shares of culp inc touched a 52week low thursday a day after the company said its board decided to suspend the quarterly cash dividend on common stock at 1110 am et the companys shares were trading 15 lower at 430 on the new york stock exchange earlier in the session the stock hit a 52week low of 426 iv culp the companys president and chief executive said preserving capital is in the best interests of the company to support growth opportunities and the longerterm interests of shareholders after the bell wednesday culp reported a fourthquarter loss of 49 cents a share on sales of 569 million in the yearago period the company reported earnings of 12 cents and sales of 791 million culp which markets mattress fabrics for bedding and upholstery fabrics for residential and commercial furniture said it continues to navigate headwinds including significant inflationary pressures that are affecting consumer spending a challenging labor market as well as covidrelated disruption in china and other geopolitical events culp said it expects net sales for the first quarter of fiscal 2023 to be comparable with the fourth quarter of fiscal 2022 mr culp said the company took several pricing and costreduction actions throughout the year and is taking additional measures to align its business to meet current demand trends and diligently manage our liquidity we are also planning to announce additional pricing action during the first quarter he said