Herman Miller, Inc. Supplemental Financial Data
Revised Quarterly Segment Data for the 9 Months Ended March 2, 2019 and Fiscal Year Ended June 2, 2018
(Unaudited) ($ in millions)
I. Segment Information
Effective in the fourth quarter of fiscal 2019, Herman Miller, Inc. (the "Company") has revised its reportable segments to combine the Specialty reportable segment with the North American Furniture Solutions reportable segment. The newly combined segment is called "North America Contract". There were no changes to the Company's ELA Furniture Solutions ("ELA") and Consumer segments, but each has been renamed. Effective in the fourth quarter of fiscal 2019, ELA is now named "International Contract" and Consumer is named "Retail".
The Specialty segment (Maharam, Geiger, Nemschoff and the Herman Miller Collection) has been combined with the North America Contract segment under a common segment manager as of the the fourth quarter fiscal 2019. The change in operating segments reflect the basis of how the Company internally reports and evaluates financial information used to make operating decisions.
The tables below summarize, for the periods indicated, the revised reportable segment and other supplemental data of Herman Miller, Inc.:
Herman Miller, Inc. Supplemental Financial Data
Revised Quarterly Segment Data for the 9 Months ended March 2, 2019 and Fiscal Year Ended June 2, 2018
(Unaudited) ($ in millions)
A. Quarterly Segment Data for Fiscal 2019
|
| | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended | Nine Months Ended |
| | March 2, 2019 | December 1, 2018 | September 1, 2018 | March 2, 2019 |
| North America Contract | | | | | | | | |
| Net Sales | $ | 397.0 |
| 100.0 | % | $ | 434.8 |
| 100.0 | % | $ | 421.0 |
| 100.0 | % | $ | 1,252.8 |
| 100.0 | % |
| Gross Margin (1) | 136.6 |
| 34.4 | % | 152.0 |
| 35.0 | % | 147.6 |
| 35.1 | % | 436.2 |
| 34.8 | % |
| Operating Expenses | 96.4 |
| 24.3 | % | 100.8 |
| 23.2 | % | 99.5 |
| 23.6 | % | 296.7 |
| 23.7 | % |
| | | | | | | | | |
| Operating Earnings (1) | $ | 40.2 |
| 10.1 | % | $ | 51.2 |
| 11.8 | % | $ | 48.1 |
| 11.4 | % | $ | 139.5 |
| 11.1 | % |
| | | | | | | | | |
| International Contract | | | | | | | | |
| Net Sales | $ | 126.0 |
| 100.0 | % | $ | 118.5 |
| 100.0 | % | $ | 115.4 |
| 100.0 | % | $ | 359.9 |
| 100.0 | % |
| Gross Margin | 42.1 |
| 33.4 | % | 39.7 |
| 33.5 | % | 38.1 |
| 33.0 | % | 119.9 |
| 33.3 | % |
| Operating Expenses | 25.8 |
| 20.5 | % | 25.9 |
| 21.9 | % | 27.6 |
| 23.9 | % | 79.3 |
| 22.0 | % |
| | | | | | | | | |
| Operating Earnings (1) | $ | 16.3 |
| 12.9 | % | $ | 13.8 |
| 11.6 | % | $ | 10.5 |
| 9.1 | % | $ | 40.6 |
| 11.3 | % |
| | | | | | | | | |
| Retail | | | | | | | | |
| Net Sales | $ | 96.0 |
| 100.0 | % | $ | 99.3 |
| 100.0 | % | $ | 88.2 |
| 100.0 | % | $ | 283.5 |
| 100.0 | % |
| Gross Margin (1) | 42.3 |
| 44.1 | % | 43.9 |
| 44.2 | % | 39.4 |
| 44.7 | % | 125.6 |
| 44.3 | % |
| Operating Expenses | 40.0 |
| 41.7 | % | 42.1 |
| 42.4 | % | 37.3 |
| 42.3 | % | 119.4 |
| 42.1 | % |
| | | | | | | | | |
| Operating Earnings (1) | $ | 2.3 |
| 2.4 | % | $ | 1.8 |
| 1.8 | % | $ | 2.1 |
| 2.4 | % | $ | 6.2 |
| 2.2 | % |
| | | | | | | | | |
| Corporate | | | | | | | | |
| Operating Expenses (1) | (11.0 | ) | — | % | (13.7 | ) | — | % | (14.7 | ) | — | % | (39.4 | ) | — | % |
| Operating Loss | $ | (11.0 | ) | — | % | $ | (13.7 | ) | — | % | $ | (14.7 | ) | — | % | $ | (39.4 | ) | — | % |
| | | | | | | | | |
| Herman Miller, Inc. | | | | | | | | |
| Net Sales | $ | 619.0 |
| 100.0 | % | $ | 652.6 |
| 100.0 | % | $ | 624.6 |
| 100.0 | % | $ | 1,896.2 |
| 100.0 | % |
| Gross Margin | 221.0 |
| 35.7 | % | 235.6 |
| 36.1 | % | 225.1 |
| 36.0 | % | 681.7 |
| 36.0 | % |
| Operating Expenses | 173.2 |
| 28.0 | % | 182.5 |
| 28.0 | % | 179.1 |
| 28.7 | % | 534.8 |
| 28.2 | % |
| | | | | | | | | |
| Operating Earnings | $ | 47.8 |
| 7.7 | % | $ | 53.1 |
| 8.1 | % | $ | 46.0 |
| 7.4 | % | $ | 146.9 |
| 7.7 | % |
(1) The sum of the quarters does not equal the annual balance reflected in the most recently issued Consolidated Statements of Comprehensive Income due to rounding associated with the calculations on an individual quarter basis.
