Upper Hanover’s Knoll has seen a drop in its revenue and earnings particularly in office furniture sales, but the company is expecting to rebound with several new initiatives, writes Gregory Purcell for WFMZ-TV.
The company reported second quarter net sales of $153 million for the office segment which is a 14.6 percent decrease compared to the same quarter of last year.
The studio sector also declined slightly with net sales of $88 million but the coverings segment posted sales of $27.6 million, a much needed increase of 3.1 percent from $26.7 million for the same quarter in 2016.
Overall, gross profit also declined to $100 million, falling $14.1 million or 12.4 percent compared to the same period last year.
However, the president and CEO, Andrew Cogan, believes the company is reaching a tipping point. He feels that several new initiatives that have been implemented over the last year will boost its market penetration.
“I believe we are getting closer to a tipping point where the initiatives we’ve taken over the past year to increase our market penetration and office sales will start to outweigh the various forces that have been holding us back,“ said Cogan.
Read more about Knoll’s results at WFMZ-TV by clicking here.