Thursday, March 22, 2007

Herman Miller updated

The above is from their press release. Well, it looks like a pretty stellar quarter, but..... I do know that quarterly orders can be lumpy so I smoothed sales and smoothed orders by adding the last 4 quarters and taking an average, then annualizing the average. I then computed the current quarter's percentage to that 4 quarter averaged. You can see on the orders, that is slowing. That is the issue.

On the call they are talking about slowing sales 6-7% per year perhaps getting to 9% with the cultivation of international business. This is about 1/2 of previous growth rates.

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