Herman Miller, Inc. Supplemental Financial Data
Revised Quarterly Segment Data for the 9 Months ended March 2, 2019 and Fiscal Year Ended June 2, 2018
(Unaudited) ($ in millions)
B. Quarterly Segment Data for Fiscal 2018
|
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended | Twelve Months Ended |
| | June 2, 2018 | March 3, 2018 | December 2, 2017 | September 2, 2017 | June 2, 2018 |
| North America Contract | | | | | | | | | | |
| Net Sales (1) | $ | 392.4 |
| 100.0 | % | $ | 389.0 |
| 100.0 | % | $ | 404.9 |
| 100.0 | % | $ | 403.7 |
| 100.0 | % | $ | 1,590.0 |
| 100.0 | % |
| Gross Margin | 139.1 |
| 35.4 | % | 132.7 |
| 34.1 | % | 145.2 |
| 35.9 | % | 148.5 |
| 36.8 | % | 565.5 |
| 35.6 | % |
| Operating Expenses | 101.2 |
| 25.8 | % | 92.9 |
| 23.9 | % | 98.0 |
| 24.2 | % | 98.2 |
| 24.3 | % | 390.3 |
| 24.5 | % |
| | | | | | | | | | | |
| Operating Earnings | $ | 37.9 |
| 9.7 | % | $ | 39.8 |
| 10.2 | % | $ | 47.2 |
| 11.7 | % | $ | 50.3 |
| 12.5 | % | $ | 175.2 |
| 11.0 | % |
| | | | | | | | | | | |
| International Contract | | | | | | | | | | |
| Net Sales (1) | $ | 125.4 |
| 100.0 | % | $ | 102.6 |
| 100.0 | % | $ | 113.0 |
| 100.0 | % | $ | 93.4 |
| 100.0 | % | $ | 434.4 |
| 100.0 | % |
| Gross Margin (1) | 40.9 |
| 32.6 | % | 33.2 |
| 32.4 | % | 38.4 |
| 34.0 | % | 31.8 |
| 34.0 | % | 144.3 |
| 33.2 | % |
| Operating Expenses | 31.1 |
| 24.8 | % | 25.6 |
| 25.0 | % | 25.7 |
| 22.7 | % | 25.2 |
| 27.0 | % | 107.6 |
| 24.8 | % |
| | | | | | | | | | | |
| Operating Earnings | $ | 9.8 |
| 7.8 | % | $ | 7.6 |
| 7.4 | % | $ | 12.7 |
| 11.2 | % | $ | 6.6 |
| 7.1 | % | $ | 36.7 |
| 8.4 | % |
| | | | | | | | | | | |
| Retail | | | | | | | | | | |
| Net Sales | $ | 100.2 |
| 100.0 | % | $ | 86.8 |
| 100.0 | % | $ | 86.7 |
| 100.0 | % | $ | 83.2 |
| 100.0 | % | $ | 356.9 |
| 100.0 | % |
| Gross Margin | 48.3 |
| 48.2 | % | 39.9 |
| 46.0 | % | 38.5 |
| 44.4 | % | 36.6 |
| 44.0 | % | 163.3 |
| 45.8 | % |
| Operating Expenses | 39.9 |
| 39.8 | % | 35.7 |
| 41.1 | % | 37.5 |
| 43.3 | % | 36.3 |
| 43.6 | % | 149.4 |
| 41.9 | % |
| | | | | | | | | | | |
| Operating Earnings | $ | 8.4 |
| 8.4 | % | $ | 4.2 |
| 4.8 | % | $ | 1.0 |
| 1.2 | % | $ | 0.3 |
| 0.4 | % | $ | 13.9 |
| 3.9 | % |
| | | | | | | | | | | |
| Corporate | | | | | | | | | | |
| Operating Expenses | (15.6 | ) | — | % | (12.9 | ) | — | % | (10.5 | ) | — | % | (8.1 | ) | — | % | (47.1 | ) | — |
|
| Operating Loss | $ | (15.6 | ) | — | % | $ | (12.9 | ) | — | % | $ | (10.5 | ) | — | % | $ | (8.1 | ) | — | % | (47.1 | ) | $ | — |
|
| | | | | | | | | | | |
| Herman Miller, Inc. | | | | | | | | | | |
| Net Sales (1) | $ | 618.0 |
| 100.0 | % | $ | 578.4 |
| 100.0 | % | $ | 604.6 |
| 100.0 | % | $ | 580.3 |
| 100.0 | % | $ | 2,381.3 |
| 100.0 | % |
| Gross Margin | 228.3 |
| 36.9 | % | 205.8 |
| 35.6 | % | 222.1 |
| 36.7 | % | 216.9 |
| 37.4 | % | 873.0 |
| 36.7 | % |
| Operating Expenses | 187.8 |
| 30.4 | % | 167.1 |
| 28.9 | % | 171.7 |
| 28.4 | % | 167.8 |
