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Herman Miller (NASDAQ: MLHR) has partnered with Nissan to launch the 2021 NV350 Office Pod Concept, a vehicle designed for remote work. This concept features a fully equipped office, including the Herman Miller Cosm Chair, enabling workers to operate from any location. The van combines ergonomic design with functionality, providing a mobile workspace that can be transformed into an open setting or a private office. This initiative highlights the increasing trend of a distributed workforce, accelerated by the COVID-19 pandemic, promoting work-from-anywhere flexibility.
Herman Miller conducted a survey revealing significant health issues for remote workers amid the pandemic. The findings show that workers are sitting 20% more than pre-pandemic and nearly 90% report health problems, including back pain and difficulty sleeping. A majority, 78%, believe a better home office would enhance productivity, with a significant desire for ergonomic chairs. This shift emphasizes the importance of ergonomics in maintaining health and productivity while working from home.
Herman Miller reported second-quarter fiscal 2021 results, revealing a 7% decline in net sales to $626.3 million, attributed to ongoing pandemic impacts. However, gross margin improved to 39.0%, up 110 basis points from last year, reflecting strong expense control with operating expenses down $18.1 million. Earnings per share were reported at $0.87, a 34.1% decrease year-over-year, while adjusted EPS slightly increased by 1.1% to $0.89. Retail orders surged 41%, driven by home office demand amidst COVID-19-induced shifts in consumer behavior.
Herman Miller, Inc. (NASDAQ: MLHR) has scheduled its second quarter fiscal 2021 conference call for December 17, 2020, at 9:30 a.m. ET. The financial earnings release will be issued on December 16, 2020, after market close. Interested parties can access the call via a phone number (877-363-5046, Conference ID: 7583289) or through a webcast on the company's investor page. Archived materials will be available shortly after the call on Herman Miller's website.
Herman Miller (NASDAQ: MLHR) has opened its first experiential retail store at Westfield Century City, Los Angeles, as part of a new concept to meet rising customer demand for ergonomic office solutions. A second location is set to launch at The Shops at Hudson Yards, New York City on November 20, 2020. These stores will allow customers to test products directly, guided by ergonomic specialists. This initiative coincides with increased interest in home office furniture as more companies transition to remote work.
Herman Miller has launched the Special Gaming Edition Sayl Chair, enhancing its gaming series. Designed for optimal comfort and performance, it features six new color options and adjustable settings for a personalized fit. The chair incorporates a unique 3D Intelligent back for support and flexibility, allowing gamers to maintain active postures.
Available from $725, the chair reflects Herman Miller's commitment to aesthetics and ergonomics, appealing to gamers' diverse needs. A blue variant will be available in November 2020, followed by a purple variant in December 2020.
Herman Miller (NASDAQ: MLHR) announced plans to open its first concept stores focused on high-performance task chairs and home office products in late Fall 2020. These stores aim to meet the increasing demand for versatile home environments, especially post-pandemic. The company reported its strongest quarterly performance yet, driven by unprecedented sales in retail. Each store will showcase ergonomic products designed to enhance well-being and productivity, contributing to healthier workspaces. The initiative reflects a shift towards flexible work arrangements, with 84% of the U.S. remote workforce working from home.
Herman Miller reported fiscal Q1 2021 results with net sales of $626.8 million, down 6.6% year-over-year. Despite a decline in overall demand, gross margin improved to 39.9%, reflecting a 320 basis point increase. Operating earnings rose to 15.2%, up from 9.0% a year prior. Net earnings attributable to Herman Miller climbed 51.5% to $73 million, translating to diluted EPS of $1.24. Retail orders surged by 40%, driven by a 300% increase in home office demand. The company re-established its dividend at $0.1875 per share, payable on January 15, 2021.
Herman Miller, Inc. (NASDAQ: MLHR) will host its first quarter fiscal 2021 conference call on September 17, 2020, at 9:30 a.m. ET. The conference call will be available via webcast on the company's investor relations website. The earnings release is scheduled for September 16, 2020, after market close. This release will include financial performance metrics significant for investors. Interested parties can access the call by dialing (877) 363-5046 with the Conference ID 4641455.
Herman Miller (NASDAQ: MLHR) has launched a new series of special edition chairs tailored for gamers, starting with the Aeron Chair, available from September 2, 2020 at $1445 USD. The iconic chair, recognized for its ergonomic benefits, will now feature an all-matte black finish, addressing gamers' requests for aesthetic appeal in their setups. This move leverages decades of ergonomic research, catering to both comfort and style. More gaming chair editions are expected later in Fall 2020.
