022, represents right of use assets of $3.7 million, $2.6 million, and $1.8 million located in China, Haiti, and the U.S., respectively. (8) The $5.9 million as of May 2, 2021, represents right of use assets of $5.0 million and $952,000 located in China and the U.S., respectively. (9) The $941,000 as of May 1, 2022, and $814,000 as of May 2, 2021, represent property, plant, and equipment associated with unallocated corporate departments and corporate departments shared by both the mattress fabrics and upholstery fabrics segments located in the U.S. (10) The $4.0 million as of May 1, 2022, and $1.5 million as of May 2, 2021, represents right of use assets located in the U.S. associated with unallocated corporate departments and corporate departments shared by both the mattress fabrics and upholstery fabrics segments located in the U.S. (11) Capital expenditure amounts are stated on an accrual basis. See the Consolidated Statement of Cash Flows for capital expenditure amounts on a cash basis.

General and Summary of Signif_4

General and Summary of Significant Accounting Policies - Narrative (Detail)		9 Months Ended	12 Months Ended
		Jan. 31, 2021	May 01, 2022 USD ($) Segment	May 02, 2021 USD ($)	May 03, 2020 USD ($)	Feb. 01, 2021	Jun. 22, 2018	Jan. 01, 2017
Organization And Summary Of Significant Accounting Policies [Line Items]
Number of Operating Segments | Segment			2
Short-term investments (Available-for-Sale)				$ 5,500,000
Long-term investments (Rabbi Trust)			$ 9,357,000	8,415,000
Amortized cost of held-to-maturity investments				4,300,000
Fair value of held-to-maturity investments				4,300,000
Advertising costs, discontinued operations					$ 1,700,000
Advertising costs, continuing operations			0	0	0
Interest costs incurred on lines of credit			17,000	51,000	190,000
Interest costs incurred, discontinued operations					84,000
Interest costs incurred, continuing operations			17,000	51,000	106,000
Interest cost capitalized			0	0	0
Asset impairment charges			0	0	33,914,000
Asset impairment charges	[1]				13,712,000
Goodwill - continuing operations			$ 0	0
Dividends received deduction percentage for earnings and profits received from foreign corporation			100%
Dividends received deduction, foreign corporation ownership percentage			10%
Selling, general and administrative expenses			$ 35,415,000	37,756,000	34,424,000
ASU 2019-12 [Member]
Organization And Summary Of Significant Accounting Policies [Line Items]
Change in Accounting Principle, Accounting Standards Update, Adopted [true false]			true
Change in Accounting Principle, Accounting Standards Update, Adoption Date			May 03, 2021
Change in Accounting Principle, Accounting Standards Update, Immaterial Effect [true false]			true
Shipping and Handling [Member]
Organization And Summary Of Significant Accounting Policies [Line Items]
Selling, general and administrative expenses			$ 4,300,000	3,900,000	4,000,000
Discontinued Operations [Member] | eLuxury [Member]
Organization And Summary Of Significant Accounting Policies [Line Items]
Asset impairment charges from discontinued operations	[2]				20,202,000
Asset impairment charges					20,200,000
Goodwill [Member]
Organization And Summary Of Significant Accounting Policies [Line Items]
Asset impairment charges					27,200,000
Trade Names [Member]
Organization And Summary Of Significant Accounting Policies [Line Items]
Asset impairment charges					6,700,000
Asset impairment charges					$ 143,000
Short-term Investments (Available-for-Sale) [Member]
Organization And Summary Of Significant Accounting Policies [Line Items]
Unrealized gain (loss) on investments				24,000
Long-term investments (Rabbi Trust) [Member]
Organization And Summary Of Significant Accounting Policies [Line Items]
Unrealized gain (loss) on investments			$ 32,000	$ 122,000
CIH [Member]
Organization And Summary Of Significant Accounting Policies [Line Items]
Acquisition of additional ownership percentage				50%		50%
Majority ownership percentage acquired						100%
Equity method investment, ownership percentage								50%
Percentage of share earnings and losses		50%			50%
eLuxury [Member]
Organization And Summary Of Significant Accounting Policies [Line Items]
Majority ownership percentage acquired							80%
[1]During fiscal 2020, we incurred asset impairment charges totaling $13.7 million, of which $13.6 million and $143,000 pertained to goodwill and a tradename associated with Read, respectively. Of this $13.7 million, $11.5 million and $2.2 million pertained to the mattress fabrics segment and upholstery fabrics segment, respectively.[2] During fiscal 2020, we recorded asset impairment charges totaling $20.2 million, of which $13.6 million and $6.6 million pertained to the goodwill and tradename, respectively. See Notes 8, 9, and 15 of the notes to the consolidated financial statements for further details of our assessments that resulted in the impairment of the goodwill and tradename associated with this discontinued operation.

General and Summary of Signif_5

General and Summary of Significant Accounting Policies - Summary of Cash and Cash Equivalents by Geographic Area (Detail) - USD ($) $ in Thousands	May 01, 2022	May 02, 2021
cash and cash equivalents	$ 14,550	$ 37,009
United States [Member]
cash and cash equivalents	4,430	24,621
China [Member]
cash and cash equivalents	9,502	10,635
Canada [Member]
cash and cash equivalents	267	1,525
Haiti [Member]
cash and cash equivalents	341	220
Cayman Islands [Member]
cash and cash equivalents	$ 10	$ 8

General and Summary of Signif_6

General and Summary of Significant Accounting Policies - Summary of Foreign Currency Exchange (Losses) Gains by Geographic Area (Detail) - USD ($) $ in Thousands	12 Months Ended
	May 01, 2022	May 02, 2021	May 03, 2020
Foreign Currency Exchange Gain And Loss [Line Items]
Foreign currency exchange gains (losses)	$ (132)	$ (1,411)	$ (96)
China [Member]
Foreign Currency Exchange Gain And Loss [Line Items]
Foreign currency exchange gains (losses)	(104)	(1,389)	42
Canada [Member]
Foreign Currency Exchange Gain And Loss [Line Items]
Foreign currency exchange gains (losses)	$ (28)	$ (22)	$ (138)

Business Combination Achieved_3

Business Combination Achieved in Stages - Narrative (Detail)		3 Months Ended	12 Months Ended
	Feb. 01, 2021 USD ($) ft²	May 02, 2021 USD ($)	May 01, 2022 USD ($)	May 02, 2021 USD ($)	May 03, 2020 USD ($)	Jan. 01, 2017
Business Acquisition [Line Items]
Net sales related to inventory shipments in supply agreement		$ 379,000	$ 1,600,000
Charges related to rebate agreement		$ 25,000	73,000
income (loss) from investment in unconsolidated joint venture				$ 31,000	$ (125,000)
CIH [Member]
Business Acquisition [Line Items]
Equity method investment, ownership percentage						50%
Acquisition of additional ownership percentage	50%	50%		50%
Area of additional plant facility | ft²	120,000
Date of acquisition	Feb. 01, 2021
Consideration transferred	$ 2,678,000
Payment for acquisition	954,000
Fair value of previously held ownership interest	$ 1,700,000
Majority ownership percentage acquired	100%
Gain loss on remeasurement of previously held ownership interest	$ 0
Gain on bargain purchase	819,000
Revenue		$ 379,000
Net income (loss)		$ (2,000)
CIH [Member] | Selling, General and Administrative Expenses [Member]
Business Acquisition [Line Items]
Business acquisition related costs				$ 30,000
CIH [Member] | Mattress Fabrics [Member]
Business Acquisition [Line Items]
Consideration transferred	2,700,000
Fair value of the identifiable assets acquired, and liabilities assumed	$ 3,500,000
Gain on bargain purchase			$ 819,000
CIH [Member] | Minimum [Member] | Equipment and Leasehold Improvements [Member]
Business Acquisition [Line Items]
Property, plant and equipment, remaining useful life			1 year
CIH [Member] | Maximum [Member] | Equipment and Leasehold Improvements [Member]
Business Acquisition [Line Items]
Property, plant and equipment, remaining useful life			10 years

Business Combination Achieved_4

Business Combination Achieved in Stages - Schedule of Allocation of Consideration Transferred to Assets Acquired And Liabilities Assumed (Detail) - CIH [Member] $ in Thousands	Feb. 01, 2021 USD ($)
Business Acquisition [Line Items]
Cash and cash equivalents	$ 62
Accounts receivable	169
Inventory	31
Right of use assets	2,544
Equipment and leasehold improvements	846
Accounts payable	(155)
Gain on bargain purchase	(819)
Consideration transferred	$ 2,678

Business Combination Achieved_5

Business Combination Achieved in Stages - Schedule of Unaudited Pro Forma Consolidated Results of Operations (Detail) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	May 02, 2021	May 03, 2020
Business Combinations [Abstract]
Net Sales	$ 300,995	$ 256,960
Income (loss) from continuing operations	12,138	(7,820)
Net income (loss) from continuing operations	2,430	(11,283)
Net loss from discontinued operation		(17,509)
Net income (loss)	$ 2,430	$ (28,792)
net income (loss) from continuing operations per share-basic	$ 0.20	$ (0.91)
net income (loss) from continuing operations per share-diluted	0.20	(0.91)
net loss from discontinued operation per share-basic		(1.41)
net loss from discontinued operation per share-diluted		(1.41)
Net income (loss) per share - basic	0.20	(2.33)
Net income (loss) per share - diluted	$ 0.20	$ (2.33)

