MillerKnoll, Inc. (MLKN)

MillerKnoll named Jeff Stutz its permanent chief executive on 21 October 2026, after he led the company as interim chief since 30 June 2026 111.

Chairman John Hoke said Stutz had made "an immediate and meaningful impact by driving stronger operating income, margins and earnings" 11.

The newest results are for the first quarter of fiscal 2027, which ended 29 August 2026 3. Net sales were $923.4 million, down 3.4 percent from a year earlier, while orders, the new business booked, rose 3.2 percent to $913.9 million 3.

Diluted earnings per share were $0.38, against $0.29 a year earlier 3. Refunds of earlier import tariffs added a net $0.11 of that, and about $10 million to operating income 3.

The tariffs were imposed under the International Emergency Economic Powers Act, and court rulings during fiscal 2026 opened the way for importers to seek refunds 5.

Stutz said demand was softer than expected in the quarter, yet the company stayed confident in its outlook for the second quarter and the full year 3. It lowered the full-year sales range to $3.88 billion to $4.03 billion from $3.93 billion to $4.13 billion and held adjusted earnings per share at $1.85 to $2.15 3.

The annual report says the amount and timing of any tariff refunds remain uncertain while the U.S. government's appeal goes on 5. That leaves two questions for the coming quarters: whether rising orders turn into sales, and whether more refunds arrive 35.

MillerKnoll says its brands have led conversations on design for over 100 years 5. Its list of important trademarks names the Aeron chair, the Embody chair and the Eames lounge chair, which show the Herman Miller side of the business 5.

Before the Knoll deal the company, then called Herman Miller, sold about the same amount each year: $2,486.6 million in fiscal 2020 and $2,465.1 million in fiscal 2021 12. Fiscal 2020 ended with an operating loss of $37.9 million after impairment charges of $205.4 million 12.

On 2 December 2019 it bought an added 34 percent voting interest in HAY, a Danish design brand, taking its ownership to 67 percent and control 59. It consolidated HAY's results from then 5.

On 19 July 2021 it acquired Knoll, the furniture maker, using cash on hand and debt 12. Trade press describes the company as formed in 2021 when Herman Miller acquired Knoll, and it was renamed MillerKnoll 10.

Fiscal 2022 sales jumped 60.1 percent to $3,946.0 million, mostly because Knoll's results were added from the acquisition date 12. Knoll itself contributed $1,161.1 million of those sales 12.

Gross margin, sales minus the cost of making them as a share of sales, fell to 34.3 percent from 38.6 percent 12. The company blamed commodity, freight and labor costs and the purchase accounting for Knoll 12.

Fiscal 2023 sales rose 3.6 percent to $4,087.1 million, driven by price increases, a full year of Knoll and an extra week of operations 13. The year also carried $75.0 million of restructuring, the end of Fully as a stand-alone brand and a Knoll trade name impairment 13.

Fiscal 2024 sales fell 11.2 percent to $3,628.4 million on lower volumes in every segment, the closure of Fully, the end of HAY's North American online store and the extra week the year before 15. Gross margin rose to 39.1 percent as Knoll cost savings arrived 15.

Fiscal 2025 sales edged up 1.1 percent to $3,669.9 million 14. It then recorded $130.0 million of impairment charges on the Knoll and Muuto trade names and on goodwill at Global Retail and Holly Hunt 5. The net loss attributable to MillerKnoll was $36.9 million 5.

Fiscal 2026 brought sales of $3,841.7 million, up 4.7 percent, on more volume in every segment, pricing and a weaker dollar 5. Operating earnings rose to $198.3 million from $50.5 million because the impairments did not repeat 5.

In the June results release Stutz, then the incoming interim chief, said he was confident the company could execute its strategy with heightened discipline and improve profitability 7.

Chief executive Andi Owen, who came to Herman Miller in 2018, resigned from the board on 30 May 2026 and agreed to retire on 30 June 2026 610.

How the business is organized

MillerKnoll designs, makes and sells office, healthcare, education and home furniture, along with textiles, leather and felt 5. It reports three segments: North America Contract, International Contract and Global Retail 5.

About 53.6 percent of fiscal 2026 sales went through independent dealers 5. The largest customer made up about 5 percent of sales and the ten largest about 16 percent 5.

Workplace

Workplace holds the products beyond seating that define boundaries, support work and enable productivity, such as furniture systems and tables 5. It was the largest category, with $1,510.2 million of fiscal 2026 sales against $1,428.5 million the year before 5.

Performance Seating

Performance Seating is ergonomic seating for uses that need more than basic utility 5. Its sales were $849.0 million against $811.2 million a year earlier 5.

