Herman Miller lowers 2Q profit and sales outlook

Herman Miller expects earnings between 57 cents and 64 cents in the quarter ending in November with sales between $475 million and $495 million.

Analysts polled by Thomson Reuters had expected 63 cents per share and sales of $501.2 million.

The company previously expected sales between $490 million to $515 million and earnings per share between 59 cents to 66 cents, down from the 67 cents per share it earned in the year-earlier period.

"Herman Miller is not immune to the current global economic slowdown," said Chief Executive Brian Walker. "We've experienced a decline in orders over the past few months as the credit market turmoil and declining corporate and consumer demand has accelerated."

The company also cut jobs, mostly in Michigan, to cut costs. The job cuts will be implemented through January and help lower expenses by $60 million.

Shares of Herman Miller Inc. declined $2.46, or 13.4 percent, to $15.91 in late afternoon trading Tuesday, and hit a 52-week low of $15.64.