MillerKnoll, Inc. Reports First Quarter Fiscal 2024 Results

About this update from Millerknoll, Inc.

[{"type":"text","content":"ZEELAND, Mich., Sept. 26, 2023 /PRNewswire/ -- MillerKnoll Inc. (NASDAQ: MLKN) today reported results for the first quarter of fiscal year 2024 which ended September 2, 2023.\n\nBusiness Highlights\nFull year adjusted earnings guidance increased to a range of $1.85 to $2.15 per share.Gross margin improved 450 basis points on a consolidated basis over the prior year, with expansion reported in all three segments.Significant profit improvement in the Americas Contract segment which delivered reported and adjusted year-over-year operating margin expansion of 460 and 570 basis points respectively.Organic order growth of 2.1% for the Americas Contract segment over the prior year.First Quarter Fiscal 2024 Financial Results \n(Unaudited)\nThree Months Ended\n(Dollars in millions, except per share data)(1)\nSeptember 2, 2023\nSeptember 3, 2022\n% Chg.\n(13 weeks)\n(14 weeks)\nNet sales\n$ 917.7\n$ 1,078.8\n(14.9) %\nGross margin %\n39.0 %\n34.5 %\nN/A\nOperating expenses\n$ 317.8\n$ 321.3\n(1.1) %\nAdjusted operating expenses*\n$ 302.7\n$ 309.7\n(2.3) %\nEffective tax rate\n24.4 %\n18.8 %\nN/A\nAdjusted effective tax rate*\n24.6 %\n23.1 %\nN/A\nEarnings per share - diluted\n$ 0.22\n$ 0.34\n(35.3) %\nAdjusted earnings per share - diluted*\n$ 0.37\n$ 0.44\n(15.9) %\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 fiscal year with the calendar months.\nTo our shareholders:\nOur teams around the world delivered great results for the first quarter of the new fiscal year. We exceeded our July earnings guidance for the quarter through a combination of strong sales, on the high end of our guidance, and gross margin expansion in each of our business segments. We are off to a very good start to our new fiscal year and are encouraged by the momentum from our ongoing integration efforts and the broader implementation of the MillerKnoll strategic vision.\nHaving said this, as a global enterprise we are currently facing challenges arising from specific macroeconomic factors impacting certain sectors of our business. While the specter of economic recession in North Am...

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