Q4 2024 MillerKnoll Inc Earnings Call Transcript
Key Points
- MillerKnoll Inc (MLKN) reported significant earnings per share and margin growth in the fourth quarter.
- The company achieved consolidated organic order growth of 2.9% for the quarter.
- Gross margin improved to 39.6%, up 250 basis points year-over-year.
- The international contract business is expanding, with 19 dealers transitioned in 17 countries this quarter.
- Retail segment saw a 1% organic order growth year-over-year despite tough macroeconomic conditions.
- Net sales in the fourth quarter decreased by 5.2% organically from the same quarter a year ago.
- Americas contract segment saw a 12.2% decline in net sales on a reported basis.
- Global retail segment experienced a 7.2% decline in net sales year-over-year on a reported basis.
- The company faces ongoing challenges from the North American housing market slowdown and reduced spending on discretionary goods.
- Adjusted operating margin in the Americas segment decreased by 280 basis points year-over-year due to lower sales volume.
Good evening, and welcome to MillerKnoll's quarterly earnings conference call. As a reminder, this call is being recorded.
I would now like to introduce your host for today's conference, Chief Financial Officer, Jeff Stutz. Please go ahead.
Thank you. Good evening, and welcome to our fourth-quarter fiscal 2024 conference call. I'm joined by Andi Owen, Chief Executive Officer. Also available during the Q&A session are John Michael, President of Americas contract, and Debbie Propst, President of global retail.
Before I turn the call over to Andi, please remember our safe harbor regarding forward-looking information. During the call, management may discuss information that is forward looking and involves known and unknown risks, uncertainties, and other factors, that may cause the actual results to be different than those expressed or implied. Please evaluate the forward-looking information in the context of these factors, which are detailed in today's press release. The forward
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