What were the key takeaways from MillerKnoll's earnings call?

Did MillerKnoll beat or miss consensus estimates last quarter?

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What does MillerKnoll do and what are its main business segments?

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What were the key takeaways from MillerKnoll’s earnings call?

- **Revenue Resilience**: Q2 orders up 5.5% YoY, driven by North America Contract (+4.8%) and Global Retail (+6%).
- **Retail Breakthrough**: Holiday/cyber period orders +12%, with 4 new stores opened and 14-16 planned for FY26.
- **Profitability**: Gross margin 39%, with tariff mitigation strategies intact. Operating cash flow $65M, liquidity $548M.
- **Growth Catalysts**: Healthcare orders +5% YTD, international expansion, and e-commerce acceleration.
- **Financial Discipline**: Net debt/EBITDA 2.87x, with plans to reduce to 2-2.5x. $10M annual savings from facility consolidation.

**【CEO Summary Section】**
- **Revenue Growth**: Q2 net sales of $955M (-1.6% YoY) driven by North America Contract and Global Retail. Orders rose 5.5% YoY to $973M, with North America Contract up 4.8% and Global Retail up 6%.
- **North America Retail Momentum**: 8% order growth, 8% comparable sales, and record holiday/cyber period orders (+12%). 4 new stores opened, with 14-16 planned for FY26.
- **Contract Segment Strength**: North America Contract orders +4.8% YoY, healthcare orders +5% YTD. International Contract orders +6.6% in reported terms, driven by Europe, China, India.
- **Strategic Levers**: New store openings, product assortment expansion, e-commerce acceleration, and brand awareness. 70% of North America retail COGS sourced domestically, mitigating tariff risk.

**【CFO Financial Commentary】**
- **Financial Highlights**: Adjusted EPS of $0.43 beat expectations. Gross margin 39%, with $1M tariff costs. Operating cash flow $65M, liquidity $548M, net debt/EBITDA 2.87x.
- **Cost Management**: $10M annual savings from Michigan facility consolidation by FY28. Q3 guidance: sales $923-963M, EPS $0.42-0.48, gross margin 37.9-38.9%.
- **Tariff Mitigation**: Proactive pricing and surcharges expected to offset tariff impacts in H2FY26.

**【Q&A Highlights】**
- **Order Trends**: Consistent mid-single-digit order growth across all segments. North America Contract orders +4.8% YoY, driven by energy, professional services, and healthcare.
- **Retail Growth Drivers**: Assortment expansion (+22% collection count), new store openings, and brand awareness. Average order value up despite 2.5% pricing increases.
- **AI Impact**: Early stage, but potential for productivity gains and workspace redesign. Customers exploring AI's role in collaboration and efficiency.
- **Capital Allocation**: Target net debt/EBITDA 2-2.5x. Priorities: growth investments, debt reduction, dividend, and share buybacks to offset dilution.

MillerKnoll, Inc. (MLKN) Q2 2026 Earnings Call Transcript

- **Revenue Growth**: Q1 net sales $956M (+10.9% YoY), driven by North America Contract (+12%) and Global Retail (+6.4%).
- **Strategic Expansion**: 12-15 new stores planned annually, with new product order growth >20% in Retail.
- **Tariff Mitigation**: Q1 tariff impact $8M, expected to reduce to $2-4M in Q2, fully offset by pricing in H2.
- **Q2 Outlook**: Adjusted EPS $0.38-0.44, with new store expenses and tariffs weighing on Retail margins.
- **Market Momentum**: Office leasing activity strong, preorder funnel up YoY, and Aeron chair innovation driving demand.

**【CEO Summary Section】**
- **Strong Q1 Results**: Consolidated net sales grew 10.9% to $956 million, with adjusted EPS up 25% to $0.45. North America Contract segment sales rose 12% year-over-year.
- **Strategic Initiatives**: Opened four new stores (two DWR, two Herman Miller) in Q1, with plans to open 12-15 stores annually. Global Retail new product order growth exceeded 20%.
- **Market Momentum**: 12-month preorder funnel up year-over-year in North America and international contract. Manhattan office leasing activity in August exceeded 10-year average.
- **Product Innovation**: Launched Aeron chair with electrostatic discharge protection for data centers, driving global interest.

**【CFO Financial Commentary】**
- **Financial Highlights**: Gross margin of 38.5% (including $8M tariff impact), adjusted operating margin of 11.4% in North America Contract. Q1 cash flow from operations was $9M, ending with $481M liquidity.
- **Tariff Mitigation**: Expect net tariff-related impact to reduce to $2-4M in Q2, with pricing actions offsetting costs in the second half.
- **Q2 Guidance**: Net sales $926-966M (down 2.5% YoY at midpoint), adjusted EPS $0.38-0.44. New store expenses (~$4-5M/Q2) and tariffs to weigh on Retail margins.

**【Q&A Key Highlights】**
- **Order Trends**: Normalized North America Contract orders (Q4 '25 + Q1 '26) up 3.3%. Early Q2 orders up 6% YoY, with funnel growth and mockups positive.
- **Pricing vs. Volume**: Volume growth (e.g., Aeron chair demand) and pricing actions (tariff surcharge) drove results. No increased discounting reported.
- **Retail Profitability**: New store expenses (~$3M/Q1, $4-5M/Q2) and tariffs拖累 margins. By Q4, new stores expected to contribute positively.
- **Tariff Strategy**: Pricing actions and mitigation efforts to offset $8M Q1 tariff impact, with full offset anticipated in H2.
- **Industry Outlook**: Consolidation seen as positive, with opportunities for differentiation. International markets lagging but showing green shoots in DTC channels.

