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A business consultancy, based in London, England, John Sacks' JSA Consultancy Services provides expert, in-depth, information advice and guidance as to how to exploit successfully the office furniture and interiors markets in Europe, North America, Australasia and Japan.

Herman Miller profit for Q1 falls 75%

Thursday 17 September 2009

Office-furniture maker Herman Miller Inc posted a 75 percent drop in quarterly profit, weighed down by a decline in orders.

For the first quarter ended 29 August 2009, net income was $8.4 million, or 14 cents a share, compared with $33.4 million, or 60 cents a share, a year earlier.

Excluding items, the company, which recently acquired healthcare furnisher Nemschoff Inc, earned 22 cents a share.

Net sales slumped 32 percent to $324 million. Consolidated orders for the quarter declined 40 percent to $322.1 million.

Three analysts on average were expecting earnings of 19 cents a share, before special items, on revenue of $325.9 million, according to Reuters Estimates.

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