Steelcase turnover declines in second quarter

19.10.2021 − 

In the second quarter of the 2021/2022 financial year (end February), turnover of Steelcase declined again, down 11% to US$724.8m. Detrimental factors included the extended delivery times resulting from shortages in the supply of materials. In the first quarter, an increase of 15.3% had been achieved again for the first time after four consecutive declines. However, the comparative basis had played a significant role here, since turnover had plummeted by 41.4% in the first quarter of 2020/2021 due to the outbreak of the corona crisis. After various restrictions in the areas of production and logistics were lifted again in the second quarter, the decline for the period had reduced to 18.0%.

The decline in the current reporting period is a consequence of poor development in the Americas business division (-17% to US$523.3m), which is the largest division in terms of turnover. Concerning turnover generated in the EMEA region, by contrast, an increase of 10% vis à vis the comparative period of the preceding year to US$138.9m was recorded. In the Other business division, which includes the Asia-Pacific region and the Designtex brand, a slight increase of 1% to US$62.6m was achieved.

Adjusted to account for an acquisition as well as currency effects, incoming orders rose by 24% vis à vis the comparative period of last year. In this connection, growth was achieved in all business divisions (Americas: +26%, EMEA: +23%, Other: +15%). Orders in hand amounted to US$715m at the end of the second quarter - 22% higher than the figure recorded for the same period last year.

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