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Company Overview
MillerKnoll Inc is a renowned enterprise that researches, designs, manufactures, sells, and distributes interior furnishings globally. It operates as a collective of dynamic brands, including historic names and innovative labels, that together redefine modern design in both commercial and residential spaces. The company is integral in shaping interior environments through its extensive portfolio and its commitment to design excellence.
Business Segments
MillerKnoll Inc organizes its operations into multiple segments, each addressing distinct market needs:
- Americas Contract: Focused on serving office, healthcare, and educational environments across North and South America, this segment provides tailored solutions for large-scale projects with a strong emphasis on design and functionality.
- International Contract & Specialty: This segment covers markets across Europe, the Middle East, Africa, and the Asia-Pacific region. It integrates both contract-focused projects and specialty product lines, offering customized design solutions in challenging markets.
- Global Retail: Offering modern design furnishings to consumers worldwide through innovative retail channels, including physical stores and digital platforms, it connects directly with end users looking for premium design experiences.
Operations & Distribution
The company’s operational model is built on diverse distribution channels that include independent contract dealers, direct sales, catalog distribution, and online retail. This multi-channel approach enables MillerKnoll to reach a wide range of customers while adapting to various market dynamics. A robust network of owned and independent retailers supports its extensive product assortment and fosters strong customer relationships.
Brand Collective & Design Leadership
MillerKnoll’s portfolio features a blend of historic and contemporary brands that bring unique design philosophies to the marketplace. By integrating established names with cutting-edge design, the company creates an unparalleled platform for modern interior furnishings. This brand synergy not only reinforces its expertise in the industry but also elevates its competitive position on a global scale.
Competitive Landscape and Market Significance
Within the global furniture and interior design sectors, MillerKnoll stands out for its comprehensive approach to design and manufacturing. It effectively balances aesthetic innovation with operational efficiency, addressing complex demands in both contract and consumer markets. The company’s strategic positioning and extensive brand portfolio support its sustained influence in a highly competitive landscape while ensuring a consistent emphasis on quality and design integrity.
Conclusion
Overall, MillerKnoll Inc embodies the convergence of design innovation and operational excellence, positioning itself as a critical player in the interior furnishings industry. Through its multiple segments and diverse channels, it continues to redefine modern design, catering to both large-scale contract projects and retail consumers. The company’s commitment to quality, design, and efficiency remains at the core of its operations, establishing it as a trusted name among architects, designers, and end-user customers alike.
MillerKnoll (NASDAQ: MLKN) reported Q3 FY2025 results with consolidated net sales of $876.2 million, up 0.4% year-over-year. The company saw mixed performance across segments, with Global Retail orders up 15% while contract businesses remained sluggish.
Key financial metrics include:
- Gross margin of 37.9%, down 70 basis points
- Operating loss margin of 9.4% vs 4.9% income last year
- Adjusted diluted EPS of $0.44 vs $0.45 prior year
- Special charges of $140.2 million, including $130.0 million in goodwill impairment
Segment performance varied with North America Contract sales up 1.4%, International Contract down 5.0%, and Global Retail up 1.9%. The company maintained strong liquidity of $468.2 million and generated $62.1 million in operating cash flow, while reducing long-term debt by $60.7 million.
MillerKnoll (MLKN) has received validation from the Science Based Targets initiative (SBTi) for its near-term emissions reduction targets. The company commits to:
- Reduce absolute scope 1 and 2 GHG emissions by 50% by FY2030 from FY2022 baseline
- Increase renewable electricity sourcing from 38.3% to 100% by FY2030
- Cut scope 3 GHG emissions from purchased goods, operational waste, and product end-of-life by 25% by FY2030
This validation follows MillerKnoll's new sustainability strategy announcement, reinforcing its commitment to environmental stewardship and sustainable design practices.
MillerKnoll (NASDAQ: MLKN) has announced it will release its fiscal 2025 third quarter financial results on Wednesday, March 26, 2025, after market close. The company will host a conference call and webcast at 5:00 p.m. Eastern time to discuss financial and operational results with the investment community.
Investors can join the conference call via webcast through the company's investor relations website or by telephone at (888) 672-2415 using conference ID 5515788. An online archive of the webcast will be available for later viewing on the investor relations website.
MillerKnoll has announced a new sustainability strategy and released its 2024 Better World Report, focusing on three key areas: Carbon, Materials, and Circularity. The company aims to achieve net-zero carbon emissions by 2050, alongside goals for sustainable materials usage and zero waste production.
