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Steelcase reports $3.1bn sales for year to 28 February 2015

Wednesday 25 March 2015

Strong project business in North America helped push Steelcase's revenues up 3.3 percent in fiscal 2015.
The US office furniture maker reported Tuesday annual revenues of $3.1 billion and a profit of $86.1 million, or 68 cents per share. In the previous year, Steelcase posted a profit of $87.7 million, or 69 cents per share, on revenues of $3 billion.
When stripped of one-time expenses related to restructuring operations in Europe, the company's 2015 earnings were 89 cents a share compared to adjusted earnings a year earlier of 82 cents a share.
Analysts expected adjusted earnings of 89 cents on revenues of $3.08 billion.
Steelcase Chief Executive Officer Jim Keane credited the rise in sales and earnings to consistent growth in the Americas market, which includes North America and South America, and progress being made in EMEA, short for the Europe Middle East Africa market.
"We expect to continue to see modest industry growth in our major markets in fiscal 2016 and are focusing on innovation and customer engagement to grow our market share," Keane said in a statement.
In the fourth quarter, orders in the Americas grew 5 percent while orders in the EMEA fell 8 percent. The latter related to a stronger U.S. dollar and a weaker Euro.
The company is in the process of restructuring its manufacturing footprint in Europe with the closing of plants in France and Germany, and the opening a factory in the Czech Republic. The changes are expected to reduce costs by $15 million a year, beginning in the second half of fiscal 2016.
Steelcase plans to duplicate its Learning + Innovation Center at its headquarters in Grand Rapids with a similar facility in Germany. The center, to be located central Munich, will bring together more than 150 people involved in the research, design, engineering, marketing and support functions to drive new product development in the EMEA region.
"The space will reflect our research into collaboration, innovation and learning, and we will host customers, architects, designers and others who wish to explore emerging ideas around how space can be leveraged as a strategic tool," Keane said.
Steelcase stock fell 18 cents to $19.74 Tuesday following fiscal 2015 fourth quarter revenues missing analysts' estimates, and the lowering of 2016 first quarter guidance due to currency translation issues.
In the last 12 months, Steelcase shares have climbed 36 percent.

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