Q3 2026 MillerKnoll Inc Earnings Call Transcript
Key Points
- MillerKnoll Inc (MLKN) reported a 5.8% year-over-year increase in consolidated net sales, reaching $927 million.
- The North America Contract segment showed strong performance with a 13.1% increase in orders on a reported basis.
- The company successfully reduced its debt by $41 million, improving its debt-to-EBITDA ratio to 2.75 times.
- Global Retail segment saw a 5.5% increase in comparable sales, indicating strong market presence.
- MillerKnoll Inc (MLKN) continues to expand its retail footprint, with plans to open 14 to 15 new stores in the fiscal year.
- The company faced adverse weather conditions in North America, leading to lower retail traffic and store closures.
- The ongoing conflict in the Middle East is expected to impact fourth-quarter sales and costs, with an estimated $12 million in orders unable to be shipped.
- Retail gross margin was down due to a favorable freight true-up in the prior year and increased shipping costs from promotional activities.
- The International Contract segment experienced a decline in organic orders, particularly in Latin America and the Middle East.
- Higher oil prices and logistics costs are anticipated to impact gross margins in the upcoming quarter.
Good evening, and welcome to MillerKnoll's quarterly earnings conference call. As a reminder, this conference is being recorded.
I would now like to introduce your host for today's conference, Wendy Watson, Vice President of Investor Relations. Please go ahead.
Good evening, and welcome to our third 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 John Michael, President of North America Contract; and Debbie Propst, President of Global Retail.
We issued our earnings press release for the quarter ended February 28, 2026, after market close 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 Andy, please remember our Safe Harbor disclosure regarding forward-looking information. During the call, management may
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