Q1 2026 MillerKnoll Inc Earnings Call Transcript
Key Points
- MillerKnoll Inc (MLKN) reported strong revenue and profitability, with consolidated net sales growing almost 11% and adjusted EPS increasing 25%.
- The company is seeing growth momentum in its Contract businesses, with robust office leasing activity and increased dealer optimism.
- MillerKnoll Inc (MLKN) is expanding its retail footprint, planning to open 12 to 15 new stores in the US this fiscal year.
- The company is launching 50% more new products compared to fiscal 2025, driving new customer acquisition and long-term customer value.
- MillerKnoll Inc (MLKN) was recognized by Fast Company as a Best Workplace for Innovators and named a Great Place to Work.
- New orders at the consolidated level in the first quarter were down 5.4% as reported and 6.2% lower on an organic basis.
- The Global Retail segment's operating margin was negatively impacted by new store opening costs, increased freight expenses, and higher net tariff-related impacts.
- The company is facing challenges with tariffs, which negatively impacted gross margins by approximately $8 million in the first quarter.
- International Contract segment orders were 6.5% lower than the prior year on a reported basis, primarily due to lower orders in APMEA and Latin America.
- Retail operating margins were lower than the previous year, primarily due to new store expenses and unfavorable FX impacts.
Good evening, and welcome to MillerKnoll's quarterly earnings conference call. As a reminder, this call is being recorded.
I would now like to introduce your host for today's conference, Wendy Watson, Vice President of Investor Relations.
Good evening, and welcome to our first-quarter fiscal 2026 conference call. On with me are Andi Owen, Chief Executive Officer; and Kevin Veltman, Interim Chief Financial Officer. Joining them for the Q&A session are Jeff Stutz, Chief Operating Officer; John Michael, President of North America Contract; and Debbie Propst, President of Global Retail.
We issued our earnings press release for the quarter ended August 30, 2025, after market closed today, and it is available on our Investor Relations website at millerknoll.com. A replay of this call will be available on our website within 24 hours.
Before I turn the call over to Andi, please remember our Safe Harbor disclosure regarding forward-looking information. During the call,
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