The Slow Path to Recovery for Steelcase: What Lies Ahead?
Thursday, 21 March 2024, 17:37
The Slow Road Back to Normal
The return-to-work trend is not yet gaining steam. The return-to-work push can't happen soon enough for Steelcase (NYSE: SCS). Shares of the office furniture manufacturer traded down 10% as of 12:30 p.m. ET after the company provided a modest outlook for what lies ahead.
Steelcase's Core Business Disrupted
- The company earned $0.23 per share in its fiscal fourth quarter ending Feb. 23 on sales of $775.25 million, a mixed result relative to Wall Street's estimate.
- Orders grew 4% in the quarter, with 8% growth in the Americas offsetting continued declines internationally.
CEO Sara Armbruster said the domestic strength was driven by large corporate customers and reflect a call for 'a stronger in-office presence.'
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