Knoll defies analyst predictions
16/04/2008
Office furniture maker Knoll has reported a first-quarter earnings increase of 17%, citing international demand and sales of its specialty furniture and products such as textiles and leather. The company acquired Edelman Leather last year.
Net income was up to $17.3 million from $14.8 million a year earlier.
Sales increased by 8% to $267.8 million, which was ahead of analysts' estimates.
Knoll said it was facing worsening inflationary challenges and has taken steps to reduce costs, including job cuts and reductions in its product line.
Restructuring charges will be reflected in Knoll's second quarter results.
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