Kirjoittaja Aihe: Return-to-office uncertainty softening orders for furniture giants (Luettu 216 kertaa)

upamfva · 03.04.23 - 11:50

Return-to-office uncertainty softening orders for furniture giants

The office furniture industry’s two largest players expect slower sales but also growth in the near term as employers face an uncertain economy and they reshape their offices to accommodate hybrid work models.Get more news about Office Furniture Producer,you can vist our website!

Both MillerKnoll Inc. and Steelcase Inc. recently reported reductions in incoming order rates that occurred despite solid quarterly sales gains.

The Zeeland-based MillerKnoll (Nasdaq: MKLN) reported that orders for the recently completed first quarter of fiscal year 2023 declined 17 percent organically from a year earlier in the key Americas business unit and 11 percent globally.

MillerKnoll, after reporting strong gains for the three-month period that ended Aug. 28, now forecasts $1.02 billion to $1.06 billion in sales for the second quarter of FY 2023, a flat or 4-percent growth rate, with 39 cents to 45 cents earnings per share.

Like their counterparts at Steelcase, MillerKnoll executives are seeing clients ease into adapting their offices to the new work environment and taking longer than expected to transition to hybrid work models. The softer order rates occurred despite what MillerKnoll Americas Contract Division President John Michael called “robust activity.”

“If you talk to the dealer network, they’re all incredibly busy. I think some of the things that we’re seeing is a lot of hesitation on the part of customers in terms of pulling the trigger on a new and more hybrid-focused work environment, and probably some hesitation in terms of the size of projects going forward,” Michael said in a Sept. 28 conference call to discuss quarterly results. “That said, most companies that we talk to realize they have to do something, and they’re in the process. It’s an iterative process and it takes a little bit longer to get the order to close than in a pre-pandemic kind of environment.”

As a result of the softer order rate, MillerKnoll is “proactively taking actions, including continued pricing increases and careful management of discretionary spending” and voluntary retirements, President and CEO Andi Owen said. The pending actions should generate annualized cost savings of $30 million to $35 million.
Furniture makers have performed well for several quarters after the initial shock to the economy when the pandemic hit in early 2020. They since “have been seeing some pretty solid numbers,” said Elisa Berger, a vice president at Grand Rapids investment bank Charter Capital Partners who follows the industry.

Given the slowing economy and the cyclical nature of the office furniture industry, the softening order rates are not surprising, Berger said.

“The softening is not going to be shocking to anyone,” she said. “We’ve been on an upswing for about the appropriate amount of time for it to cycle down again.”
Steelcase cuts
At Grand Rapids-based Steelcase (NYSE: SCS), executives recently said they are pursuing cost-cutting moves after incoming orders declined 20 percent in the first few weeks of the present quarter and 8 percent in the prior quarter. The moves will include eliminating up to 180 salaried positions in Steelcase’s corporate and Americas division.

The actions target about $20 million of annualized spending at Steelcase, which reported global sales of $863.3 million for the second quarter of its 2023 fiscal year. That compares to $724.8 million for the same period a year earlier. Quarterly sales for the Americas division that accounts for three quarters of total revenue grew 25 percent to $651.6 million.

Despite the strong sales gains for the quarter, volumes are “not tracking as we originally planned” back in March when Steelcase forecasted “continuing improvements in our overall order patterns,” said Senior Vice President and Chief Financial Officer Dave Sylvester. A slowing U.S. economy and lower CEO sentiment that affects corporate capital spending also contributed to the decision to implement job cuts.

“It’s possible the slow return-to-office trend in the U.S. could be having an impact. It’s also possible that reduced CEO confidence is impacting capital spending in our sector. Decision-makers have a lot to deal with at the moment and they’re also facing a lot of near-term uncertainty,” Sylvester said in a conference call to discuss quarterly results.

wellthisisme · Vastaus #1 03.06.23 - 12:45

wellthisisme · Vastaus #2 03.07.23 - 04:31

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wellthisisme · Vastaus #6 03.10.23 - 03:23

wellthisisme · Vastaus #7 02.12.23 - 08:41

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