Business
/C O R R E C T I O N -- MillerKnoll/
In the news release, MillerKnoll, Inc. Reports Fourth Quarter and Fiscal 2023 Results, issued 12-Jul-2023 by MillerKnoll over PR Newswire, we are advised by
About this update from Millerknoll, Inc.
[{"type":"text","content":"In the news release, MillerKnoll, Inc. Reports Fourth Quarter and Fiscal 2023 Results, issued 12-Jul-2023 by MillerKnoll over PR Newswire, we are advised by the company that the first sentence in the \"Webcast and Conference Call Information\" section should read: \"...Wednesday, July 12, 2023, at 5:00 PM ET...\" rather than \"5:30 PM ET\" as originally issued inadvertently. The complete, corrected release follows:\n\nMillerKnoll, Inc. Reports Fourth Quarter and Fiscal 2023 Results\n\n\nZEELAND, Mich., July 12, 2023 /PRNewswire/ -- MillerKnoll Inc. (NASDAQ: MLKN) today reported results for the fourth quarter and full year fiscal 2023 which ended June 3, 2023.\nBusiness Highlights\nFourth quarter reported gross margin expansion of 230 basis points over the prior year.Full year margin expansion despite a challenging macroeconomic environment.$131 million of run-rate cost synergies related to the Knoll integration captured to date.Generated $93 million of cash flow from operations and repaid almost $50 million of debt, helping to further strengthen the balance sheet.Fourth Quarter and Fiscal 2023 Financial Results \n(Unaudited)\n(Unaudited)\nThree Months Ended\nTwelve Months Ended\n(Dollars in millions, except per share data)(1)\nJune 3, 2023\nMay 28, 2022\n% Chg.\nJune 3, 2023\nMay 28, 2022\n% Chg.\n(13 weeks)\n(13 weeks)\n(53 weeks)\n(52 weeks)\nNet sales\n$ 956.7\n$ 1,100.5\n(13.1) %\n$ 4,087.1\n$ 3,946.0\n3.6 %\nGross margin %\n37.1 %\n34.8 %\nN/A\n35.0 %\n34.3 %\nN/A\nAdjusted gross margin %*\n37.0 %\n34.8 %\nN/A\n35.4 %\n34.6 %\nN/A\nOperating expenses\n$ 343.1\n$ 325.5\n5.4 %\n$ 1,307.7\n$ 1,312.9\n(0.4) %\nAdjusted operating expenses*\n$ 297.6\n$ 311.4\n(4.4) %\n$ 1,188.8\n$ 1,139.8\n4.3 %\nEffective tax rate\n119.9 %\n47.7 %\nN/A\n8.8 %\n(130.1) %\nN/A\nAdjusted effective tax rate*\n21.7 %\n21.5 %\nN/A\n22.3 %\n22.2 %\nN/A\n(Loss) earnings per share - diluted\n$ —\n$ 0.28\nN/A\n$ 0.55\n$ (0.37)\nN/A\nAdjusted earnings per share - diluted*\n$ 0.41\n$ 0.58\n(29.3) %\n$ 1.85\n$ 1.92\n(3.6) %\n*Items indicated represent Non-GAAP measurements; see the reconciliations of Non-GAAP financial measures and related explanations below.\n1 The first quarter of fiscal 2023 included 14 weeks of operations as compared to a standard 13-week period. The additional week is required periodically in order to more closely align MillerKnoll's fi...