US sales hurt Steelcase 1st-quarter results

By Associated Press
June 27, 2008 | Comments (0)

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Office furniture maker Steelcase Inc. said Friday its fiscal first-quarter fell 34 percent, hurt by weak results in the U.S.

Profit for the quarter ended May 30 fell 34 percent to $22.1 million, or 16 cents per share, from $33.6 million, or 23 cents per share last year. Results include $4.7 million in restructuring costs.

Revenue rose less than 1 percent to $815.7 million from $808.5 million.

Analysts polled by Thomson Financial, on average, predicted a profit of 22 cents per share on revenue of $812 million. Analyst estimates typically exclude one-time charges.

International sales rose 29 percent, driven by strength in Germany, Benelux (an economic union in Western Europe that includes Belgium, the Netherlands, and Luxembourg), the Middle East, Africa and Latin America.

However, sales in North America fell 9 percent.

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