| 28.9 | % | 694.3 |
| 29.2 | % |
| Operating Earnings | $ | 40.5 |
| 6.6 | % | $ | 38.7 |
| 6.7 | % | $ | 50.4 |
| 8.3 | % | $ | 49.1 |
| 8.5 | % | $ | 178.7 |
| 7.5 | % |
(1) The sum of the quarters does not equal the annual balance reflected in the most recently issued Consolidated Statements of Comprehensive Income due to rounding associated with the calculations on an individual quarter basis.
Herman Miller, Inc. Supplemental Financial Data
Revised Quarterly Segment Data for the 9 Months Ended March 2, 2019 and Fiscal Year Ended June 2, 2018
(Unaudited) ($ in millions)
II. Non-GAAP Financial Measures
This presentation contains certain non-GAAP financial measures, including Adjusted Operating Earnings (Loss) and Organic Growth (Decline). Adjusted Operating Earnings (Loss) represents reported operating earnings plus restructuring and impairment expenses, and other special charges. Organic Growth (Decline) represents the change in sales and orders, excluding currency translation effects, the impact of reclassification related to the new revenue recognition standard (ASC 606), the impact of acquisitions, divestitures and changes in shipping terms. The Company believes these non-GAAP measures are useful for investors as they provide financial information on a more comparative basis for the periods presented.
Adjusted Operating Earnings (Loss) and Organic Growth (Decline) are not measurements of our financial performance under GAAP and should not be considered an alternative to the related GAAP measurement. These non-GAAP measures have limitations as analytical tools and should not be considered in isolation or as a substitute for analysis of our results as reported under GAAP. Our presentation of non-GAAP measures should not be construed as an indication that our future results will be unaffected by unusual or infrequent items. We compensate for these limitations by providing equal prominence of our GAAP results.
Herman Miller, Inc. Supplemental Financial Data
Revised Quarterly Segment Data for the 9 Months ended March 2, 2019 and Fiscal Year Ended June 2, 2018
(Unaudited) ($ in millions)
A. Quarterly Segment Data for Fiscal 2019
|
| | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended | Nine Months Ended |
| | March 2, 2019 | December 1, 2018 | September 1, 2018 | March 2, 2019 |
| North America Contract | | | | | | | | |
| Net Sales | $ | 397.0 |
| 100.0 | % | $ | 434.8 |
| 100.0 | % | $ | 421.0 |
| 100.0 | % | $ | 1,252.8 |
| 100.0 | % |
| Gross Margin (1) | 136.6 |
| 34.4 | % | 152.0 |
| 35.0 | % | 147.6 |
| 35.1 | % | 436.2 |
| 34.8 | % |
| Operating Expenses | 96.4 |
| 24.3 | % | 100.8 |
| 23.2 | % | 99.5 |
| 23.6 | % | 296.7 |
| 23.7 | % |
| Operating Earnings (1) | 40.2 |
| 10.1 | % | 51.2 |
| 11.8 | % | 48.1 |
| 11.4 | % | 139.5 |
| 11.1 | % |
| | | | | | | | | |
| Adjusted Operating Earnings | $ | 40.2 |
| 10.1 | % | $ | 51.2 |
| 11.8 | % | $ | 48.1 |
| 11.4 | % | $ | 139.5 |
| 11.1 | % |
