DIY 1 source Jun 26, 2:36 PM EDT Updated 1h ago 0 views

MillerKnoll must improve despite positive financial results

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MillerKnoll must improve despite positive financial results June 26, 2026 | 1:36 pm CDT

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Woodworking Industry News

FDMC 300

MillerKnoll must improve despite positive financial results

Larry Adams

June 26, 2026 | 1:36 pm CDT

The Geiger Canaan Leatherwrap, which was showcased during Design Days in Chicago, is inset with premium leather. The height-adjustable desks has four motors that can raise or lower the desk with one touch.

GRAND RAPIDS, Mich., MillerKnoll Inc.’s incoming interim CEO said the Zeeland-based furniture maker beat expectations, returned to profitability and posted a 4.4% sales increase for its most recent quarter, but he was still not satisfied by the results.

"I want to be clear that our financial performance is not where we want it to be," said Jeff Stutz, MillerKnoll COO and Incoming Interim CEO, during a quarterly analyst call. Stutz is replacing retiring CEO Andi Owen, who will officially retire on June 30, 2026, but immediately began a leave of absence from the company on June 1.

Stutz said the company, which ranked #2 on the FDMC 300 list of top North American wood products manufacturers, is entering fiscal 2027 with three clear areas of focus. "The first of these will be to elevate the level of operating discipline we bring to setting priorities," he said. "Second, we're focused on cost discipline across our businesses. Third, we remain committed to strengthening our balance sheet by reducing debt and improving cash flow."

Stutz said the company delivered a quarter of steady top-line growth with revenue of just over $1 billion, up 4.4% year-over-year and above its guidance. He said the North America Contract and Global Retail segment drove the growth.

For the full fiscal year, net sales topped $3.8 billion with an adjusted earnings per share of $1.86. 

In the North America Contract segment, Stutz said they were "pleased" with another quarter of solid sales growth and year-over-year expansion in both gross margin and adjusted operating margin, driven by volume leverage and price capture. 

As expected, orders were down in the quarter compared to last year, primarily from lapping $55 million-$60 million in prior year order pull ahead as a result of customers placing orders ahead of tariff-related surcharges and price increases. 

"We continue to see encouraging demand signals across key leading indicators despite macro uncertainty," he added. "Traffic and showroom visits during Design Days were up nicely, and the internal forward demand indicators we consistently track were all up both year-over-year and sequentially."

The company, which recently announced the consolidation of its manufacturing plant in Muskegon, Michigan, into other facilities, will continue to evaluate capacity utilization opportunities across its manufacturing operations with the aim of improving overall operational efficiency. 

In the International Contract segment, global geopolitical concerns impacted segment order activity in the quarter, but we remain encouraged by ongoing signs of strength in key Asian markets as well as Central and Eastern Europe, where order growth has been strong.

Stutz pointed to other "strategic shifts to drive both growth and returns, which include building future new stores based on the smaller, approximately 1,800-square-foot Herman Miller store format. He added that they are enthusiastic for Design Within Reach, the channel to market in North America for its portfolio of brands that serve residential and hospitality environments.

An important priority within Global Retail is improving the performance of the Holly Hunt business, which he says remains a premier brand to the trade in the ultra-premium segment of residential furnishings.

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About the author

Larry Adams

| Editor

Larry Adams is a Chicago-based writer and editor who writes about how things get done. A former wire service and community newspaper reporter, Larry is an award-winning writer with more than three decades of experience. In addition to writing about woodworking, he has covered science, metrology, metalworking, industrial design, quality control, imaging, Swiss and micromanufacturing . He was previously a Tabbie Award winner for his coverage of nano-based coatings technology for the automotive industry. Larry volunteers for the historic preservation group, the Kalo Foundation/Ianelli Studios, and the science-based group, Chicago Council on Science and Technology (C2ST).

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