Business
MillerKnoll, Inc. Reports Third Quarter Fiscal 2025 Results
ZEELAND, Mich., March 26, 2025 /PRNewswire/ -- MillerKnoll Inc. (NASDAQ: MLKN) today reported results for the third quarter of fiscal year 2025 ended March 1,
About this update from Millerknoll, Inc.
[{"type":"text","content":"ZEELAND, Mich., March 26, 2025 /PRNewswire/ -- MillerKnoll Inc. (NASDAQ: MLKN) today reported results for the third quarter of fiscal year 2025 ended March 1, 2025.\n\n \n \n \n \n \n \n\n \nFinancial Highlights\nConsolidated net sales in the third quarter were up 0.4% year-over-year, driven by North America Contract and Global Retail.Strong order growth in Global Retail led by impressive performance in North America.New reporting segment structure aligns with long-term strategies.Third Quarter Fiscal 2025 Financial Results \n(Unaudited)\n(Unaudited)\nThree Months Ended\nNine Months Ended\n(Dollars in millions, except per share data)\nMarch 1, 2025\nMarch 2, 2024\n% Chg.\nMarch 1, 2025\nMarch 2, 2024\n% Chg.\n(13 weeks)\n(13 weeks)\n(13 weeks)\n(13 weeks)\nNet sales\n$ 876.2\n$ 872.3\n0.4 %\n$ 2,708.1\n$ 2,739.5\n(1.1) %\nGross margin %\n37.9 %\n38.6 %\nN/A\n38.6 %\n39.0 %\nN/A\nOperating expenses\n$ 414.6\n$ 294.2\n40.9 %\n$ 1,050.2\n$ 923.6\n13.7 %\nAdjusted operating expenses*\n$ 274.4\n$ 278.9\n(1.6) %\n$ 869.4\n$ 878.5\n(1.0) %\nEffective tax rate\n88.3 %\n16.0 %\nN/A\n139.5 %\n20.5 %\nN/A\nAdjusted effective tax rate*\n22.0 %\n20.3 %\nN/A\n22.0 %\n22.7 %\nN/A\nEarnings (loss) per share - diluted\n$ (0.19)\n$ 0.30\n(163.3) %\n$ 0.29\n$ 0.97\n(70.1) %\nAdjusted earnings per share - diluted*\n$ 0.44\n$ 0.45\n(2.2) %\n$ 1.33\n$ 1.41\n(5.7) %\n*Items indicated represent Non-GAAP measurements; see the reconciliations of Non-GAAP financial measures and related explanations below.\nTo our shareholders:\nOur results in the third quarter of fiscal 2025 reflect the advantage of our diversified business model, with strong performance in certain markets and channels mitigating softness in others, along with a disciplined focus on our cost structure amidst very dynamic macroeconomic conditions. \nDuring the quarter we saw a notable difference in demand in our retail businesses compared to most of our contract businesses. Leading indicators within our contract businesses are mixed, and overall demand in most geographies was sluggish during the quarter amid uncertainty related to tariff policy and other macroeconomic factors.\nAt the same time, we are buoyed by the strong demand in our Global Retail business where reported orders were up nearly 15%, organic orders were up nearly 17%, and organic orders adjusted for the year-over-year timi...