Home Accessories Segment - Narr

Home Accessories Segment - Narrative (Detail) - USD ($)				1 Months Ended	3 Months Ended	12 Months Ended
	Jan. 12, 2022	Mar. 31, 2020	Jun. 22, 2018	May 03, 2020	Feb. 02, 2020	May 01, 2022	May 02, 2021	May 03, 2020
Discontinued Operations [Line Items]
Non-cash loss on disposal of discontinued operation								$ (1,606,000)
Leases, monthly payments						$ 2,954,000	$ 2,634,000	2,524,000
eLuxury [Member]
Discontinued Operations [Line Items]
Noncontrolling interest			20%
eLuxury [Member]
Discontinued Operations [Line Items]
Payment associated with loans held for sale		$ 509,500
Amount of settlement of borrowings payable by eLuxury under the agreement		300,000
Amount of loan, borrowers agreed to repay after closing of sale transaction		$ 1,000,000
Disposal group loan amount closing period after sale transaction		30 days
Outstanding trade accounts payable due from disposal group		$ 613,000
Trade accounts payable, repayment period		60 days
Loss on disposal of discontinued operation before income tax		$ 1,900,000
Net sales and cost of sales related to inventory shipments				$ 7,000		$ 103,000	$ 331,000
Net sales and cost of sales related to inventory shipments	$ 150,000
eLuxury [Member] | Discontinued Operations [Member]
Discontinued Operations [Line Items]
Net cash (used in) provided by operating activities discontinued operations								(2,300,000)
Net cash (used in) provided by investing activities discontinued operation								134,000
Net cash (used in) provided by financing activities discontinued operations								2,400,000
Loss on disposal of discontinued operation before income tax								1,900,000
Non-cash loss on disposal of discontinued operation								1,600,000
Cash held by former noncontrolling interests								285,000
eLuxury [Member]
Discontinued Operations [Line Items]
Majority ownership percentage acquired			80%
Loss on disposal of discontinued operation before income tax		$ 1,900,000
Contingent consideration arrangement, description						The Equity Agreement related to the acquisition of our ownership interest in eLuxury contained a contingent consideration arrangement that required us to pay the seller, who was also the owner of the noncontrolling interest, an earn-out payment based on a multiple of adjusted EBITDA, as defined in the Equity Agreement, for the twelve-month period ending August 31, 2021, less $12.0 million.
Contingent consideration arrangement, basis for amount						We recorded a contingent liability at the acquisition date for this earn-out obligation at its fair value totaling $5.6 million based on the Black Scholes pricing model.
Reversal of contingent consideration, earn-out obligation					$ 6,100,000
Disposal date		Mar. 31, 2020
Net sales and cost of sales related to inventory shipments								$ 968,000
Unpaid lease payments guarantees percentage							70%
Lease agreement expiry date							2024-09
Leases, monthly payments							$ 18,865
eLuxury [Member] | Shareholders' equity attributable to Culp Inc. [Member]
Discontinued Operations [Line Items]
Net income (loss) allocation percentage			70%
eLuxury [Member] | Non-Controlling Interest [Member]
Discontinued Operations [Line Items]
Net income (loss) allocation percentage			30%

Home Accessories Segment - Summ

Home Accessories Segment - Summary of Disposal of Discontinued Operation on Consolidated Balance Sheet (Detail) - Discontinued Operations Disposed by Sale [Member] - eLuxury [Member] $ in Thousands	Mar. 31, 2020 USD ($)
current assets:
cash and cash equivalents	$ 285
accounts receivable	588
inventories	3,344
other current assets	170
total current assets held for sale - discontinued operation	4,387
property, plant, and equipment	1,694
right of use assets	918
total noncurrent assets held for sale - discontinued operation	2,612
total assets	6,999
current liabilities:
accounts -payable trade	1,394
operating lease liability - current	195
accrued expenses	351
total current liabilities held for sale - discontinued operation	1,940
loan payable - Culp Inc.	1,500
subordinated loan payable - noncontrolling interest	925
operating lease liability - long-term	743
total noncurrent liabilities held for sale - discontinued operation	3,168
total liabilities	5,108
total net assets of discontinued operation	$ 1,891

Home Accessories Segment - Su_2

Home Accessories Segment - Summary of Loss from Discontinued Operation on Consolidated Statements of Net Income (Loss) (Detail) $ in Thousands	12 Months Ended
	May 03, 2020 USD ($)
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
loss before income taxes from discontinued operation	$ (17,577)
income tax benefit	68
net loss from discontinued operation	(17,509)
Discontinued Operations [Member] | eLuxury [Member]
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
net sales	13,763
cost of sales	(10,953)
gross profit	2,810
selling, general and administrative expenses	(4,100)
asset impairments	(20,202)	[1]
reversal of contingent consideration - earn-out obligation	5,856	[2]
interest expense	(84)	[3]
other income	34
loss from discontinued operation related to major classes of loss before income taxes	(15,686)
loss on disposal of discontinued operation	(1,891)	[4]
loss before income taxes from discontinued operation	(17,577)
income tax benefit	68
net loss from discontinued operation	$ (17,509)
[1] During fiscal 2020, we recorded asset impairment charges totaling $20.2 million, of which $13.6 million and $6.6 million pertained to the goodwill and tradename, respectively. See Notes 8, 9, and 15 of the notes to the consolidated financial statements for further details of our assessments that resulted in the impairment of the goodwill and tradename associated with this discontinued operation. See separate section below titled “Contingent Consideration” for further details. Interest expense is directly attributable to our discontinued operation as it pertains to loans payable assumed by the buyer, (the noncontrolling interest) or required to be paid to Culp Inc. based on the terms of the sale agreement.

Home Accessories Segment - Su_3

Home Accessories Segment - Summary of Loss from Discontinued Operation on Consolidated Statements of Net Income (Loss) (Parenthetical) (Detail) $ in Thousands	12 Months Ended
	May 03, 2020 USD ($)
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Asset impairment charges	$ 13,712	[1]
Discontinued Operations [Member] | eLuxury [Member]
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Asset impairment charges	20,200
Impairment charges of goodwill	13,600
Impairment charges of tradename	$ 6,600
[1]During fiscal 2020, we incurred asset impairment charges totaling $13.7 million, of which $13.6 million and $143,000 pertained to goodwill and a tradename associated with Read, respectively. Of this $13.7 million, $11.5 million and $2.2 million pertained to the mattress fabrics segment and upholstery fabrics segment, respectively.

Home Accessories Segment - Su_4

Home Accessories Segment - Summary of Net Loss from Continuing Operations, Net Loss from Discontinued Operation, and Net Loss Attributable to Common Shareholders and Noncontrolling Interest (Detail) - USD ($) $ in Thousands	12 Months Ended
	May 01, 2022	May 02, 2021	May 03, 2020
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
net loss from continuing operations	$ (3,211)	$ 3,218	$ (11,158)
net loss from discontinued operation			(17,509)
net (loss) income	$ (3,211)	$ 3,218	(28,667)
Discontinued Operations [Member] | eLuxury [Member]
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
net loss from continuing operations			(11,158)
net loss from continuing operations attributable to Culp Inc. common shareholders			(11,158)
net loss from discontinued operation			(17,509)
net loss from discontinued operation attributable to noncontrolling interest			4,674
net loss from discontinued operation attributable to Culp Inc. common shareholders			(12,835)
net (loss) income			(28,667)
net loss from noncontrolling interest			4,674
net loss attributable to Culp Inc. common shareholders			$ (23,993)

Accounts Receivable - Summary o

Accounts Receivable - Summary of Accounts Receivable (Detail) - USD ($) $ in Thousands	May 01, 2022	May 02, 2021	May 03, 2020	Apr. 28, 2019
Accounts, Notes, Loans and Financing Receivable [Line Items]
customers	$ 22,613	$ 38,455
Accounts receivable, net	22,226	37,726
Allowance for doubtful accounts [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Valuation allowance, balance	(292)	(591)	$ (472)	$ (393)
Allowance for cash discounts [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Valuation allowance, balance	(74)	(124)
Allowance for sales returns and allowances [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Valuation allowance, balance	$ (21)	$ (14)

Accounts Receivable - Allowance

Accounts Receivable - Allowance for Doubtful Accounts (Detail) - Allowance for doubtful accounts [Member] - USD ($) $ in Thousands	12 Months Ended
	May 01, 2022	May 02, 2021	May 03, 2020
Valuation and Qualifying Accounts Disclosure [Line Items]
beginning balance	$ (591)	$ (472)	$ (393)
provision for bad debts	74	(119)	(79)
write-offs, net of recoveries	225
ending balance	$ (292)	$ (591)	$ (472)

Accounts Receivable - Narrative

Accounts Receivable - Narrative (Detail) - USD ($) $ in Thousands	May 01, 2022	May 02, 2021	May 03, 2020	Apr. 28, 2019
Allowance for doubtful accounts [Member]
Valuation and Qualifying Accounts Disclosure [Line Items]
Allowance for doubtful accounts	$ 292	$ 591	$ 472	$ 393

Accounts Receivable - Allowan_2

Accounts Receivable - Allowance for Returns and Allowances and Discounts (Detail) - Reserve for returns and allowances and discounts [Member] - USD ($) $ in Thousands	12 Months Ended
	May 01, 2022	May 02, 2021	May 03, 2020
Valuation and Qualifying Accounts Disclosure [Line Items]
beginning balance	$ (138)	$ (84)	$ (226)
provision for returns and allowances and discounts	(1,386)	(1,665)	(1,603)
credits issued and discounts taken	1,429	1,611	1,745
ending balance	$ (95)	$ (138)	$ (84)

Revenue from Contracts with C_3

Revenue from Contracts with Customers - Narrative (Detail)	12 Months Ended
	May 01, 2022 USD ($) Segment	May 02, 2021 USD ($)	May 03, 2020 USD ($)
Contract Assets and Liabilities [Line Items]
Number of operating segments | Segment	2
net sales	$ 294,839,000	$ 299,720,000	$ 256,166,000
Contract assets recognized	$ 0	$ 0
Minimum [Member]
Contract Assets and Liabilities [Line Items]
Contract with customers credit period	15 days
Maximum [Member]
Contract Assets and Liabilities [Line Items]
Contract with customers credit period	60 days
Discontinued Operations [Member] | Home Accessories [Member]
Contract Assets and Liabilities [Line Items]
net sales			$ 13,800,000

Revenue from Contracts with C_4

Revenue from Contracts with Customers - Summary of the activity for deferred revenue (Detail) - USD ($) $ in Thousands	12 Months Ended
	May 01, 2022	May 02, 2021
Revenue From Contract With Customer [Abstract]
Beginning Balance	$ 540	$ 502
Revenue recognized on contract liabilities	(3,434)	(2,459)
Payments received for services not yet rendered	3,414	2,497
Ending Balance	$ 520	$ 540

