Herman Miller Hasn’t Given Up On Offices, But Sees A Post-Pandemic Future In WFH
Herman Miller showed surprising resiliency last year as offices emptied nationwide in the wake of the coronavirus pandemic. The specter of empty offices would typically be a nightmare for a company that makes office furniture, and Herman Miller (Nasdaq: MLHR) did indeed experience a drop in companywide sales in its second quarter, ended Nov. 28, 2020. During a disruptive era when the conference room has been replaced, albeit temporarily, by video conference calls via Zoom and Microsoft Teams, HM still managed to eke out a profit and perform better than its top competitor, Steelcase (NYSE: SCS). HM also has plans for future expansion in retail, after opening stores last year in New York City and Los Angeles, targeted, in part, to well-heeled clients who work from home. While the office furniture industry suffered through a grueling 2020, HM was positioned to capitalize on the nationwide flight of workers from the …
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