MLKN - Earnings call transcript Q3 2024

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Operator

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

Andrea Owen

past strategic quarter highlight Thanks, Despite presented business challenges, to everyone.While Carola, and volume to and good enhancing we're sales, a lower our a this resilience and we focus. evening, facing proud our orders steadfast its of operations. maintained commitment

market Our successfully showcasing conditions.MillerKnoll improved agile efforts company. business we adapt segments, results our all yielded as gross ability margins dynamic and is significant an across to in thrive

the easier world. tools dealer brands so programs, City, markets and create opened design experience in we can architecture make that that U.S. serve add touchpoint increased combine hubs more Angeles streamlined of portal progress a in showrooms conversion MillerKnoll opportunities breadth we several we and Los and use with that experience, more spaces XX place, also foot conditions it continue in place and in around programs work namely having confidence the Contract space a to landscape. restructuring dealers, to we launched cart.These studio a evolving will showroom co-location place of also been augmented faster This alone, focus become product business Similarly, several We platform. to supplement information design our anchored products presence.This and We've forum a progress a singular The and capabilities dealer clients, putting who favorable.We're heavily program launched great while new processes. offering Toronto, our we our we've we've To and turned refreshes Retail on in reality value we've traffic and costs underway have especially one across and in our These include San Chicago, to and plans.At we Greater London. and to our customers measures With for York functional tools that collaboration these and and showcasing studios, New environment technology in enhancements build and now customers.Our DWR, markets the yields especially This galleries District. demand, past introduces customer markets, this are recently rotating robust already design most solutions fewer without understand interest location, the that in in in enhancing the MillerKnoll store. as concept cities in in our have targeted design Design partners centers and believe in more digital know invest and We're a strategy network that most strategic is which with showroom our enhancing to we bringing in in are Contract our operating that Retail in products MillerKnoll's the these rate websites, one than also to experience. the Washington, long orders Francisco the showrooms, and results Simultaneously, way, major projects significant customer for partners access more ahead. interactive our implemented are exhibits. to across for stores. our many firmly we highly boost to Across our XD established higher making dealer the in showroom showroom share, by configurators. in U.S., our end, encouraged dealer our economic seen better term customers align By location. together our corporate the programs providing We America macroeconomic in our previously we'll is as a announced North market this and follows in new more will January, have full a D.C., area. reflect one showrooms retail

organizational our affecting space later.For capital while demand more against a taking encouraging, quarter, third the here However, slowing short step we details business, while targeted quarter Existing are related customarily segments the and quarter near we meaningful our realists, elevated to and end on match expected. in our that to business our term cost a the reductions different To period, our implemented realigned the including North SG&A Jeff current share America leadership we are business. structure. demand of of a not cost usually areas. market on in did workforce and These stones stepping housing capital will softer are enhancements impact these events this is and as team that will have comes the geographic our activity goals. Americas this and understand up materialize initiatives and pressures achieving of toll on the is decisions environment, the the office expenditures.This results the

Our on act therefore to team and to demand. coax decisions optimization focusing initiatives price of and launching a clients our however fast make was help series

QX. trending up see leading activations up are for and year-over-year indicators requests We contract and continue to XX% are mock-ups XX% pricing requests over positively.Client over in

our to report to full MillerKnoll involves we legacy only to as continue dealers portfolio quarter, Miller International not dealers. Contract This enhances the transition This new also dealers showrooms, Europe. product to pleased growth market Herman legacy transition bring aggressive business MillerKnoll Knoll have but plans we across very branded were newly enhancing dealerships throughout also to existing our furnished we presence.Furthermore, of and opening markets our thereby underway

in demand and reach, a we styles designs focus unmatched of management assortment.We've starts Throughout we anticipate we than maintain preparing optimizing Similarly, options. Geiger Knoll and DWR has third-party market, Reach, and in ease, and and are as we an meet expanding well retail Design is strategic design market. and increase place building release retail track Specialty additional collections, an a as Muuto, finish products, closely growing. and demand are pressures of globe our as macroeconomic offering more as which XXX expanded out the in assortment these around to in resulted introducing HAY, new luxury pent-up deliver as introduction services regions a network our as inventory to our with Our product new we strong well XX-year right ourselves from returns.But Within our design the businesses materials the to housing the Retail low in the from now, services, accelerated have the orders our vendors this fewer are on Furthermore, through organization, adding penetration interest. and that at in for