Revenue from Contracts with C_5

Revenue from Contracts with Customers - Disaggregation of Revenue (Detail) - USD ($) $ in Thousands	12 Months Ended
	May 01, 2022	May 02, 2021	May 03, 2020
Disaggregation of Revenue [Line Items]
Total Net Sales	$ 294,839	$ 299,720	$ 256,166
Transferred at Point in Time [Member] | Product [Member]
Disaggregation of Revenue [Line Items]
Total Net Sales	285,781	291,172	245,566
Transferred over Time [Member] | Services [Member]
Disaggregation of Revenue [Line Items]
Total Net Sales	9,058	8,548	10,600
Mattress Fabrics [Member]
Disaggregation of Revenue [Line Items]
Total Net Sales	152,159	157,671	131,412
Mattress Fabrics [Member] | Transferred at Point in Time [Member] | Product [Member]
Disaggregation of Revenue [Line Items]
Total Net Sales	152,159	157,671	131,412
Upholstery Fabrics [Member]
Disaggregation of Revenue [Line Items]
Total Net Sales	142,680	142,049	124,754
Upholstery Fabrics [Member] | Transferred at Point in Time [Member] | Product [Member]
Disaggregation of Revenue [Line Items]
Total Net Sales	133,622	133,501	114,154
Upholstery Fabrics [Member] | Transferred over Time [Member] | Services [Member]
Disaggregation of Revenue [Line Items]
Total Net Sales	$ 9,058	$ 8,548	$ 10,600

Inventories - Summary of Invent

Inventories - Summary of Inventories (Detail) - USD ($) $ in Thousands	May 01, 2022	May 02, 2021
Inventory Disclosure [Abstract]
raw materials	$ 13,477	$ 7,742
work-in-process	4,237	3,156
finished goods	48,843	45,019
Inventories	$ 66,557	$ 55,917

Summary of Property, Plant and

Summary of Property, Plant and Equipment (Detail) - USD ($) $ in Thousands	12 Months Ended
	May 01, 2022	May 02, 2021
Property, Plant and Equipment [Line Items]
land and improvements	$ 947	$ 937
buildings and improvements	31,628	31,205
leasehold improvements	3,474	2,884
machinery and equipment	67,827	65,258
data processing equipment and software	8,706	8,261
office furniture and equipment	1,643	1,313
capital projects in progress	613	3,077
property, plant and equipment, gross	114,838	112,935
accumulated depreciation	(73,136)	(68,932)
property, plant and equipment, net	$ 41,702	$ 44,003
Land and Land Improvements [Member] | Minimum [Member]
Property, Plant and Equipment [Line Items]
depreciable lives	0 years
Land and Land Improvements [Member] | Maximum [Member]
Property, Plant and Equipment [Line Items]
depreciable lives	10 years
Building and Building Improvements [Member] | Minimum [Member]
Property, Plant and Equipment [Line Items]
depreciable lives	7 years
Building and Building Improvements [Member] | Maximum [Member]
Property, Plant and Equipment [Line Items]
depreciable lives	40 years
Leasehold Improvements [Member]
Property, Plant and Equipment [Line Items]
depreciable lives	Shorter of life of lease or useful life.
Machinery and Equipment [Member] | Minimum [Member]
Property, Plant and Equipment [Line Items]
depreciable lives	3 years
Machinery and Equipment [Member] | Maximum [Member]
Property, Plant and Equipment [Line Items]
depreciable lives	15 years
Data Processing Equipment and Software [Member] | Minimum [Member]
Property, Plant and Equipment [Line Items]
depreciable lives	3 years
Data Processing Equipment and Software [Member] | Maximum [Member]
Property, Plant and Equipment [Line Items]
depreciable lives	7 years
Office Furniture and Equipment [Member] | Minimum [Member]
Property, Plant and Equipment [Line Items]
depreciable lives	3 years
Office Furniture and Equipment [Member] | Maximum [Member]
Property, Plant and Equipment [Line Items]
depreciable lives	10 years

Intangible Assets - Summary of

Intangible Assets - Summary of Intangible Assets (Detail) - USD ($) $ in Thousands	May 01, 2022	May 02, 2021	May 03, 2020	Apr. 28, 2019
Intangible Assets [Line Items]
Tradenames	$ 540	$ 540	$ 540	$ 7,232
Intangible assets	2,628	3,004
Customer Relationships [Member]
Intangible Assets [Line Items]
Finite-lived intangible assets, net	1,636	1,937	2,238	2,538
Non-Compete Agreement [Member]
Intangible Assets [Line Items]
Finite-lived intangible assets, net	$ 452	$ 527	$ 602	$ 678

Intangible Asset - Tradename (D

Intangible Asset - Tradename (Detail) $ in Thousands	12 Months Ended
	May 03, 2020 USD ($)
Finite Lived Intangible Assets [Line Items]
Beginning balance	$ 7,232
Ending balance	540
Continuing Operations [Member]
Finite Lived Intangible Assets [Line Items]
loss on impairment	(143)
Discontinued Operations [Member]
Finite Lived Intangible Assets [Line Items]
Beginning balance	6,600
loss on impairment	$ (6,549)

Intangible Assets - Narrative (

Intangible Assets - Narrative (Detail) - USD ($)	3 Months Ended		12 Months Ended
	May 03, 2020	Feb. 02, 2020	May 01, 2022	May 02, 2021	May 03, 2020	Apr. 28, 2019
Intangible Assets [Line Items]
Asset impairment charges			$ 0	$ 0	$ 33,914,000
Tradenames	$ 540,000		540,000	540,000	540,000	$ 7,232,000
Gross carrying amount of customer relationships			3,100,000	3,100,000
Gross carrying amount of non-compete agreement			2,000,000	2,000,000
Customer Relationships [Member]
Intangible Assets [Line Items]
Accumulated amortization			1,500,000	1,200,000
Remaining amortization expense for the fiscal year			301,000
Remaining amortization expense for the second fiscal year			301,000
Remaining amortization expense for the third fiscal year			301,000
Remaining amortization expense for the fourth fiscal year			301,000
Remaining amortization expense for the fifth fiscal year			278,000
Remaining amortization expense for the fiscal year thereafter			$ 154,000
Weighted average remaining amortization period			5 years 8 months 12 days
Customer Relationships [Member] | Minimum [Member]
Intangible Assets [Line Items]
Useful life			9 years
Customer Relationships [Member] | Maximum [Member]
Intangible Assets [Line Items]
Useful life			17 years
Non-Compete Agreement [Member]
Intangible Assets [Line Items]
Useful life			15 years
Accumulated amortization			$ 1,600,000	$ 1,500,000
Remaining amortization expense for the fiscal year			76,000
Remaining amortization expense for the second fiscal year			76,000
Remaining amortization expense for the third fiscal year			76,000
Remaining amortization expense for the fourth fiscal year			76,000
Remaining amortization expense for the fifth fiscal year			75,000
Remaining amortization expense for the fiscal year thereafter			$ 73,000
Weighted average remaining amortization period			6 years
Continuing Operations [Member]
Intangible Assets [Line Items]
Impairment charge					143,000
Continuing Operations [Member] | Read Window Products, LLC [Member]
Intangible Assets [Line Items]
Tradenames						683,000
Impairment charge					143,000
Discontinued Operations [Member]
Intangible Assets [Line Items]
Tradenames						$ 6,600,000
Impairment charge					6,549,000
Discontinued Operations [Member] | eLuxury [Member] | Home Accessories [Member]
Intangible Assets [Line Items]
Impairment charge	$ 4,200,000	$ 2,400,000			$ 6,600,000

Intangible Assets - Summary o_2

Intangible Assets - Summary of Change in Carrying Amount of Finite-Lived Intangible Assets (Detail) - USD ($) $ in Thousands	12 Months Ended
	May 01, 2022	May 02, 2021	May 03, 2020
Customer Relationships [Member]
Finite Lived Intangible Assets [Line Items]
Beginning balance	$ 1,937	$ 2,238	$ 2,538
Amortization expense	(301)	(301)	(300)
Ending balance	1,636	1,937	2,238
Non-Compete Agreement [Member]
Finite Lived Intangible Assets [Line Items]
Beginning balance	527	602	678
Amortization expense	(75)	(75)	(76)
Ending balance	$ 452	$ 527	$ 602

Goodwill - Summary of Change in

Goodwill - Summary of Change in Carrying Amount of Goodwill (Detail) $ in Thousands	12 Months Ended
	May 03, 2020 USD ($)
Goodwill [Line Items]
beginning balance	$ 27,222
Continuing Operations [Member]
Goodwill [Line Items]
loss on impairment	(13,569)
Discontinued Operations [Member]
Goodwill [Line Items]
loss on impairment	$ (13,653)

Goodwill - Narrative (Detail)

Goodwill - Narrative (Detail) - USD ($)		3 Months Ended		12 Months Ended
		May 03, 2020	Feb. 02, 2020	May 03, 2020	May 01, 2022	May 02, 2021	Apr. 28, 2019
Goodwill [Line Items]
goodwill					$ 0	$ 0
Asset impairment charges	[1]			$ 13,712,000
Continuing Operation [Member]
Goodwill [Line Items]
goodwill							$ 13,600,000
Asset impairment charges				13,600,000
Continuing Operation [Member] | Mattress Fabrics [Member]
Goodwill [Line Items]
goodwill							11,500,000
Continuing Operation [Member] | Upholstery Fabrics [Member]
Goodwill [Line Items]
goodwill							2,100,000
Discontinued Operations [Member]
Goodwill [Line Items]
goodwill							$ 13,600,000
Asset impairment charges		$ 2,400,000	$ 11,200,000	$ 13,600,000
[1]During fiscal 2020, we incurred asset impairment charges totaling $13.7 million, of which $13.6 million and $143,000 pertained to goodwill and a tradename associated with Read, respectively. Of this $13.7 million, $11.5 million and $2.2 million pertained to the mattress fabrics segment and upholstery fabrics segment, respectively.

