MillerKnoll, Inc. Reports Fourth Quarter and Fiscal 2024 Results

About this update from Millerknoll, Inc.

[{"type":"text","content":"ZEELAND, Mich., June 26, 2024 /PRNewswire/ -- MillerKnoll Inc. (NASDAQ: MLKN) today reported results for the fourth quarter and full fiscal year 2024, which ended June 1, 2024.\n\nBusiness Highlights\nOrders in the fourth quarter were up 1.1% on a reported basis and up 2.9% organically from last year.Fourth quarter and full year gross margin improved 250 basis points and 410 basis points, respectively year-over-year.Achieved annualized run-rate cost synergy target of $160 million related to the integration of Knoll.Full year GAAP and adjusted diluted earnings per share improved 101.8% and 12.4% respectively, from the prior year.Fourth Quarter Fiscal 2024 Financial Results \n(Unaudited)\n(Unaudited)\nThree Months Ended\nTwelve Months Ended\n(Dollars in millions, except per share data)\nJune 1, 2024\nJune 3, 2023\n% Chg.\nJune 1, 2024\nJune 3, 2023\n% Chg.\n(13 weeks)\n(13 weeks)\n(39 weeks)\n(40 weeks)\nNet sales\n$ 888.9\n$ 956.7\n(7.1) %\n$ 3,628.4\n$ 4,087.1\n(11.2) %\nGross margin %\n39.6 %\n37.1 %\nN/A\n39.1 %\n35.0 %\nN/A\nOperating expenses\n$ 328.7\n$ 343.1\n(4.2) %\n$ 1,252.3\n$ 1,307.7\n(4.2) %\nAdjusted operating expenses*\n$ 278.8\n$ 297.6\n(6.3) %\n$ 1,157.3\n$ 1,188.8\n(2.6) %\nEffective tax rate\n(63.2) %\n119.9 %\nN/A\n14.8 %\n8.8 %\nN/A\nAdjusted effective tax rate*\n12.0 %\n21.7 %\nN/A\n19.6 %\n22.3 %\nN/A\nEarnings per share - diluted(1)\n$ 0.14\n$ 0.00\nN/A\n$ 1.11\n$ 0.55\n101.8 %\nAdjusted earnings per share - diluted*(1)\n$ 0.67\n$ 0.41\n63.4 %\n$ 2.08\n$ 1.85\n12.4 %\n*Items indicated represent Non-GAAP measurements; see the reconciliations of Non-GAAP financial measures and related explanations below.\n(1)Due to the anti-dilutive effect resulting from periods where the Company reports a net loss, the impact of potentially dilutive securities on the per share amounts has been omitted from the calculation of weighted-average common shares outstanding for diluted net loss per common share.\nTo our shareholders:\nMillerKnoll finished fiscal year 2024 strong with significant year-over-year earnings per share growth in the fourth quarter. By leveraging the advantage and scale of MillerKnoll's collective of brands, diversified business channels and global operations, our teams continued to drive substantial margin expansion while protecting strategic investments for growth. The improving internal demand indicato...

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