<p>MillerKnoll, Inc. ((MLKN)) 已召开第二季度财报电话会议。请继续阅读以了解会议的主要亮点。</p>
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<p>尽管销售下滑，MillerKnoll 订单上升显示出信心</p>
<p>MillerKnoll 最近的财报电话会议语气明显乐观，管理层强调了强劲的零售订单增长、成功的关税缓解策略以及关键领域需求趋势的增强。尽管合并净销售额略有下降，且一些国际和利润压力依然存在，但公司强调了强劲的订单势头、零售业务部分的创纪录表现以及积极的扩张计划，这些都是对未来增长轨迹充满信心的原因。</p>
<h2>零售引擎推动强劲订单趋势的增长</h2>
<p>本季度的一个关键亮点是 MillerKnoll 全球零售部门的强劲表现。零售订单同比增长 6%，北美零售订单增长 8%，尽管宏观经济背景复杂，但仍显示出健康的消费者需求。公司的假日网络促销期表现尤为强劲，订单较去年增长 12%。管理层强调，这一增长是在促销活动和市场营销支出保持平稳的情况下实现的，表明品牌吸引力和有效的商品销售，而不仅仅是更深的折扣。</p>
<h2>销售里程碑和加速的门店扩张</h2>
<p>MillerKnoll 的零售战略继续倾向于实体存在，公司在北美零售业务中创下多个记录，包括其 DWR（Design Within Reach）品牌历史上的最高订单。本季度开设了四家新店，管理层计划在整个财年内开设 14 到 16 个新地点。这一扩张表明对高端设计和家具的长期消费者需求充满信心，并反映出通过旗舰店和展厅风格的空间来加深客户参与和捕捉更多全渠道销售的战略。</p>
<h2>关税缓解支持利润和收益韧性</h2>
<p>关税相关压力一直是全球制造商面临的反复问题，但 MillerKnoll 报告称，预计主动的缓解措施将在财年下半年完全抵消关税成本。这些措施应有助于维持毛利水平并保护每股收益，即使公司继续投资于门店增长和品牌计划。管理层将此视为在仍然动荡的贸易和成本环境中保持财务韧性的关键杠杆。</p>
<h2>订单增长信号改善的需求环境</h2>
<p>总体需求指标转为积极，本季度总订单达到 9.73 亿美元，同比增长 5.5%。公司指出所有部门的积极势头，将其解读为在经历了一段宏观不确定性后需求环境改善的证据。订单的上升对投资者尤为重要，因为它往往会导致未来收入，并提供比本季度的销售数字更具前瞻性的业务活动视角。</p>
<h2>医疗保健部门显示出韧性</h2>
<p>医疗保健市场成为一个稳固的增长驱动力，年初至今医疗保健订单增长 5%。管理层强调医疗保健是更具韧性的终端市场之一，为更具周期性的类别提供了平衡。随着机构继续投资于医疗保健基础设施和以患者为中心的环境，MillerKnoll 在该领域的曝光提供了一个稳定的需求基础，有助于在宏观周期中平滑收益。</p>
<h2>销售下降与强劲订单流形成对比</h2>
<p>尽管订单增长强劲，本季度合并净销售额为 9.55 亿美元，同比下降 1.6%，有机下降 2.5%。订单与当前期间销售之间的差距反映了时机效应以及一些地区和产品组合相关的挑战。对于股权投资者而言，适度的销售下降是一个重要的关注点，但管理层有效地辩称，订单上升和稳固的管道应支持未来收入的恢复，因为这些订单会转化为销售。</p>
<h2>国际合同部门面临压力</h2>
<p>国际合同部门仍然是一个软点。净销售额同比下降 6.3%，有机下降 9.2%，受到销售疲软和不利的地区及产品组合影响。尽管公司在订单方面也提到欧洲、英国、中国和印度等地区的强劲表现，但该部门的销售下降突显了地区需求的持续差异以及组合对报告业绩的影响。投资者可能会关注改善的国际订单是否能够转化为更稳定的收入增长。</p>
<h2>运营利润率受到成本和增长投资的挤压</h2>
<p>盈利能力在多个领域受到压力。北美合同部门的调整后运营利润率同比下降 50 个基点，而全球零售部门则下降了 170 个基点。管理层将利润率压缩主要归因于新店开设相关成本、净关税成本和外汇影响。虽然其中一些因素是外部的，但其他因素反映了对增长计划的有意投资，这表明利润率压力可能是为未来规模和市场份额的建立所付出的代价。</p>
<h2>季节性和宏观压力抑制近期前景</h2>
<p>公司承认其第三季度的指引包含了典型的季节性疲软，特别是在假期后，以及可能影响需求的更广泛的宏观经济不确定性。这种坦诚的表述提醒我们，即使订单势头强劲，业务也无法免受周期性放缓或消费者和商业支出变化的影响。管理层的语气暗示出谨慎的乐观：对需求趋势持建设性态度，但对短期波动保持现实。</p>
<h2>指引显示稳健的收益和利润表现</h2>
<p>展望未来，MillerKnoll 发布的指引反映了其近期的势头以及面临的季节性和宏观逆风。对于第三季度，公司预计净销售额将在 9.23 亿美元至 9.63 亿美元之间，这一范围涵盖了当前季度的收入。毛利率预计将在 37.9% 至 38.9% 之间，部分得益于其关税缓解措施和持续的供应链效率。调整后的稀释每股收益预计将在 0.42 美元至 0.48 美元之间，基本与刚刚报告的超出预期的 0.43 美元持平。管理层重申了其扩大零售足迹、进一步优化供应链以及利用资产负债表追求增长和市场份额机会的重点，表明将持续投资于有机和结构性盈利驱动因素。</p>
<p>总之，MillerKnoll 的财报电话会议描绘了一幅公司在需求恢复的同时积极追求增长的图景，即使在应对利润压力、国际疲软和季节性波动的情况下。强劲的订单势头、突出的零售表现以及明确的门店扩张和关税缓解计划支撑了积极的前景。对于投资者而言，关键要点是订单上升、通过缓解措施支持的稳定到改善的利润率，以及管理团队愿意长期投资的同时保持严格的财务指引。</p>

MLKN

<p>MillerKnoll 财报电话会议：订单上升，利润率收紧</p>

<p>MillerKnoll, Inc. ((MLKN)) has held its Q2 earnings call. Read on for the main highlights of the call.</p>
<div class="lb-trans"><p>MillerKnoll, Inc. ((MLKN)) 已召开第二季度财报电话会议。请继续阅读以了解会议的主要亮点。</p>