Accrued Expenses - Summary of A

Accrued Expenses - Summary of Accrued Expenses (Detail) - USD ($) $ in Thousands	May 01, 2022	May 02, 2021
Payables And Accruals [Abstract]
compensation and related benefits	$ 4,248	$ 9,816
other	3,584	5,023
Accrued expenses	$ 7,832	$ 14,839

Lines of Credit - Narrative (De

Lines of Credit - Narrative (Detail)		12 Months Ended
	Jun. 24, 2022 USD ($)	May 01, 2022 USD ($)	May 02, 2021 USD ($)	May 03, 2020 USD ($)	May 01, 2022 CNY (¥)
Revolving Credit Facility [Member] | United States [Member]
Line Of Credit Facility [Line Items]
Maximum borrowing capacity		$ 30,000,000
Expiration date		Aug. 15, 2022
Maximum amount of letters of credit		$ 1,000,000
Applicable interest rate at end of period		2.40%	1.71%		2.40%
Interest rate description		Interest was charged under the Credit Agreement at a rate as a variable spread over LIBOR based on our ratio of debt to EBITDA.
Reference rate on which the interest rate is based		LIBOR
Percentage of common stock in subsidiary pledge as collateral		65%
Letters of credit, outstanding amount		$ 275,000	$ 275,000
Outstanding amount		0	0
Interest paid during the year		10,000	60,000	$ 124,000
Revolving Credit Facility [Member] | United States [Member] | Subsequent Event [Member]
Line Of Credit Facility [Line Items]
Maximum borrowing capacity	$ 40,000,000
Maximum amount of letters of credit	$ 1,000,000
Expiration month year	2025-06
Minimum tangible net worth	$ 100,000,000
Percentage of minimum annual net income	50%
EBITDA to net interest expense ratio	3
Minimum access to liquidity amount	$ 15,000,000
Revolving Credit Facility [Member] | United States [Member] | Subsequent Event [Member] | Secured Overnight Financing Rate (SOFR) [Member]
Line Of Credit Facility [Line Items]
Debt instrument, basis spread on interest rate	1.35%
Revolving Credit Facility [Member] | United States [Member] | Subsequent Event [Member] | Minimum [Member] | Secured Overnight Financing Rate (SOFR) [Member]
Line Of Credit Facility [Line Items]
Debt instrument, basis spread on interest rate	1.35%
Revolving Credit Facility [Member] | United States [Member] | Subsequent Event [Member] | Maximum [Member] | Secured Overnight Financing Rate (SOFR) [Member]
Line Of Credit Facility [Line Items]
Debt instrument, basis spread on interest rate	2.50%
Revolving Credit Facility [Member] | United States [Member] | Letters of Credit [Member]
Line Of Credit Facility [Line Items]
Remaining letters of credit		725,000
Revolving credit agreements [Member] | China [Member] | Chinese Yuan Renminbi [Member]
Line Of Credit Facility [Line Items]
Maximum borrowing capacity		$ 6,100,000			¥ 40,000,000
Expiration date		Nov. 15, 2022
Interest rate description		This agreement has an interest rate determined by the Chinese government at the time of borrowing
Outstanding amount		$ 0	0
Revolving credit agreements [Member] | China [Member] | United States Dollar [Member]
Line Of Credit Facility [Line Items]
Maximum borrowing capacity		$ 2,000,000
Expiration date		Aug. 30, 2022
Interest rate description		The interest rate regarding this agreement is determined by the Chinese government at the time of borrowing.
Outstanding amount		$ 0	$ 0

Income Taxes - Allocation of In

Income Taxes - Allocation of Income Tax Expense (Detail) - USD ($) $ in Thousands	12 Months Ended
	May 01, 2022	May 02, 2021	May 03, 2020
Income Tax Disclosure [Abstract]
(loss) income from continuing operations	$ 2,886	$ 7,693	$ 3,354
loss from discontinued operation			(68)
Total income tax expense	$ 2,886	$ 7,693	$ 3,286

Income Taxes - Income Tax Expen

Income Taxes - Income Tax Expense (Detail) - USD ($) $ in Thousands	12 Months Ended
	May 01, 2022	May 02, 2021	May 03, 2020
current
federal		$ (17)
state	$ 2	3	$ 7
foreign	2,156	4,151	4,248
uncertain income tax positions	37	(204)	725
current income tax expense	2,195	3,933	4,980
deferred
federal	1,121	(1,933)	(1,875)
state	47	(80)	(103)
2017 Tax Cuts and Jobs Act		(3,674)
undistributed earnings – foreign subsidiaries	76	112	(114)
U.S. Federal & State carryforwards and credits	(971)	451	974
uncertain income tax positions	(380)	380	(380)
foreign	615	(22)	(247)
valuation allowance	183	8,526	119
deferred income tax expense	691	3,760	(1,626)
income tax expense	$ 2,886	$ 7,693	$ 3,354

Income Taxes - (Loss) Income be

Income Taxes - (Loss) Income before Income Taxes Related to Foreign and U.S. Operations (Detail) - USD ($) $ in Thousands	12 Months Ended
	May 01, 2022	May 02, 2021	May 03, 2020
Income Taxes [Line Items]
income (loss) before income taxes, foreign	$ 7,320	$ 15,583	$ 6,919
income before income taxes	(325)	10,880	(7,679)
China [Member]
Income Taxes [Line Items]
income (loss) before income taxes, foreign	6,998	10,007	8,316
Canada [Member]
Income Taxes [Line Items]
income (loss) before income taxes, foreign	1,302	4,764	(1,391)
Haiti [Member]
Income Taxes [Line Items]
income (loss) before income taxes, foreign	(980)	817
Cayman Islands [Member]
Income Taxes [Line Items]
income (loss) before income taxes, foreign		(5)	(6)
United States [Member]
Income Taxes [Line Items]
income (loss) before income taxes, domestic	$ (7,645)	$ (4,703)	$ (14,598)

Income Taxes - Differences Betw

Income Taxes - Differences Between Income Tax Expense from Continuing Operations at Federal Income Tax Rate and Effective Income Tax Rate (Detail)		12 Months Ended
		May 01, 2022	May 02, 2021	May 03, 2020
Income Tax Disclosure [Abstract]
U.S. federal income tax rate		21%	21%	21%
valuation allowance		(56.30%)	78.40%	(1.60%)
income tax effects of the 2017 Tax Cuts and Jobs Act			(33.8)
global intangible low taxed income tax (GILTI)		(540.90%)		(19.00%)
foreign tax rate differential		(206.20%)	10.90%	(5.40%)
income tax effects of Chinese foreign exchange gains and losses		(20.60%)	(8.40%)	(5.00%)
withholding taxes associated with foreign tax jurisdictions		(172.80%)	7.70%	(16.00%)
uncertain income tax positions		105.4	1.6	(4.8)
U.S. state income taxes		21.50%	0.30%	0.40%
stock-based compensation		(3.30%)	0.30%	(0.30%)
gain on bargain purchase			(1.60%)
income tax effects of impairment of nondeductible goodwill				(11.30%)
other	[1]	(35.80%)	(5.70%)	(1.70%)
Consolidated Effective Income Tax Rate	[2]	(888.00%)	70.70%	(43.70%)
[1]“Other” for all periods presented represents miscellaneous adjustments that pertain to U.S. permanent differences such as meals and entertainment and income tax provision to return adjustments.[2]Our consolidated effective income tax rates for all fiscal years presented were negatively affected by the mix of consolidated (loss) income before income taxes from continuing operations, as significant pre-tax losses have been incurred by our U.S. operations and almost all our taxable income was earned by our foreign operations located in China and Canada, which have higher income tax rates than the U.S. As a result, income tax expense incurred stems from taxable income from our foreign jurisdictions that exceeds our consolidated (loss) income before income taxes from continuing operations. Accordingly, the extent of the fluctuations in our consolidated effective income tax rates is dependent on the extent income tax expense incurred from our foreign operations compares with our consolidated (loss) income before income taxes from continuing operations that has been significantly lowered by our U.S. operations.

Income Taxes - Deferred Tax Ass

Income Taxes - Deferred Tax Assets and Liabilities (Detail) - USD ($) $ in Thousands		May 01, 2022	May 02, 2021	May 03, 2020	Apr. 28, 2019
deferred tax assets:
accounts receivable		$ 227	$ 362
inventories		2,020	2,019
compensation		2,437	3,284
liabilities and other		28	23
intangible assets and goodwill		536	690
property, plant, and equipment	[1]	199	202
operating lease liability		1,297	836
foreign income tax credits - U.S.		783	783
loss carryforwards – U.S.		8,373	7,533
valuation allowance - U.S.		(11,857)	(11,674)	$ (3,148)	$ (748)
total deferred tax assets		4,043	4,058
deferred tax liabilities:
undistributed earnings on foreign subsidiaries		(3,586)	(3,521)
unrecognized tax benefits – U.S.			(380)
property, plant and equipment	[2]	(4,292)	(3,968)
right of use assets		(1,520)	(855)
other		(121)	(119)
total deferred tax liabilities		(9,519)	(8,843)
Net deferred liabilities		$ (5,476)	$ (4,785)
[1]Pertains to the company’s operations located in China.[2]Pertains to the company’s operations located in the U.S. and Canada.