| | | | | | | | | |
| International Contract | | | | | | | | |
| Net Sales | $ | 126.0 |
| 100.0 | % | $ | 118.5 |
| 100.0 | % | $ | 115.4 |
| 100.0 | % | $ | 359.9 |
| 100.0 | % |
| Gross Margin | 42.1 |
| 33.4 | % | 39.7 |
| 33.5 | % | 38.1 |
| 33.0 | % | 119.9 |
| 33.3 | % |
| Operating Expenses | 25.8 |
| 20.5 | % | 25.9 |
| 21.9 | % | 27.6 |
| 23.9 | % | 79.3 |
| 22.0 | % |
| Operating Earnings (1) | 16.3 |
| 12.9 | % | 13.8 |
| 11.6 | % | 10.5 |
| 9.1 | % | 40.6 |
| 11.3 | % |
| | | | | | | | | |
| Adjustments | | | | | | | | |
| Special Charges | — |
| — | % | 0.2 |
| — | % | 0.1 |
| — | % | 0.3 |
| — | % |
| Restructuring and Impairment | 0.3 |
| — | % | 0.3 |
| — | % | 1.1 |
| — | % | 1.7 |
| — | % |
| Adjusted Operating Earnings | $ | 16.6 |
| 13.2 | % | $ | 14.3 |
| 12.1 | % | $ | 11.7 |
| 10.1 | % | $ | 42.6 |
| 11.8 | % |
| | | | | | | | | |
| Retail | | | | | | | | |
| Net Sales | $ | 96.0 |
| 100.0 | % | $ | 99.3 |
| 100.0 | % | $ | 88.2 |
| 100.0 | % | $ | 283.5 |
| 100.0 | % |
| Gross Margin (1) | 42.3 |
| 44.1 | % | 43.9 |
| 44.2 | % | 39.4 |
| 44.7 | % | 125.6 |
| 44.3 | % |
| Operating Expenses | 40.0 |
| 41.7 | % | 42.1 |
| 42.4 | % | 37.3 |
| 42.3 | % | 119.4 |
| 42.1 | % |
| Operating Earnings (1) | 2.3 |
| 2.4 | % | 1.8 |
| 1.8 | % | 2.1 |
| 2.4 | % | 6.2 |
| 2.2 | % |
| | | | | | | | | |
| Adjusted Operating Earnings | $ | 2.3 |
| 2.4 | % | $ | 1.8 |
| 1.8 | % | $ | 2.1 |
| 2.4 | % | $ | 6.2 |
| 2.2 | % |
| | | | | | | | | |
| Corporate | | | | | | | | |
| Operating Loss (1) | $ | (11.0 | ) | — | % | $ | (13.7 | ) | — | % | $ | (14.7 | ) | — | % | $ | (39.4 | ) | — | % |
| | | | | | | | | |
| Adjustments | | | | | | | | |
| Special Charges | 0.5 |
| — | % | 5.5 |
| — | % | 5.0 |
| — | % | 11.0 |
| — | % |
| Adjusted Operating Loss | $ | (10.5 | ) | 95.5 | % | $ | (8.2 | ) | 59.9 | % | $ | (9.7 | ) | 66.0 | % | $ | (28.4 | ) | 72.1 | % |
| | | | | | | | | |
| Herman Miller, Inc. | | | | | | | | |
| Net Sales | $ | 619.0 |
| 100.0 | % | $ | 652.6 |
| 100.0 | % | $ | 624.6 |
| 100.0 | % | $ | 1,896.2 |
| 100.0 | % |
| Gross Margin | 221.0 |
| 35.7 | % | 235.6 |
| 36.1 | % | 225.1 |
| 36.0 | % | 681.7 |
| 36.0 | % |
| Operating Expenses | 173.2 |
| 28.0 | % | 182.5 |
| 28.0 | % | 179.1 |
| 28.7 | % | 534.8 |
| 28.2 | % |
| Operating Earnings | 47.8 |
| 7.7 | % | 53.1 |
| 8.1 | % | 46.0 |
| 7.4 | % | 146.9 |
| 7.7 | % |
| | | | | | | | | |
| Adjustments | | | | | | | | |
| Special Charges | 0.5 |
| — | % | 5.7 |
| — | % | 5.1 |
| — | % | 11.3 |
| — | % |
| Restructuring and Impairment | 0.3 |
| — | % | 0.3 |
| — | % | 1.1 |
| — | % | 1.7 |
| — | % |
| Adjusted Operating Earnings | $ | 48.6 |
| 7.9 | % | $ | 59.1 |
| 9.1 | % | $ | 52.2 |
| 8.4 | % | $ | 159.9 |
| 8.4 | % |
(1) The sum of the quarters does not equal the annual balance reflected in the most recently issued Consolidated Statements of Comprehensive Income due to rounding associated with the calculations on an individual quarter basis.
