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MillerKnoll Reports Decline in Financial Performance

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By Denny Jacob

MillerKnoll, a leading interior furnishings manufacturer, has announced a decrease in both its top and bottom line results. This decline is indicative of the ongoing impact that macroeconomic conditions have had on various sectors of the company’s business.

For the first quarter ended September 2, MillerKnoll reported earnings of $16.7 million, or 22 cents per share – down from $25.8 million, or 34 cents per share, during the same period last year. However, when adjusted for various factors, earnings were recorded at 37 cents per share, surpassing the projected 21 cents per share as suggested by analysts polled by FactSet.

Sales for the quarter also experienced a decline, dropping to $917.7 million from $1.08 billion. Yet again, this figure exceeded expectations, as analysts predicted sales of $895.9 million.

Despite surpassing their own guidance and expectations, MillerKnoll acknowledges that they continue to face challenges due to specific macroeconomic factors affecting certain sectors of their business. The company highlights the housing market as an area under pressure, even though the prospect of an economic recession in North America seems to be subsiding. Additionally, MillerKnoll is grappling with difficult macroeconomic conditions in both China and Europe.

It’s important to note that the first-quarter results for fiscal 2024 only cover a 13-week period, compared to the prior-year period which included 14 weeks of operation.

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