Shares of Culp surged after the company reported a swing to a profit in its latest quarter to kick off the new fiscal year.

The stock rose 17%, to $4.09, in post-market trading Wednesday, after ending the regular trading session up 2%. Through the close, shares are down 2% this year, and have tumbled 26% in the last 52 weeks.

The marketer of fabrics for bedding, upholstery and other applications recorded a fiscal first-quarter profit of $6 million, or 47 cents a share, up from a loss of $231,000, or 2 cents a share, from a year ago.

Net sales rose 6.5%, to $54 million.

Bedding revenue drove that growth rising 13% to $31.8 million from $28 million, despite there being one less week in the quarter, the company said. Revenue from the Culp's upholstery business declined 2% to $22.2 million from $22.6 million.

Culp also received a tariff refund of $6.9 million, and slashed its net debt position to $3.1 million from $10.9 million at the close of the prior fiscal year on May 3.

"We look at our first quarter results as more proof-of-concept that all of our work to integrate, restructure and optimize our platform is generating growth and profitability even in challenging conditions like those we continue to see across home furnishings," President and Chief Executive Officer Iv Culp said.

Due to macro-economic uncertainty and possible changes in global trade and tariffs the company said it would only provide limited forward guidance. It expects consistent sequential sales volumes in the second quarter, and that the pressured demand environment for home furnishings will continue.