Steelcase, a leading furniture company, has announced higher net income for the second quarter ended August 25. The company recorded a net income of $27.5 million, or 23 cents a share, compared to $19.6 million, or 17 cents a share, in the same period last year. This exceeded the expectations of analysts who predicted earnings of 14 cents.
Despite the increase in net income, Steelcase experienced a slight decline in revenue, which dropped 1% to $854.6 million from $863.3 million. However, this still surpassed the expected revenue of $829.2 million by analysts.
The company attributes the decline in revenue to lower volume, primarily due to a decrease in beginning backlog and orders. However, Steelcase was able to partially offset this decline with faster order fulfillment patterns and higher pricing.
In terms of geographical sales, orders in the Americas declined by 7%, reflecting a downturn in project business. Similarly, international orders saw a decline of 5%.
Chief Executive Officer Sara Armbruster highlighted that despite the softer project activity, the company has witnessed strong growth in its continuing business as customers invest in refreshing their existing spaces.
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