MillerKnoll, Inc. reported a net sales figure of $923.4 million for the three months ended August 29, 2026, reflecting a decrease of 3.4% compared to $955.7 million in the same period last year. The company's gross margin improved to 41.7%, up from 38.5% in the prior year, primarily due to favorable pricing and a $16.5 million benefit from tariff refunds related to the International Emergency Economic Powers Act (IEEPA). Net earnings attributable to MillerKnoll increased by 31.7% to $26.6 million, or $0.38 per diluted share, compared to $20.2 million, or $0.29 per diluted share, in the previous year.

The decline in net sales was attributed to reduced sales volumes in the North America and International Contract segments, which saw decreases of 5.3% and 6.4%, respectively. However, the Global Retail segment experienced a 2.6% increase in net sales, driven by favorable price realization. Orders for the quarter totaled $913.9 million, an increase of 3.2% year-over-year, indicating a positive trend in customer demand despite the sales decline.

Operationally, MillerKnoll has been focusing on restructuring efforts, incurring $6.0 million in restructuring expenses during the quarter, compared to $0.5 million in the same period last year. These costs are associated with workforce reductions and facility consolidations aimed at improving operational efficiencies. The company also reported an increase in operating expenses, which rose by 6.0% to $333.5 million, driven by higher compensation costs and restructuring charges.

In terms of liquidity, MillerKnoll's cash and cash equivalents increased to $178.6 million from $167.7 million at the end of the previous fiscal period. The company has access to a $725 million revolving credit facility, with $401.8 million available for borrowing as of August 29, 2026. Looking ahead, MillerKnoll anticipates continued focus on operational efficiencies and strategic investments, with capital expenditures projected between $125 million and $135 million for the fiscal year. The company remains optimistic about its ability to navigate market challenges and capitalize on growth opportunities in the coming quarters.

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.

This description was generated via AI from an annual report. Updated about 1 year ago.

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