– Steelcase Inc., a global leader in office furniture and workspace design, experiences a decrease in revenue during Q1.
– The company’s revenue dropped from $820.8m in the same quarter last year to $639.4m.
– Despite the fall in revenue, Steelcase continues to see a rise in new orders, hinting at potential future growth.
– The company attributes the drop to lower demand from customers due to remote work caused by the Covid-19 pandemic.
– Steelcase executives express confidence in the future growth due to a 72% rise in orders in April.
– They also mention the shift in focus from large-scale office spaces to remote working solutions as a new opportunity.

Steelcase Sees Revenue Fall but Order intake Rise

Q1 Results: Dips and Bounces

In the hustle and bustle of Q1, Steelcase Inc., the guru of office furniture design, faced a shrink in the pocket, recording a drop in revenue from $820.8m to $639.4m, as compared to the same quarter last year.

Betting on Future Growth

Despite the descent, a silver lining exists in the form of a rise in order intake. This whiff of potential future growth keeps the spirits high at the headquarters. Even the Covid-19 pandemic, which has been a screenplay writer for this fall in revenue, is turning over a new leaf as an opportunity. The shift in focus from workspaces to work at home solutions provides a new playground for Steelcase to play with their unique designs.

Executives Optimistic despite Revenue Slump

Even while batting on a sticky wicket, the executives remain hopeful. Their optimism is fueled by a 72% rise in orders in April. This significant surge testifies to the resilience of the brand and reaffirms its adaptability during these uncertain times.

And just like that, amidst the trying tides, Steelcase continues to sail, with a compass pointing towards potential future growth. As the company weathers the storm of the pandemic and adapts to the ‘new normal,’ it’s safe to say that it is poised to help redefine our workspaces in the times ahead.

originial article https://www.furnituretoday.com/?p=318136

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