MillerKnoll lowered its full-year sales guidance to $3.88 billion to $4.03 billion to reflect first-quarter softness, while maintaining its EPS range on expected cost-saving realizations. The company attributed its 3.4% revenue decline to softer-than-anticipated demand in North America Contract and Global Retail, partially offset by strong international order growth, with North America Contract hurt by a difficult comparison to a $55 million to $60 million order pull-forward in the prior year tied to tariff pricing actions. Guidance includes an estimated $0.07 per share headwind from recent U.S.-Canada tariff actions, which MillerKnoll is mitigating through dual-sourcing and inventory pre-stocking, and management expects price-cost dynamics to become a slight headwind of 20 to 30 basis points in the second quarter as steel and diesel inflation ramps up. A $16.5 million refund related to previously expensed IEPA tariffs provided a $0.11 per share net benefit, helping offset volume deleverage in the quarter, while the company implemented a workforce reduction and reorganization within the Holly Hunt brand and closed a third plant in West Michigan. Management said orders for the first three weeks of September were up 9% year-over-year, with growth across all three reporting segments, and the retail strategy assumes 14 to 18 new store openings in fiscal 2027.
MillerKnoll IncMillerKnoll cut full-year sales guidance after a 3.4% revenue decline on softer-than-anticipated demand in North America Contract and Global Retail.
NVIDIA CorporationMillerKnoll implemented a workforce reduction and reorganization within the Holly Hunt brand.