Income Taxes - Deferred Income

Income Taxes - Deferred Income Taxes - Narrative (Detail) - USD ($) $ in Thousands	12 Months Ended
	May 01, 2022	May 02, 2021
Income Taxes [Line Items]
foreign income tax credits - U.S.	$ 783	$ 783
U.S. foreign income tax credits, expiration period	10 years
U.S. Federal Tax Authorities [Member]
Income Taxes [Line Items]
Operating Loss Carryforwards	$ 23,700
Operating loss carryforwards, related future tax benefits	5,000
U.S. State and Local Jurisdiction [Member]
Income Taxes [Line Items]
Operating Loss Carryforwards	28,000
Operating loss carryforwards, related future tax benefits	$ 1,000
U.S. State and Local Jurisdiction [Member] | Earliest Tax Year [Member]
Income Taxes [Line Items]
Operating Loss Carry forwards Expiration Year	2023
U.S. State and Local Jurisdiction [Member] | Latest Tax Year [Member]
Income Taxes [Line Items]
Operating Loss Carry forwards Expiration Year	2043
U.S. Foreign [Member] | Earliest Tax Year [Member]
Income Taxes [Line Items]
Operating Loss Carry forwards Expiration Year	2026
U.S. Foreign [Member] | Latest Tax Year [Member]
Income Taxes [Line Items]
Operating Loss Carry forwards Expiration Year	2028

Income Taxes - GILTI - Narrativ

Income Taxes - GILTI - Narrative (Detail) - USD ($) $ in Thousands		3 Months Ended	12 Months Ended
		Aug. 02, 2020	May 01, 2022	May 02, 2021	May 03, 2020
Income Taxes [Line Items]
U.S. federal income tax rate			21%	21%	21%
Income tax charge (Benefit)			$ 2,886	$ 7,693	$ 3,354
Effective income tax rate	[1]		(888.00%)	70.70%	(43.70%)
GILTI [Member]
Income Taxes [Line Items]
Income tax charge of during period					$ 1,900
Non-cash income tax benefit		$ 3,600		$ 3,600
GILTI [Member] | Valuation Allowance, Net Deferred Tax Assets [Member]
Income Taxes [Line Items]
Income tax charge (Benefit)		$ 7,000		$ 7,000
GILTI [Member] | China [Member]
Income Taxes [Line Items]
Minimum effective income tax rate required to meet the high-tax exception provision			18.90%
Income tax charge (Benefit)			$ 1,800
GILTI [Member] | China [Member] | Valuation Allowance, Net Deferred Tax Assets [Member]
Income Taxes [Line Items]
Income tax charge (Benefit)			$ (1,800)
GILTI [Member] | Canada [Member]
Income Taxes [Line Items]
Minimum effective income tax rate required to meet the high-tax exception provision			18.90%
GILTI [Member] | Haiti [Member]
Income Taxes [Line Items]
Minimum effective income tax rate required to meet the high-tax exception provision			18.90%
Effective income tax rate			0%
GILTI [Member] | Haiti [Member] | Economic Zone
Income Taxes [Line Items]
Effective income tax rate			0%
Income tax rate exemption for available period			first fifteen years
Income tax rate exemption for remaining period			10 years
GILTI [Member] | High Tax Exception
Income Taxes [Line Items]
Minimum percentage of high tax exception foreign effective income tax rate to current year earnings of us federal income tax rate				90%
U.S. federal income tax rate				21%
Minimum effective income tax rate required to meet the high-tax exception provision				18.90%
[1]Our consolidated effective income tax rates for all fiscal years presented were negatively affected by the mix of consolidated (loss) income before income taxes from continuing operations, as significant pre-tax losses have been incurred by our U.S. operations and almost all our taxable income was earned by our foreign operations located in China and Canada, which have higher income tax rates than the U.S. As a result, income tax expense incurred stems from taxable income from our foreign jurisdictions that exceeds our consolidated (loss) income before income taxes from continuing operations. Accordingly, the extent of the fluctuations in our consolidated effective income tax rates is dependent on the extent income tax expense incurred from our foreign operations compares with our consolidated (loss) income before income taxes from continuing operations that has been significantly lowered by our U.S. operations.

Income Taxes - Deferred Incom_2

Income Taxes - Deferred Income Taxes - Valuation Allowance - Narrative (Detail) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Aug. 02, 2020	May 01, 2022	May 02, 2021	May 03, 2020
Income Taxes [Line Items]
Income tax charge		$ 2,886	$ 7,693	$ 3,354
Valuation Allowance, Net Deferred Tax Assets [Member] | GILTI [Member]
Income Taxes [Line Items]
Income tax charge	$ 7,000		$ 7,000

Income Taxes - Summary of Valua

Income Taxes - Summary of Valuation Allowances Against U.S. Net Deferred Income Tax Assets (Detail) - USD ($) $ in Thousands	May 01, 2022	May 02, 2021	May 03, 2020	Apr. 28, 2019
Valuation Allowance [Line Items]
Valuation allowance	$ 11,857	$ 11,674	$ 3,148	$ 748
U.S. Capital Loss Carry Forwards and Credits [Member]
Valuation Allowance [Line Items]
Valuation allowance	2,330	2,330
U.S. Federal and State [Member] | Deferred Income Tax Assets [Member]
Valuation Allowance [Line Items]
Valuation allowance	$ 9,527	$ 9,344

Income Taxes - Summary of Chang

Income Taxes - Summary of Change in Valuation Allowances Against U.S. Net Deferred Income Tax Assets (Detail) - USD ($) $ in Thousands		12 Months Ended
		May 01, 2022	May 02, 2021	May 03, 2020
Income Tax Disclosure [Abstract]
beginning balance		$ 11,674	$ 3,148	$ 748
change in judgement of beginning of year U.S. valuation allowance	[1]		6,964
change in valuation allowance associated with current year earnings		1,640	1,004
establishment of valuation allowance	[2]			2,281
change in estimate during current year	[3]	(1,457)	558	119
ending balance		$ 11,857	$ 11,674	$ 3,148
[1]Refer to the above Assessment within the section titled Deferred Income Taxes – Valuation Allowance

Income Taxes - Summary of Cha_2

Income Taxes - Summary of Change in Valuation Allowances Against U.S. Net Deferred Income Tax Assets (Parenthetical) (Detail) - U.S. Federal Tax Authorities [Member] $ in Millions	May 01, 2022 USD ($)
Valuation Allowance [Line Items]
Capital loss carryforwards	$ 10.9
Capital loss carryforward, related future tax benefits	$ 2.3

Income Taxes - Deferred Incom_3

Income Taxes - Deferred Income Taxes - Undistributed Earnings from Foreign Subsidiaries - Narrative (Detail) - USD ($) $ in Thousands	12 Months Ended
	May 01, 2022	May 02, 2021
Income Tax Disclosure [Abstract]
Dividends received deduction percentage for earnings and profits received from foreign corporation	100%
Dividends received deduction, foreign corporation ownership percentage	10%
Deferred tax liability, undistributed earnings from foreign subsidiaries	$ 3,586	$ 3,521

Income Taxes - Unrecognized Tax

Income Taxes - Unrecognized Tax Benefit (Detail) - USD ($) $ in Thousands	12 Months Ended
	May 01, 2022	May 02, 2021	May 03, 2020
Income Tax Disclosure [Abstract]
beginning balance	$ 1,444	$ 1,269	$ 903
increases from prior period tax positions	114	249	106
decreases from prior period tax positions	(77)	(74)	(85)
lapse of applicable statute of limitations	(380)
increases from current period tax positions			434
decreases from current period tax positions			(89)
ending balance	$ 1,101	$ 1,444	$ 1,269

Income Taxes - Uncertainty in I

Income Taxes - Uncertainty in Income Taxes - Narrative (Detail) - USD ($)	May 01, 2022	May 02, 2021	May 03, 2020	Apr. 28, 2019
Income Taxes [Line Items]
Unrecognized tax benefits	$ 1,101,000	$ 1,444,000	$ 1,269,000	$ 903,000
Unrecognized tax benefits that would favorably impact effective income tax rate if recognized	1,100,000	1,100,000
Gross amount of interest and penalties due to unrecognized tax benefits	125,000	165,000
Non-current Deferred Income Taxes [Member]
Income Taxes [Line Items]
Unrecognized tax benefits		380,000
Income Taxes Payable - Long-Term [Member]
Income Taxes [Line Items]
Unrecognized tax benefits	$ 1,100,000	$ 1,100,000

Income Taxes - Summary of Incom

Income Taxes - Summary of Income Taxes Paid (Refunded) (Detail) - USD ($) $ in Thousands		6 Months Ended	12 Months Ended
		Nov. 01, 2020	May 01, 2022	May 02, 2021	May 03, 2020
Income Taxes [Line Items]
United States Federal - Alternative Minimum Tax (AMT) credit refunds		$ 1,500
Total income tax payments, net			$ 3,100	$ 2,998	$ 4,995
Domestic Tax Authority | United States [Member]
Income Taxes [Line Items]
United States Federal - Alternative Minimum Tax (AMT) credit refunds	[1]			(1,510)
United States Transition Tax Payment			266	226
Foreign Tax Authority | China [Member]
Income Taxes [Line Items]
Total income tax payments, net			2,036	2,076	2,559
China - Withholding Taxes Associated with Earnings and Profits Distribution to U.S. Parent			487	798	838
Foreign Tax Authority | Canada [Member]
Income Taxes [Line Items]
Total income tax payments, net			$ 311	$ 1,408	$ 1,598
[1]In accordance with the provisions of the TCJA, we elected to treat our prior AMT credit carryforward balance of $1.5 million as refundable. We received refunds totaling $1.5 million in two separate installments totaling $746,000 and $764,000 during the first and second quarters of fiscal 2021, respectively.

