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Herman Miller Inc. Message Board

  • deepharbor deepharbor Sep 19, 2002 11:52 AM Flag

    I am still short

    I am still short this stock at 16.82. The company did much better then I expected this quarter on aggressive cost cutting. Sales however were down 16%, orders down 17% and backlog down 13%. The company is forcasting flat sales next quarter. I suspect there will be more weakness. I can't think of an company that needs to buy more furniture, and I can think of a lot that have lots of spare desks. Fidelity is due to layoff one third of the workforce on Oct. 1 that is a lot of spare furniture in Boston. 30 times earnings for a highly leveraged cyclical business? Enjoy the ride today, I think you will see the stock break thru the $14 low before it sees 20. Falling sales are rarely rewarded above market multiples for long. Enjoy the ride today. deep

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