MillerKnoll shares drop after company's quarterly sales fall 13%
This update corrects quarterly figures.
Shares of MillerKnoll Inc. (MLKN) dropped more than 2% in the extended session Wednesday after the maker of office and home furniture and furnishings reported fiscal fourth-quarter sales that fell 13%. MillerKnoll lost $100,000 in the quarter, swinging from earnings of $21.5 million, or 28 cents a share, in the year-ago period. Adjusted for one-time items, the company earned 41 cents a share. Sales fell 13% to $956.7 million, the company said. Analysts polled by FactSet expected adjusted earnings of 39 cents a share on sales of $946 million. "The current macroeconomic environment -- which includes higher interest rates, complications from a regional banking crisis and relatively low CEO and consumer confidence levels -- continues to pose challenges for our industry," the company said. The stock ended the regular trading day up 0.7%.
-Claudia Assis
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07-12-23 1645ET
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