MillerKnoll, Inc. (MLKN) Q1 2026 Earnings Call Transcript
Consolidated Net Sales $956 million, up 10.9% year-over-year on a reported basis and up 10% organically, driven by strength in all segments of the business.
Adjusted Earnings Per Share (EPS) $0.45, up 25% year-over-year, driven by better-than-expected sales and strong gross margin performance.
North America Contract Segment Net Sales $534 million, up 12% year-over-year, driven by higher sales volumes.
North America Contract Segment Operating Margin 10.7%, up from 3.4% in the prior year. Adjusted operating margin improved by 200 basis points to 11.4%, benefiting from fixed expense leverage from higher sales volumes.
International Contract Segment Net Sales $168 million, up 14.4% year-over-year on a reported basis and up 11.3% organically, driven by higher sales in Europe and the U.K.
International Contract Segment Operating Margin 8.1%, up from 6.5% in the prior year. Adjusted operating margin was 8.5%, down 60 basis points due to regional and product mix of sales.
Global Retail Segment Net Sales $254 million, up 6.4% year-over-year on a reported basis and up 4.9% organically, driven by new store openings and product assortment expansion.
Global Retail Segment Operating Margin 0.6%, down from 2.2% in the prior year. Adjusted operating margin was 1.2%, down 190 basis points due to new store opening costs, increased freight expense, and higher net tariff-related impact.
Consolidated Gross Margin 38.5%, including approximately $8 million in net tariff-related impacts.
New Orders $885 million, down 5.4% year-over-year on a reported basis and 6.2% organically, impacted by $55 million to $60 million in pull-forward activity in the prior quarter due to tariff surcharge and price increase.
Consolidated Backlog $691 million, decreased by $67 million due to the pull-forward activity in the prior quarter.
Cash Flow from Operations $9 million, with liquidity of $481 million at the end of the quarter.
Trade with 70% Backtested Accuracy
Analyst Views on MLKN
About MLKN
About the author
MLKN Stock 52-Week Range Analysis
- Price Fluctuation Analysis: MLKN's 52-week low is $13.7733 per share, while the high is $23.18, with the last trade at $18.49, indicating notable price volatility within this range and reflecting market interest in the stock.
- Technical Indicator Observation: The current price of $18.49 is below the 200-day moving average, which may suggest increased selling pressure in the short term, prompting investors to carefully assess their holding risks.
- Market Sentiment Assessment: Despite significant fluctuations over the past year, the current price remains above the low point, indicating a degree of market confidence in MLKN's fundamentals, potentially attracting long-term investors.
- Investor Focus: As MLKN's stock price approaches its 52-week low, investors may reassess their strategies, particularly in the context of dividend stocks, and should monitor overall market trends and changes in the company's fundamentals.
MillerKnoll Named to Fortune's Most Admired Companies List for 2026
- Honor Recognition: MillerKnoll's inclusion in Fortune's 2026 Most Admired Companies list highlights its excellence in design innovation and corporate values, which is expected to enhance brand image and market competitiveness.
- Evaluation Criteria: The ranking is based on assessments by executives, directors, and analysts across nine criteria, including investment value and management quality, indicating MillerKnoll's leadership position and talent attraction capabilities within the industry.
- Continuous Innovation: The company has opened new flagship stores in London, New York, and Chicago, along with a 12,000-square-foot Archives facility showcasing over a million objects, reflecting its commitment to sustainable and transformative design, which is anticipated to drive future business growth.
- Future Development: In 2026, MillerKnoll plans to expand its retail footprint, accelerate innovation, and enhance the role of design in sustainability, aiming to create a more inspiring future and strengthen its market influence.
MillerKnoll Appoints Claire Spofford to Board, Enhancing Long-Term Growth Strategy
- New Board Member: MillerKnoll has appointed Claire Spofford to its Board of Directors, leveraging her over 30 years of retail experience and omnichannel strategy expertise to drive growth in both consumer and workplace contract segments.
- Brand Development Expertise: As former CEO of J. Jill, Spofford successfully strengthened margins and brand relevance, laying a solid foundation for MillerKnoll's long-term growth trajectory.