</div><h3>Claim 50% Off TipRanks Premium and Invest with Confidence</h3>
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<li>解锁对冲基金级别的数据和强大的投资工具，帮助您做出更聪明、更精准的决策</li>
<li>通过最新的新闻和分析保持市场领先，使您的投资组合始终处于最大潜力的状态</li>
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</div><p>MillerKnoll Signals Confidence as Orders Rise Despite Sales Dip</p>
<div class="lb-trans"><p>尽管销售下滑，MillerKnoll 订单上升显示出信心</p>
</div><p>MillerKnoll’s latest earnings call carried a notably upbeat tone, with management emphasizing robust retail order growth, successful tariff mitigation strategies, and strengthening demand trends across key segments. While consolidated net sales slipped modestly and some international and margin headwinds persisted, the company highlighted strong order momentum, record performance in parts of its retail business, and active expansion plans as reasons for confidence in its future growth trajectory.</p>
<div class="lb-trans"><p>MillerKnoll 最近的财报电话会议语气明显乐观，管理层强调了强劲的零售订单增长、成功的关税缓解策略以及关键领域需求趋势的增强。尽管合并净销售额略有下降，且一些国际和利润压力依然存在，但公司强调了强劲的订单势头、零售业务部分的创纪录表现以及积极的扩张计划，这些都是对未来增长轨迹充满信心的原因。</p>
</div><h2>Retail Engine Powers Growth with Strong Order Trends</h2>
<div class="lb-trans"><h2>零售引擎推动强劲订单趋势的增长</h2>
</div><p>A key highlight of the quarter was the strong performance of MillerKnoll’s Global Retail segment. Retail orders increased 6% year over year, with North America retail orders up 8%, signaling healthy consumer demand despite a mixed macroeconomic backdrop. The company’s holiday cyber promotional period was particularly strong, delivering a 12% increase in orders versus the prior year. Management underscored that this growth came even as promotional activity and marketing spend were held flat, suggesting improved brand traction and effective merchandising rather than simply deeper discounting.</p>
<div class="lb-trans"><p>本季度的一个关键亮点是 MillerKnoll 全球零售部门的强劲表现。零售订单同比增长 6%，北美零售订单增长 8%，尽管宏观经济背景复杂，但仍显示出健康的消费者需求。公司的假日网络促销期表现尤为强劲，订单较去年增长 12%。管理层强调，这一增长是在促销活动和市场营销支出保持平稳的情况下实现的，表明品牌吸引力和有效的商品销售，而不仅仅是更深的折扣。</p>
</div><h2>Record Sales Milestones and Accelerated Store Expansion</h2>
<div class="lb-trans"><h2>销售里程碑和加速的门店扩张</h2>
</div><p>MillerKnoll’s retail strategy continues to lean into physical presence, with the company posting multiple records in its North America retail business, including the highest orders in the history of its DWR (Design Within Reach) brand. The quarter saw the opening of four new stores, and management plans to open 14 to 16 locations over the full fiscal year. This expansion signals confidence in long-term consumer demand for high-end design and furniture, and reflects a strategy to deepen customer engagement and capture more omnichannel sales by complementing digital growth with flagship and showroom-style spaces.</p>
