"The EMEA results reflected significant organic revenue growth in the quarter and an improvement in adjusted operating results compared to the prior year, due in part to a strong backlog at the start of the quarter," said David C. Sylvester, senior vice president and CFO. "Nevertheless, economic uncertainty remains very high in Europe and so we remain committed to improving our business model across the region."Cost of sales improved to 68.9 percent of revenue in the current quarter compared to 69.7 percent in the prior year. Higher absorption of fixed costs associated with the revenue growth in the quarter, as well as year-over-year benefits from recent pricing adjustments (net of commodity cost changes) and restructuring actions (net of related disruption costs), were partially offset by the impact of a shift in business mix.
Steelcase Reports Second Quarter Results
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