EAST GREENVILLE, PA - Business furniture maker Knoll, Inc. reported $219.8 million third quarter sales, down 8.2% from the year prior.
Net income fell by a third, to $12.2 million. "In spite of recent softening in industry demand, we expect to be back on a path of growth as we end 2012," said CEO Andrew Cogan, who underscored improved operating margins despite the drop in sales and profits.
Knoll had lower sales to government and financial services clients, and it was hurt by slackening European sales - though it did make $4.1 million on currency differentials - and lower demand in certain markets such as hospitality and transportation.
Earlier this year, Knoll acquired FilzFelt, a German-milled 100% wool design felt producer whose products are used in floor coverings and architectural applications for the residential, hospitality and contract office furniture markets.
Have something to say? Share your thoughts with us in the comments below.