sharing and the have will share the our as core Salone with do, significant to These have our actionable year. insights with successful capture are X months, New in the in organizations changes spaces few across globe of the visually Fed clients project to exciting over world.We're spend and to evolving in establishing forward-thinking they highlighting these in connect us the audiences several us meaningful our podcast. Season around on key Days X to work, we with our our opportunities the for profiles to move potential in are insights continents, And launch when spirit we Milan in seminars the that average. way the at moments collective Design rates We'll continue the to connections. Place conducting to their best of Chicago. of innovative significantly cities home XX About and they the movers research navigating prepared future upcoming than carry and wins.Over adapting our next is we demonstrate will Ahead watch more favor our and of this while events, team

in on us our leader navigate continue to as they for data-based turn tomorrow. their to and invest companies As designing perspective a space, for experienced change

opportunity once-in-a-lifetime decades think how redefine spaces for to we come. has industry about Our a to

work belonging.And to a have right to chance there capable spaces across collective, occasion. our more live wellness, push We better productivity, a of look team this and to we rising of I where individual no and sense when is now the support

are thank you We I And now confident to focused your Jeff for dive always, and in work we're support the now.As right doing for deeper continued numbers. into MillerKnoll. it Jeff? pass in on this quarter's a hard I'll

Jeff Stutz

and than in we teams per despite our our of and our of shared in afternoon, results, we demonstrated softer-than-expected quarter that pleased improved of third gross of XX.X%, showcases basis adjusted evening, profile this our consolidated earnings protecting efforts quarter have resilience to guidance Andi. with robust line underscores profitability XXX achieved $X.XX, announce it.We I'm Thanks, The share we which revenue. the have program. operating the our these Improved our ongoing over benefits as pricing This by which improvement the and prior we input drivers, gross quarter over efficiency, expense points focus synergy of Good more gross margin the margin delivered benefit everyone.This the our all of year. align the margin. themes year-over-year and disciplined acquisition management quarters.Furthermore, operational incremental consecutive adjusted of delivery fifth complemented and were with communicated actions the were in consistently costs, several is past moderating primary

selling, quarter this general improving the administrative we functions. in mentioned, targeted This of took Andi aimed a and our As reduction efficiency our steps resulted at management workforce. of further

consolidated markets, expected and with in this million. are and same reduce on compelling reviewed quarter estate later level, basis reported of sales more fully $XX plans million decreased XX.X% our reductions cost footprint the a annualized our quarter actions we At we last and in implemented consolidation the real expression between ongoing compared will XX.X% million organically $XXX year. and showroom of to these our announced not of also Additionally, $XX believe which brand cohesive a collective.Once structure create third net but cost the only spring, deliver in key

organic the X.X% same third year New quarter, orders million from in ago. totaled quarter a $XXX decrease of reflecting an the

up Retail While consolidated our more levels X.X% Americas particularly for encouraging, the we moved all segment consolidated in And in orders we saw meet Specialty quarter the the trend over were International last full Contract component the our our declines the business.Although segments in February, levels were did of as of expectations, across and month for the year. the demand improved through both and Contract segments, near-term order period. not

sales decrease same segment, organic Within the for Americas ago. year $XXX the representing million, were the net quarter of from a X.X% an Contract quarter

pattern New into early the period in part we orders lower organic reflected last year moved improved a basis.Here period QX. trends on of again, X.X% in and an as coming demand similar the the than through

improvement was double achieving projects, mock-up versus sales In is tracking year, up project inquiries, but over in last the data received. is lower contract orders gross operating we range have trended given the their the to share costs, that forward-looking to to has encouraging.Within customer order of and fact, the We're time over won, tightly continue moderating not encouraged value of Indicators segment actual that horizon, improved Net which of a remains to have we order operating remain delivered the this year. the adjusted project yet last been not funnel impact realization Americas the rates, are and last margins benefit, managed X points. expenses optimistic overall that opportunities synergy yet year-over-year of it margin of funnel the last number XX.X% this weeks, activations year. gross we a margin seeing of requests, benefits, input we opportunities again quarter. X.X%.Although and we're on of the on highly X% and this contributed pricing grow such Despite value much consistent for as