Herman Miller, Inc. Supplemental Financial Data
Revised Quarterly Segment Data for the 9 Months ended March 2, 2019 and Fiscal Year Ended June 2, 2018
(Unaudited) ($ in millions)
B. Quarterly Segment Data for Fiscal 2018
|
| | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended | Twelve Months Ended |
| | June 2, 2018 | March 3, 2018 | December 2, 2017 | September 2, 2017 | June 2, 2018 |
| North America Contract | | | | | | | | | | |
| Net Sales (1) | $ | 392.4 |
| 100.0 | % | $ | 389.0 |
| 100.0 | % | $ | 404.9 |
| 100.0 | % | $ | 403.7 |
| 100.0 | % | $ | 1,590.0 |
| 100.0 | % |
| Gross Margin | 139.1 |
| 35.4 | % | 132.7 |
| 34.1 | % | 145.2 |
| 35.9 | % | 148.5 |
| 36.8 | % | 565.5 |
| 35.6 | % |
| Operating Expenses | 101.2 |
| 25.8 | % | 92.9 |
| 23.9 | % | 98.0 |
| 24.2 | % | 98.2 |
| 24.3 | % | 390.3 |
| 24.5 | % |
| Operating Earnings | 37.9 |
| 9.7 | % | 39.8 |
| 10.2 | % | 47.2 |
| 11.7 | % | 50.3 |
| 12.5 | % | 175.2 |
| 11.0 | % |
| | | | | | | | | | | |
| Adjustments | | | | | | | | | | |
| Restructuring and Impairment | — |
| — | % | — |
| — | % | 0.5 |
| — | % | 1.4 |
| — | % | 1.9 |
| — | % |
| Adjusted Operating Earnings | $ | 37.9 |
| 9.7 | % | $ | 39.8 |
| 10.2 | % | $ | 47.7 |
| 11.8 | % | $ | 51.7 |
| 12.8 | % | $ | 177.1 |
| 11.1 | % |
| | | | | | | | | | | |
| International Contract | | | | | | | | | | |
| Net Sales (1) | $ | 125.4 |
| 100.0 | % | $ | 102.6 |
| 100.0 | % | $ | 113.0 |
| 100.0 | % | $ | 93.4 |
| 100.0 | % | $ | 434.4 |
| 100.0 | % |
| Gross Margin (1) | 40.9 |
| 32.6 | % | 33.2 |
| 32.4 | % | 38.4 |
| 34.0 | % | 31.8 |
| 34.0 | % | 144.3 |
| 33.2 | % |
| Operating Expenses | 31.1 |
| 24.8 | % | 25.6 |
| 25.0 | % | 25.7 |
| 22.7 | % | 25.2 |
| 27.0 | % | 107.6 |
| 24.8 | % |
| Operating Earnings | 9.8 |
| 7.8 | % | 7.6 |
| 7.4 | % | 12.7 |
| 11.2 | % | 6.6 |
| 7.1 | % | 36.7 |
| 8.4 | % |
| | | | | | | | | | | |
| Adjustments | | | | | | | | | | |
| Special Charges | 2.0 |
| — | % | 0.3 |
| — | % | — |
| — | % | — |
| — | % | 2.3 |
| — | % |
| Restructuring and Impairment | 3.9 |
| — | % | — |
| — | % | — |
| — | % | — |
| — | % | 3.9 |
| — | % |
| Adjusted Operating Earnings | $ | 15.7 |
| 12.5 | % | $ | 7.9 |
| 7.7 | % | $ | 12.7 |
| 11.2 | % | $ | 6.6 |
| 7.1 | % | $ | 42.9 |
| 9.9 | % |
| | | | | | | | | | | |
| Retail | | | | | | | | | | |
| Net Sales | $ | 100.2 |
| 100.0 | % | $ | 86.8 |
| 100.0 | % | $ | 86.7 |
| 100.0 | % | $ | 83.2 |
| 100.0 | % | $ | 356.9 |
| 100.0 | % |
| Gross Margin | 48.3 |
| 48.2 | % | 39.9 |
| 46.0 | % | 38.5 |
| 44.4 | % | 36.6 |
| 44.0 | % | 163.3 |
| 45.8 | % |
| Operating Expenses | 39.9 |
| 39.8 | % | 35.7 |
| 41.1 | % | 37.5 |
| 43.3 | % | 36.3 |
| 43.6 | % | 149.4 |
| 41.9 | % |
| Operating Earnings | 8.4 |
| 8.4 | % | 4.2 |
| 4.8 | % | 1.0 |
| 1.2 | % | 0.3 |
| 0.4 | % | 13.9 |
| 3.9 | % |
| | | | | | | | | | | |
| Adjusted Operating Earnings | $ | 8.4 |
