MillerKnoll Q1 2025 Earnings Report
Key Takeaways
MillerKnoll reported a decrease in net sales by 6.1% year-over-year, but orders increased by 2.4%. The company reported a diluted loss per share of $0.02 compared to earnings per share of $0.22 in the same period last year. Adjusted diluted earnings per share were $0.36 compared to $0.37 last year. The company is maintaining its full year adjusted earnings guidance of $2.20 per share.
Orders increased by 2.4% on a reported basis and 3.5% organically.
Ending backlog increased 9.2% from last year to $758.0 million.
Global Retail segment gross margin improved by 160 basis points due to operational improvements.
Americas Contract new orders increased 5.2% from the previous year.
MillerKnoll
MillerKnoll
MillerKnoll Revenue by Segment
Forward Guidance
The company expects net sales to range between $950 million to $990 million for the second quarter of fiscal year 2025. Adjusted diluted earnings in the second quarter are expected between $0.51 - $0.57 per share. The company is maintaining its full year adjusted earnings guidance of $2.20 per share.
Positive Outlook
- Positive trends in global contract demand
- Increased backlog position
- Expected macro-economic improvements in the back half of this fiscal year.
Challenges Ahead
- Shift in the holiday/cyber promotional period for our retail business.
- Estimate this shift in timing will move between $17 million and $23 million of net sales from the second quarter into the third quarter of this fiscal year.
- This is an important factor to consider when comparing quarterly sales and earnings estimates to our performance last fiscal year.