Herman Miller Posts Loss On Sales Drop

Herman Miller Inc., the second-largest U.S. office-furniture maker, reported a loss of $23.4 million, or 5 cents a share, for its fiscal fourth quarter as sales plunged 37% to $322.6 million. The operating loss compared with net income of $32.8 million, or 43 cents, a year earlier. Analysts on average were expecting a 6-cent loss, according to Thomson First Call.

The Zeeland, Mich.-based company also said it expects a first-quarter profit of 1 cent to 4 cents, compared with earnings of 8 cents as forecast by analysts.

Herman Miller shares fell as low as $18 in after-hours trading on the news. They had closed off 30 cents at $20 on Nasdaq.