| 8.4 | % | $ | 4.2 |
| 4.8 | % | $ | 1.0 |
| 1.2 | % | $ | 0.3 |
| 0.4 | % | $ | 13.9 |
| 3.9 | % |
| | | | | | | | | | | |
| Corporate | | | | | | | | | | |
| Operating Loss | $ | (15.6 | ) | — | % | $ | (12.9 | ) | — | % | $ | (10.5 | ) | — | % | $ | (8.1 | ) | — | % | $ | (47.1 | ) | — | % |
| | | | | | | | | | | |
| Adjustments | | | | | | | | | | |
| Special Charges | 5.9 |
| — | % | 3.6 |
| — | % | 1.2 |
| — | % | 0.7 |
| — | % | 11.4 |
| — | % |
| Adjusted Operating Loss | $ | (9.7 | ) | 62.2 | % | $ | (9.3 | ) | 72.1 | % | $ | (9.3 | ) | 88.6 | % | $ | (7.4 | ) | 91.4 | % | $ | (35.7 | ) | 75.8 | % |
| | | | | | | | | | | |
| Herman Miller, Inc. | | | | | | | | | | |
| Net Sales | $ | 618.0 |
| 100.0 | % | $ | 578.4 |
| 100.0 | % | $ | 604.6 |
| 100.0 | % | $ | 580.3 |
| 100.0 | % | $ | 2,381.2 |
| 100.0 | % |
| Gross Margin | 228.3 |
| 36.9 | % | 205.8 |
| 35.6 | % | 222.1 |
| 36.7 | % | 216.9 |
| 37.4 | % | 873.0 |
| 36.7 | % |
| Operating Expenses | 187.8 |
| 30.4 | % | 167.1 |
| 28.9 | % | 171.7 |
| 28.4 | % | 167.8 |
| 28.9 | % | 694.3 |
| 29.2 | % |
| Operating Earnings | 40.5 |
| 6.6 | % | 38.7 |
| 6.7 | % | 50.4 |
| 8.3 | % | 49.1 |
| 8.5 | % | 178.7 |
| 7.5 | % |
| | | | | | | | | | | |
| Adjustments | | | | | | | | | | |
| Special Charges | 7.9 |
| — | % | 3.9 |
| — | % | 1.2 |
| — | % | 0.7 |
| — | % | 13.7 |
| — | % |
| Restructuring and Impairment | 3.9 |
| — | % | — |
| — | % | 0.5 |
| — | % | 1.4 |
| — | % | 5.8 |
| — | % |
| Adjusted Operating Earnings | $ | 52.3 |
| 8.5 | % | $ | 42.6 |
| 7.4 | % | $ | 52.1 |
| 8.6 | % | $ | 51.2 |
| 8.8 | % | $ | 198.2 |
| 8.3 | % |
(1) The sum of the quarters does not equal the annual balance reflected in the most recently issued Consolidated Statements of Comprehensive Income due to rounding associated with the calculations on an individual quarter basis.
Herman Miller, Inc. Supplemental Financial Data
Revised Quarterly Segment Data for the 9 Months Ended March 2, 2019 and 9 Months Ended March 3, 2018
(Unaudited) ($ in millions)
C. Organic Sales Growth (Decline) by Segment
|
| | | | | | | | | | | | | | | | | | | | | | | | |
| | Fiscal 2019 | Fiscal 2018 |
| | Three Months Ended | YTD | Three Months Ended | YTD |
| | March 2, 2019 | December 1, 2018 | September 1, 2018 | March 2, 2019 | March 3, 2018 | December 2, 2017 | September 2, 2017 | March 3, 2018 |
| North America Contract | | | | | | | | |
| Net Sales (1) | $ | 397.0 |
| $ | 434.8 |
| $ | 421.0 |
| $ | 1,252.8 |
| $ | 389.0 |
| $ | 404.9 |
| $ | 403.7 |
| $ | 1,197.6 |
|
| % change from prior year | 2.1 | % | 7.4 | % | 4.3 | % | 4.6 | % | | | | |
| Proforma Adjustments | | | | | | | | |
| Dealer Divestitures | — |
| — |
| — |
| — |
| — |
| — |
| (0.8 | ) | (0.8 | ) |
| Impact of Reclassification Related to New Revenue Recognition Standard | — |
| — |
| — |
| — |
| 6.6 |
| 5.9 |
| 5.2 |
| 17.7 |
|
