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Knoll second-quarter earnings fall 40%

Wednesday 17 July 2013

Knoll's financial results have continued to be disappointing in recent quarters because of soft demand from government and financial-services clients. Known for its distinctive designs, the company also has been making efforts to diversify its business. It partly attributed the decline in its latest results to investment spending, which is intended to help with longer-term growth.
Knoll reported a profit of $7.9 million, or 17 cents a share, down from $13.1 million, or 28 cents a share, a year earlier. Excluding restructuring charges, the year-earlier earnings were 22 cents a share. Sales fell 3% to $214.3 million.
Gross margin narrowed to 32.6% from 33.7%.
Office sales, the biggest top-line contributor, dropped 3.8% to $148.1 million, which the company attributed to the decline in sales to governmental agencies. Meanwhile, studio segment sales fell 5.1% to $37.2 million amid weakness in Europe, and coverings sales were up 3.9% at $29 million on strength at its leather units.

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