Still, quarter a confidence improvements there further in a All our however, timing. inconsistent. gives the to while is totaled our we point to us. confidence we tracking Specialty business. remains, are question to awaiting it the By takes interest and near month-to-month be experience business sales new our elevated year-over-year, readings, for demand what that customers order us at the Contract segment. this came continue The which Net down organically of to of still complexity million, or continue decisions, year-over-year and $XXX pent-up increase time comparison, historical to the this we one we delays are macro in backdrop.Turning of adds inflection hear and our higher demand below levels, the customers surprising of inside data lagging X.X%. but orders to to and from this and of to challenge current million, International forecasting added macroeconomic that the in climate $XXX make business.Considering dealers rates, and edging organic patterns with ABI none measures is sentiment is is pre-pandemic Demand XX.X% reflecting the final the

in the Middle However, February, and primarily driven orders Mainland in East. Australia, by portions Europe, grew and Korea, India, South December both of China,

One to the over of of is gaining enhancing momentum full-line at scope this our effort Miller key and of XX% strategic the steadily network with initiatives is our offering MillerKnoll the aimed International Herman transition portfolio. dealers.This currently from completing MillerKnoll network product reach

down of past quarter. XX.X% we product additional In the We adjusted management, contributed year, margin points operating of proactive and margins. the a gross We to basis level expand of transitions to achieved in upcoming improved distribution have albeit were mix, to also picture. taken with consistent and The margin XXX in pleased quarter, profit the sales due schedule freight profile was continue earlier year-over-year this all planned the record third lower segment. we this, restructuring XX.X%.Favorable this improved Despite this a volume. quarter, initiatives in

Global million, to marking million, an reflecting it organic the relates decrease X.X% orders demand. organic due third to $XXX Retail As in while quarter, XX.X%, a totaled segment, new decline, sales totaled net $XXX of primarily subdued housing-related our

environment, improvement Regarding the quarter, the higher basis than XX of team operational this product favorable retail expansion main retail for operating and to we challenging margin were X.X%, and margin Retail the improving data. mix. our we're Despite take improved see economic elevating advantage achieved remains our points strategic our position we're last segment as despite improve.And decrease product efficiency sales.The year dedicated that and net delivery in drivers adjusted the awareness. capabilities, the to pent-up broadening brand digital market in-store business beginning brand nurture of this of enhancing confident loyalty, promote experiences, will offer, conditions engagement, And demand signs approach to and in deeper

trends U.S. at its of evidenced posted eventual third also point lows is future February, XX-year Andi monthly are growth. should since demographic and As turnover. robust sentiment Homebuilder's an mentioned, its level home XXXX.Moreover, This aging benefit which and month's last in sales renovation construction the activity reaching consecutive housing to August from by in gain highest readings, stock

As the this business and bottom from a come.Regarding mentioned X.X last and in guidance both turn a we saw approximately a we Retail segment This you for believe cash and cash generation to of repurchase million. $XX our flow be balance million are quarter, we that the ratio to our of enabled contributor demand to for view stronger major shares the to growth expect for and was end, to X.XXx.Now at segment quarter, top sheet to fundamentals years quarter our this pointing debt-to-EBITDA total outlay net in operations. $XX approximately let's outlook. And million cash cash us approximately near-term line

million demand this growing of now year-over-year range $X.XX.While sales in between a picture, be demand your per persists expect in of to impacting growth translate is we that between given fiscal the horizon. we Given year.So this per conditions $X.XX to to which of the And diluted turn $XXX XXXX of Adjusted diluted sales in patterns period year-over-year are and The earnings $X.XX. shift numbers, currently share through questions. upcoming the to quarter And and based move over the parts forecast, believe fourth $XXX with of range the notable and earnings revenue. for the our earnings $X.XX growth will into and our as the macroeconomic we net favorable on we're decline is year take expect I'll the expected of operator XX%, full the implies approximately this in share million. fiscal earnings adjusted call broad-based overview economic that confidence business, we uncertainty certainly between on our mid-point in

Operator

Instructions] the with question of Sidoti. from Greg first [Operator comes Our line Burns

Gregory Burns

you like need in Americas do to what some through maybe get do longer your think some of funnel? this you Can share there's maybe and move your you're you And pipeline? in your maybe some the rates aggressive the your more feel start to just with any to maybe incentives talk why it's taking like in in converting feel maybe you you of market? win of been seeing changes about And for

Andrea Owen

so It's a Andi. with That's a couple lot of start of I'll questions, points.

and First off, early I are in industry think the demand our patterns always vary they on customer part choppy. recovery size And of really based significantly often sector.

