Herman Miller Q1 Revenue Tops Estimates, Issues Positive Q2 Outlook

Herman Miller Inc MLHR reported first-quarter FY22 sales growth of 25.9% year-on-year, to $789.70 million, beating the analyst consensus of $650.72 million.
Global retail segment sales rose 30.7% Y/Y, Americas contract segment sales declined 12.1%, and international contract segment increased 5.3%.
The gross margin for the quarter contracted 480 basis points Y/Y to 35.1%. The operating loss for the quarter was $(52.8) million.
Herman Miller held $235.1 million in cash and equivalents as of August 28, 2021. Cash used in operating activities during the quarter totaled $51.7 million.
Adjusted EPS of $0.49 missed the analyst consensus of $0.53.
Outlook: Herman Miller sees Q2 sales of $1.025 billion - $1.065 billion versus the consensus of $748.32 million.
The company expects Q2 adjusted EPS of $0.55 - $0.61 versus the consensus of $0.57. The company's guidance includes the full impact of the recently acquired Knoll for the quarter.
Price Action: MLHR shares are trading lower by 1.05% at $39.7 in premarket on the last check Thursday.