MillerKnoll Inc (NAS:MLKN)
$ 27.47 -0.22 (-0.79%) Market Cap: 1.91 Bil Enterprise Value: 3.46 Bil PE Ratio: 24.75 PB Ratio: 1.40 GF Score: 78/100
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Q1 2025 MillerKnoll Inc Earnings Call Transcript

Sep 19, 2024 / 09:00PM GMT
Release Date Price: $27.47 (-0.83%)

Key Points

Positve
  • MillerKnoll Inc (MLKN) reported a 2.4% year-over-year increase in consolidated orders, indicating improving demand.
  • The company launched several initiatives to support its contract business and meet evolving client needs.
  • MillerKnoll Inc (MLKN) introduced new flagship locations in London and New York, enhancing customer experience.
  • The company launched dozens of new products and sustainable materials, reinforcing its commitment to innovation.
  • MillerKnoll Inc (MLKN) was certified as a 2024 US Great Place to Work, highlighting a positive work environment.
Negative
  • Consolidated net sales for the first quarter decreased by 6.1% year-over-year.
  • Operating margin for the Americas Contract segment dropped to 3.8% from 8.4% in the prior year.
  • The Retail segment faced a tepid demand environment, with new orders down 4.7% year-over-year.
  • Customers have increased the time between order entry and requested shipment times, pushing revenue into subsequent quarters.
  • The company is experiencing a shift in business and product mix, which is keeping a lid on gross margin performance.
Operator

Ladies and gentlemen, 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.

Jeffrey Stutz
MillerKnoll Inc - Chief Financial Officer

Good evening, and welcome to our first quarter fiscal 2025, conference call. I'm joined today by Andi Owens, our Chief Executive Officer, also available during the Q&A session are John Michael, President of the Americas Contract Segment, and Debbie Propst, President of our Global Retail Segments.

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 which 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

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