MillerKnoll’s third quarter results reflected robust sales momentum, with management highlighting growth across contract and retail channels. CEO Andi Owen noted that “improving conditions in several key markets” and strong execution on strategic initiatives drove the company’s outperformance. The quarter benefited from a combination of higher sales volumes, successful new product introductions, and positive early indicators in office leasing activity, particularly in North America. Management also pointed to stable pricing and the absence of increased discounting as factors supporting margins, even as new store openings and tariffs weighed on profitability in the retail segment.

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

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 Q3 Earnings Call

• Reuben Garner (Benchmark Company) asked about the balance of volume versus pricing in North America contract growth. Interim CFO Kevin Veltman explained that recent growth was driven more by volume, with pricing adjustments from surcharges and list price increases also contributing.
• Reuben Garner (Benchmark Company) inquired about the margin impact of retail segment headwinds like new store costs and tariffs. CEO Andi Owen clarified that new store expenses were the largest factor, with tariffs and freight also contributing to lower margins.
• Reuben Garner (Benchmark Company) queried whether discounting had increased to win projects. Owen stated discounting remained stable, supporting overall margin health.
• Greg Burns (Sidoti and Company) questioned the impact of industry consolidation and M&A appetite. Owen said consolidation creates opportunity, and MillerKnoll remains open to acquisitions if attractive opportunities arise.
• Doug Lane (Water Tower Research) pressed for details on how quickly tariff mitigation would flow through results. Veltman indicated that benefits would be realized gradually, with most pressure easing by year-end as pricing actions take effect.

Catalysts in Upcoming Quarters

Looking ahead, our analysts will track (1) the pace and profitability of new store openings in the North America retail segment, (2) the effectiveness of tariff mitigation strategies and their impact on gross margins, and (3) the normalization of order volumes after tariff-related pull-forward effects. Progress in international retail recovery and sustained contract funnel growth will also be important markers of execution.

MillerKnoll currently trades at $17.82, down from $18.95 just before the earnings. At this price, is it a buy or sell? The answer lies in our full research report (it’s free).

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