Herman Miller Aeron chair
Source: Herman Miller
Shares of office furniture retailer Herman Miller are surging after a blowout earnings report that showed the company is benefiting from the work-from-home trend.
Herman Miller jumped 33.5% in midday trading on Thursday, while the broader market was under pressure.
As the coronavirus pandemic forces millions of American to work from their homes, the company said customers are upgrading their homes with work and office furniture. The home office category increased nearly 300% since last year, the company said in its earnings release.
“They reported a completely blowout quarter last night. Why? Because people are rebuilding their homes,” CNBC’s Jim Cramer said on “Squawk on the Street” on Thursday.
Herman Miller reported fiscal first quarter earnings per share of $1.24, blowing past the earnings of 26 cents per share expected by Wall Street, according to Refinitiv. The company made $626.8 million in revenue,