Third quarter fiscal 2001 results reported by Steelcase Inc. shows net income of $51.7 million for its third quarter ended November 24, up 14.1% from $45.3 million in the prior year quarter. Net sales were $982.3 million, an increase of 11.5% compared to $881.0 million in the prior year quarter. Adjusting for the devaluation of foreign currencies, real growth in worldwide sales was 14.9% over the prior year quarter. Operating margins were 8.1% in the third quarter compared to 8.9% in third quarter 2000. The giant firm continues to outpace the Business and Institutional Furniture Manufacturers Association reported 8% order and 9% shipment gains in the US.
Third quarter net sales for Steelcase North America of $765.8 million set a new record for the company and represent an increase of 13.1% from $676.9 million reported in the third quarter of fiscal 2000. Operating profits increased 3.6% to $66.5 million in the third quarter compared to $64.2 million posted in the third quarter of fiscal 2000.
Steelcase International reported net sales of $176.5 million in the third quarter. International net sales were up 19.0% in local currency from the prior year, but due to currency translation, were up only 2.0% in US dollars. Virtually all countries, according to Steelcase, were ahead of prior year sales and posted overall unit volume increases. Still, the negative effect of currency fluctuations, as well as the expected summer seasonality in Europe, significantly detracted from International’s overall third quarter performance.
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