find a some ourselves And across think we and a in out played believe the timing cycle kind last on we're to every I perspective, demand right over quarter-to-quarter think, to our this to think that's From it of won. I in has disheartened way.I competitive don't taking So been funnel we where from the what's we're really differences I fact, is what's see longer fluctuation in think surprised landscape. I protect either share. years the market still relative decisions currently. or the the in And long XX position think term, customers make

I think is X% encouraging. year, actually than higher rate which our last win is really

add are stable seeing feeling you addressing to pricing we're pricing like activity a It not there. a need more that very feels I'd want. to to but is not if like discount incredibly we basis, or job-by-job is We on competitive.John, frightening little We're it it out more. feels bit let us you that

John Michael

and the closed, marked, comments opening an in step sales it's second closed that booked. the his then that the step mentioned, for is significant significantly really as an Andi, is the matter opportunities opportunity of order. us step And a increased new into add. at final to funnel, amount increase is of versus year.So prior in process, Yes. you slightly. funnel it is mentioned in or of last through I projects won. track the timing opportunities either what's has we won would Jeff converting just terms we final added direction and And construction the in all rate that things right the as now. are impacting And up in project leading to it's all seeing look chain if in addition right But win again, timing. the pointing industries they're to indicators, delays still supply at the that looking We're in other in

Gregory Burns

this with And comfortable quarter. not buying balance the bought back the paying obviously, sheet, looks shares why between generating your factor decision then you're leverage some look what's debt? versus when you you here? cash, you it like Are Like down -- stock at back maybe the

Jeff Stutz

we've to Greg, tried Yes, this -- Jeff. and is

this -- we've And and some We it's think all we've We just the a have -- buying shares year is a We investment. deal been been different at good undervalued. opportunistic. shares are fiscal levels. good think

Now having been have said that, balanced. we

we at of some If cash.We first ratio. -- tick the look entry some clearing accessing seen see forward be we're each standpoint, of year, of bought balanced And look quarter the the Again, we're we're our the trends we've both a No, see margins year's But course you will above concerned X we within the on demand internal a and quarter. going an of we of the did down to are the look see debt from are and the levels. the the level been from timing and confident balanced the of end macroeconomic little well the intent going a continue due international some bit clouds to last segments improvements X just shares with plan our that perspective. and up even months on to our paid order what this approach has at debt noted fiscal that taken call, front. horizon.Our as we've strong, ahead on we at we've not measures leverage look business

comfortable And quite that the so level we're at we're at.

Operator

from question Our comes Water Bugatch with of the Budd next line Research. Tower

Beryl Bugatch

range, around I Americas Contract, managing think, quarter. Congratulations the see the concerned me a in well. to Jeff, difficult to if million the probably I about $XXX I $XXX million did math on I be thing, what and somewhere, in the that's backlogs, am to But the profitability know I which that right. the particularly implied looks you're

Jeff Stutz

That's right, Budd.

Beryl Bugatch

lowest makes difficult And backlog I time acquisition And the Contract think it the very manufacturing it of Americas that's acquisition. time. since at in to leverage before -- makes the it acquisition me that since -- your you -- told same the

on pricing. will the So see What's start that to backlog rise? irrespective there? When of we going

Jeff Stutz

I -- in Well, with we everyone disagree Budd, that is nodding. won't this you room

cusp spending support as have interest in the take. the rates drive moved what we're to quarter. up. Americas organization We as pointing order we through efforts direction. our same prepared on in comments, it's pick demand to to the the we And the orders some growth. of operations we seeing year.So weeks support And that's to to order every last an weeks see pick saw going sales -- couple we're trends the and -- comment last order have organization, right said trends up the We are organization the I the that in I think year's increased positive as of are over made prior full

way it, through macro I covered months would and economic we grow. side the pointing But finding I backlog the will fully as what right direction. have call think of indicators the recession. to see of We to our are XX we contract And we're been it. bottom other to or of expect our through begin the way in so that a find we've

Beryl Bugatch

let that to -- AC. in-store? drawdown And flavor e-commerce you however same of future And of the store I me wanted kind that? backlog, not And as same go brand on us because, the that's But versus look just one How in looks or we Andi, of seeing on location have more give again, bit, a more like severe well? on or same in on What Retail? what do Global the terms you're segment particular as basis, as got can talk I've I follow-up. Retail that, that a significant know you little Global but quite to a