Income Taxes - Summary of Inc_2

Income Taxes - Summary of Income Taxes Paid (Refunded) (Parenthetical) (Detail)	3 Months Ended		6 Months Ended
	Nov. 01, 2020 USD ($)	Aug. 02, 2020 USD ($)	Nov. 01, 2020 USD ($) Installment
Income Tax Disclosure [Abstract]
United States Federal - Alternative Minimum Tax (AMT) credit refunds			$ 1,500,000
Number of separate installments | Installment			2
AMT credit carryforward remaining refundable balance amount received	$ 764,000	$ 746,000

Commitments and Contingencies -

Commitments and Contingencies - Lessee Operating Lease Right of Use Assets and Liabilities (Detail) - USD ($) $ in Thousands	May 01, 2022	May 02, 2021
Assets And Liabilities Lessee [Abstract]
Right of use assets	$ 15,577	$ 11,730
Operating lease liability - current	3,219	2,736
Operating lease liability – noncurrent	$ 7,062	$ 6,821

Commitments and Contingencies_2

Commitments and Contingencies - Operating Leases of Lessee Disclosure (Detail) - USD ($) $ in Thousands	12 Months Ended
	May 01, 2022	May 02, 2021	May 03, 2020
Lessee Disclosure [Abstract]
Operating lease liability payments	$ 2,954	$ 2,634	$ 2,524
Right of use assets exchanged for lease liabilities	$ 3,762	$ 8,014	$ 344

Commitments and Contingencies_3

Commitments and Contingencies - Narrative (Detail)	12 Months Ended
	May 01, 2022 USD ($) ft²	May 02, 2021 USD ($)	May 03, 2020 USD ($)
Commitments and Contingencies Disclosure [Line Items]
Accounts payable for capital expenditures	$ 473,000	$ 348,000
Former Home Accessories Segment [Member] | Loss From Discontinued Operations [Member]
Commitments and Contingencies Disclosure [Line Items]
Operating lease costs			$ 204,000
Mattress Fabrics [Member]
Commitments and Contingencies Disclosure [Line Items]
Area of facility | ft²	65,886
Rental payments	$ 148,000	151,000	157,000
Mattress Fabrics [Member] | Capital Addition Purchase Commitments [Member]
Commitments and Contingencies Disclosure [Line Items]
Open purchase commitments for equipment	580,000
Continuing Operation [Member]
Commitments and Contingencies Disclosure [Line Items]
Operating lease costs	3,900,000	2,900,000	2,600,000
Short-term lease costs	$ 68,000	$ 55,000	$ 148,000

Commitments and Contingencies_4

Commitments and Contingencies - Weighted Average Lease Term and Discount Rate (Detail)	May 01, 2022	May 02, 2021
Lessee Disclosure [Abstract]
Weighted average lease term	3 years 3 months 14 days	4 years 4 months 9 days
Weighted average discount rate	1.77%	2.41%

Commitments and Contingencies_5

Commitments and Contingencies - Lessee Operating Lease Liability Maturity (Detail) $ in Thousands	May 01, 2022 USD ($)
Lessee Disclosure [Abstract]
2023	$ 3,367
2024	2,986
2025	1,945
2026	493
2027	457
Thereafter	1,409
Total	10,657
Less: interest	(376)
Present value of lease liabilities	$ 10,281

Stock-Based Compensation - Narr

Stock-Based Compensation - Narrative (Detail) - USD ($)	12 Months Ended
	May 01, 2022	May 02, 2021	May 03, 2020	Sep. 16, 2015
Time Based Restricted Stock Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Remaining unrecognized compensation cost	$ 1,100,000
Weighted average period over which unrecognized compensation cost is expected to be recognized	1 year 7 months 6 days
Fair value of units expected to vest	$ 1,400,000
Performance Based Restricted Stock Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Remaining unrecognized compensation cost	$ 2,000
Weighted average period over which unrecognized compensation cost is expected to be recognized	2 months 12 days
Fair value of units expected to vest	$ 1,000
Selling, General and Administrative Expenses [Member] | Time Based Restricted Stock Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	893,000	$ 614,000	$ 220,000
Selling, General and Administrative Expenses [Member] | Performance Based Restricted Stock Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	(81,000)	357,000	114,000
Selling, General and Administrative Expenses [Member] | Common Stock Awards [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 321,000	$ 280,000	$ 280,000
2015 Equity Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of common stock authorized for issuance				1,200,000
Number of shares available for future equity based grants	577,349

Stock-Based Compensation - Time

Stock-Based Compensation - Time Based Restricted Stock Unit Activity (Detail) - Time Vested Restricted Stock Awards [Member] - shares	12 Months Ended
	May 01, 2022	May 02, 2021	May 03, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
outstanding at beginning of year	174,295	44,399	10,000
granted	37,991	129,896	34,399
forfeited	(2,002)
outstanding at end of year	210,284	174,295	44,399

Stock-Based Compensation - Summ

Stock-Based Compensation - Summary of Grants of Time-Based Restricted Stock Unit Awards Associated with Key Member of Management (Detail) - Time-Based Restricted Stock Units [Member] - Senior Executives and Management [Member] - $ / shares		Jul. 22, 2021	Aug. 06, 2020	Jul. 18, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted Stock Awarded		37,991	129,896	34,399
Price Per Share	[1]	$ 14.75	$ 11.01	$ 18.49
Vesting Period		3 years	3 years	3 years
[1]Price per share represents closing price of our common stock on the date the respective award was granted.

Stock-Based Compensation - Su_2

Stock-Based Compensation - Summary of Assumptions Used to Determine Fair Value of Performance Based Restricted Stock Units (Detail) - Performance Based Restricted Stock Units [Member] - Senior Executives [Member] - $ / shares		Jul. 22, 2021	Jul. 18, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Closing price of our common stock		$ 14.75	$ 18.49
Expected volatility of our common stock		54.20%	30%
Risk-free interest rate		0.33%	1.73%
Dividend yield		3%	2.10%
Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility of peer companies	[1]	45.70%	29.90%
Correlation coefficient of peer companies	[1]	0.03%	0%
Maximum [ Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility of peer companies	[1]	101.50%	82.30%
Correlation coefficient of peer companies	[1]	0.35%	0.43%
[1]The expected volatility and correlation coefficient of our peer companies for the July 22, 2021, and July 18, 2019, grant dates were based on peer companies that were approved by the Compensation Committee of our board of directors as an aggregate benchmark for determining the market-based total shareholder return component. Therefore, we disclosed ranges of the expected volatility and correlation coefficient for the companies that represented this peer group.

Stock-Based Compensation - Su_3

Stock-Based Compensation - Summary of Grants of Performance Based Restricted Stock Units Associated with Senior Executives and Key Employees (Detail) - Performance Based Restricted Stock Units [Member] - $ / shares		Jul. 22, 2021		Jul. 18, 2019
Senior Executives [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted Stock Units Awarded	[1],[2]	122,476		93,653
Restricted Stock Units Expected to Vest	[2],[3]			727
Price Per Share	[2]	$ 15.93	[4]	$ 19.04	[5]
Vesting Period	[2]	3 years		3 years
Key Employees [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted Stock Units Awarded	[1],[6]	20,500		29,227
Restricted Stock Units Expected to Vest	[3],[6]			435
Price Per Share	[6],[7]	$ 14.75		$ 18.49
Vesting Period	[6]	3 years		3 years
[1]Amounts represent the maximum number of common stock shares that could be earned if certain performance targets are met, as defined in the related restricted stock unit award agreements.[2]Performance-based restricted stock units awarded to certain senior executives.[3]Compensation cost is based on an assessment each reporting period to determine the probability of whether or not certain performance targets will be met and how many shares are expected to be earned as of the end of the vesting period. These amounts represent the number of shares that are expected to vest as of May 1, 2022.[4]Price per share represents the fair market value per share ($1.08 per $1, or an increase of $1.18 to the closing price of our common stock on the date of grant) determined using the Monte Carlo simulation model for the market-based total shareholder return component and the closing price of our common stock ($14.75) for the performance-based component of the performance-based restricted stock units granted to senior executives on July 22, 2021.[5]Price per share represents the fair market value per share ($1.03 per $1, or an increase of $0.55 to the closing price of our common stock on the date of grant) determined using the Monte Carlo simulation model for the market-based total shareholder return component and the closing price of our common stock ($ 18.49 ) for the performance-based component of the performance-based restricted stock units granted to certain senior executives on July 18, 2019 .

Stock-Based Compensation - Su_4

Stock-Based Compensation - Summary of Grants of Performance Based Restricted Stock Units Associated with executive officers and Key Employees (Parenthetical) (Detail) - Performance Based Restricted Stock Units [Member] - Senior Executives [Member] - $ / shares	Jul. 22, 2021	Jul. 18, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value adjustment to closing price of common stock, percentage	108%	103%
Fair value adjustment to closing price of common stock, per share	$ 1.18	$ 0.55
Closing price of common stock	$ 14.75	$ 18.49

Stock-Based Compensation - Su_5

Stock-Based Compensation - Summary of Vested Performance Based Restricted Stock Units (Detail) - Performance Based Restricted Stock Units [Member] - USD ($) $ / shares in Units, $ in Thousands		12 Months Ended
		May 01, 2022	May 02, 2021	May 03, 2020
Senior Executives [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance-Based Restricted Stock Units Vested	[1]	5,051	3,277
Weighted Average Fair Value	[1],[2]	$ 87	$ 33
Price Per Share	[1],[3]	$ 17.14	$ 9.96
Key Employees [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance-Based Restricted Stock Units Vested	[1]	5,812	3,710
Weighted Average Fair Value	[1],[2]	$ 100	$ 37
Price Per Share	[1],[3]	$ 17.14	$ 9.96
Senior Executives and Key Employees [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance-Based Restricted Stock Units Vested	[1]			11,351
Weighted Average Fair Value	[1],[2]			$ 197
Price Per Share	[1],[3]			$ 17.36
Non-employee [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance-Based Restricted Stock Units Vested	[4]			4,961
Weighted Average Fair Value	[2],[4]			$ 86
Price Per Share	[3],[4]			$ 17.36
[1]Senior executives and key employees.[2]Dollar amounts are in thousands.[3]The weighted average price per share is derived from the closing prices of our common stock on the dates the respective performance-based restricted stock units vested.[4]Non-employee

Stock-Based Compensation - Su_6

Stock-Based Compensation - Summary of Grants of Common Stock to Outside Directors (Detail) - Common Stock Awards [Member] - Outside Directors [Member] - Immediate Vesting [Member] - $ / shares		1 Months Ended			4 Months Ended			7 Months Ended			10 Months Ended
		May 01, 2022	May 02, 2021	May 03, 2020	May 01, 2022	May 02, 2021	May 03, 2020	May 01, 2022	May 02, 2021	May 03, 2020	May 01, 2022	May 02, 2021	May 03, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common Stock Awarded		10,562	4,467	10,511	8,357	4,563	4,972	6,426	5,193	4,519	4,312	7,000	3,659
Price Per Share	[1]	$ 7.93	$ 15.67	$ 6.66	$ 10.02	$ 15.34	$ 14.08	$ 13.03	$ 13.48	$ 15.49	$ 16.24	$ 10	$ 19.21
[1]Price per share represents closing price of our common stock on the date of grant.

