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Herman Miller Inc (NASDAQ: MLHR) said that demand pressures in North America were offset by strong retail performance and improving global trends when it reported its fiscal first-quarter 2021 results yesterday after the US market close.
“The North America segment continued to feel the effects of COVID-19 on overall demand levels, posting a year-over-year decline of 40%,” Herman’s press release read.
The company that sells office chairs and home furnishings reported an earnings per share of $1.24, representing an increase of 53.1% on the previous year’s EPS of $0.81.
Herman Miller stated that e-commerce drove a significant portion of its retail growth with web sales and orders increasing 248% and 25% respectively across its various websites in North America.
However, the company’s net sales were down 13%, while its orders fell 18% compared to the previous year.
Herman believes that despite the fall in demand from businesses for office furniture, they still feel that companies will continue with offices, but with a hybrid working model as more employees work from home.
“Demand for home office products continues to expand our addressable market. Already, we have been able to capitalize on the near-term needs of our corporate customers by quickly expanding our Inside Access program to provide home office solutions for their employees who are now working remotely.”
Herman Miller shares…
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Herman’s share price exploded higher after the release yesterday in after-hours trading and is currently up 16% premarket at $30.05 per share.
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