GRAND RAPIDS, MI - Steelcase Inc.'s reported net income of $23 million in the third quarter, down 2.5% from a year ago even as its Q3 sales climbed 7.9% to $784.8 million.
The international office furniture manufacturer's profitability was impacted by an 8.7% increase in cost of sales during its third quarter.
Steelcase's net Q3 revenues climbed in the Americas 11.0% to $558.5 million and in Europe and the Middle East by 0.6% to $158.0 million and Asian and by 2.1% in Asia and other to $68.3 million.
"The strong performance in the Americas continues to illustrate our competitive advantage related to helping our customers amplify organizational performance through the modernization of their spaces," said James Hackett, newly installed Steelcase CEO. "We expect the momentum in the Americas to be further propelled by the launch of Gesture, which is now shipping to customers, and other new products expected to begin shipping in the fourth quarter and early next fiscal year."
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