FurnitureToday Contract and office furniture giant Steelcase reported first quarter revenue of $740.7 million, a loss of $11.4 million over last quarter. Nevertheless, the performance was better than expected and well above last year’s first quarter revenue of $556 million.

“We’re pleased with our revenue growth of 33 percent (over last year), which was better than expected due to stronger incoming orders and improved order fulfillment from the adjustments we’ve made to mitigate the impact of supply chain disruptions,” said Sara Armbruster, president and CEO. “In each of the most recent eight months of reported data, our year-over-year order growth in the Americas has outpaced our industry.

 

 

 

 

 

• Strong growth in revenue and orders included broad-based strength in Americas and EMEA segments
• Significant inflation continued to impact results, driving additional pricing actions
• Acquisition of Halcon supports growth strategies with uncompromising design and master craftsmanship
• Second quarter outlook anticipates seasonal revenue improvement with increased inflationary pressures and continued supply chain challenges

GRAND RAPIDS, Mich, June 22, 2022 (GLOBE NEWSWIRE) — Steelcase Inc. (NYSE: SCS) today reported first quarter revenue of $740.7 million, a net loss of $11.4 million, or $0.10 per share, and an adjusted loss per share of $0.05. In the prior year, Steelcase reported revenue of $556.6 million and a net loss of $28.1 million, or $0.24 per share, and had an adjusted loss per share of $0.22.

Revenue and order growth compared to the prior year were as follows: