CHICAGO (AP) ¿ Shares of Herman Miller Inc. slumped Thursday, a day after the furniture maker said sales fell during the fiscal third quarter, causing it to lose money during the period.
Raymond James analyst Budd Bugatch said the Zeeland, Mich.-based manufacturer managed to control costs "admirably" during the quarter.
But, he said, shares would likely sink in Thursday's trading because of results fell short of Wall Street forecasts and the magnitude of the sales decline. Late Wednesday, the company said it lost $5.2 million, or 10 cents per share, during the three months that ended Feb. 28. That compares with a profit of $38.3 million, or 65 cents per share, in the corresponding quarter a year ago.
Adjusted for $23.4 million in restructuring costs, the company said it earned 18 cents per share in the most recent quarter ¿ missing Wall Street's target by 3 cents. Sales fell 29 percent to $354.4 million, from $495.4 million last year. On average, analysts polled by Thomson Reuters forecast higher sales of $397.3 million.Herman Miller shares sagged 62 cents, or 6 percent, to $9.70 in afternoon trading.