MillerKnoll reported an 8.2% increase in net sales in Q4 2022, driven by strong order growth and improved sales volume. The company also saw strong growth in its North America contract and global retail segment, driven by higher customer demand in workplace and commercial spaces.
The Global Retail segment posted net sales of $280 million, a 2.2% year-on-year increase, and orders climbed 7.5%, with North America retail orders rising 8%. The company’s operating margin declined to 1.4%, compared to 4.6% in the prior year, and gross margin decreased by 30 basis points year-on-year and 40 basis points quarterly from $7 million. Operating expenses also decreased to $321.9 million.
However, the company has the operational and balance sheet strength to navigate macroeconomic conditions and continue investing in growth opportunities. As of May 31, MillerKnoll’s total liquidity stood at $575.9 million, with cash flow from operations at $70.9 million and a reduction in total debt by $4.8 million, indicating improved financial stability.
Source: Furniture Today
Source: Yahoo Finance
Source: Millerknoll