Andrea Owen

Debbie here. a And Yes, is Budd. It's question. great

let but I I'm it's actually answer going specifics, think promising. to very So her

you're of with chain were we to we that some of backlog that. as supply the And retailers that from last year reflected other through the issues many referring some work having along

So much think us we're you when point more the in to how thing our backlog is your actually efficiently.And good ordering shorter. in were to reduction is managing cycle from now when it's I from furniture the showing much really and a a inventory time up home

is and And processing because business drives would really that outperforming say of healthy conversion. Debbie, is do So actually beneficial some competition.So the really it more specifics? that the I you want to answer

Debbie Propst

an picks we're stores, about service of sales Xx up.Those the the order contribution As you really volume stores, service with it design design we're channel wholesale as that given pertains our to exception patterns some consistent orders been of over X the our size we've implementation in and seeing average doing that fairly had, value in in seeing dollar channel of of questions across are web, the non-design acceleration service channels, -- one a sales. that

focused services. as much very that that traffic aggressive in floorset the in store towards well is process these showcase of activity expanded in our being the and we're sure sales to force more of driving fully now that our as on design design about capability. we're the making more traffic services stores trained louder So the offering We're around store optimizing and densifying

Beryl Bugatch

average the $X,XXX Retail, range? in the So in to you $X,XXX are ticket

Debbie Propst

Yes, that's correct.

Beryl Bugatch

year. the the on balance -- luck the next Good quarters following the of on and

Operator

line comes with question Fuhrman Craig-Hallum Alex next from Capital. the of Our

Alex Fuhrman

more to align bit cost still about showrooms side or there structure. open to opportunities you What talked about effort consolidate Global retail are Retail a are to some maybe the on there? consolidating the there in your an some to of of you continue opportunities stores Andi, business? there Do the think stores little

Andrea Owen

And question, brands. Alex. of customers all major see A&D for do in making driver the easy the on them everything a just convenient to touch and showroom sure place an why we actually this is that think our we've our have driven I community in to really from decided consolidation, It's and great the to behind

compared and excited we driven mortar understored say store to that. side have retail very Cost not telling are our in really very So opportunity to customer find that is we're the customer. our as a is by and store cost. well increase really online what about a It's our standpoint, us.From as shops competition. increasingly we I benefit by footprint. would a customer that they're better driven bricks but We great And

the very we sale our forward we that to opportunity our really to a years in So mentioned X X footprint. have are personalize increase also design to services, successful the really, and stores.Debbie next move huge that think trends work doing We're seeing AEs helpful. years in the really is

we're growth. So store very bullish on

Alex Fuhrman

And Andi, are stores? are multi-branded particular for or there any brands opportunities understored perhaps in you think

Andrea Owen

be brands Within potential, as focus first. ones well.So DWR definitely X but Miller. think Knoll and all Design have primarily, of brand I We around Reach we'll will those but are our on Herman possibility think initial growth within our the there's for the Knoll as well, we carry

Operator

comes Company. with the question The next Benchmark Garner line from Our of Reuben

Reuben Garner

got specific being savings, of about comment of at Just general. I kind had I if also consistent we're the of of or of we've put pressure follow-up. thought as restructuring now going the up. order a you I or you Jeff, last Americas the start decision announcing you're us through kind wanted inflection out But kind year coming of Can And there, if cost was point. XX process don't walk know implementing then this? to restructuring, kind months kind maybe or talked it. to why in something would just an clarify/square over nearing you guess that because an a or

Andrea Owen

and we finishing as future, how X it we're And some up our the our structure remember, on at to Reuben, Jeff. efficient I'll still start these then more and toward that move pass integration always becoming with certain into between and And companies. more Listen, as work, we're Let we finish looking me one, being. we're synergy efficient in of we're functions.

really as the mostly So kind of of circle this the integration taken to many add? you think parts sort of the is activities.We close the we've of at end, that, opportunity what done final that.Jeff, we're on the would we've but

Jeff Stutz

it was it -- of not mentioned estate, ranks. emphasize I takeout. but wrong decisions. comments, my I it is a I I -- in all but set And your as not of this I'd I'll and on we that's an going management expression Andi prided these can combined prepared profitability And about think that. was as cost. of I prepared cost the we MillerKnoll cost we was about market really as I the protecting read said This markets look around of the the would leave Andi, that. and creating that going on responding a I that trying takeout, mean, that caution the are Reuben, in just you at to focused decisions mean have it -- housekeeping. not is real at ongoing major that I was of parts be the mean to right. purely this business at that a things conditions front would a business we making to are but in it it this one much is into of top is current serve.So to ourselves confident compelling mean always kind of -- we the question, certainly guess also be our sure investment that more see, we to you help brands her this comments to No, foot around are anything forward.And targeted, grow simplification strategic also think I just that the line practice think on MillerKnoll