MillerKnoll, Inc. (MLKN) Q1 2026 Earnings Call Transcript

- **Q4 Beat with 13% North America Growth**: Strong order pull-forward ($55-60M) ahead of tariffs, backed by resilient healthcare and European markets. 
- **Retail Expansion Ambition**: 10-15 new stores in FY26, targeting 5% operating margin in near term, mid-teens long-term. 
- **Tariff Impact Manageable**: Q1 earnings hit by $0.09-0.11/share, expected full offset by H2 via pricing. 
- **Cash Strength**: $576M liquidity, net debt/EBITDA 2.88x, supporting strategic investments. 


**【CEO Summary Section】**
- **Q4 Strong Finish**: Revenue exceeded expectations, driven by North American Contract growth (+13%) and new product launches (e.g., Knoll Dividends Skyline, Gemma Healthcare Seating Family). 
- **Market Recovery Signals**: Order growth returned in Q4 (+11% YoY), with tariff-related pull-forward of $55-60M in North America. Europe and U.S. healthcare segments showed resilience. 
- **Retail Expansion**: 10-15 new stores planned for FY26, targeting underpenetrated markets. New Chicago flagship highlights integrated design solutions. 
- **Innovation Focus**: R&D investments in recession-resilient verticals (healthcare, education) and AI-driven design tools. 

**【CFO Financial Commentary】**
- **Q4 Financial Highlights**: 
  - Adjusted EPS: $0.60 (vs. $0.45 guidance), driven by 7.8% organic sales growth. 
  - Gross Margin: 39.2% (down 130bps YoY due to tariffs, +130bps sequentially). 
  - Cash Flow: $71M from operations, reducing debt by $5M. 
- **FY26 Outlook**: 
  - Q1 Sales: $899-939M (6.7% YoY midpoint). 
  - Tariff Impact: $9-11M pre-tax in Q1, expected to offset by pricing in H2. 
  - Operating Expenses: $290-300M, including $4-7M for new store openings. 
- **Balance Sheet**: $576M liquidity, net debt/EBITDA 2.88x (comfortably below covenant limits). 

**【Q&A Key Takeaways】**
- **Order Momentum**: Q1 orders down mid-single digits YoY post-tariff pull-forward, but funnel metrics (pricing requests +35%, activations +50%) suggest underlying strength. 
- **Retail Margin Path**: Near-term 5% operating margin expected, targeting mid-teens long-term via store maturity (profitable within 1 year) and assortment expansion. 
- **Tariff Mitigation**: Pricing actions to fully offset costs by H2, with 2-quarter lag in margin recovery. 
- **Cash Allocation**: Prioritize debt reduction and store openings, with cautious share buybacks. 


MillerKnoll, Inc. (MLKN) Q4 2025 Earnings Call Transcript

- **Revenue Resilience**: +1.8% organic growth despite macro uncertainty, orders up 4.1% organically.
- **Retail Surge**: Global Retail orders +15%, North America retail orders +14% (adjusted for timing), 65% increase in new product launches.
- **Tariff Mitigation**: 4.5% price hike and $5M-$7M cost offset in Q4, but fluidity poses risk.
- **Expansion Ambition**: 10-15 new stores in FY26, flagship design center opening in June.
- **Profitability Focus**: $4M restructuring to save $4.5M annually, supporting R&D and international growth.

**【CEO Opening Remarks】**
- **Revenue Growth**: Consolidated net sales of $876M (+1.8% organically), orders up 2.2% as reported and 4.1% organically.
- **Segment Reorganization**: New segments - North America Contract, International Contract, Global Retail. Global Retail orders +15% YoY, North America retail orders +14% after adjusting for Black Friday timing.
- **Tariff Mitigation**: 4.5% list price increase effective June 2, value engineering, and potential surcharges to offset cost impacts.
- **Retail Expansion**: 2 new stores opened in Q3, 2 more in Q4, and 10-15 new locations planned for FY26. New flagship design center in Fulton Market District.
- **Product Pipeline**: 65% increase in new product launches vs. last year, focusing on timeless designs and collaborations.

**【CFO Financial Highlights】**
- **Earnings**: Adjusted EPS of $0.44 (vs. $0.45 YoY), impacted by $140M noncash impairment charges.
- **Gross Margin**: 37.9% (-70bps YoY) due to channel mix and lower leverage.
- **Q4 Outlook**: Sales $910M-$950M (+4.6% midpoint), adjusted EPS $0.46-$0.52. Tariff-related costs $5M-$7M pre-tax.
- **Cash Flow**: $62M from operations, $18M share buybacks, $61M debt reduction.

**【Q&A Key Takeaways】**
- **Impairment Charges**: Triggered by lagging profitability and segment reorganization, not reflective of retail growth.
- **Tariff Strategy**: Price increase and surcharges to offset $5M-$7M Q4 impact, but fluidity makes long-term mitigation uncertain.
- **Order Momentum**: Q4 orders +30% YoY in first 3 weeks of March, driven by contract segment recovery.
- **Consumer Demand**: Retail orders +10% YoY in March, attributed to new product launches and store expansion.
- **Cost Control**: $4M restructuring charges expected to save $4M-$4.5M annually, supporting growth investments.


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