Fair Value - Recurring Basis (D

Fair Value - Recurring Basis (Detail) - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Thousands	May 01, 2022	May 02, 2021
U.S. Government Money Market Fund [Member]
Assets:
Investments at fair value	$ 8,683
U.S. Government Money Market Fund [Member] | Quoted prices in active markets for identical assets - Level 1 [Member]
Assets:
Investments at fair value	8,683
Premier Money Market Fund [Member]
Assets:
Investments at fair value		$ 7,879
Premier Money Market Fund [Member] | Quoted prices in active markets for identical assets - Level 1 [Member]
Assets:
Investments at fair value		7,879
Short Term Bond Mutual Funds [Member]
Assets:
Investments at fair value		4,101
Short Term Bond Mutual Funds [Member] | Quoted prices in active markets for identical assets - Level 1 [Member]
Assets:
Investments at fair value		4,101
Short Duration Inflation Protected Mutual Fund [Member]
Assets:
Investments at fair value		722
Short Duration Inflation Protected Mutual Fund [Member] | Quoted prices in active markets for identical assets - Level 1 [Member]
Assets:
Investments at fair value		722
Mortgage Securities Mutual Fund [Member]
Assets:
Investments at fair value		719
Mortgage Securities Mutual Fund [Member] | Quoted prices in active markets for identical assets - Level 1 [Member]
Assets:
Investments at fair value		719
Growth Allocation Mutual Funds [Member]
Assets:
Investments at fair value	435	339
Growth Allocation Mutual Funds [Member] | Quoted prices in active markets for identical assets - Level 1 [Member]
Assets:
Investments at fair value	435	339
Moderate Allocation Mutual Fund [Member]
Assets:
Investments at fair value	81	86
Moderate Allocation Mutual Fund [Member] | Quoted prices in active markets for identical assets - Level 1 [Member]
Assets:
Investments at fair value	81	86
Other [Member]
Assets:
Investments at fair value	158	111
Other [Member] | Quoted prices in active markets for identical assets - Level 1 [Member]
Assets:
Investments at fair value	$ 158	$ 111

Fair Value - Nonrecurring Basis

Fair Value - Nonrecurring Basis (Detail) - Fair Value, Measurements, Nonrecurring [Member] - USD ($) $ in Thousands	Feb. 01, 2021	May 03, 2020
Trade Names [Member]
Assets:
Tradename		$ 540
Significant Unobservable Inputs - Level 3 [Member] | Trade Names [Member]
Assets:
Tradename		$ 540
CIH [Member]
Assets:
Right of use assets	$ 2,544
Equipment and leasehold improvements	846
Inventory	31
CIH [Member] | Significant Other Observable Inputs - Level 2 [Member]
Assets:
Right of use assets	2,544
CIH [Member] | Significant Unobservable Inputs - Level 3 [Member]
Assets:
Equipment and leasehold improvements	846
Inventory	$ 31

Fair Value - Narrative (Detail)

Fair Value - Narrative (Detail) - USD ($)		3 Months Ended	12 Months Ended
		Feb. 02, 2020	May 03, 2020	May 01, 2022	May 02, 2021	Apr. 28, 2019
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Goodwill				$ 0	$ 0
Asset impairment charges	[1]		$ 13,712,000
eLuxury [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Reversal of contingent consideration, earn-out obligation		$ 6,100,000
Discontinued Operations [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Impairment charges of goodwill			13,600,000
Asset impairment charges			20,200,000
Discontinued Operations [Member] | eLuxury [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Reversal of contingent consideration, earn-out obligation		$ 6,100,000
Trade Names [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Asset impairment charges			143,000
Trade Names [Member] | Discontinued Operations [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Impairment charges of tradename			6,600,000
Continuing Operations [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Impairment charges of goodwill			13,569,000
Goodwill						$ 13,600,000
Asset impairment charges			$ 13,600,000
[1]During fiscal 2020, we incurred asset impairment charges totaling $13.7 million, of which $13.6 million and $143,000 pertained to goodwill and a tradename associated with Read, respectively. Of this $13.7 million, $11.5 million and $2.2 million pertained to the mattress fabrics segment and upholstery fabrics segment, respectively.

Net (Loss) Income from Contin_3

Net (Loss) Income from Continuing Operations Per Share - Schedule of Weighted Average Shares Used in the Computation of Basic and Diluted Net (Loss) Income from Continuing Operations Per Share (Detail) - shares shares in Thousands	12 Months Ended
	May 01, 2022	May 02, 2021	May 03, 2020
Earnings Per Share [Abstract]
weighted-average common shares outstanding, basic	12,242	12,300	12,378
dilutive effect of stock-based compensation		22
weighted-average common shares outstanding, diluted	12,242	12,322	12,378

Net (Loss) Income from Contin_4

Net (Loss) Income from Continuing Operations Per Share - Narrative (Detail) - Common Stock Awards [Member] - shares	12 Months Ended
	May 01, 2022	May 02, 2021	May 03, 2020
Antidilutive securities due to decrease in stock price excluded from computation of earnings from continuing operations per share	18,281	2,175	19,388
Shares excluded from computation of diluted net loss from continuing operations per share	85,796		26,343

Benefit Plans (Detail)

Benefit Plans (Detail) - USD ($)	12 Months Ended
	May 01, 2022	May 02, 2021	May 03, 2020
Retirement Benefits [Abstract]
Contributions to defined contribution plans	$ 1,300,000	$ 1,200,000	$ 1,200,000
Contributions to nonqualified deferred compensation plan	212,000	143,000	$ 185,000
deferred compensation	9,343,000	8,365,000
long-term investments - rabbi trust	$ 9,357,000	$ 8,415,000

Segment Information - Internati

Segment Information - International Net Sales (Parenthetical) (Detail) - USD ($) $ in Thousands	12 Months Ended
	May 01, 2022	May 02, 2021	May 03, 2020
Revenues from External Customers and Long-Lived Assets [Line Items]
net sales	$ 294,839	$ 299,720	$ 256,166
Mexico [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
net sales	33,500	27,200	21,700
China [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
net sales	$ 26,900	$ 28,100	$ 21,400

Segment Information - Narrative

Segment Information - Narrative (Detail)	12 Months Ended
	May 01, 2022 Segment Customer	May 02, 2021 Customer	May 03, 2020 Customer
Segment Reporting Information [Line Items]
Number of operating segments | Segment	2
Concentration risk, labor subject to collective bargaining arrangements	The hourly employees associated with our manufacturing facility located in Canada (approximately 10% of our workforce) are represented by a local, unaffiliated union. The collective bargaining agreement for these employees expires on February 1, 2023. We are not aware of any efforts to organize any more of our employees, and we believe our relations with our employees are good.
Canada [Member]
Segment Reporting Information [Line Items]
Percentage of manufacturing facility workforce	10%
Currency Concentration Risk [Member] | Net Sales [Member] | USD [Member]
Segment Reporting Information [Line Items]
Concentration risk percentage	90%	91%	93%
Geographic Concentration Risk [Member] | Net Sales [Member] | International [Member]
Segment Reporting Information [Line Items]
Concentration risk percentage	31%	27%	26%
Customer Concentration Risk [Member] | Net Sales [Member] | Upholstery Fabrics [Member]
Segment Reporting Information [Line Items]
Concentration risk percentage	13%	13%	12%
Number of major customers	1	1	1
Customer Concentration Risk [Member] | Net Sales [Member] | Mattress Fabrics [Member] | Minimum [Member]
Segment Reporting Information [Line Items]
Concentration risk percentage	10%	10%	10%
Number of major customers	0	0	0
Customer Concentration Risk [Member] | Accounts Receivable [Member] | Upholstery Fabrics [Member] | Minimum [Member]
Segment Reporting Information [Line Items]
Concentration risk percentage	10%	10%
Number of major customers	0	0
Customer Concentration Risk [Member] | Accounts Receivable [Member] | Mattress Fabrics [Member]
Segment Reporting Information [Line Items]
Concentration risk percentage	10%	12%
Number of major customers	0	1

Segment Information - Interna_2

Segment Information - International Net Sales (Detail) - USD ($) $ in Thousands		12 Months Ended
		May 01, 2022	May 02, 2021	May 03, 2020
Revenues from External Customers and Long-Lived Assets [Line Items]
net sales		$ 294,839	$ 299,720	$ 256,166
North America (Excluding USA) [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
net sales	[1]	39,256	32,925	27,637
Far East and Asia [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
net sales	[2]	43,015	43,764	36,470
All Other Areas [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
net sales		8,114	5,558	2,986
International [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
net sales		$ 90,385	$ 82,247	$ 67,093
[1]Of this amount, $33.5 million, $27.2 million, and $21.7 million are attributable to shipments to Mexico in fiscal 2022, 2021, and 2020, respectively.[2]Of this amount $26.9 million, $28.1 million, and $21.4 million are attributable to shipments to China in fiscal 2022, 2021, and 2020, respectively.

