Steelcase Inc. reported a modest increase in revenue for the fiscal year ending February 28, 2025, achieving $3,166.0 million, up from $3,159.6 million in the previous year. The company’s net income rose significantly to $120.7 million, or $1.02 per diluted share, compared to $81.1 million, or $0.68 per diluted share, in the prior year. This improvement in profitability was attributed to a $42.1 million gain from the sale of land and favorable tax items, which collectively contributed to a net income increase of $39.6 million year-over-year.
In terms of operational performance, Steelcase experienced a 4% growth in orders, adjusted for divestitures and currency effects, with a notable 6% increase in the Americas segment. However, the International segment faced challenges, with a 4% decline in orders. The company’s order backlog at the end of the fiscal year was approximately $694 million, reflecting an 11% increase from the previous year. The Americas segment accounted for 77.9% of total revenue, driven by demand from large corporate, government, and education customers.
Strategically, Steelcase continued to focus on enhancing its operational efficiency and expanding its market presence. The company initiated restructuring actions in response to declining demand in certain markets, particularly in the International segment, and implemented cost reduction initiatives that improved gross margins by 110 basis points. Additionally, Steelcase is investing in a new enterprise resource planning (ERP) system, with ongoing development costs expected to continue into 2026.
As of February 28, 2025, Steelcase employed approximately 11,300 individuals, with a significant portion engaged in manufacturing and distribution. The company’s liquidity position improved, with total liquidity reaching $558.3 million, up from $485.5 million in the previous year. Steelcase also maintained a strong balance sheet, with total debt of $447.1 million and no significant repayment obligations until 2029. Looking ahead, Steelcase anticipates continued investment in its business transformation initiatives and plans to implement price increases in response to inflationary pressures in the Americas.
About STEELCASE INC
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