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Herman Miller 2nd quarter results show strong sales and earnings growth.

Thursday 22 December 2011

Herman Miller, Inc. announced results for its second quarter to 3 December 2011 indicating net sales in the quarter of $445.6m; an increase of 8.1% compared to the second quarter of last year. Net sales were up 4.7% on the previous quarter.
Diluted earnings per share in the second quarter were $0.41 compared to $0.26 in the prior year period and $0.42 in the first quarter of this fiscal year. Brian Walker , Chief Executive Officer, stated, "Our results this quarter cap a solid first half of fiscal 2012. Our employee-owners continued to execute well, which enabled us to expand margins and earnings. In addition, we made progress on initiatives aimed at strengthening our brand and growing our business. All of this builds confidence in our long-term growth prospects. Reduced order momentum this past quarter reflected pockets of weakness in some customer sectors driven by a reduction in large order volume compared to last year. At the same time, we remain optimistic that some of today's economic headwinds are transient and opportunities for growth remain both here and abroad."
Sales within Herman Miller's North American reporting segment of $321.7 m were up 4.6% from the prior year. New orders in the second quarter totalled $306.2 m; reflecting a decrease of 13.0% from the same period last fiscal year. On a sequential basis, adjusted for the extra week of operations reported last quarter, segment sales increased 4.8% from the first quarter level. On this same basis, segment orders were down 4.7% sequentially.
The company's international operations were again a highlight this quarter, led by sales and order strength in the U.K. and Asia-Pacific region. The non-North American business segment reported net sales of $87.5 m for the quarter. This represents a 20.4% increase from the year ago period. New orders were also strong in the quarter, totalling $92.1m ; an increase of 25.4% from the second quarter of fiscal 2011. Adjusting for the extra week, segment sales increased 11.0% and orders were essentially flat relative to the first quarter of this fiscal year.
Walker concluded, "There's no question that our near-term business outlook is clouded by the tenuous health of the global economy. Regardless of what challenges we may face in the coming months, our collective focus at Herman Miller remains on driving success over the long run. I feel very good about the progress we're making on the building blocks of our strategy, and I'm as confident as ever in our ability to deliver long-term value to our customers, employees and shareholders."

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