EAST GREENVILLE, Pa. (AP) ¿ Office-furniture maker Knoll Inc. said Thursday third-quarter profit dropped 76 percent as demand for furniture continued to be weak as consumers and small businesses cut back on larger-ticket items amid the recession.
Net income for the three months ending Sept. 30 fell to $5.7 million, or 13 cents per share, from $24.1 million, or 52 cents per share last year. Analysts polled by Thomson Reuters, on average, predicted a smaller profit of 11 cents per share.
Revenue fell 36 percent to $181.3 million from $283.5 million last year, ahead of the $174.7 million analysts expected.
Sales fell across all product categories and regions, with the largest declines in international sales and office systems products."While demand for our products continues to be severely impacted by the global economic crisis, we are pleased that we were able to continue to report industry leading levels of operating profitability," said CEO Andrew Cogan in a statement.