- Digital Transformation Leadership: During her tenure at Cornerstone Brands, Spofford evolved the business into a digitally driven platform that supported both e-commerce and physical retail, enhancing the brand's competitive positioning in the market.
- Board Structure Optimization: With Spofford's addition, MillerKnoll's Board now comprises 11 directors, 10 of whom are independent, further enhancing corporate governance and supporting the elevation of the brand portfolio and customer value creation.
MillerKnoll Appoints Claire Spofford to Board, Enhancing Growth Strategy
- New Board Member: MillerKnoll has appointed Claire Spofford to its Board of Directors, bringing over 30 years of retail experience, having successfully transformed J. Jill's business and enhanced brand relevance, laying the groundwork for long-term growth.
- Strategic Leadership: Spofford's tenure at Cornerstone Brands allowed her to evolve the business into a digitally driven platform that supports both e-commerce and physical retail, further strengthening MillerKnoll's competitive edge in omnichannel strategy.
- Board Structure Optimization: With Spofford's addition, MillerKnoll's Board now consists of 11 directors, 10 of whom are independent, optimizing governance to better support the company's growth and value creation across its global brand collective.
- Growth Vision: Spofford expressed her commitment to supporting MillerKnoll's growth strategy, particularly in the consumer retail and workplace contract segments, showcasing the company's ongoing dedication to combining innovation with modern design to create enduring value for customers and shareholders.
La-Z-Boy Expands Retail Network, Forecasts $2.65 EPS for 2026
- Retail Expansion: La-Z-Boy is enhancing its market scale and achieving immediate sales and profit growth by adding 15 new stores in the Southeast, demonstrating proactive positioning in a competitive furniture market.
- Portfolio Optimization: The company is focusing on its core North American upholstery business by exiting non-core operations, which is expected to lift margins and strengthen its competitive edge, particularly among younger consumers.
- Improving Sales Trends: La-Z-Boy is experiencing improving written sales trends and strong wholesale performance, which are anticipated to drive future revenue growth, despite overall furniture demand being impacted by a weak housing market.
- Earnings Forecast Upgrade: Analysts have raised their earnings estimate for La-Z-Boy's fiscal 2026 from $2.46 to $2.65 per share, reflecting market optimism regarding the company's future growth prospects.
Stock Market Update: S&P 500 and Nasdaq Futures Rise, Dow Also Up—Focus on Accenture, Micron Technologies, Nike, and FedEx (UPDATED)
Market Overview: U.S. stock futures are slightly up after a decline on Wednesday, with attention on the upcoming November Consumer Price Index report, which may influence market trends as the year ends.
Stock Performance: Notable premarket movements include Accenture down 3.11% despite beating earnings estimates, Micron Technology up 13.3% after a strong quarterly performance, and FedEx down 0.46% ahead of its earnings report.
Economic Indicators: Investors are awaiting initial jobless claims and the November CPI report, which will provide insights into inflation and economic health, alongside the Philadelphia Fed's manufacturing survey.
Global Market Trends: Asian markets closed mixed, with some indices in the green, while European markets opened higher. Crude oil prices increased slightly, and Bitcoin saw a 0.88% rise.
MLKN Stock 52-Week Range Analysis
- Price Fluctuation Analysis: MLKN's 52-week low is $13.7733 per share, while the high is $23.18, with the last trade at $18.49, indicating notable price volatility within this range and reflecting market interest in the stock.
- Technical Indicator Observation: The current price of $18.49 is below the 200-day moving average, which may suggest increased selling pressure in the short term, prompting investors to carefully assess their holding risks.
- Market Sentiment Assessment: Despite significant fluctuations over the past year, the current price remains above the low point, indicating a degree of market confidence in MLKN's fundamentals, potentially attracting long-term investors.
- Investor Focus: As MLKN's stock price approaches its 52-week low, investors may reassess their strategies, particularly in the context of dividend stocks, and should monitor overall market trends and changes in the company's fundamentals.
MillerKnoll Named to Fortune's Most Admired Companies List for 2026
- Honor Recognition: MillerKnoll's inclusion in Fortune's 2026 Most Admired Companies list highlights its excellence in design innovation and corporate values, which is expected to enhance brand image and market competitiveness.
