Culp Inc. reported fiscal first-quarter earnings on Wednesday afternoon according to a filing with the Securities and Exchange Commission, indicating a slower quarter compared to 2016.

The High Point-based mattress parts manufacturer reported earnings of $5 million for the first quarter, or 40 cents per share, down from last year’s $5.3 million, or 43 cents per share.

The results fell short of Wall Street’s predictions, with the average estimate for first-quarter earnings being 53 cents per share.

Net sales for the company were $79.5 million, down 1.4 percent compared to last year. Mattress fabrics sales dropped 4.2 percent while upholstery fabrics rose 3.2 percent.

The company’s shares closed Wednesday at $29.05, up 35 cents.

“During the quarter, our performance was affected by an uncertain and weak retail environment for home furnishings and other market disruptions specifically related to the mattress industry,” said Chief Executive Officer Frank Saxon in a statement.

Saxon also announced Culp will be acquiring a China-based mattress fabrics business, with the goal of expanding market penetration and building significant presence in China.

The business has annual revenue of $12 million and an annual profit of $2.5 million.