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Herman Miller Inc. Message Board

  • wascoe wascoe Mar 18, 2009 12:54 PM Flag

    Earnings Today

    Earnings out today. Estimates have been revised downward over the last 2 months as office furniture sales are tanking.

    I believe the estimates are still too rosy.

    For almost every job lost (and there have been hundreds of thousands), there is a desk, a chair, cubicles, dividers, and other office equipment that will not be ordered. In fact huge amounts of brand new office furniture are just sitting around in storage possibly looking for discounted re-sales into the used market pressuring margins everywhere.

    If you are long and the report is decent, the forecast will still be awful (or they will just stop giving a forecast), so be wary and possibly take any profits that you might have if you've bought below 10.

    Full Disclosure: I have just opened short position in this stock.

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