From Home Furnishing Business
Herman Miller Reports Double-Digit Growth
By Home Furnishings Business in Home Office on March 2007
Herman Miller, Zeeland, Mich., announced a 14.3 percent sales increase during its third quarter, which ended March 3. With net sales of $484.8 million, the companys net earnings increased 44.2 percent to $32.3 million, according to the companys announcement Wednesday.
It was the companys 13th quarter of year-over-year growth in sales, despite what CFO Beth Nickels called volatility in weekly order rates. On a fiscal year basis, we continue to outperform the industry. We attribute much of our success to our strategic initiatives to grow the business through investments in new products and new markets.
Company officials said growth in orders was helped by a price increase the office and residential furniture company enacted in 2006. With the strong results, CEO Brian Walker said the company is on a path toward reaching our goal of $2.6 billion in revenue by 2010.