Oppenheimer Asset Management Reduces Position in Steelcase Inc. as Director Sells Shares

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9 May, 2023

In a recent filing with the Securities and Exchange Commission (SEC), Oppenheimer Asset Management Inc. has decreased its position in Steelcase Inc. (NYSE:SCS) by 18.9% during the 4th quarter. The firm owned 69,374 shares of the business services provider’s stock after selling 16,131 shares during the quarter. At the end of the most recent reporting period, Oppenheimer Asset Management Inc. owned 0.06% of Steelcase worth $490,000.

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Office Furniture Giant MillerKnoll Adds 15K SF to 251 Park Avenue South Footprint

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8 May, 2023

Office furniture design firm MillerKnoll is growing its own digs, Commercial Observer has learned.

MillerKnoll signed a lease to add 15,331 square feet to its 44,000-square-foot office at 251 Park Avenue South, according to landlord The Feil Organization.

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Director’s Acquisition Sends Shockwaves through Financial Community for MillerKnoll Inc.

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8 May, 2023

MillerKnoll, Inc. (NASDAQ:MLKN) has been in the news lately for all the right reasons. A recent acquisition by Director Michael A. Volkema has caught the attention of investors worldwide. The purchase, which took place on Wednesday, May 3rd, saw Volkema buy 60,200 shares of the company’s stock at an average cost of $16.61 per share for a total transaction of $999,922.00. This move sent shockwaves through the financial community, with many wondering what lies ahead for this innovative organization.

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HNI Corporation Reports Earnings for First Quarter Fiscal Year 2023

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8 May, 2023

MUSCATINE, Iowa–(BUSINESS WIRE)–HNI Corporation (NYSE: HNI) today announced sales for the first quarter ended April 1, 2023 of $479.1 million and net income of $1.6 million. GAAP net income per diluted share was $0.04, compared to $0.33 in the prior year. Non-GAAP net income per diluted share was $0.13, compared to $0.33 in the prior year. GAAP to non-GAAP reconciliations follow the financial statements in this release.

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HNI Corporation Surpasses Q1 Expectations and Expects Strong Second Half

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8 May, 2023

On May 8, 2023, HNI Corporation, a renowned manufacturer of premium quality office furniture and fireplaces, headquartered in Muscatine, Iowa, announced its outstanding Q1 results, surpassing expectations and creating a buzz in the market. The first quarter of the year witnessed the company earning a profit of $1.6 million, equivalent to 4 cents per share.

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HNI Corporation Predicts Return to PrePandemic Earnings Seasonality

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8 May, 2023

As of May 8, 2023, HNI Corporation, a prominent furniture manufacturer, has projected a return to pre-pandemic earnings seasonality. The company anticipates that 80-85% of its annual profit will be generated in the second half of the year, which is more in-line with historical trends.

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Duality Advisers LP Increases Holdings in MillerKnoll, Inc. by 15.8% in Q4 2023

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06 May, 2023

May 6, 2023 – Duality Advisers LP, a prominent institutional investor, has revealed that it has acquired an additional 7,319 shares in MillerKnoll, Inc. (NASDAQ: MLKN), effectively raising its holdings by 15.8% in the fourth quarter. According to its most recent report filed with the Securities and Exchange Commission (SEC), Duality Advisers now owns approximately 0.07% of MillerKnoll worth $1,126,000 at the end of the quarter.

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Janney Montgomery Scott LLC raises stock holdings in La-Z-Boy Incorporated as furniture manufacturer reports impressive earnings

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5 May, 2023

Janney Montgomery Scott LLC, a reputable financial services firm, has recently raised its stock holdings in La-Z-Boy Incorporated (NYSE:LZB) by an impressive 37.8% in the fourth quarter. The company now owns 20,538 shares of the furniture manufacturer’s stock, worth $469,000 according to its latest filing with the Securities & Exchange Commission.

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Steelcase approves plans for workforce reductions in France

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4 May, 2023

Steelcase (NYSE:SCS) disclosed:

On May 3, 2023, in response to persisting inflationary pressures and decreasing plant utilization in Europe, the Middle East and Africa (“EMEA”), the Board of Directors of Steelcase Inc . (the “Company”) approved plans for workforce reductions in France. These plans involve the reduction of approximately 40 to 50 salaried roles. The Company expects to incur approximately $10 million to $13 million in pre-tax restructuring charges in connection with these actions, consisting of cash severance payments and payment of other separation-related benefits. The Company has initiated procedures with the French central works council and will work closely with the French Labor Administration for approval of these actions. Depending on the timing of such approval, the actions are expected to be completed by the end of the Company’s fiscal year 2024, with most of the departures expected to be completed by the end of the third quarter of the Company’s fiscal year 2024. The Company anticipates annualized savings from these actions will be approximately $4 million to $5 million when fully implemented.

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STEELCASE INC : Costs Associated with Exit or Disposal Activities, Regulation FD Disclosure (form 8-K)

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4 May, 2023

Item 2.05. Costs Associated with Exit or Disposal Activities.

On May 3, 2023, in response to persisting inflationary pressures and decreasing plant utilization in Europe, the Middle East and Africa (“EMEA”), the Board of Directors of Steelcase Inc. (the “Company”) approved plans for workforce reductions in France. These plans involve the reduction of approximately 40 to 50 salaried roles. The Company expects to incur approximately $10 million to $13 million in pre-tax restructuring charges in connection with these actions, consisting of cash severance payments and payment of other separation-related benefits. The Company has initiated procedures with the French central works council and will work closely with the French Labor Administration for approval of these actions. Depending on the timing of such approval, the actions are expected to be completed by the end of the Company’s fiscal year 2024, with most of the departures expected to be completed by the end of the third quarter of the Company’s fiscal year 2024. The Company anticipates annualized savings from these actions will be approximately $4 million to $5 million when fully implemented.

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