Segment Information - Statement

Segment Information - Statement of Operations for Operating Segments (Detail) - USD ($) $ in Thousands		12 Months Ended
		May 01, 2022	May 02, 2021	May 03, 2020
Segment Reporting Information [Line Items]
net sales		$ 294,839	$ 299,720	$ 256,166
Gross profit from continuing operations		36,093	49,832	40,498
Selling, general and administrative expenses		35,415	37,756	34,424
(loss) income from continuing operations		678	12,076	(7,568)
asset impairments	[1]			(13,712)
restructuring credit				70
interest expense		(17)	(51)	(106)
interest income		373	244	897
gain on bargain purchase	[2]		819
other expense		(1,359)	(2,208)	(902)
(loss) income before income taxes from continuing operations		(325)	10,880	(7,679)
Upholstery Fabrics [Member]
Segment Reporting Information [Line Items]
net sales		142,680	142,049	124,754
asset impairments				(2,200)
Mattress Fabrics [Member]
Segment Reporting Information [Line Items]
net sales		152,159	157,671	131,412
asset impairments				(11,500)
Operating Segments [Member]
Segment Reporting Information [Line Items]
(loss) income from continuing operations		678	12,076	6,074
Operating Segments [Member] | Upholstery Fabrics [Member]
Segment Reporting Information [Line Items]
net sales		142,680	142,049	124,754
Gross profit from continuing operations		19,635	25,968	24,220
Selling, general and administrative expenses		14,009	14,092	14,353
(loss) income from continuing operations		5,626	11,876	9,867
Operating Segments [Member] | Mattress Fabrics [Member]
Segment Reporting Information [Line Items]
net sales		152,159	157,671	131,412
Gross profit from continuing operations		16,458	23,864	16,278
Selling, general and administrative expenses		12,246	12,066	11,354
(loss) income from continuing operations		4,212	11,798	4,924
Unallocated Corporate [Member]
Segment Reporting Information [Line Items]
Selling, general and administrative expenses		9,160	11,598	8,717
(loss) income from continuing operations		$ (9,160)	$ (11,598)	$ (8,717)
[1]During fiscal 2020, we incurred asset impairment charges totaling $13.7 million, of which $13.6 million and $143,000 pertained to goodwill and a tradename associated with Read, respectively. Of this $13.7 million, $11.5 million and $2.2 million pertained to the mattress fabrics segment and upholstery fabrics segment, respectively.[2]Effective February 1, 2021, we acquired the remaining fifty percent ownership interest in our former unconsolidated joint venture located in Haiti.  Pursuant to this transaction, we are now the sole owner with full control over this operation.  The gain on bargain purchase represents the net assets acquired from this transaction that exceeded the fair value of our previously held 50% ownership interest of $1.7 million and the $954,000 total purchase price for the remaining 50% ownership interest.

Segment Information - Stateme_2

Segment Information - Statement of Operations for Operating Segments (Parenthetical) (Detail) - USD ($)			12 Months Ended
		Feb. 01, 2021	May 03, 2020	May 02, 2021	Jan. 01, 2017
Segment Reporting Information [Line Items]
Asset impairments	[1]		$ 13,712,000
CIH [Member]
Segment Reporting Information [Line Items]
Acquisition of additional ownership percentage		50%		50%
Equity method investment, ownership percentage					50%
Fair value of previously held ownership interest		$ 1,700,000
CIH [Member]
Segment Reporting Information [Line Items]
Acquisition of additional ownership percentage		50%
Equity method investment, ownership percentage		50%
Payments to acquire additional ownership interest		$ 954,000
Continuing Operation [Member]
Segment Reporting Information [Line Items]
Asset impairments			13,600,000
Goodwill impairment charges			13,569,000
Mattress and Upholstery Fabric [Member] | Continuing Operation [Member]
Segment Reporting Information [Line Items]
Goodwill impairment charges			13,600,000
Mattress Fabrics [Member]
Segment Reporting Information [Line Items]
Asset impairments			11,500,000
Upholstery Fabrics [Member]
Segment Reporting Information [Line Items]
Asset impairments			2,200,000
Trade Names [Member]
Segment Reporting Information [Line Items]
Asset impairments			$ 143,000
[1]During fiscal 2020, we incurred asset impairment charges totaling $13.7 million, of which $13.6 million and $143,000 pertained to goodwill and a tradename associated with Read, respectively. Of this $13.7 million, $11.5 million and $2.2 million pertained to the mattress fabrics segment and upholstery fabrics segment, respectively.

Segment Information - Balance S

Segment Information - Balance Sheet Information by Operating Segments (Detail) - USD ($) $ in Thousands	12 Months Ended
	May 01, 2022	May 02, 2021	May 03, 2020
Segment Reporting Information [Line Items]
accounts receivable, net	$ 22,226	$ 37,726
inventory	66,557	55,917
property, plant, and equipment	41,702	44,003
right of use assets	15,577	11,730
total assets	177,563	214,080
cash and cash equivalents	14,550	37,009
short-term investments - held to maturity		3,161
current income taxes receivable	857
deferred income taxes	528	545
other current assets	2,986	3,852
intangible assets	2,628	3,004
long-term investments - held-to-maturity		1,141
long-term investments - rabbi trust	9,357	8,415
other assets	595	2,035
capital expenditures	5,821	6,905	$ 4,633
depreciation	6,994	6,846	7,827
Operating Segments [Member]
Segment Reporting Information [Line Items]
total assets	141,137	147,055
depreciation	6,994	6,846	7,827
Operating Segments [Member] | Mattress Fabrics [Member]
Segment Reporting Information [Line Items]
accounts receivable, net	9,865	20,427
inventory	39,028	30,047
property, plant, and equipment	38,731	41,694
right of use assets	3,469	4,278
total assets	91,093	96,446
capital expenditures	3,383	6,226	3,475
depreciation	6,200	6,014	6,712
Operating Segments [Member] | Upholstery Fabrics [Member]
Segment Reporting Information [Line Items]
accounts receivable, net	12,361	17,299
inventory	27,529	25,870
property, plant, and equipment	2,030	1,495
right of use assets	8,124	5,945
total assets	50,044	50,609
capital expenditures	1,032	347	348
depreciation	794	832	765
Operating Segments [Member] | Discontinued Operation [Member]
Segment Reporting Information [Line Items]
capital expenditures			135
depreciation			350
Unallocated Corporate [Member]
Segment Reporting Information [Line Items]
property, plant, and equipment	941	814
right of use assets	3,984	1,507
total assets	177,563	214,080
cash and cash equivalents	14,550	37,009
short-term investments – available for sale		5,542
short-term investments - held to maturity		3,161
current income taxes receivable	857
deferred income taxes	528	545
other current assets	2,986	3,852
intangible assets	2,628	3,004
long-term investments - held-to-maturity		1,141
long-term investments - rabbi trust	9,357	8,415
other assets	595	2,035
capital expenditures	$ 1,406	$ 332	$ 675

Segment Information - Balance_2

Segment Information - Balance Sheet Information by Operating Segments (Parenthetical) (Detail) - USD ($)	May 01, 2022	May 02, 2021
Segment Reporting Information [Line Items]
property, plant, and equipment	$ 41,702,000	$ 44,003,000
Right of use assets	15,577,000	11,730,000
Operating Segments [Member] | Mattress Fabrics [Member]
Segment Reporting Information [Line Items]
property, plant, and equipment	38,731,000	41,694,000
Right of use assets	3,469,000	4,278,000
Operating Segments [Member] | Upholstery Fabrics [Member]
Segment Reporting Information [Line Items]
property, plant, and equipment	2,030,000	1,495,000
Right of use assets	8,124,000	5,945,000
Operating Segments [Member] | United States [Member] | Mattress Fabrics [Member]
Segment Reporting Information [Line Items]
property, plant, and equipment	25,600,000	28,800,000
Right of use assets	1,200,000	1,400,000
Operating Segments [Member] | United States [Member] | Upholstery Fabrics [Member]
Segment Reporting Information [Line Items]
property, plant, and equipment	1,000,000	1,100,000
Right of use assets	1,800,000	952,000
Operating Segments [Member] | Canada [Member] | Mattress Fabrics [Member]
Segment Reporting Information [Line Items]
property, plant, and equipment	12,400,000	12,000,000
Right of use assets	291,000	400,000
Operating Segments [Member] | Haiti [Member] | Mattress Fabrics [Member]
Segment Reporting Information [Line Items]
property, plant, and equipment	757,000	855,000
Right of use assets	2,000,000	2,400,000
Operating Segments [Member] | Haiti [Member] | Upholstery Fabrics [Member]
Segment Reporting Information [Line Items]
property, plant, and equipment	756,000
Right of use assets	2,600,000
Operating Segments [Member] | China [Member] | Upholstery Fabrics [Member]
Segment Reporting Information [Line Items]
property, plant, and equipment	255,000	420,000
Right of use assets	3,700,000	5,000,000
Unallocated Corporate [Member]
Segment Reporting Information [Line Items]
property, plant, and equipment	941,000	814,000
Right of use assets	3,984,000	1,507,000
Unallocated Corporate [Member] | United States [Member]
Segment Reporting Information [Line Items]
property, plant, and equipment	941,000	814,000
Right of use assets	$ 4,000,000	$ 1,500,000

Statutory Reserves - Narrative

Statutory Reserves - Narrative (Detail) - Subisidiary [Member] - China [Member] $ in Millions	12 Months Ended
	May 01, 2022 USD ($)
Statutory Reserves [Line Items]
Percentage of net income required to be transferred to a statutory surplus reserve fund	10%
Maximum required percentage of statutory surplus reserve fund to registered capital	50%
Percentage of statutory surplus reserve fund to registered capital	50%
Statutory surplus reserve fund balance	$ 4.4
Minimum threshold percentage for statutory surplus reserve fund as percentage of registered capital, below which certain capital transactions are prohibited	25%

Common Stock Repurchase Progr_2

Common Stock Repurchase Program (Detail) - USD ($)	12 Months Ended
	May 01, 2022	May 02, 2021	May 03, 2020	Mar. 31, 2020
Stockholders Equity Note [Line Items]
Cost of common stock repurchase	$ 1,752,000		$ 1,680,000
Common Stock [Member]
Stockholders Equity Note [Line Items]
Common stock repurchased	121,688	0	142,496
Remaining authorized repurchase amount	$ 3,200,000
Stock Repurchase Program March 2020 [Member] | Common Stock [Member]
Stockholders Equity Note [Line Items]
Authorization amount for repurchase of common stock				$ 5,000,000
Stock Repurchase Program September 5, 2019 [Member] | Common Stock [Member]
Stockholders Equity Note [Line Items]
Common stock repurchased			142,496
Cost of common stock repurchase			$ 1,700,000

Dividend Program - Narrative (D

Dividend Program - Narrative (Detail) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	May 01, 2022	May 02, 2021	May 03, 2020
Dividends [Line Items]
Cash dividends paid	$ 5,511	$ 5,292	$ 5,075
Quarterly Dividend [Member]
Dividends [Line Items]
Cash dividends paid	$ 5,500	$ 5,300	$ 5,100
Quarterly Dividend [Member] | Minimum [Member]
Dividends [Line Items]
Cash dividend payment, per share	$ 0.11	$ 0.105	$ 0.10
Quarterly Dividend [Member] | Maximum [Member]
Dividends [Line Items]
Cash dividend payment, per share	$ 0.115	$ 0.11	$ 0.105