MillerKnoll Earnings Call Transcripts
Fiscal Year 2027
-
Q1 FY 2027 saw sales decline 3.4% year-over-year to $923 million, but order growth and margin expansion, aided by tariff refunds, drove adjusted EPS above guidance. Guidance for FY 2027 sales was lowered, but EPS was maintained, with continued investment in retail expansion and cost discipline.
Fiscal Year 2026
-
FY26 sales rose 5% to $3.84B, with $200M in operating cash flow and $67M returned through dividends and repurchases. All four Board-recommended proposals passed; FY27 priorities include cost discipline, debt reduction, and profitable growth.
-
Q4 revenue grew 4.4% year-over-year to $1 billion, with strong performance in North America Contract and Global Retail. FY27 guidance anticipates 5% sales growth and 7.5% EPS growth at the midpoint, with continued focus on cost discipline, operational efficiency, and strategic retail expansion.
-
Third quarter saw strong sales and order growth, margin expansion, and robust cash flow despite macro and geopolitical headwinds. Retail and contract segments performed well, with continued investment in new stores and strategic initiatives.
-
Second quarter results exceeded expectations with strong order growth and margin performance. Retail and contract segments showed robust momentum, supported by new store openings and product innovation, while guidance anticipates continued growth and margin resilience.
-
Q1 fiscal 2026 saw double-digit sales growth and a 25% increase in adjusted EPS, driven by strong execution, new product launches, and improved market conditions. Tariff impacts and new store costs pressured margins, but mitigation actions are expected to offset these in the second half.
Fiscal Year 2025
-
Q4 results exceeded expectations with strong sales and margin performance across all segments. Tariff-related order pull-forward boosted Q4, but near-term margins will be pressured until pricing actions take effect. Retail expansion and innovation remain key growth drivers.
-
Q3 saw year-over-year sales and order growth, led by strong global retail performance and disciplined cost control, despite macro and tariff headwinds. Adjusted EPS met guidance, with a cautious Q4 outlook reflecting ongoing uncertainty and significant non-cash impairment charges.
-
Q2 FY2025 saw 2.2% sales growth and strong Americas Contract performance, while retail and international segments faced timing and regional challenges. Guidance was narrowed due to slower order recovery, but positive leading indicators and robust project pipelines support optimism for H2.
-
Orders grew year-over-year, led by the Americas Contract segment, while net sales declined due to longer lead times and a shift in promotional timing. Retail outperformed the industry, and full-year earnings guidance was maintained, with optimism for improved demand as macro conditions recover.
Fiscal Year 2024
-
Q4 delivered strong EPS and margin growth, with consolidated organic order growth of 2.9% year-over-year. Gross margin and operating margin improved significantly, and cost synergies exceeded targets. Fiscal 2025 is expected to see higher sales and EPS, supported by investments in showrooms, digital tools, and product launches.