MillerKnoll Inc (NAS:MLKN)
$ 21.42 -0.45 (-2.06%) Market Cap: 1.46 Bil Enterprise Value: 3.15 Bil PE Ratio: 23.54 PB Ratio: 1.12 GF Score: 78/100
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Q2 2025 MillerKnoll Inc Earnings Call Transcript

Dec 18, 2024 / 10:00PM GMT
Release Date Price: $24.33 (-3.80%)

Key Points

Positve
  • MillerKnoll Inc (MLKN) reported a 2.2% increase in consolidated net sales year-over-year, indicating growth despite challenging market conditions.
  • The Americas Contract segment saw a 6.2% organic increase in net sales, marking the third consecutive quarter of order growth.
  • The company experienced strong order growth in the Middle East and parts of Asia, reflecting international expansion success.
  • Retail segment orders increased during the Black Friday holiday period, showing effective promotional strategies.
  • MillerKnoll Inc (MLKN) is making strides in sustainability, eliminating added PFAS from its North American product portfolio by May 2025.
Negative
  • Consolidated orders were down 2.3% year-over-year, indicating a slower recovery in demand than anticipated.
  • The International Contract and Specialty segment experienced a 6.5% decrease in orders, with softness in textiles and luxury clients.
  • Retail segment net sales decreased by 5.3% year-over-year, reflecting ongoing challenges in the retail market.
  • Operating margin in the retail segment dropped to 4% from 6.3% a year ago, due to reduced leverage on seasonal marketing spend.
  • Order recovery has been slower than expected, impacting the company's guidance for the remainder of the fiscal year.
Operator

Good evening, and welcome to MillerKnoll quarterly earnings conference call. As a reminder, this call is being recorded.

I would now like to introduce your host for today's conference, Wendy Watson, Vice President of Investor Relations. Please go ahead.

Wendy Watson
MillerKnoll Inc - Vice President of Investor Relations

Good evening, and welcome to our second quarter fiscal 2025 conference call. On with me are Andi Owen, Chief Executive Officer; and Jeff Stutz, Chief Financial Officer. Joining them for the Q&A session are John Michael, President of Americas contract; and Debbie Propst, Vice President of Global Retail.

We issued our earnings press release for the quarter ended November 30, 2024, after market closed today, and it is available on our Investor Relations website at millerknoll.com.com. A replay of the call will be available on our website within 24 hours.

Before I turn the call over to Andi, please remember our safe harbor regarding forward-looking information. During the call, management may discuss information

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