Knoll says demand fell in 3Q
EAST GREENVILLE, Pa. (AP) — Knoll Inc. said Wednesday that its third-quarter net income fell 34 percent as revenue declined on weak demand.
The iconic furniture maker reported Wednesday that it earned $12.2 million, or 26 cents per share, for the quarter that ended Sept. 30. That's compared with $18.4 million, or 39 cents per share, in the same quarter last year.
Revenue fell 8.2 percent to $219.8 million.
The results missed analysts' expectations of 30 cents per share on revenue of $229.7 million, according to FactSet.
Knoll said office furniture sales fell due to lower demand from government and financial services clients. Revenue from its cafe, lounge and other product division fell in Europe because of tough economic conditions. That more than offset growth in North America. Additionally revenue from Knoll's textiles and leather business fell due to weaker demand from hospitality and other customers.
Knoll CEO Andrew Cogan said the company expects to be back on a path of growth by the end of 2012.
Knoll shares fell 42 cents, or 2.8 percent, to $14.38 in midday trading.