MillerKnoll, a furniture manufacturer based in Zeeland, Michigan, has recently released guidance for its first-quarter and full-year sales and earnings. The company has warned about ongoing macroeconomic challenges that are impacting the furniture industry.
In after-hours trading, shares of MillerKnoll fell by 1.3% to $16.25.
For the first quarter ending in September, MillerKnoll forecasts sales ranging from $880 million to $920 million. This is a decline from $1.08 billion in the same period last year, and it falls short of analysts’ expectations of $940.2 million according to FactSet.
In terms of earnings per share, excluding one-time items, MillerKnoll expects a decrease to 18 cents to 24 cents, down from 44 cents in the year-ago quarter and lower than analysts’ projections of 40 cents.
Looking ahead to fiscal year 2024, MillerKnoll anticipates slightly lower sales compared to the previous year. The company forecasts adjusted earnings per share ranging from $1.70 to $2. Analysts surveyed by FactSet have estimated adjusted earnings per share of $1.81.
MillerKnoll acknowledges several factors that are expected to influence its sales and earnings this year. These factors include the size of the company’s backlog, recent order trends, the current pipeline of project opportunities, normal seasonality, and the unrealized benefit of previous price increases.
The guidance provided by MillerKnoll underscores the challenges faced by the furniture industry in a persistently challenging macroeconomic environment.