<div class="lb-trans"><p>MillerKnoll 的零售战略继续倾向于实体存在，公司在北美零售业务中创下多个记录，包括其 DWR（Design Within Reach）品牌历史上的最高订单。本季度开设了四家新店，管理层计划在整个财年内开设 14 到 16 个新地点。这一扩张表明对高端设计和家具的长期消费者需求充满信心，并反映出通过旗舰店和展厅风格的空间来加深客户参与和捕捉更多全渠道销售的战略。</p>
</div><h2>Tariff Mitigation Supports Margins and Earnings Resilience</h2>
<div class="lb-trans"><h2>关税缓解支持利润和收益韧性</h2>
</div><p>Tariff-related pressures have been a recurring issue for global manufacturers, but MillerKnoll reported that proactive mitigation steps are expected to fully offset tariff costs in the second half of the fiscal year. These actions should help sustain gross margin levels and protect earnings per share, even as the company continues to invest in store growth and brand initiatives. Management framed this as a key lever in maintaining financial resilience in a still-volatile trade and cost environment.</p>
<div class="lb-trans"><p>关税相关压力一直是全球制造商面临的反复问题，但 MillerKnoll 报告称，预计主动的缓解措施将在财年下半年完全抵消关税成本。这些措施应有助于维持毛利水平并保护每股收益，即使公司继续投资于门店增长和品牌计划。管理层将此视为在仍然动荡的贸易和成本环境中保持财务韧性的关键杠杆。</p>
</div><h2>Order Growth Signals Improving Demand Environment</h2>
<div class="lb-trans"><h2>订单增长信号改善的需求环境</h2>
</div><p>Overall demand indicators turned positive, with total orders for the quarter reaching $973 million, up 5.5%. The company noted positive momentum across all segments, interpreting this as evidence of an improving demand environment following a period of macro uncertainty. The uptick in orders is particularly important for investors, as it tends to lead future revenue and offers a more forward-looking view of business activity than the quarter’s sales figure alone.</p>
<div class="lb-trans"><p>总体需求指标转为积极，本季度总订单达到 9.73 亿美元，同比增长 5.5%。公司指出所有部门的积极势头，将其解读为在经历了一段宏观不确定性后需求环境改善的证据。订单的上升对投资者尤为重要，因为它往往会导致未来收入，并提供比本季度的销售数字更具前瞻性的业务活动视角。</p>
</div><h2>Healthcare Segment Shows Resilience</h2>
<div class="lb-trans"><h2>医疗保健部门显示出韧性</h2>
</div><p>The healthcare market emerged as a solid growth driver, with total healthcare orders up 5% year to date. Management highlighted healthcare as one of the more resilient end markets, providing a counterbalance to more cyclical categories. As institutions continue to invest in healthcare infrastructure and patient-centered environments, MillerKnoll’s exposure to this sector offers a stable demand base that could help smooth earnings through macro cycles.</p>
<div class="lb-trans"><p>医疗保健市场成为一个稳固的增长驱动力，年初至今医疗保健订单增长 5%。管理层强调医疗保健是更具韧性的终端市场之一，为更具周期性的类别提供了平衡。随着机构继续投资于医疗保健基础设施和以患者为中心的环境，MillerKnoll 在该领域的曝光提供了一个稳定的需求基础，有助于在宏观周期中平滑收益。</p>
</div><h2>Sales Decline Contrasts with Strong Order Intake</h2>
<div class="lb-trans"><h2>销售下降与强劲订单流形成对比</h2>
