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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.

Knoll Inc announces 1st quarter’s sales down 11%

Monday 23 April 2012

Knoll, Inc. today announced results for the first quarter ended 31 March 2012. Net sales were $196.7 million for the quarter, a decrease of 11.0% from first quarter of 2011. Operating profit for the quarter was $15.5 million, a decrease of 25.8% when compared with $20.9 million in the first quarter of 2011. Net income for the first quarter of 2012 was $7.3 million, a decrease of 20.7% when compared with the first quarter of 2011. Earnings per share were $0.15 for the quarter compared to $0.20 per share in the prior year. "As we had expected, the sales decline that we experienced in the first quarter of 2012 was a continuation of the trends that we saw in the fourth quarter of 2011," commented Andrew Cogan, CEO. "Lowered levels of government sales combined with significantly reduced purchases from a single financial services client caused our top-line decline. Outside of these two areas, commercial sales actually grew year on year. We believe that the worst of these declines are now behind us and are encouraged that improving fundamentals in terms of growing service sector employment, improving architectural billing data and our own internal indicators are supportive of a more positive back half outlook. Additionally, the integration of our recent Richard Schultz Design and FilzFelt acquisitions, plus the launch of our ReGeneration chair, should help drive growth in the latter half of the year."

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