Herman Miller Inc [MLHR] revenues are growing and its planning on expansion
Herman Miller Inc [NASDAQ:MLHR] is a top performer this afternoon and is up by over 30%. This follows the company’s announcement of Q1 results that showed an increase in profits by 15%.
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The company also reported that while sales dropped 6.6% compared to a year earlier, they were much better than the results that analysts were expecting from the company. The company also announced that its earnings per share increase by 47.6% in Q1 to stand at $1.24 compared to a similar period a year earlier. The company attributed this to growth in margins, and higher productivity.
Digging deeper into the financial results, the company reported that its retail sales saw a major improvement in Q1 driven by an increase in demand in its home office business especially in sales of products such as outdoor services and upholstery. The company also reported that its eCommerce business was a key driver to its revenues and grew by 257% compared to a similar period a year ago.
Besides the strong results, the company has also announced that it intends to grow its retail presence this fall. It announced that it would be unveiling concept stores that would be dedicated to products for the home office space.
Commenting on this development, the company’s president Debbie Propst stated that the management was excited to unveil its first retail destination that will be focused on giving customers the chance to check the quality of the company’s quality. She added that the company was experiencing sales levels that it has never seen before.
It is for this reason that the company was launching more flexible home environments, in order to better meet client desires to first test the company’s products before purchase. The CEO added that with the COVID-19 pandemic changing the nature of work, the new approach would add to the company’s bottom line.
Going forward, the company’s Q1 results and the new improvements it is bringing up are likely to give this stock upside momentum. With the COVID-`19 pandemic still an uncomfortable cloud over the economy, any company that is recording revenue growth and planning on expansion offers a mix of value and growth and is likely to draw investor attention. Investors are likely to keep bidding up this stock in the near-term.
About Herman Miller Inc
Herman Miller Inc designs and makes office and office furniture. It is based in Zeeland, Michigan.