HIGH POINT — Fabric supplier Culp Inc.’s stock price rose sharply this week, but the company said it was unaware of any reason for the rise.


The stock hit a 52-week high on Thursday, July 6. Late in the day, it was trading at $6.35 per share, up nearly 40% from its closing price of $4.55 on June 28.

Culp reported its fourth-quarter earnings June 26, saying it had a smaller net loss in the latest period than it did a year earlier, and that its upholstery fabric segment showed its first operating profit in two years.

After it was contacted by the New York Stock Exchange inquiring about the sudden spike in the stock price, Culp issued a statement saying it was “unaware of any company developments since (its fourth quarter earnings release on June 26) that would account for the recent activity in its stock.”

The statement also said Culp was not currently contemplating any new business announcements.