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MillerKnoll reports third-quarter fiscal year 2024 results

'Overall demand patterns across much of our business have continued to be sluggish'

MillerKnoll Inc. announced its third-quarter fiscal year 2024 results, concluding on March 2, 2024, showcasing remarkable improvements across its operations. 'Our teams continue to make great progress towards improving our profitability metrics with this quarter's Gross margins surpassing last year's levels across the three business segments despite volume declines. While the latter is driven by the current macro environment, we are building a fundamentally stronger company, protecting our profitability and enhancing our operational efficiency,' Andi Owen, President and Chief Executive Officer, and Jeff Stutz, Chief Financial Officer, state.

Photo: MillerKnoll

'Overall demand patterns across much of our business have continued to be sluggish, driven by elevated interest rates in major markets around the world, ongoing geopolitical concerns, and a lagging housing market in the U.S. Nonetheless, our optimism remains buoyed by a range of internal and external indicators which suggest that with more stable economic conditions, growth will resume in a meaningful way. In the near-term, we remain focused on adjusting and optimizing our cost structure while protecting investments that will better position us to thrive as market conditions improve. To this end, subsequent to the end of this quarter, we implemented restructuring measures aimed at streamlining our selling, general, and administrative structure to better align with current market conditions and potential opportunities. These measures included a workforce reduction and showroom consolidations, among other initiatives.'

Business highlights

MillerKnoll Inc. reported a significant 450 basis points increase in consolidated gross margin compared to the previous year, with growth witnessed across all three business segments. The company continued its strategic initiatives aimed at streamlining operations, reducing costs, and enhancing efficiencies to drive long-term growth and margin expansion. Notably, it achieved $153 million in cost synergies related to the Knoll integration, further solidifying its position in the market.

Financial performance
In the third quarter of fiscal 2024, MillerKnoll Inc. reported a net sales figure of $872.3 million, marking an 11.4% decrease from the same period last year. Despite this decline, the company showcased impressive improvements in gross margin percentage, operating expenses, and effective tax rates. Adjusted metrics revealed a resilient performance, with adjusted earnings per share standing at $0.45, reflecting a 16.7% decrease compared to the previous year.

Looking ahead, MillerKnoll Inc. anticipates fourth-quarter net sales to range between $880 million and $920 million, with adjusted diluted earnings per share expected to be between $0.49 and $0.57. The company remains confident in its ability to navigate through near-term challenges and achieve sustained growth in the long run.

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