Business
MillerKnoll, Inc. Reports Third Quarter Fiscal 2023 Results
ZEELAND, Mich., March 22, 2023 /PRNewswire/ -- MillerKnoll Inc. (NASDAQ: MLKN) today reported results for the third quarter of fiscal year 2023 which ended
About this update from Millerknoll, Inc.
[{"type":"text","content":"ZEELAND, Mich., March 22, 2023 /PRNewswire/ -- MillerKnoll Inc. (NASDAQ: MLKN) today reported results for the third quarter of fiscal year 2023 which ended March 4, 2023.\nBusiness Highlights\nReported and adjusted gross margin expansion of 110 and 260 basis points respectively over the prior year.Continued actions to reduce cost structure and improve operating efficiencies to help drive long-term margin improvement.$123 million of run-rate cost synergies related to the Knoll integration captured to date.Improved cash flow from operations, helping to further strengthen the balance sheet.Third Quarter Fiscal 2023 Financial Results \n(Unaudited)\n(Unaudited)\nThree Months Ended\nNine Months Ended\n(Dollars in millions, except per share data)(1)(2)\nMarch 4,2023\nFebruary 26,2022\n% Chg.\nMarch 4,2023\nFebruary 26,2022\n% Chg.\n(13 weeks)\n(13 weeks)\n(40 weeks)\n(39 weeks)\nNet sales\n$ 984.7\n$ 1,029.5\n(4.4) %\n$ 3,130.4\n$ 2,845.5\n10.0 %\nGross margin %\n34.1 %\n33.0 %\nN/A\n34.4 %\n34.1 %\nN/A\nAdjusted gross margin %*\n35.7 %\n33.1 %\nN/A\n34.9 %\n34.5 %\nN/A\nOperating expenses\n$ 314.4\n$ 310.3\n1.3 %\n$ 964.6\n$ 987.4\n(2.3) %\nAdjusted operating expenses*\n$ 277.6\n$ 298.9\n(7.1) %\n$ 891.2\n$ 828.5\n7.6 %\nEffective tax rate\n31.2 %\n77.6 %\nN/A\n19.5 %\n18.8 %\nN/A\nAdjusted effective tax rate*\n22.5 %\n22.3 %\nN/A\n22.5 %\n22.5 %\nN/A\nEarnings (loss) per share - diluted\n$ 0.01\n$ 0.19\nN/A\n$ 0.56\n$ (0.66)\nN/A\nAdjusted earnings per share - diluted*\n$ 0.54\n$ 0.31\n74.2 %\n$ 1.44\n$ 1.34\n7.5 %\n*Items indicated represent Non-GAAP measurements; see the reconciliations of Non-GAAP financial measures and related explanations below.\n1 In the fourth quarter of fiscal 2022 we elected to change our method of accounting for the cost of certain inventories within our Americas Segment from the last-in, first-out method (\"LIFO\") to first-in, first-out method (\"FIFO\"), which were our only operations that were using the LIFO cost method. This change was effective as of May 30, 2021. All prior periods presented have been retrospectively adjusted to apply the effects of the change.\n \n2 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...