ZEELAND, MI — Herman Miller, Inc. announced net sales in the first quarter ended August 30, 2014 totaling $509.7 million, an increase of 8.9% from the same quarter last fiscal year. New orders in the first quarter of $517.0 million were 9.7% above the prior year level.
“This quarter we delivered solid financial performance highlighted by strong sales and order growth and improved gross margins,” said Brian Walker, CEO. “We also made important progress executing on our strategic priorities.”
Operating earnings in the first quarter were 8.3% of net sales, compared to 8.4% reported in the prior year. The company’s earnings in the quarter were reduced by $5 million in costs associated with the acquisition of Design Within Reach, Inc., which Walker said is another keystone investment that immediately accelerates Herman Miller’s consumer business. Excluding these expenses, adjusted operating earnings in the first quarter were 9.3% of net sales, equal to the percentage in the first quarter of fiscal 2014.
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