Friday, December 21, 2012

Herman Miller Reports Decrease in Sales

Herman Miller, Inc. today announced results for its second quarter ended December 1, 2012. The company reported net sales in the quarter of $441.8 million; a decrease of 0.9% from the same quarter last fiscal year. New orders in the second quarter of $475.8 million were 8.1% higher than the prior year. Sequentially, net sales in the quarter decreased 1.8% from the first quarter of this fiscal year, while orders were up 5.3% over the same period.

Herman Miller reported second quarter diluted earnings per share of $0.14. This compares to $0.41 per share in the same period of fiscal 2012. The company’s earnings this quarter were reduced by non-cash charges associated with the strategy to terminate its domestic defined benefit pension plans and expenses associated with previously announced restructuring actions. Excluding the impact of these items, adjusted diluted earnings per share in the second quarter of fiscal 2013 were $0.35.

Brian Walker, Chief Executive Officer, stated, “While the quarter’s sales came in below our expectations, we see progress and momentum in our strategy, evidenced by solid growth in consolidated orders and backlog. A combination of factors contributed to lower than anticipated sales in the quarter, including long-leadtime orders, disruption caused by the East Coast storm, and further weakening of demand in Europe. However, we’re encouraged by the increased order activity reported by each of our segments and by the particular strength of our key growth initiatives.”


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