The strategy includes several short-term objectives, such as eliminating PFAS in North America by FY2025 and globally by FY2027, transitioning to 100% renewable electricity by FY2026, and diverting 10 million pounds of furniture waste from landfills by FY2027.
Key initiatives include sustainable materials adoption, energy and waste reduction, smart packaging and logistics optimization using AI, supply chain collaboration, and a global take-back program. By FY2030, MillerKnoll targets a 25% reduction in carbon footprint for top 100 products, 75% recycled content in top textiles, and elimination of single-use plastic packaging at manufacturing sites.
MillerKnoll (NASDAQ: MLKN) reported Q2 FY2025 results with consolidated net sales up 2.2% year-over-year to $970.4 million. The company maintained strong gross margins at 38.8% and reported diluted earnings per share of $0.49, up from $0.45 in the prior year. Americas Contract segment showed positive momentum with sales up 5.9%, while Global Retail saw a 5.3% decline.
The company returned approximately $93.1 million to shareholders through share repurchases and dividends in the first half of fiscal 2025. For Q3 FY2025, MillerKnoll expects net sales between $903-943 million and adjusted earnings per share of $0.41-0.47. The company narrowed its full-year adjusted EPS guidance to $2.11-2.17, reflecting slower than expected macroeconomic improvements.
MillerKnoll (NASDAQ: MLKN) has scheduled its second quarter fiscal year 2025 financial results announcement for Wednesday, December 18, 2024, after market close. The company will host a conference call and webcast at 5:00 p.m. Eastern time on the same day. Investors can join via webcast through the company's investor relations website or by telephone at (800) 715-9871 using conference ID 7392612. An archive of the webcast will be available on the company's website afterward.
MillerKnoll (NASDAQ: MLKN) reported its Q1 fiscal 2025 results, ending August 31, 2024. Orders increased by 2.4% year-over-year (YoY) and 3.5% organically. The ending backlog rose by 9.2% YoY to $758 million. Net sales fell 6.1% YoY to $861.5 million. The gross margin remained flat at 39%. Operating expenses increased by 1% to $321.1 million. Adjusted operating expenses decreased by 5.2% to $286.9 million. The effective tax rate surged to 66.2%. Adjusted EPS was $0.36, down from $0.37 YoY. The company reported a diluted loss per share of $0.02, compared to an EPS of $0.22 last year. Cash flow from operations was $21.1 million, and share repurchases totaled $43.7 million. The company maintained its full-year adjusted EPS guidance of $2.20 and projected Q2 net sales between $950 million and $990 million, with adjusted EPS between $0.51 and $0.57.
MillerKnoll (NASDAQ:MLKN), a global design leader, is opening new flagship locations in London and New York this month. These spaces combine contract showrooms and retail stores from various brands in the MillerKnoll portfolio, creating world-class design destinations. The London location spans 1,700 square meters across three floors in Clerkenwell, featuring brands like Knoll, Herman Miller, and Maharam. The New York location occupies 11 floors and over 77,000 square feet at 251 Park Avenue South, showcasing Knoll, Herman Miller, Geiger/DatesWeiser, Muuto, and Maharam. Both locations include dedicated MillerKnoll Studios to highlight the collective approach for modern workplaces. These new hubs aim to provide inspiring workplaces for employees and offer customers and the design community convenient access to the latest in office, home, and beyond design.
MillerKnoll (NASDAQ: MLKN) has announced its plans to release first quarter fiscal year 2025 financial results on Thursday, September 19, 2024, after the stock market closes. The company will host a conference call and webcast at 5:00 p.m. Eastern time on the same day to discuss the results.
Investors can access the live webcast through MillerKnoll's investor relations website or join via telephone by dialing (888) 596-4144 with the conference ID 9363323. An online archive of the webcast will be available on the company's investor relations website, along with additional supporting materials.
MillerKnoll (NASDAQ: MLKN), a global design leader, has appointed three new directors to its Board: John Maeda, Tina Edmundson, and Jeanne Gang. This move follows the retirement of two directors and aims to support the company's long-term growth. The new members bring expertise in technology, architecture, design, hospitality, and art.
John Maeda, currently at Microsoft, has a background in technology and design. Tina Edmundson, President of Luxury at Marriott International, brings over 25 years of hospitality experience. Jeanne Gang, a renowned architect, is known for designing spaces that connect people and nature. CEO Andi Owen emphasized their shared commitment to sustainability and belief in design as a tool for positive change. With these additions, MillerKnoll's Board now has twelve directors, eleven of whom are independent.
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