MillerKnoll, an American manufacturer of office and home furnishings, has released its financial results for the first quarter of fiscal year 2024.

Results

MillerKnoll's revenue decreased by 15% year-on-year. Organic sales declined 6.9%.

Gross margin increased to 39% from 34.5%, first quarter last year. Analysts had expected 37%.

Adjusted EBITDA was EUR 83.9 million. USD.

Outlook

The company forecasts second-quarter sales in the range of $950 million to $990 million. The company is expected to deliver gross margin of USD 1.9 billion to USD 1.5 billion with gross margin of 38.4% to 39.4% and adjusted earnings per share in the range of USD 0.52 to USD 0.58 per share. Analysts were expecting sales of $975.5 million. The company anticipated earnings of USD 775 million and adjusted earnings per share of USD 0.49 per share.

MillerKnoll shares

MillerKnoll shares are up 17.49% to $22.50 in pre-market trading.