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By Denny Jacob
MillerKnoll posted a decline in top and bottom line results, reflecting how sectors of its business continue to be affected by macroeconomic conditions.
The interior furnishings manufacturer logged earnings of $16.7 million, or 22 cents a share, for the first-quarter ended Sept. 2, down from $25.8 million, or 34 cents a share, a year earlier. Adjusted earnings were 37 cents a share. Analysts polled by FactSet expected earnings of 21 cents a share.
Sales edged down to $917.7 million from $1.08 billion. Analysts polled by FactSet expected $895.9 million.
MillerKnoll said while quarterly results exceeded its guidance from July due to a combination of sales and gross margin expansion in its business segments, it faces challenges from specific macroeconomic factors affecting certain sectors of its business.
“While the specter of economic recession in North America appears to be fading, the housing market remains under pressure. Additionally, we are facing difficult macroeconomic conditions in both China and Europe,” the company said.
MillerKnoll’s first quarter results for fiscal 2024 reflected a 13-year period, while the prior-year period included 14 weeks of operation.
Write to Denny Jacob at [email protected]
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