June 2008 -- It was a year of strong sales for office furniture maker Herman Miller Inc. in fiscal 2007.
Consolidated net sales grew 10.5% over the previous year to reach $1.92 billion, with orders up
11.4%. Net sales improved even as fiscal year 2006 included 53 weeks versus 52 in fiscal 2007.
Net earnings of $129.1 million in 2007 compared with $99.2 million in 2006, and diluted earnings
per share of $1.98 compared with $1.45 in 2006.
"We closed the year with a strong fourth quarter," said Brian Walker, CEO, when the fiscal year
results were released in June 2007. "The new products we've launched and the new markets we're
entering have us well positioned for the future."
Herman Miller said gross margin in fiscal 2007 improved 60 points to 33.7% of sales, from 33.1%
in 2006.
During the year, the company repurchased approximately 5.1 million shares of its stock for
$164.9 million. The average price per share was $32.23.