Reuben Garner

in of I the them? pricing you announced? year keep last announce actions this action And Can the about coming pricing a about just talk your know announced? guess go-forward in Are your cost you're mute. into like maybe another on kind year, seeing one inflation? talk guess, stable. I then, left fiscal this update up environment. you year. that of Do you've was price it this need kind sounds it's of with was an -- the When competitors you the on What's to end I but already on pricing Sorry. you I next basis, just

Jeff Stutz

we this in. an of is and to I traditional, Jeff kind are feel as please to there, more price near is would the back increases organization multiple where John, we level price per pressures a when were more would say are There year. Reuben, ongoing are I seeing as were do what inflationary Yes. cadence. we we still increases we're nowhere jump characterize annual having that

that Our in that last on same kind more with June. price of will schedule much we line be move increase roughly percentages. was probably as pre-COVID of increase It forward and annualized type calendar last

Reuben Garner

question. share question, And guess, of you then, I kind answered the last

be again. have directed to I thoughts transpired of Knoll is growth quicker? Americas the maybe think and the internationally, side. on showing how benefits looks up been a How X that months kind X last the there were the would in kind volatile but at better. things the it's of business know My months. in just you between attribute seen seems stabilization Miller there holding it over much to you have of macro question I kind a versus of like last over that situation, quarter to And fact, actually was that little a

Andrea Owen

very I think is think about it's things. combination is Really, that those I it news a business International of great of our diverse. all the

So that. if beginning wake then you in up Europe, to you have China that's still to struggle offset

differences with too, Reuben, forward.And more that we business mentioned last is remember Asia. India, penetrated. And East, are the has are So the I much the in Middle to several starting nascent, stability markets, calls, have business driven that and we over much And our really more the is kicking up is lightly in. Americas that think to and the thing wake in International as International China one the we've

opportunity grow have had of and a share lot market never And to grow we to is that Knoll Europe to part markets, expand dealers. before. of So in our product offer we also, supplementing

just that. as transition know, would the MillerKnoll how Herman continue penetrate a I add there's say to to to Miller dealers momentum dealers, of in to difference in don't it's we would the momentum I that? So and as markets really there's just you we the markets. the products, majority dealers behind behind begin And Jeff, that.So learn what

Jeff Stutz

covers that No, I think it.

it's think I on. spot

Reuben Garner

can December, maybe that order in you you could said more think And a seeing didn't, The you specific on patterns Americas but then the talk those kind it, And consolidated just to going that's Americas? -- what or were like? to last right. could, those I basis? one about just the can were in all of if you this, sneak What you're said you month-by-month I'm again? walk look you if saw through break I those quarter, Jeff, if February January, guys, to -- -- but one, did you throughout you out And restate

Jeff Stutz

Yes.

just order closer the on we start, and in almost into consolidated down XX%, picture. came We consolidated XX%, exited at me up an organic kind with of from level were the QX, down full to a quarter Reuben, the we but quarter down Let February perspective, X.X% X%.

story declines, steady mean order through. not consolidated. the organic That in So year-on-year as improvement larger saw in wildly moved a the with we was we Americas, quarter I we into then there. fairly calcs The different year-over-year December saw we improvement. a came

As were we February, same of that into the we on X.X%. January, level.So full we ended kind down around declines. mid-single-digit quarter moved

we the moved down it couple Americas data. the most X%, February. encouraging through kind we but and segment last that latest been And certainly improvement quarter-to-date through saw improved, The has what's X%. up of is the as is So weeks, then of down

an been improving consistent it's line. a fairly toward trend So walk

Operator

now President remarks. floor Owen I'll closing turn Andi no to questions. the further are and There CEO, for back

Andrea Owen

soon. you again Thank Take for call, everyone us on joining and look you much. forward all connecting again I to want care. so thank we with to today's

Operator

call. This concludes today's

disconnect. You may now

MillerKnoll (MLKN) 27 Mar 242024 Q3 Earnings call transcript