Herman Miller Inc., a designer, manufacturer and distributor of interior furnishings, on Wednesday released its first-quarter financial results, driving slight gains in today’s trade.
Herman Miller reported first-quarter net sales of $458.1 million, up 20.3% over the same period in the previous year. The company’s orders in the first quarter rose 22.2% on a year-over-year basis to $481.4 million.
Herman Miller reported first-quarter consolidated gross margin of 33.7%, an improvement of 120 basis points over the same period in the previous year. The improvement in first-quarter gross margin was mainly due to benefits captured from May 200 price increase and improved leverage from higher production.
The company reported first-quarter diluted earnings per share of $0.42, up from $0.22 reported for the same period in the previous year.
Herman Miller CEO Brian Walker said that the company is pleased with its performance in the quarter, which was highlighted by continued sales and order growth and improved profitability. Walker further said that despite ongoing volatility in the financial markets and a cautious pace in the broader economy, the company’s business has shown remarkable resilience.
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