</div><p>Despite strong order growth, consolidated net sales for the quarter came in at $955 million, down 1.6% year over year on a reported basis and 2.5% lower organically. The gap between orders and current-period sales reflects timing effects and some regional and mix-related challenges. For equity investors, the modest sales decline is an important watchpoint, but management effectively argued that rising orders and a solid pipeline should support future revenue recovery as those orders convert.</p>
<div class="lb-trans"><p>尽管订单增长强劲，本季度合并净销售额为 9.55 亿美元，同比下降 1.6%，有机下降 2.5%。订单与当前期间销售之间的差距反映了时机效应以及一些地区和产品组合相关的挑战。对于股权投资者而言，适度的销售下降是一个重要的关注点，但管理层有效地辩称，订单上升和稳固的管道应支持未来收入的恢复，因为这些订单会转化为销售。</p>
</div><h2>International Contract Segment Faces Headwinds</h2>
<div class="lb-trans"><h2>国际合同部门面临压力</h2>
</div><p>The International Contract segment remained a soft spot. Net sales declined 6.3% on a reported basis and 9.2% organically compared with the prior year, pressured by weaker sales and less favorable regional and product mix. While the company also cited strength in areas such as Europe, the UK, China, and India on the order side, the sales decline in this segment underscores ongoing disparities in regional demand and the impact of mix on reported performance. Investors will likely watch for signs that improving international orders can translate into more consistent top-line growth.</p>
<div class="lb-trans"><p>国际合同部门仍然是一个软点。净销售额同比下降 6.3%，有机下降 9.2%，受到销售疲软和不利的地区及产品组合影响。尽管公司在订单方面也提到欧洲、英国、中国和印度等地区的强劲表现，但该部门的销售下降突显了地区需求的持续差异以及组合对报告业绩的影响。投资者可能会关注改善的国际订单是否能够转化为更稳定的收入增长。</p>
</div><h2>Operating Margins Squeezed by Costs and Growth Investments</h2>
<div class="lb-trans"><h2>运营利润率受到成本和增长投资的挤压</h2>
</div><p>Profitability came under pressure in several areas. Adjusted operating margin in the North America Contract segment declined by 50 basis points year over year, while the Global Retail segment saw a sharper 170 basis point decline. Management attributed the margin compression primarily to costs related to new store openings, net tariff costs, and foreign currency impacts. While some of these factors are external, others reflect deliberate investment in growth initiatives, suggesting margin pressure may be the trade-off for building future scale and market share.</p>
<div class="lb-trans"><p>盈利能力在多个领域受到压力。北美合同部门的调整后运营利润率同比下降 50 个基点，而全球零售部门则下降了 170 个基点。管理层将利润率压缩主要归因于新店开设相关成本、净关税成本和外汇影响。虽然其中一些因素是外部的，但其他因素反映了对增长计划的有意投资，这表明利润率压力可能是为未来规模和市场份额的建立所付出的代价。</p>
</div><h2>Seasonal and Macro Headwinds Temper Near-Term Outlook</h2>
<div class="lb-trans"><h2>季节性和宏观压力抑制近期前景</h2>
