Herman Miller Aeron chair
Source: Herman Miller
Shares of office furniture retailer Herman Miller are surging after a blowout earnings report that showed the company is benefiting from the work-from-home trend.
Herman Miller jumped more than 35% in midday trading on Thursday, while the broader market was under pressure.
As the coronavirus pandemic forces millions of American to work from their homes, the company said customers are upgrading their homes with work and office furniture. The home office category increased nearly 300% since last year, the company said in its earnings release.
“They reported a completely blowout quarter last night. Why? Because people are rebuilding their homes,” CNBC’s Jim Cramer said on “Squawk on the Street” on Thursday.
Herman Miller reported fiscal first quarter earnings per share of $1.24, blowing past the earnings of 26 cents per share expected by Wall Street, according to Refinitiv. The company made $626.8 million
Is your Sur La Table closing? The kitchen goods retailer is liquidating more stores by the end of September
Going-out-of-business liquidation sales are now underway at 17 additional Sur La Table stores.
The Seattle-based luxury kitchen goods retailer filed for Chapter 11 bankruptcy protection in July and announced plans to close 51 of its 121 stores while looking for a buyer for remaining locations. Five locations were listed as permanently closed in July.
According to a news release Friday, liquidation firms Great American Group, SB360 Capital Partners and Tiger Capital Group are managing the sales at the closing stores, which started Aug. 28, and the initial discounts are up to 30% off original prices, the release said.
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