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Steelcase builds imports faster than Ikea, but may need to take stock of inventories

China 2569 Cons. Discr. - Durables 326 Cons. Discr. - Retailing 300 Malaysia 97 Quote Watch 243 U.S. 4564 Vietnam 283

Steelcase announced a 21.9% year over year fall in quarterly revenues in FQ2’21 as well as declining orders. The firm’s CEO noted the firm’s supply chain “worked through the large backlog of orders” during the quarter though a resulting 53.5% year over year expansion in U.S. seaborne imports in the three months to Aug. 31 has driven an increase in inventories. The firm has continued to restructure its supply chain away from China and towards Vietnam and Malaysia. Other importers of similar furniture products have generally not grown their shipments as quickly as Steelcase. Imports linked...

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