Steelcase Reports ‘Uptick’ in Companies Returning to Physical Office
Though some recent "data points” show “an uptick in the return to office level” in many U.S. cities, “the reality is some companies have paused their investments as they define their own workplace strategies or weigh their choices in a…
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volatile macroeconomic environment,” said Steelcase CEO Sara Armbruster on an earnings call Thursday for fiscal Q2 ended Aug. 26. “The lagging return to office that so many companies are facing, primarily in the Americas, along with the possibility of a recession, is likely contributing to slower decision-making,” she said. “We’ve begun to see the impact of that slowdown on our incoming order volume level in the Americas, and we believe others in our industry are feeling that same downward pressure.” Despite recent “positive trends,” fiscal Q2 order volume for Steelcase, the world’s largest office furniture manufacturer, was down 8% in its Americas “core business,” she said.