MillerKnoll’s fourth quarter saw a positive market reaction, reflecting management’s ability to outperform Wall Street’s expectations despite a slight year-over-year decline in sales. The company attributed its results to strong order growth across all business segments, particularly within Global Retail, where new store openings and expanded product assortments led to notable increases in both orders and comparable sales. CEO Andi Owen highlighted, “We set multiple records in North America Retail including the highest orders in DWR brand history both in-store and online,” emphasizing the effectiveness of the company’s retail strategy.

Is now the time to buy MLKN? Find out in our full research report (it’s free for active Edge members).

While we enjoy listening to the management's commentary, our favorite part of earnings calls are the analyst questions. Those are unscripted and can often highlight topics that management teams would rather avoid or topics where the answer is complicated. Here is what has caught our attention.

Our Top 5 Analyst Questions From MillerKnoll’s Q4 Earnings Call

• Reuben Garner (The Benchmark): Asked about drivers of gross margin outperformance. CFO Kevin Veltman attributed it to a mix of channel and product shifts, effective pricing realization, and tariff mitigation.
• Philip Bley (William Blair): Sought details on contract business outlook and price versus volume trends. Veltman explained order growth was balanced between price and volume, with pull-ahead activity now behind them.
• Philip Bley (William Blair): Inquired about the durability of retail growth and promotional activity. CEO Andi Owen and President Debbie Propst emphasized brand awareness, new store openings, and assortment expansion as key drivers, noting promotions and marketing spend were flat year over year.
• Greg Burns (Sidoti and Company): Asked about the impact of assortment growth on customer behavior. Propst highlighted higher average order values and increased design service penetration, supported by conservative pricing increases.
• Doug Lane (Water Tower Research): Questioned the macro factors supporting order growth. Owen cited the accelerating return-to-office trend and growing international potential, while Veltman detailed capital allocation priorities focused on growth investment and debt reduction.

Catalysts in Upcoming Quarters

In future quarters, the StockStory team will closely monitor (1) the ramp-up and sales productivity of new retail store openings, (2) the effectiveness of tariff mitigation strategies and their impact on gross margins, and (3) order trends in both contract and international markets—particularly as return-to-office momentum and sector demand evolve. Additionally, the company’s ability to leverage operating expenses and achieve targets for retail profitability will serve as important indicators of successful execution.

MillerKnoll currently trades at $18.06, up from $17.53 just before the earnings. In the wake of this quarter, is it a buy or sell? The answer lies in our full research report (it’s free for active Edge members).

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