| Currency Translation Effects | 1.3 |
| 1.0 |
| 0.5 |
| 2.8 |
| — |
| — |
| — |
| — |
|
| Net Sales, proforma | $ | 398.3 |
| $ | 435.8 |
| $ | 421.5 |
| $ | 1,255.6 |
| $ | 395.6 |
| $ | 410.8 |
| $ | 408.1 |
| $ | 1,214.5 |
|
| % change from prior year | 0.7 | % | 6.1 | % | 3.3 | % | 3.4 | % | | | | |
| | | | | | | | | |
| International Contract | | | | | | | | |
| Net Sales | $ | 126.0 |
| $ | 118.5 |
| $ | 115.4 |
| $ | 359.9 |
| $ | 102.6 |
| $ | 113.0 |
| $ | 93.4 |
| $ | 309.0 |
|
| % change from prior year | 22.8 | % | 4.9 | % | 23.6 | % | 16.5 | % | | | | |
| Proforma Adjustments | | | | | | | | |
| Impact of Reclassification Related to New Revenue Recognition Standard | — |
| — |
| — |
| — |
| 2.6 |
| 3.4 |
| 2.1 |
| 8.1 |
|
| Currency Translation Effects | 4.0 |
| 2.9 |
| 1.2 |
| 8.1 |
| — |
| — |
| — |
| — |
|
| Net Sales, proforma | $ | 130.0 |
| $ | 121.4 |
| $ | 116.6 |
| $ | 368.0 |
| $ | 105.2 |
| $ | 116.4 |
| $ | 95.5 |
| $ | 317.1 |
|
| % change from prior year | 23.6 | % | 4.3 | % | 22.1 | % | 16.1 | % | | | | |
| | | | | | | | | |
| Retail | | | | | | | | |
| Net Sales | $ | 96.0 |
| $ | 99.3 |
| $ | 88.2 |
| $ | 283.5 |
| $ | 86.8 |
| $ | 86.7 |
| $ | 83.2 |
| $ | 256.7 |
|
| % change from prior year | 10.6 | % | 14.5 | % | 6.0 | % | 10.4 | % | | | | |
| Proforma Adjustments | | | | | | | | |
| Currency Translation Effects | 0.1 |
| 0.1 |
| — |
| 0.2 |
| — |
| — |
| — |
| — |
|
| Impact of Change in DWR Shipping Terms | — |
| — |
| — |
| — |
| — |
| — |
| (5.0 | ) | (5.0 | ) |
| Net Sales, proforma | $ | 96.1 |
| $ | 99.4 |
| $ | 88.2 |
| $ | 283.7 |
| $ | 86.8 |
| $ | 86.7 |
| $ | 78.2 |
| $ | 251.7 |
|
| % change from prior year | 10.7 | % | 14.6 | % | 12.8 | % | 12.7 | % | | | | |
| | | | | | | | | |
| Herman Miller, Inc. | | | | | | | | |
| Net Sales | $ | 619.0 |
| $ | 652.6 |
| $ | 624.6 |
| $ | 1,896.2 |
| $ | 578.4 |
| $ | 604.6 |
| $ | 580.3 |
| $ | 1,763.3 |
|
| % change from prior year | 7.0 | % | 7.9 | % | 7.6 | % | 7.5 | % | | | | |
| Proforma Adjustments | | | | | | | | |
| Dealer Divestitures | — |
| — |
| — |
| — |
| — |
| — |
| (0.8 | ) | (0.8 | ) |
| Impact of Reclassification Related to New Revenue Recognition Standard | — |
| — |
| — |
| — |
| 9.2 |
| 9.3 |
| 7.3 |
| 25.8 |
|
| Currency Translation Effects | 5.4 |
| 4.0 |
| 1.7 |
| 11.1 |
| — |
| — |
| — |
| — |
|
| Impact of Change in DWR Shipping Terms | — |
| — |
| — |
| — |
| — |
| — |
| (5.0 | ) | (5.0 | ) |
| Net Sales, proforma | $ | 624.4 |
| $ | 656.6 |
| $ | 626.3 |
| $ | 1,907.3 |
| $ | 587.6 |
| $ | 613.9 |
| $ | 581.8 |
| $ | 1,783.3 |
|
| % change from prior year | 6.3 | % | 7.0 | % | 7.6 | % | 7.0 | % | | | | |
(1) The sum of the quarters does not equal the annual balance reflected in the most recently issued Consolidated Statements of Comprehensive Income due to rounding associated with the calculations on an individual quarter basis.
