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About MillerKnoll, Inc. (NASDAQ: MLKN)
MillerKnoll, Inc., a global leader in modern design, is a collective of dynamic brands that come together to shape the way people live and work. The company operates within the interior furnishings industry, offering a wide range of high-quality furniture, textiles, and accessories for commercial, residential, and specialty markets. With a legacy rooted in iconic design, MillerKnoll's portfolio includes renowned brands such as Herman Miller, Knoll, Design Within Reach, HAY, Muuto, and Maharam, among others.
Business Segments and Operations
MillerKnoll's operations are organized into three primary segments:
- Americas Contract: This segment focuses on the design, manufacturing, and sale of furniture and related products for office, healthcare, and educational environments across North and South America. Products are distributed through independent dealers, direct sales, and company-owned showrooms.
- International Contract & Specialty: This segment caters to clients in Europe, the Middle East, Africa, and Asia-Pacific, offering a mix of contract furniture and specialty products. Iconic brands like Holly Hunt, Maharam, and Knoll Textiles are part of this segment, serving luxury and niche markets.
- Global Retail: Targeting the residential market, this segment operates through eCommerce platforms, direct-mail catalogs, and physical retail stores. It features brands like Design Within Reach and HAY, offering modern furnishings and accessories directly to consumers.
Revenue Streams and Distribution Channels
MillerKnoll generates revenue through a diversified set of channels, including independent and company-owned dealers, direct-to-consumer sales, and online platforms. The independent retailer division accounts for a significant portion of overall sales, highlighting its importance in the company's business model. Additionally, MillerKnoll leverages its global footprint to optimize distribution and reach diverse customer bases in both commercial and residential markets.
Competitive Landscape and Differentiation
Operating in a competitive market, MillerKnoll differentiates itself through its unparalleled design heritage, extensive brand portfolio, and commitment to innovation. The company competes with other major players in the furniture and design industry by offering a unique blend of functionality, aesthetics, and sustainability. Its acquisition of Knoll has further strengthened its position, enabling synergies in cost management, product offerings, and market reach.
Strategic Advantages and Market Significance
As a pioneer in modern design, MillerKnoll's brands have set industry standards for quality and innovation. The company's ability to adapt to changing market conditions, implement cost optimization strategies, and maintain a strong focus on operational efficiencies underscores its resilience. By integrating its diverse brands into a cohesive platform, MillerKnoll not only redefines modern design but also positions itself as a key player in shaping the future of interior furnishings.
Key Takeaways
MillerKnoll's value proposition lies in its ability to combine iconic design with operational excellence. Its diversified business model, global reach, and commitment to innovation make it a significant player in the interior furnishings industry. Whether serving commercial or residential markets, MillerKnoll continues to influence the way people experience spaces, solidifying its role as a leader in modern design.
MillerKnoll (NASDAQ: MLKN) will host a virtual fireside chat on March 30, 2023, at 3:00 pm ET. Key executives including Jeff Stutz, CFO, and John Michael, President, will discuss market fundamentals and the return to office trends. This event aims to provide insights into current market dynamics impacting the company.
Interested participants can join via Zoom, with an archive available post-event.
MillerKnoll Inc. (NASDAQ: MLKN) released its third quarter fiscal 2023 results, reporting net sales of $984.7 million, a 4.4% decline year-over-year, although net sales for the nine-month period increased 10.0% to $3.13 billion. Adjusted earnings per share rose by 74.2% to $0.54. Gross margin improved to 35.7%, reflecting effective cost management and integration synergies, with $123 million of run-rate cost synergies captured thus far. Despite a challenging economic environment and a 19.2% drop in orders, the company anticipates fourth quarter net sales between $930 million and $970 million.
On March 21, 2023, Herman Miller announced the reintroduction of iconic Environmental Enrichment Panel graphics by Alexander Girard as home posters. Originally designed for workplace settings in the 1970s, these prints aim to enhance creativity and energy through vibrant colors and geometric patterns. The collection features several notable designs like Bouquet and Eyes, available in framed options starting at $525 USD and unframed at $195 USD. These high-resolution prints are crafted on 100% cotton paper and come framed in American maple. This initiative reinforces Herman Miller's commitment to timeless design and its legacy within the mid-century aesthetic.
MillerKnoll, Inc. (NASDAQ: MLKN) will announce its financial results for Q3 fiscal 2023 on March 22, 2023, after market close. The Company will hold a conference call and webcast that day at 5:30 p.m. ET to discuss the results. Investors can access the call via the Company’s investor relations site or by phone at (800) 715-9871 with conference ID 7825517. A recorded archive will also be available online. MillerKnoll encompasses several well-known brands like Herman Miller and Knoll, aiming to create a sustainable and equitable future.
Herman Miller has unveiled the Passport Work Table, a height-adjustable table designed for both home and office use, emphasizing mobility and adaptability. Available in two sizes, the table requires no power source for height adjustment, promoting easy movement and flexibility. Its compact design allows it to fit in tight spaces while offering sufficient surface area for essential items. The table caters to the growing demand for innovative workspace solutions as hybrid work becomes more prevalent. Prices start at $600, and customization options are available. Passport is part of MillerKnoll (NASDAQ:MLKN) and reflects the company's commitment to innovative design.
MillerKnoll, Inc. (NASDAQ: MLKN) will disclose its financial results for the second quarter of fiscal 2023 on December 21, 2022, after market close. A conference call and webcast to discuss these results is scheduled for the same day at 5:30 p.m. Eastern time. Investors can access the call via the company's investor relations website or by dialing (800) 715-9871 with identification number 9630158. An online archive of the webcast will be available afterward.
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