Q2 2026 MillerKnoll Inc Earnings Call Transcript
Key Points
- MillerKnoll Inc (MLKN) reported a strong quarter, exceeding expectations with adjusted earnings per share of $0.43.
- The global retail segment saw a 6% increase in orders year over year, with sales up 5% and comparable sales growth of 3.5%.
- North America retail experienced an 8% increase in orders and comparable sales growth, setting multiple records during the holiday cyber promotional period.
- The company continues to expand its retail footprint, opening 4 new locations in Q2 and planning to open 14 to 16 new stores in the US for the full fiscal year.
- MillerKnoll Inc (MLKN) has a strong supply chain with approximately 70% of North America retail's cost of goods sourced from the US, reducing tariff risk exposure.
- Consolidated net sales for the quarter were down 1.6% year over year on a reported basis and 2.5% lower organically.
- The international contract segment saw a 6.3% decrease in net sales on a reported basis and a 9.2% decrease organically year over year.
- Operating margin in the global retail segment was low at 1.5%, with an adjusted operating margin of 2.1%, down 170 basis points year over year.
- The company faces costs related to new store openings, net tariff costs, and foreign currency impacts, affecting margins.
- The public sector and pharma and banking industries are experiencing softer demand, impacting the North America contract segment.
Good evening and welcome to Miller Knowles quarterly earnings conference call.
As a reminder, this call is being recorded.
I would now like to turn to introduce your host for today's conference, Wendy Watson, Vice President of investor relations.
Good evening and welcome to our second quarter fiscal 2026 conference call. On with me are Andy Owen, Chief Executive Officer, and Kevin Veltman, 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 Probst, President of Global retail.
We issued our earnings press release for the quarter ended November 29, 2025 after market closed today, and it is available on our investor relations website at Millerknoow.com. A replay of this call will be available on our website within 24 hours.
Before I turn the call over to Andy, please remember our safe harbor disclosure regarding forward-looking information.
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