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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 1st quarter’s results

Saturday 22 June 2013

Steelcase Inc.'s fiscal first-quarter net income was unchanged as the office furniture maker's revenue slipped and operating expenses rose. The Grand Rapids, Michigan company reported Wednesday after the market closed that it earned $13.2 million, or 10 cents per share, for the quarter that ended May 24, unchanged from the same months last year.
After adjusting for restructuring costs, it earned 13 cents per share in the most recent quarter. Sales revenues dipped 1% to $667.1 million from $675.2 million. The company said its sales were lower than expected because of the timing of shipments in the Americas and revenue shortfalls in France and Northern Europe. Analysts also predicted stronger revenue, of $689.9 million. Operating expenses rose 5 percent, to $185.1 million.
However, order growth in the Americas, the biggest region by revenue, was better than anticipated, said Steelcase CEO James Hackett in a statement. Steelcase said that it expects to earn between 22 and 26 cents per share for its current quarter on revenue between $760 million and $785 million. Analysts had forecast earnings of 26 cents per share and revenue of $771.3 million for the quarter through August. The shares of the company were hit, sinking as much as 11%.

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