Steelcase reports better than expected Q1, provides guidance

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A gross margin of 31.2% represented an increase of 530 basis points compared to the prior year driven by pricing benefits and operational efficiencies.

For Q2/24, the company expects EPS in the range of $0.19-$0.23, compared to the consensus of $0.21, and revenue in the range of $815-$840M, compared to the consensus of $841M.

“Through the first half of the year, we expect to be ahead of pace on achieving our fiscal 2024 financial targets in part due to better than expected results from our large corporate customers,” said CEO Sara Armbruster.