MillerKnoll Reports Second Quarter Fiscal 2023 Results

December 27, 2022  by HFBusiness Staff in Business Strategy, Industry   

The company is also making continued progress with the integration of Knoll. $101 million of run-rate cost synergies have been captured to date. There has been an increased targeted run-rate of cost synergies from $120 million to $140 million within three years of the Knoll acquisition.

During the quarter, lower demand levels in China, France and Ireland were partially offset by growth in India, South Korea, and the Middle East. Our International business has relatively outperformed the Americas business, benefiting from both a faster return to office in many regions plus opportunities within less penetrated markets to capture new regional accounts. 

The International Contract and Specialty segment also delivered improved adjusted operating margins for the quarter, up 180 basis points from last year.

Our research and insights team is providing invaluable data and guidance to our contract clients, assisting them as they address the challenges and opportunities of hybrid working environments. With renewed interest in enhancing home offices as employees accept the permanence of working both outside and inside the office, our retail teams are also helping customers focus on well-being and comfort. 

As a core strategic pillar, we remain committed to our People, our Planet and our Communities. In September, we reintroduced the Eames molded shell chair, now made with 100% post-industrial recycled plastic, and earned a silver rating in Corporate Social Responsibility by EcoVadis, placing our company in the top 7% of companies in our industry.

While economic uncertainty exists in some of our operating geographies, we remain confident in the resiliency of our collective of brands. MillerKnoll's diverse channels and customer segments provide opportunities for growth and expansion.