Steelcase Inc. (NYSE:SCS) Q1 2023 Earnings Conference Call June 23, 2022 8:30 AM ET

Company Participants

Michael O'Meara - Director, Investor Relations and Financial Planning and Analysis

Sara Armbruster - President and Chief Executive Officer

David Sylvester - Senior Vice President and Chief Financial Officer

Conference Call Participants

Greg Burns - Sidoti

Kathryn Thompson - Thompson Research Group

Budd Bugatch - Water Tower Research

Operator

Good morning. My name is Rob and I will be your conference operator today. At this time, I would like to welcome everyone to the Steelcase First Quarter Fiscal 2023 Conference Call. All lines have been placed on mute to prevent any background noise. After the speakers’ remarks, there will be a question-and-answer session. [Operator Instructions] Thank you.

Mr. O'Meara, you may begin your conference.

Michael O'Meara

Thank you, Rob. Good morning, everyone. Thank you for joining us for the recap of our first quarter fiscal 2023 financial results. Here with me today are Sara Armbruster, our President and Chief Executive Officer; and Dave Sylvester, our Senior Vice President and Chief Financial Officer.

Our first quarter earnings release, which crossed the wires yesterday, is accessible on our website. This conference call is being webcast, and this webcast is a copyrighted production of Steelcase Inc. A replay of this webcast will be posted to ir.steelcase.com later today.

Our discussion today may include references to non-GAAP financial measures and forward-looking statements. Reconciliations to the most comparable GAAP measures and details regarding the risks associated with the use of forward-looking statements are included in our earnings release, and we are incorporating by reference into this conference call the text of our Safe Harbor statement included in the release. Following our prepared remarks, we will respond to questions from investors and analysts.

I will now turn the call over to our President and Chief Executive Officer, Sara Armbruster.

Sara Armbruster

Thanks, Mike, and good morning, everyone. Our results this quarter were better than we expected, thanks in part to the great work being done by our people in this challenging environment. Our operations teams have continued to manage supply chain challenges and improve our operational outlets, which helped drive 33% revenue growth. We've made adjustments to increase our inventory levels, change suppliers and enforce production and remain agile by shifting resources as needed. I'm delighted that we're seeing the impact of this work on our results.

We continue to engage with our customers to help them create inspiring workplaces, and I'm pleased to say that our sales team drove another quarter of strong year-over-year order growth. We're also doing the hard, but necessary work of implementing price increases in response to extraordinary inflation levels, including skyrocketing fuel and logistics costs. Dave will discuss this in more detail when he covers the financials.