MillerKnoll, Inc. reported a significant increase in financial performance for the first quarter of fiscal 2026, ending August 30, 2025. The company achieved net sales of $955.7 million, a 10.9% increase from $861.5 million in the same period last year. This growth was driven by higher sales volumes across its North America Contract, International Contract, and Global Retail segments. Operating earnings surged to $53.5 million, compared to $15.2 million in the prior year, reflecting a substantial improvement in profitability. The company reported net earnings attributable to MillerKnoll, Inc. of $20.2 million, reversing a loss of $1.2 million from the previous year.
In terms of operational metrics, the company experienced a decrease in new orders, which totaled $885.4 million, down 5.4% from the prior year. The North America Contract segment reported net sales of $533.9 million, up 12.1%, while the International Contract segment saw a 14.4% increase to $167.5 million. The Global Retail segment's sales rose 6.4% to $254.3 million. However, the backlog of orders decreased by 8.9% to $690.9 million, indicating potential challenges in future sales.
MillerKnoll's strategic developments included a focus on integrating operations following its acquisition of Knoll, which has led to a reduction in integration charges. The company reported a decrease in operating expenses by 2.0% to $314.6 million, primarily due to lower integration costs. The effective tax rate for the quarter was 26.5%, a significant drop from 66.2% in the previous year, contributing to the improved net earnings.
The company also made notable changes in its organizational structure, implementing a new reporting segment structure effective March 1, 2025. This restructuring aims to enhance operational efficiency and align with market demands. As of August 30, 2025, MillerKnoll's total assets stood at $3.94 billion, with total liabilities of $2.58 billion, reflecting a stable financial position. The company maintains a strong liquidity profile, with cash and cash equivalents of $167.2 million and available borrowings under its revolving credit facility amounting to $313.3 million.
Looking ahead, MillerKnoll anticipates continued challenges in the market, particularly regarding order volumes and potential impacts from economic conditions. The company remains focused on leveraging its brand portfolio and operational efficiencies to drive growth while managing costs effectively. The outlook for the remainder of fiscal 2026 will depend on market conditions, including consumer demand and supply chain dynamics.
About MILLERKNOLL, INC.
MillerKnoll designs, manufactures, and distributes interior furnishings for residential, office, healthcare, and educational environments. Its brands include Herman Miller, Knoll, and others, offering seating, furniture systems, textiles, and related services globally. The company serves institutional and retail markets through dealer networks, direct sales, and eCommerce, emphasizing innovative design, sustainability, and customer-centric solutions in a competitive industry.
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