Strong Revenue and Earnings Growth
Consolidated net sales increased by 10.9% to $956 million, and adjusted EPS rose by 25% compared to the previous year, significantly outperforming expectations.
North America Contract Segment Performance
Net sales in North America Contract segment were up 12%. The operating margin improved to 10.7% from 3.4% the previous year.
Retail Expansion Strategy
Four new stores opened in North America in Q1, with plans to open 12 to 15 new stores throughout the fiscal year. Retail net sales increased by 6.4%.
Innovation and Product Development
Launched new products including an electrostatic discharge version of the Aeron chair. New product order growth was over 20% in the quarter.
Leadership Transition and Recognition
John Hoke announced as the new board chair. MillerKnoll recognized as a great place to work and best workplace for innovators.