Kimball Swings Towards a Loss in Q2
Kimball International is headquartered in Jasper
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As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowJasper-based Kimball International Inc. (Nasdaq: KBAL) is reporting a second-quarter loss of $838,000, compared to net income of $11 million during the same period a year ago.
The manufacturer of office, home and hospital furniture says consolidated net sales were down 29% from a year ago, attributing the loss to the pandemic.
During Q2, Kimball closed on its acquisition of New York-based Poppin Inc. The deal for the B2B commercial furniture design company is valued at $110 million.
“We continued to execute on our Connect 2.0 strategy, which has created additional opportunities to gain share in our target end markets and accelerate our long-term growth. Additionally, Poppin, which brings us a digitally native platform that we can leverage across our portfolio of brands, has greatly advanced Kimball International’s eBusiness strategy,” said Chief Executive Officer Kristie Juster.
Juster says second-quarter revenue was reduced by approximately $6 million due to port congestion delays which impact the company’s ability to ship products from its hospitality sector. Kimball says it is also facing higher freight costs.
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