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Steelcase: Revenues did not rise as much as expected

14.01.2022 − 

Steelcase has reported a 20% growth in revenues to US$738.2m during the third quarter of its 2021/2022 financial year (ending 28 February). This figure was shy of its forecast of US$755-785m. At the end of September, Steelcase had projected that revenues would rise by between 22% and 27%. The company believes that it was unable to book revenues of at least US$35m in the third quarter due to supply chain disruption and extended lead times as a result; these revenues will instead be reflected in its fourth-quarter financials. This significant growth in revenues also took place against the backdrop of a loss of around US$60m caused by the shutdown of Steelcase’s global activities following a cyber attack in the same period last year. Steelcase delivered growth in all business units in the latest reporting period.

Its largest division, the Americas, saw revenues jump by 20% to US$500.3m. Steelcase also reported double-digit increases in the EMEA region (+17% to US$168.2m) and ‘Other Category’ (+21% to US$69.7m). The ‘Other Category’ includes its activities in the Asia-Pacific region.

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