Steelcase Reports Sales Down By 33 Percent

Posted by slone on June 30th, 2009 at 07:00am

With sales still continuing to decline, Grand Rapids employees of Steelcase Inc. are bracing themselves for the next round of job cuts. Earlier this week, Steelcase Inc. announced that the company would not be contributing to the retirement plan this year and will be cutting another 200 jobs around the globe.

The companies future will also include the consolidation of some of it’s smaller manufacturing facilities with restructuring costs that will total around $25 million for the fiscal year that began in March. Steelcase the world’s largest office furniture company has reported that sales have declined 33 percent.

Steelcase sales had decreased from over $815 million last year to just over $545 million at the end of the quarter for May of this year. While sales were off through all regions of the company Steelcase said that it broke even with profits and had zero earnings per share.

Although Steelcase isn’t providing any forecasts for their yearly sales, they do expect to break even during the second quarter. Even with the slumping economy, the demand for office furniture has remained higher than the demand for other types of furnishings.

Under Furniture News