Welcome to JSA Consultancy Services

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 Customer Order Delays Hurt Sales; French Plant Transfer

Sunday 28 December 2014

Business furniture manufacturer Steelcase Inc. (NYSE:SCS) reported third quarter revenue of $800 million, and net income of $11.8 million - up only slightly from the 2014 period.
Results were dragged down by delays in projects shipped to customers in the Americas, where revenue slipped $3.2 million, to $555.3 million, versus the year ago quarter.
Steelcase says orders in Europe, Middle East and Asian Markets (EMEA) grew approximately 1% in the period; while the Americas segment had a strong order backlog at the end of the third quarter.
"The timing of the Thanksgiving holiday relative to the end of our fiscal quarter had a negative impact on the year-over-year comparisons for both orders and revenue," says Steelcase CEO Jim Keane. "We remain optimistic about our ability to continue to grow Americas revenue," Keane said, noting, "Year-over-year revenue comparison was negatively impacted by customer requests for extended delivery dates, which were much higher than historical averages."
Steelcase also had to bear restructuring costs of $37.4 million in the current quarter, most of it related to the transfer of a manufacturing facility in Wisches, France to a third party. The transfer included a $27.3 million payment which was recorded in restructuring costs. "The transfer of our Wisches facility represents a major step towards reducing excess manufacturing capacity," says Dave Sylvester, CFO.

Subscribe to our News Page

Enter your email here and we will tell you when this page is updated.

 

 

moreLatest News

Monday 24 July 2017 Steelcase Werndl changes name and relocates European Headquarters to Munich

Steelcase Werndl AG, a subsidiary of the American office furniture manufacturer Steelcase, will rena

Wednesday 5 July 2017 Herman Miller Reports Fourth Quarter Fiscal 2017 Results

NOTE: A data supplement with additional financial information relating to the periods covered by thi

Monday 3 July 2017 Furniture maker is one of nation's most 'community-minded' companies

A national nonprofit that connects volunteers to social justice causes has named a local furniture m

Friday 23 June 2017 Trump 'has spent $133,000 on White House furnishings in his first five months in office

President Donald Trump has spent more taxpayer funds on White House furnishings in the first five mo

Contact Us

JSA Consultancy Services
4-5 Gray’s Inn Square, Gray’s Inn,
London, WC1R 5AH, England


+44 (0) 20 7670 1510