Lifestyle

Lifestyle covers products that bring spaces to life, from the Knoll, Muuto, HAY and Design Within Reach ranges, and brought in $1,264.0 million against $1,213.7 million 5. Global Retail booked $877.4 million of that, the bulk of it 5.

Other products and services

Other, mainly textiles, uncategorized products and services, had sales of $218.5 million against $216.5 million 5.

Where the newest quarter stood by segment

North America Contract had first-quarter sales of $505.6 million, down 5.3 percent, with orders of $483.7 million 3. International Contract sales were $156.8 million, down 6.4 percent, but orders of $181.2 million rose 17.3 percent 3.

Global Retail sales were $261.0 million, up 2.6 percent, and orders rose 4.3 percent to $249.0 million 3. The company opened new Design Within Reach and Herman Miller stores in the quarter 3.

Plants and stores

The largest owned sites are in Zeeland, Michigan (771 thousand square feet), East Greenville, Pennsylvania (735 thousand) and Spring Lake, Michigan (615 thousand) 5. It also owns plants in Italy and the United Kingdom and leases a plant in Dongguan, China 5.

At 30 May 2026 it ran 93 stores, 45 of them Design Within Reach 5. The company says it makes to order and buys many parts from suppliers, so its plants are mostly assembly 5.

People

Stutz, 55, spent more than ten years as chief financial officer and joined Herman Miller in 2001 1. Kevin Veltman is chief financial officer and the company had about 10,544 employees at 30 May 2026 53.

Rivals

The annual report names Haworth and HNI Corporation as the most significant competitors in office furniture 5. In the home market it names Arhaus, Crate & Barrel, RH, Room & Board, Wayfair and Williams-Sonoma 5. HNI has since acquired Steelcase, a former peer 5.

Problems and open matters

The annual report warns that the executive leadership transition may hurt its ability to carry out strategy 5. It also says the amount and timing of tariff refunds are uncertain, and that Canada-related tariff costs remain a drag 53.

Debt stood at $1,270.4 million of long-term debt at 29 August 2026, under a credit agreement that includes a $725.0 million revolving facility maturing in April 2030 4. Net debt was 2.75 times earnings before interest, taxes, depreciation and amortization, as the credit facility defines it 3.

The umbrella, in words

MillerKnoll lists Herman Miller and Knoll, as well as Colebrook Bosson Saunders, Design Within Reach, Edelman, FilzFelt, Geiger, HAY, Holly Hunt, KnollTextiles, Maharam, Muuto, NaughtOne and Spinneybeck 5.

Its subsidiaries exhibit lists principal subsidiaries only, including Design Within Reach, Inc., Knoll, Inc., Muuto A/S, Holly Hunt Enterprises, Inc. and Maharam Fabric Corporation, each 100 percent owned 9. HAY ApS is 67 percent owned and HH Ruseau, LLC is 75 percent owned 9.

It agreed to options that would require it to buy the remaining 33 percent of HAY at fair value 5. No other stake in a listed company appears in the exhibit 9.

The proxy, as of 14 August 2026, lists holders above 5 percent: BlackRock, Inc. at 15.15 percent, Vanguard Portfolio Management LLC at 7.51 percent and Dimensional Fund Advisors LP at 5.20 percent 8. Each share carries one vote 8.

For the second quarter of fiscal 2027 the company expects net sales of $972 million to $1.012 billion and adjusted earnings per share of $0.43 to $0.49 3. For the full year it expects adjusted earnings per share of $1.85 to $2.15 3.

It expects to open 14 to 18 new retail stores this year, including 5 to 7 in the second quarter, and capital spending of about $125 million to $135 million 3. It also expects a $0.07 per share hit from Canada-related tariff costs 3.

Scheduled debt maturities are $22.0 million in fiscal 2027, $25.8 million in fiscal 2028 and $89.8 million in fiscal 2029 3. The board declared a quarterly dividend of $0.1875 per share, payable on 15 October 2026 3.

The annual report says the company is enhancing or opening showrooms in Atlanta, Chicago, Dallas, London, Los Angeles, New York, Toronto and San Francisco 5. It plans to grow its DWR and Herman Miller stores into new markets, mainly in the United States 5.

At the 12 October 2026 annual meeting shareholders approved the 2026 Long-Term Incentive Plan, which allows up to 23,964,945 shares to be issued, and elected three directors 2. The board grew from ten to eleven members with Stutz's appointment 1.

The annual report sets the company's stated aims: to position North America Contract to lead, drive outsized growth in International Contract and keep transforming Global Retail 5. Stutz said the company is directing its efforts toward focused priority setting, disciplined cost management and a stronger balance sheet 3.

Still pending is the government's appeal on the IEEPA tariff rulings, which will decide what further refunds the company can count 5. The annual report also expects the cost of carrying out its sustainability strategy and of complying with new regulations to keep rising 5.