MillerKnoll, Inc. (NASDAQ:MLKN) Q3 2024 Results Conference Call March 27, 2024 5:00 PM ET

Company Participants

Carola Mengolini - Vice President, Investor Relations
Andi Owen - Chief Executive Officer
Jeff Stutz - Chief Financial Officer
John Michael - President, Americas Contracts
Debbie Propst - President, Global Retail

Conference Call Participants

Greg Burns - Sidoti
Budd Bugatch - Water Tower Research
Alex Fuhrman - Craig-Hallum Capital
Reuben Garner - The Benchmark Company

Operator

Good evening, and welcome to the MillerKnoll's Quarterly Earnings Conference Call. As a reminder, this call is being recorded.

I would now like to introduce your host for today's conference, Vice President of Investor Relations, Carola Mengolini.

Carola Mengolini

Good evening, and welcome to MillerKnoll's Third Quarter Fiscal 2024 Conference Call. I am joined by Andi Owen, Chief Executive Officer; and Jeff Stutz, Chief Financial Officer. Also available during the Q&A session is John Michael, President of Americas Contract and Debbie Propst, President of Global Retail.

Before I turn the call over to Andi, please remember our Safe Harbor regarding forward-looking information. During the call, management may discuss information that is forward-looking and involves known and unknown risks, uncertainties, and other factors, which may cause the actual results to be different than those expressed or implied.

Please evaluate the forward-looking information in the context of these factors, which are detailed in today's press release. The forward-looking statements are as of today and we assume no obligation to update or supplement these statements. We may also refer to certain non-GAAP financial metrics, which are reconciled and described in our press release posted on our Investor Relations website at millerknoll.com.

With that, I will turn the call over to Andi. Andi?

Andi Owen

Thanks, Carola, Good evening everyone.

While this past quarter presented its challenges, we're proud to highlight our resilience and strategic focus. Despite facing a lower volume of orders and sales, we maintained a steadfast commitment to enhancing our business operations. Our efforts yielded significant results as we successfully improved gross margins across all business segments, showcasing our ability to adapt and thrive in dynamic market conditions.

MillerKnoll is an agile company. We have implemented several programs across our contract and retail business to boost demand, while also putting in place restructuring measures to better align our operating costs with the evolving economic landscape.

With our MillerKnoll dealer network firmly established in the U.S., we've turned our focus now to showrooms, studios and tools that make it easier to create design solutions for customers. Our showroom strategy is anchored in having fewer and more robust MillerKnoll design centers in targeted cities around the world. We're bringing our brands together so that customers and design partners can experience the full breadth of our offering in one location.