MillerKnoll (MLKN) Set to Announce Earnings on Wednesday
20 December, 2022
MillerKnoll (NASDAQ:MLKN) will post its quarterly earnings results on Wednesday, December 21st. MillerKnoll has set its Q2 guidance at $0.39-0.45 EPS.
Steelcase sales improve in third quarter, but battle with inflation continues
20 December, 2022
GRAND RAPIDS, Mich. – Office furniture giant Steelcase reported third quarter revenue of $826.9 million, a 19% gain over the same period last year.
Inflation remains a chief concern, however.
“Our gross margin improvement in the Americas this quarter reflected the benefits from the pricing actions we’ve been implementing in the face of extraordinary inflation levels,” said Dave Sylvester, senior vice president and CFO. “On a global basis, year-over-year pricing benefits have exceeded year-over-year inflation for the last two quarters; however, we estimate cumulative inflation over the past seven quarters exceeds the cumulative benefits from our pricing actions by approximately $60 million. Moving into the fourth quarter and first half of fiscal 2024, we expect continued year-over-year gross margin benefits from our pricing actions, as we aim to recover the cumulative impact of inflation.”
Ikea UK profits fall by almost a fifth despite 12% increase in sales
19 December, 2022
Ikea’s profits have fallen by almost a fifth in the UK despite a 12% increase in sales amid the impact of soaring costs, as the company said it could not rule out further price increases in the new year.
The world’s largest furniture retailer said sales had benefited as shoppers returned to stores in the year to 31 August, while online takings dropped to 35% of annual sales, compared with 45% a year earlier when pandemic restrictions drove up internet shopping.
The Swedish retailer fared well as shoppers continued to seek out more kit for working from home, while the reopening of stores led to more ad hoc purchases.
HNI: Moving To Neutral
19 December, 2022
HNI’s revenue should be impacted in the near to medium-term due to the slowdown in the housing and R&R industry, as well as softness in the corporate profits.
Twitter’s Office Is Having a Fire Sale of Designer Furniture: Eames, Knoll & More
19 December, 2022
The troubled social media company is auctioning off some corporate assets, and the bidding starts at just $25.
Twitter has been in the news an awful lot since Elon Musk’s takeover of the company this fall. From mass firings and an increase in hate speech on the platform to an advertiser exodus and policies that change seemingly on a whim, Twitter can’t seem to stay out of the headlines. But, it looks like you may be able to personally gain from the chaos happening at the social media company, as a massive collection of high-end furniture from Twitter’s corporate offices is heading to auction.
Illinois brothers bring metal, wood together with office furniture
16 December, 2022
You won’t confuse iRCustom with any other furniture maker.
Its 4,000-sq.-ft. shop may be smaller than some showrooms at IKEA, the world’s largest furniture retailer with three stores within an hour’s drive of the Lake Zurich, Ill., business. But that’s OK.
“We’re not looking to be IKEA,” said co-owner Rob DiVito.
With their large, asymmetrical, colorful designs made from both wood and metal, iRCustom’s office desks and tables stand out from crowd.
Fujitsu donates office furniture to Cambodian public institutions to promote sustainable practices – Tokyo
15 December, 2022
Fujitsu today announced that it donated office furniture that is no longer being used including desks, chairs and cabinets to Cambodian public institutions through the Cambodian Embassy in Japan.
Modern furniture specialty retailer opens 1st East Coast showroom
14 December, 2022
BOISE, Idaho — Modern and contemporary furniture retailer Scandinavian Designs opened its first East Coast showroom earlier this month in Waldorf, Md.
The Boise, Idaho-based retailer has 44 showrooms across 14 states. Prior to opening in Maryland, its easternmost store was in Indianapolis.
Flokk brand Connection opens new state of the art manufacturing facility and offices in the UK
14 December, 2022
Connection, the latest brand to join European office furniture giant Flokk group have opened a bespoke designed and built manufacturing facility, housing warehouses and offices in Mirfield, Yorkshire. Attending the opening were Lars Røiri, CEO of Flokk and René Sitter, Senior Vice President, Central Europe, as well as key stakeholders to celebrate with the Connection team.
The new 45,000 sq ft facility is furnished with a state-of-the-art design and upholstery facility as well as an advanced manufacturing line, designed with the intent to contribute hugely towards the sustainability goals of Connection and the wider Flokk group.
Ethosource Office Furniture Announces Promotions Amid Extraordinary Company Growth In 2022
14 December, 2022
Ethosource Office Furniture, based in Morgantown along with offices in Reading and King of Prussia PA, announces the promotion of several executive level staff members as the company celebrates their highest grossing year in sales to date.
In a year that was challenging for many businesses, Ethosource experienced nearly 40% growth due to their ability to navigate the challenges of the supply chain and provide solutions for clients that allowed them to meet timelines and occupancy needs.
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