Knoll announces net sales in Q1 2018 increased by 15.5% YoY to $296.6 million

Knoll, Inc., a designer and manufacturer of furnishings, textiles and fine leathers for the workplace and home, announced net sales in Q1 2018 increased by 15.5% YoY to $296.6 million. Operating profit for the quarter was $22.5 million, an increase of 8.8%, compared to operating profit of $20.6 million for the first quarter of 2017. Adjusted operating profit was $24.0 million, an increase of 16.3% when compared to adjusted operating profit of $20.6 million in the first quarter of 2017. Net earnings for the quarter were $15.3 million, a decrease of 0.9% when compared to the first quarter of 2017. Adjusted net earnings for the quarter were $17.4 million, an increase of 13.2% when compared to the first quarter of 2017. Adjusted EBITDA was $36.8 million, an increase of 14.1% when compared to $32.3 million in the first quarter of 2017. Diluted earnings per share was $0.31 and $0.31 for the first quarter of 2018 and 2017, respectively. Diluted earnings per share was negatively impacted by a loss on extinguishment of debt, acquisition expenses and restructuring charges in the first quarter of 2018. Adjusted diluted earnings per share was $0.35 and $0.31 for the first quarter of 2018 and 2017, respectively.

“We are very pleased with our strong start to 2018,” commented Knoll President and CEO Andrew Cogan. “Our efforts to diversify our sources of revenue, expand our selling capacity, respond to the changing design trends and allocation of space within the workplace as well as improve our margins are beginning to come together. Furthermore, with an increasing mix of revenue and profits coming from the international and high design residentially oriented businesses in our Lifestyle segment we are building a stronger, differentiated and more sustainably profitable enterprise.” Cogan added, “Looking ahead to the balance of the year we would expect these initiatives to continue to drive top line growth and margin expansion.”