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Herman Miller (NASDAQ: MLHR) has unveiled the OE1 Workspace Collection, designed to meet evolving workplace needs post-COVID-19. The collection includes flexible, modular furniture solutions that adapt to changing work environments, enabling organizations to create dynamic spaces. Developed alongside designers Sam Hecht and Kim Colin, OE1 focuses on providing employees with control over their workspaces, enhancing productivity and comfort. This launch reflects the company’s commitment to innovative design, addressing the necessity for agility in workplace settings.
Herman Miller (NASDAQ: MLHR) launched Herman Miller Professional, a new eCommerce platform catering to small and mid-size businesses needing office furnishings. This launch comes as companies re-evaluate post-pandemic workspaces, aiming to provide a seamless online shopping experience featuring curated products, business pricing, and customer support. Initially available in the United States, the platform offers over 450 products from various brands and will expand in the future to include more complex items. This initiative aims to enhance customer satisfaction and set industry standards.
Herman Miller (NASDAQ:MLHR) has appointed popular streamer Tim Betar, known as Timthetatman, as its first global Brand Ambassador. This partnership aims to connect the furniture company with the gaming community, enhancing product development through direct feedback from gamers. Herman Miller's gaming division recently launched the Herman Miller X Logitech G Embody Gaming Chair, which is already being used by top esports organizations. Both parties express excitement over the collaboration, emphasizing the importance of gamer input.
Herman Miller (NASDAQ: MLHR) is now a founding partner of the Future Forum, a consortium aimed at reshaping workplace design post-pandemic. The collaboration focuses on enhancing employee collaboration through innovative office spaces and processes. Key initiatives include understanding future office needs, fostering creativity, and providing guidance on hybrid work models. Recent data indicates that 63% of knowledge workers prefer a hybrid remote-office setup. This partnership aligns with Herman Miller's commitment to optimizing employee experience and adapting to evolving workplace demands.
Herman Miller (NASDAQ: MLHR) opens a new 45,000-square-foot retail location in Chicago's Fulton Market, transitioning from a trade-only showroom to a consumer-focused experience. This venue combines eight of its brands, including Design Within Reach and HAY, under one roof. The site, developed in harmony with the neighborhood's historic character, aims to meet the evolving needs of both consumers and A&D professionals. The opening aligns with the company's commitment to design excellence and well-being, promoting health-conscious spaces and products.
Herman Miller reported its third-quarter fiscal 2021 results on March 17, 2021. The report highlights key financial metrics, showcasing the company's growth trajectory despite market challenges. This quarter, Herman Miller has emphasized its commitment to innovation and quality in its product lines, aiming to enhance customer satisfaction and drive sales performance. The inclusion of contact details in the press release rectified previous omissions, ensuring stakeholders can communicate effectively with the management team. Overall, the results indicate a stable outlook for the company moving forward.
Herman Miller reported third-quarter fiscal 2021 net sales of $590.5 million, down 11% from $665.7 million a year ago. The Retail segment thrived, with sales growth of 63% and order growth of 81%. Consolidated operating margin expanded to 9.3%, attributed to cost management and improved gross margins of 39.1%. Net earnings rose 10.1% to $41.5 million, translating to earnings per share of $0.70. The North America Contract segment remains challenged, with sales down 35%, but optimism grows as companies prepare to return to the office. Overall, the company anticipates a rebound in demand as the pandemic situation improves.
Herman Miller (NASDAQ:MLHR) has launched the Revenio Collection, a new line of sustainable textiles made from recycled and ocean-bound plastics, including a 100% biodegradable polyester. Each yard of fabric helps divert 7-15 plastic bottles from oceans, totaling an estimated 4.6 million bottles annually. The collection features four fabrics: Terra, Scatter, Mellow, and Crepe, available starting March 1, 2021. This initiative underscores Herman Miller's commitment to a circular economy and reducing plastic pollution.
Herman Miller (NASDAQ: MLHR) has scheduled its third quarter fiscal 2021 conference call for March 18, 2021 at 9:30 a.m. ET. The call will be accessible through a webcast at Herman Miller's investor page. An earnings release will be issued on March 17, 2021, after market close. This will include financial results and additional supporting materials.
