Business
Herman Miller Reports Fourth Quarter Fiscal 2020 Results
ZEELAND, Mich., June 29, 2020 /PRNewswire/ -- Decisive actions during the quarter to adjust spending levels in the near-term Strong liquidity with cash and
About this update from Millerknoll, Inc.
[{"type":"text","content":"ZEELAND, Mich., June 29, 2020 /PRNewswire/ --\nDecisive actions during the quarter to adjust spending levels in the near-term Strong liquidity with cash and cash equivalents of $454 million and positive cash flow generation Well-positioned strategically for commercial and residential opportunities aheadWebcast to be held Tuesday, June 30, 2020, at 9:30AM ET\nNOTE: A data supplement with additional financial information relating to the periods covered by this press release is available for download from the Company's website at http://www.hermanmiller.com/investors. A copy of this supplemental data file has also been included with this press release filed on Form 8-K with the Securities and Exchange Commission.\nHerman Miller, Inc. (NASDAQ: MLHR) today announced results for its fourth quarter ended May 30, 2020. Net sales in the quarter totaled $475.7 million, a decrease of 29.1% from the same quarter last fiscal year. New orders in the fourth quarter of $535.3 million were 19.4% below the prior year level.\nOn an organic basis, which excludes the impact of acquisitions and foreign currency translation, net sales and orders in the fourth quarter decreased by 34.9% and 25.3%, respectively, compared to the same quarter last fiscal year.\nHerman Miller reported a net loss per share of $2.95 in the fourth quarter compared to diluted earnings per share of $0.78 in the same quarter last fiscal year. Excluding impairment charges, restructuring expenses, and other special charges, adjusted earnings per share in the fourth quarter totaled $0.11 compared to adjusted earnings per share of $0.88 in the fourth quarter of last fiscal year.\nFor the full fiscal year, net sales were $2,486.6 million, reflecting a year-over-year decrease of 3.1%. On an organic basis, net sales decreased by 6.6% compared to last fiscal year. Loss per share for the full year totaled $0.15 compared to diluted earnings per share of $2.70 last year. On an adjusted basis, diluted earnings per share totaled $2.61 in fiscal 2020 compared to $2.97 in fiscal 2019.\nAndi Owen, President and Chief Executive Officer, stated, \"While the final quarter of fiscal 2020 unfolded in ways we could not have imagined at the beginning of the fiscal year, I'm incredibly proud of our global teams for the ways they have come together to overcome the disruptions brought on by COVID-19. Fro...