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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.

Steelcase reports 2nd quarter results – sales up 17%; profit up 34%

Wednesday 21 September 2011

Steelcase Inc. reported yesterday 2nd quarter sales to 31 August of $700.5 million (2010 $599.8m) and net income of $11.9 million. Sales were better than forecast, but profit per share was hit by a decrease in the cash surrender value of variable life company owned life insurance.
Sales from ongoing businesses was up 17% - the Americas showed 26% growth over last year. "Our Americas segment had an outstanding quarter, with its adjusted operating margin nearly reaching 10 percent," said James P. Hackett, president and CEO. "Growth was strong, with almost every vertical market in North America reporting double-digit revenue growth over prior year, and our new products continue to gain traction in the market."
Current quarter operating income of $25.4 m represents an improvement of $18.9 million over the prior year. Excluding restructuring costs, second quarter adjusted operating income of $37.7 million nearly doubled compared to prior year adjusted operating income of $19.5 million.
Mr. Hackett concluded, "Our outlook reflects moderating growth -- in part because we are beginning to compare our results to strong quarters in the prior year and also due to the broader economic uncertainty. However, we believe overall industry demand will continue to be influenced by companies that recognize the need to modernize their spaces to compete in the interconnected world. We believe Steelcase will continue to benefit from such demand as our insights into work, workers and workplaces -- and the solutions we have developed to address those insights -- continue to resonate with our key customers."

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