Herman Miller, Inc. (NASDAQ: MLHR), today announced results for its first quarter ended August 28, 2010. Net sales in the quarter of $380.7 million were 17.5% higher than the prior year first quarter and up 18.4% sequentially relative to the fourth quarter of last fiscal year. Consolidated orders in the first quarter totaled $393.8 million, reflecting year-over-year and sequential-quarter increases of 22.3% and 8.0%, respectively. Diluted earnings per share in the first quarter were $0.22 compared to $0.14 in the same period last year. Excluding the per-share impact of previously announced restructuring actions, adjusted earnings per share in the first quarter were $0.23. In the first quarter of last fiscal year, Herman Miller reported adjusted earnings per share of $0.22, an amount which included $0.05 per share related to favorable adjustments to income tax reserves.
Brian Walker, Chief Executive Officer, stated, "Order rates in our business were remarkably consistent this quarter, significantly outpacing the levels we reported in both the prior year and prior quarter. We were particularly encouraged to see a notable improvement in orders within our core North American office market, which in recent quarters has lagged the other areas of our business. We made solid progress this quarter across a range of initiatives, including the launch of our Thrive ergonomic solutions portfolio, development of an upcoming e-commerce retail storefront, and the completion of our aggressive fall product launch schedule. These advances and the improvement we've seen in market demand confirm we are gaining traction as a business and are well positioned to grow share in the markets we serve."
Source: Herman Miller, Inc.
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