Welcome to JSA Consultancy Services

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 falls 28% but demand returning to normal

Thursday 17 December 2009

Herman Miller Inc.\'s fiscal second-quarter profit fell 28%, but the office-furniture maker said it saw a return to normal demand trends during the quarter.
\"The relative strength of orders within our retail, health-care, and international entities was particularly encouraging. While we still have a long way to go, this order pacing is a welcomed indicator that market conditions are showing signs of improvement,\" Chief Financial Officer Greg Bylsma said, although he added that pricing pressure increased.
Demand for office furniture has slumped as businesses cut spending during the recession, but Herman Miller has seen signs of the market stabilizing. The company has consolidated manufacturing and repurchased higher-yield debt to improve its bottom line. It also moved into the health-care furniture business by acquiring Nemschoff Inc. in June.
For the quarter ended November 28, Herman Miller reported a profit of $9.6 million, or 17 cents a share, down from $32.6 million, or 60 cents a share, a year earlier. Excluding restructuring charges, per-share earnings were 20 cents in the latest period.
Revenue dropped 28% to $343.7 million.
Analysts estimated adjusted earnings of 20 cents on revenue of $334.5 million, according to a poll by Thomson Reuters.
Gross margin ticked down to 32.2% from 32.6%.
Orders dropped 19% from a year ago but were up 7.3% sequentially. Backlog was down 17% from a year earlier.
Herman Miller\'s shares were unchanged from the Wednesday close of $16.78. The stock has more than doubled in value from a 13-year low in March.

Subscribe to our News Page

Enter your email here and we will tell you when this page is updated.

 

 

moreLatest News

Tuesday 10 October 2017 Steelcase to invest $7.37M in Athens plant

ATHENS — Office furniture maker Steelcase plans a $7.37 million investment in equipment upgrades a

Thursday 5 October 2017 Andreu World wins the 2017 Red Dot Communication Design award

Andreu World receives a Red Dot award for the best brand communication Andreu World - internatio

Wednesday 27 September 2017 Australia’s Schiavello opens new showroom in Dubai

Building on 50 years of accomplishment in Australia, Schiavello, a leading furniture manufacturer, h

Thursday 14 September 2017 Steelcase Announces Relationship with FLOS Decorative LightingNew Collaboration Delivers Broad Choi

GRAND RAPIDS, Mich., Sept. 14, 2017 (GLOBE NEWSWIRE) -- Today Steelcase announces a relationship wit

Contact Us

JSA Consultancy Services
4-5 Gray’s Inn Square, Gray’s Inn,
London, WC1R 5AH, England


+44 (0) 20 7670 1510