office furniture orders, shipments fall in september

by:Senbetter     2019-11-26
(Reuters)-U. S.
A trade group said Monday that classic office furniture shipments fell 1% in September to $0. 985 billion, the lowest growth rate since September 2004.
The Furniture Manufacturers Association of businesses and institutions said orders for September fell 2% year on year. over-
From $0. 995 billion in August to $0. 97 billion.
The trading group continues to estimate that negative growth will occur in the sector in 2008 and 2009.
Orders and shipments are expected to drop by 2008. 4% and 3.
9% respectively.
Orders and shipments for BIFMA fell by 10 in 2009.
8% and 10.
4% respectively.
BIFMA compiled the September report from 38 companies that accounted for about 75% of the industry\'s total.
\"While orders and shipments are negative, given the large amount of economic ghouls and goblins, the September data is not as terrible as we might be worried about, raymond James analyst Bud Bugatch wrote in a note to the client.
Mr. Bugatch said the severe macroeconomic situation would lead to continued deterioration in demand, and he was cautious about the outlook for office furniture companies.
He said weaknesses in the new project
Related demand may be the most important revenue headwinds for office furniture manufacturers in 2009.
However, these companies are better
Compared with 2000, this time it is positioned to withstand the storm.
He said it was down 2002 on the grounds that it was less dependent on the United States. S.
Improve the cost structure of office furniture market.
He said the negative impact of rising commodity prices will also ease in the coming quarters.
Analysts reiterated that his rating at Herman Miller was \"superior \"(MLHR. O)and Knoll Inc (KNL. N)
His rating of \"market performance\" for steel case Inc (SCS. N)and HNI Corp (HNI. N).
Retailer office warehouse last week
N released a surprising quarterly loss and said it would delay opening new stores in the face of a weak economy.
Sales were hit by reduced spending on office supplies by small business owners and retail consumers.
The company said the trend has worsened over the past six weeks due to the global financial crisis.
Other office products from retailer Staples SPLS.
O and Office Max OMX.
N was also hurt.
makers Noel and HNI also warned last month that the future will be challenging because of the economic weakness and slowing demand that put pressure on their results.
The shares of Office Max fell 16%, while Office Depot fell 19% in afternoon trading on the New York Stock Exchange.
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