By Denny Jacob
MillerKnoll Inc. shares rose 4.4% to $34.42 after the company reported sales growth across all its business segments despite the impact of supply-chain disruptions and labor shortages.
The home-furnishings company posted net income of $12.6 million, or 16 cents a share, for the quarter ended Feb. 26, compared with net income of $41.5 million, or 70 cents a share, in the year-ago period. Adjusted per-share earnings were 28 cents. Analysts polled by FactSet expected 27 cents.
Revenue rose to $1.03 billion from $590.5 million. Analysts polled by FactSet expected $1.03 billion.
MillerKnoll said it is seeing a push from clients as they launch their return-to-office plans. The company said its international segment was up too as activity from local customers helped accelerate demand, especially in China and Europe, as companies sought to differentiate their workplaces and attract talent.
The company said it isn’t fulfilling any existing orders or accepting new orders from Russia or Belarus at this time. It also has stopped taking new orders and fulfilling orders in Ukraine as a safety measure. MillerKnoll said this region represents a small portion of its international contract business, with annual revenue about $10 million in fiscal year 2021.
The company, previously known as Herman Miller Inc., changed its name to MillerKnoll on Nov. 1 following the acquisition of Knoll Inc. that was completed in July.
Write to Denny Jacob at [email protected]