Herman Miller, Inc. Supplemental Financial Data
Revised Quarterly Segment Data for the 9 Months Ended March 2, 2019 and 9 Months Ended March 3, 2018
(Unaudited) ($ in millions)
D. Organic Orders Growth (Decline) by Segment
|
| | | | | | | | | | | | | | | | | | | | | | | | |
| | Fiscal 2019 | Fiscal 2018 |
| | Three Months Ended | YTD | Three Months Ended | YTD |
| | March 2, 2019 | December 1, 2018 | September 1, 2018 | March 2, 2019 | March 3, 2018 | December 2, 2017 | September 2, 2017 | March 3, 2018 |
| North America Contract | | | | | | | | |
| Orders, as reported | $ | 390.9 |
| $ | 457.7 |
| $ | 425.1 |
| $ | 1,273.7 |
| $ | 365.9 |
| $ | 418.2 |
| $ | 410.2 |
| $ | 1,194.3 |
|
| % change from prior year | 6.8 | % | 9.4 | % | 3.6 | % | 6.6 | % | | | | |
| Proforma Adjustments | | | | | | | | |
| Dealer Divestitures | — |
| — |
| — |
| — |
| — |
| — |
| (2.2 | ) | (2.2 | ) |
| Impact of Reclassification Related to New Revenue Recognition Standard | — |
| — |
| — |
| — |
| 4.8 |
| 7.5 |
| 5.5 |
| 17.8 |
|
| Currency Translation Effects (1) | 1.3 |
| 0.9 |
| 0.6 |
| 2.8 |
| — |
| — |
| — |
| — |
|
| Orders, organic | $ | 392.2 |
| $ | 458.6 |
| $ | 425.7 |
| $ | 1,276.5 |
| $ | 370.7 |
| $ | 425.7 |
| $ | 413.5 |
| $ | 1,209.9 |
|
| % change from prior year | 5.8 | % | 7.7 | % | 3.0 | % | 5.5 | % | | | | |
| | | | | | | | | |
| International Contract | | | | | | | | |
| Orders, as reported | $ | 127.0 |
| $ | 137.3 |
| $ | 125.0 |
| $ | 389.3 |
| $ | 113.9 |
| $ | 118.0 |
| $ | 108.5 |
| $ | 340.4 |
|
| % change from prior year | 11.5 | % | 16.4 | % | 15.2 | % | 14.4 | % | | | | |
| Proforma Adjustments | | | | | | | | |
| Impact of Reclassification Related to New Revenue Recognition Standard | — |
| — |
| — |
| — |
| 3.6 |
| 3.4 |
| 2.1 |
| 9.1 |
|
| Currency Translation Effects | 3.0 |
| 2.4 |
| 1.5 |
| 6.9 |
| — |
| — |
| — |
| — |
|
| Orders, organic | $ | 130.0 |
| $ | 139.7 |
| $ | 126.5 |
| $ | 396.2 |
| $ | 117.5 |
| $ | 121.4 |
| $ | 110.6 |
| $ | 349.5 |
|
| % change from prior year | 10.6 | % | 15.1 | % | 14.4 | % | 13.4 | % | | | | |
| | | | | | | | | |
| Retail | | | | | | | | |
| Orders, as reported | $ | 92.8 |
| $ | 107.6 |
| $ | 80.5 |
| $ | 280.9 |
| $ | 83.4 |
| $ | 93.2 |
| $ | 76.1 |
| $ | 252.7 |
|
| % change from prior year | 11.3 | % | 15.5 | % | 5.8 | % | 11.2 | % | | | | |
| Proforma Adjustments | | | | | | | | |
| Currency Translation Effects | 0.1 |
| 0.1 |
| — |
| 0.2 |
| — |
| — |
| — |
| — |
|
| Orders, organic | $ | 92.9 |
| $ | 107.7 |
| $ | 80.5 |
| $ | 281.1 |
| $ | 83.4 |
| $ | 93.2 |
| $ | 76.1 |
| $ | 252.7 |
|
| % change from prior year | 11.4 | % | 15.6 | % | 5.8 | % | 11.2 | % | | | | |
| | | | | | | | | |
| Herman Miller, Inc. | | | | | | | | |
| Orders, as reported | $ | 610.7 |
| $ | 702.6 |
| $ | 630.6 |
| $ | 1,943.9 |
| $ | 563.2 |
| $ | 629.4 |
| $ | 594.8 |
| $ | 1,787.4 |
|
| % change from prior year | 8.4 | % | 11.6 | % | 6.0 | % | 8.8 | % | | | | |
| Proforma Adjustments | | | | | | | | |
| Dealer Divestitures | — |
| — |
| — |
| — |
| — |
| — |
| (2.2 | ) | (2.2 | ) |
| Impact of Reclassification Related to New Revenue Recognition Standard | — |
| — |
| — |
| — |
| 8.4 |
| 10.9 |
| 7.6 |
| 26.9 |
|
| Currency Translation Effects (1) | 4.4 |
| 3.4 |
| 2.1 |
| 9.9 |
| — |
| — |
| — |
| — |
|
| Orders, organic (1) | $ | 615.1 |
| $ | 706.0 |
| $ | 632.7 |
| $ | 1,953.8 |
| $ | 571.6 |
| $ | 640.3 |
| $ | 600.2 |
| $ | 1,812.1 |
|
| % change from prior year | 7.6 | % | 10.3 | % | 5.4 | % | 7.8 | % | | | | |
(1) The sum of the quarters does not equal the annual balance reflected in the most recently issued Consolidated Statements of Comprehensive Income due to rounding associated with the calculations on an individual quarter basis.