- Evaluation Criteria: The ranking is based on assessments by executives, directors, and analysts across nine criteria, including investment value and management quality, indicating MillerKnoll's leadership position and talent attraction capabilities within the industry.
- Continuous Innovation: The company has opened new flagship stores in London, New York, and Chicago, along with a 12,000-square-foot Archives facility showcasing over a million objects, reflecting its commitment to sustainable and transformative design, which is anticipated to drive future business growth.
- Future Development: In 2026, MillerKnoll plans to expand its retail footprint, accelerate innovation, and enhance the role of design in sustainability, aiming to create a more inspiring future and strengthen its market influence.
MillerKnoll Appoints Claire Spofford to Board, Enhancing Long-Term Growth Strategy
- New Board Member: MillerKnoll has appointed Claire Spofford to its Board of Directors, leveraging her over 30 years of retail experience and omnichannel strategy expertise to drive growth in both consumer and workplace contract segments.
- Brand Development Expertise: As former CEO of J. Jill, Spofford successfully strengthened margins and brand relevance, laying a solid foundation for MillerKnoll's long-term growth trajectory.
- Digital Transformation Leadership: During her tenure at Cornerstone Brands, Spofford evolved the business into a digitally driven platform that supported both e-commerce and physical retail, enhancing the brand's competitive positioning in the market.
- Board Structure Optimization: With Spofford's addition, MillerKnoll's Board now comprises 11 directors, 10 of whom are independent, further enhancing corporate governance and supporting the elevation of the brand portfolio and customer value creation.
MillerKnoll Appoints Claire Spofford to Board, Enhancing Growth Strategy
- New Board Member: MillerKnoll has appointed Claire Spofford to its Board of Directors, bringing over 30 years of retail experience, having successfully transformed J. Jill's business and enhanced brand relevance, laying the groundwork for long-term growth.
- Strategic Leadership: Spofford's tenure at Cornerstone Brands allowed her to evolve the business into a digitally driven platform that supports both e-commerce and physical retail, further strengthening MillerKnoll's competitive edge in omnichannel strategy.
- Board Structure Optimization: With Spofford's addition, MillerKnoll's Board now consists of 11 directors, 10 of whom are independent, optimizing governance to better support the company's growth and value creation across its global brand collective.
- Growth Vision: Spofford expressed her commitment to supporting MillerKnoll's growth strategy, particularly in the consumer retail and workplace contract segments, showcasing the company's ongoing dedication to combining innovation with modern design to create enduring value for customers and shareholders.
La-Z-Boy Expands Retail Network, Forecasts $2.65 EPS for 2026
- Retail Expansion: La-Z-Boy is enhancing its market scale and achieving immediate sales and profit growth by adding 15 new stores in the Southeast, demonstrating proactive positioning in a competitive furniture market.
- Portfolio Optimization: The company is focusing on its core North American upholstery business by exiting non-core operations, which is expected to lift margins and strengthen its competitive edge, particularly among younger consumers.
- Improving Sales Trends: La-Z-Boy is experiencing improving written sales trends and strong wholesale performance, which are anticipated to drive future revenue growth, despite overall furniture demand being impacted by a weak housing market.
- Earnings Forecast Upgrade: Analysts have raised their earnings estimate for La-Z-Boy's fiscal 2026 from $2.46 to $2.65 per share, reflecting market optimism regarding the company's future growth prospects.
Stock Market Update: S&P 500 and Nasdaq Futures Rise, Dow Also Up—Focus on Accenture, Micron Technologies, Nike, and FedEx (UPDATED)
Market Overview: U.S. stock futures are slightly up after a decline on Wednesday, with attention on the upcoming November Consumer Price Index report, which may influence market trends as the year ends.
Stock Performance: Notable premarket movements include Accenture down 3.11% despite beating earnings estimates, Micron Technology up 13.3% after a strong quarterly performance, and FedEx down 0.46% ahead of its earnings report.
Economic Indicators: Investors are awaiting initial jobless claims and the November CPI report, which will provide insights into inflation and economic health, alongside the Philadelphia Fed's manufacturing survey.
Global Market Trends: Asian markets closed mixed, with some indices in the green, while European markets opened higher. Crude oil prices increased slightly, and Bitcoin saw a 0.88% rise.
