Steelcase sales improve in third quarter, but battle with inflation continues

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.”

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