Item 2.02. Results of Operations and Financial Condition.
Steelcase Inc. (the “Company”) reported its second quarter fiscal year 2023
results today and is furnishing the earnings release as Exhibit 99.1 attached
hereto. Members of the public are invited to listen to the Company’s webcast
conference call on September 22, 2022, at 8:30 a.m. Eastern time through the
link at ir.steelcase.com. A replay of the webcast will also be accessible
through the Company’s website.
The information furnished pursuant to this Item 2.02 and Item 7.01 to this
Current Report on Form 8-K (including the exhibit hereto) shall not be
considered “filed” under the Securities Exchange Act of 1934, as amended, nor
shall it be incorporated by reference into future filings by the Company under
the Securities Act of 1933, as amended, or under the Securities Exchange Act of
1934, as amended, unless the Company expressly sets forth in such future filing
that such information is to be considered “filed” or incorporated by reference
Item 2.05. Costs Associated with Exit or Disposal Activities.
On September 21, 2022, the Board of Directors of the Company authorized a series
of actions in response to recent volume decline in the Company’s incoming orders
and lower than expected return-to-office trends in the Americas. The actions
may include the elimination of up to 180 salaried positions in the Company’s
Americas segment and Corporate functions, and the Company currently expects to
incur approximately $8 million in restructuring costs, consisting of cash
severance payments and other separation-related benefits, related to these
actions. The Company expects these actions to be completed in the third quarter
of fiscal year 2023.
Item 7.01. Regulation FD Disclosure.
The Company has updated its investor presentation and will make it available on
the Company’s website at ir.steelcase.com. The Company uses this presentation
from time to time when Company executives interact with investors and analysts
to discuss the Company’s business strategies and long-term goals.
Item 9.01. Financial Statements and Exhibits.
(d) EXHIBITS. Exhibit Number Description 99.1 Earnings Release - Second Quarter Ended August 26, 2022 104 Cover Page Interactive Data File (embedded within the Inline XBRL document)
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