</div><p>The company acknowledged that its third-quarter guidance incorporates typical seasonal softness, particularly post-holiday, along with broader macroeconomic uncertainties that could affect demand. This candid framing serves as a reminder that even with strong order momentum, the business is not immune to cyclical slowdowns or shifts in consumer and commercial spending. Management’s tone suggested cautious optimism: constructive on demand trends but realistic about near-term variability.</p>
<div class="lb-trans"><p>公司承认其第三季度的指引包含了典型的季节性疲软，特别是在假期后，以及可能影响需求的更广泛的宏观经济不确定性。这种坦诚的表述提醒我们，即使订单势头强劲，业务也无法免受周期性放缓或消费者和商业支出变化的影响。管理层的语气暗示出谨慎的乐观：对需求趋势持建设性态度，但对短期波动保持现实。</p>
</div><h2>Guidance Points to Solid Earnings and Margin Performance</h2>
<div class="lb-trans"><h2>指引显示稳健的收益和利润表现</h2>
</div><p>Looking ahead, MillerKnoll issued guidance that reflects both its recent momentum and the seasonal and macro headwinds it faces. For the third quarter, the company expects net sales between $923 million and $963 million, a range that brackets current-quarter revenue. Gross margin is projected to land between 37.9% and 38.9%, supported in part by its tariff mitigation efforts and ongoing supply chain efficiencies. Adjusted diluted earnings per share are anticipated to fall between $0.42 and $0.48, roughly in line with the just-reported $0.43 that exceeded expectations. Management reiterated its focus on expanding the retail footprint, further optimizing the supply chain, and using its balance sheet to pursue growth and market-share opportunities, signaling sustained investment in both organic and structural drivers of profitability.</p>
<div class="lb-trans"><p>展望未来，MillerKnoll 发布的指引反映了其近期的势头以及面临的季节性和宏观逆风。对于第三季度，公司预计净销售额将在 9.23 亿美元至 9.63 亿美元之间，这一范围涵盖了当前季度的收入。毛利率预计将在 37.9% 至 38.9% 之间，部分得益于其关税缓解措施和持续的供应链效率。调整后的稀释每股收益预计将在 0.42 美元至 0.48 美元之间，基本与刚刚报告的超出预期的 0.43 美元持平。管理层重申了其扩大零售足迹、进一步优化供应链以及利用资产负债表追求增长和市场份额机会的重点，表明将持续投资于有机和结构性盈利驱动因素。</p>
</div><p>In sum, MillerKnoll’s earnings call painted a picture of a company leaning into growth as demand recovers, even as it navigates margin pressure, international softness, and seasonal variability. Strong order momentum, standout retail performance, and clear plans for store expansion and tariff mitigation underpin a constructive outlook. For investors, the key takeaways are rising orders, stable-to-improving margins supported by mitigation actions, and a management team willing to invest for the long term while maintaining disciplined financial guidance.</p>
<div class="lb-trans"><p>总之，MillerKnoll 的财报电话会议描绘了一幅公司在需求恢复的同时积极追求增长的图景，即使在应对利润压力、国际疲软和季节性波动的情况下。强劲的订单势头、突出的零售表现以及明确的门店扩张和关税缓解计划支撑了积极的前景。对于投资者而言，关键要点是订单上升、通过缓解措施支持的稳定到改善的利润率，以及管理团队愿意长期投资的同时保持严格的财务指引。</p>
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MillerKnoll 财报电话会议：订单增加，但利润率收紧