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.

Copyright 2009 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

More from Investing

Steel Stocks Are Monday's Biggest Losers From Cooling China Trade Tensions

Steel Stocks Are Monday's Biggest Losers From Cooling China Trade Tensions

Tesla's $78,000 Model 3 Is a Bargain. Here's Why

Tesla's $78,000 Model 3 Is a Bargain. Here's Why

Is Tesla's Stock Set to Nearly Double to $500?

Is Tesla's Stock Set to Nearly Double to $500?

Kohl's May Blame Winter Weather for First-Quarter Earnings Slip

Kohl's May Blame Winter Weather for First-Quarter Earnings Slip

GE's $11.1 Billion Deal With Wabtec Should Have Warren Buffett Feeling Very Sad

GE's $11.1 Billion Deal With Wabtec Should Have Warren Buffett Feeling Very Sad