<p>MillerKnoll, Inc. ((MLKN)) 已召開第二季度財報電話會議。請繼續閲讀以瞭解會議的主要亮點。</p>
<h3>享受 TipRanks Premium 50% 折扣，信心投資</h3>
<ul>
<li>解鎖對沖基金級別的數據和強大的投資工具，幫助您做出更聰明、更精準的決策</li>
<li>通過最新的新聞和分析保持市場領先，使您的投資組合始終處於最大潛力的狀態</li>
</ul>
<p>儘管銷售下滑，MillerKnoll 訂單上升顯示出信心</p>
<p>MillerKnoll 最近的財報電話會議語氣明顯樂觀，管理層強調了強勁的零售訂單增長、成功的關税緩解策略以及關鍵領域需求趨勢的增強。儘管合併淨銷售額略有下降，且一些國際和利潤壓力依然存在，但公司強調了強勁的訂單勢頭、零售業務部分的創紀錄表現以及積極的擴張計劃，這些都是對未來增長軌跡充滿信心的原因。</p>
<h2>零售引擎推動強勁訂單趨勢的增長</h2>
<p>本季度的一個關鍵亮點是 MillerKnoll 全球零售部門的強勁表現。零售訂單同比增長 6%，北美零售訂單增長 8%，儘管宏觀經濟背景複雜，但仍顯示出健康的消費者需求。公司的假日網絡促銷期表現尤為強勁，訂單較去年增長 12%。管理層強調，這一增長是在促銷活動和市場營銷支出保持平穩的情況下實現的，表明品牌吸引力和有效的商品銷售，而不僅僅是更深的折扣。</p>
<h2>銷售里程碑和加速的門店擴張</h2>
<p>MillerKnoll 的零售戰略繼續傾向於實體存在，公司在北美零售業務中創下多個記錄，包括其 DWR（Design Within Reach）品牌歷史上的最高訂單。本季度開設了四家新店，管理層計劃在整個財年內開設 14 到 16 個新地點。這一擴張表明對高端設計和傢俱的長期消費者需求充滿信心，並反映出通過旗艦店和展廳風格的空間來加深客户參與和捕捉更多全渠道銷售的戰略。</p>
<h2>關税緩解支持利潤和收益韌性</h2>
<p>關税相關壓力一直是全球製造商面臨的反覆問題，但 MillerKnoll 報告稱，預計主動的緩解措施將在財年下半年完全抵消關税成本。這些措施應有助於維持毛利水平並保護每股收益，即使公司繼續投資於門店增長和品牌計劃。管理層將此視為在仍然動盪的貿易和成本環境中保持財務韌性的關鍵槓桿。</p>
<h2>訂單增長信號改善的需求環境</h2>
<p>總體需求指標轉為積極，本季度總訂單達到 9.73 億美元，同比增長 5.5%。公司指出所有部門的積極勢頭，將其解讀為在經歷了一段宏觀不確定性後需求環境改善的證據。訂單的上升對投資者尤為重要，因為它往往會導致未來收入，並提供比本季度的銷售數字更具前瞻性的業務活動視角。</p>
<h2>醫療保健部門顯示出韌性</h2>
<p>醫療保健市場成為一個穩固的增長驅動力，年初至今醫療保健訂單增長 5%。管理層強調醫療保健是更具韌性的終端市場之一，為更具週期性的類別提供了平衡。隨着機構繼續投資於醫療保健基礎設施和以患者為中心的環境，MillerKnoll 在該領域的曝光提供了一個穩定的需求基礎，有助於在宏觀週期中平滑收益。</p>
<h2>銷售下降與強勁訂單流形成對比</h2>
<p>儘管訂單增長強勁，本季度合併淨銷售額為 9.55 億美元，同比下降 1.6%，有機下降 2.5%。訂單與當前期間銷售之間的差距反映了時機效應以及一些地區和產品組合相關的挑戰。對於股權投資者而言，適度的銷售下降是一個重要的關注點，但管理層有效地辯稱，訂單上升和穩固的管道應支持未來收入的恢復，因為這些訂單會轉化為銷售。</p>
<h2>國際合同部門面臨壓力</h2>
<p>國際合同部門仍然是一個軟點。淨銷售額同比下降 6.3%，有機下降 9.2%，受到銷售疲軟和不利的地區及產品組合影響。儘管公司在訂單方面也提到歐洲、英國、中國和印度等地區的強勁表現，但該部門的銷售下降突顯了地區需求的持續差異以及組合對報告業績的影響。投資者可能會關注改善的國際訂單是否能夠轉化為更穩定的收入增長。</p>
<h2>運營利潤率受到成本和增長投資的擠壓</h2>
<p>盈利能力在多個領域受到壓力。北美合同部門的調整後運營利潤率同比下降 50 個基點，而全球零售部門則下降了 170 個基點。管理層將利潤率壓縮主要歸因於新店開設相關成本、淨關税成本和外匯影響。雖然其中一些因素是外部的，但其他因素反映了對增長計劃的有意投資，這表明利潤率壓力可能是為未來規模和市場份額的建立所付出的代價。</p>
<h2>季節性和宏觀壓力抑制近期前景</h2>
<p>公司承認其第三季度的指引包含了典型的季節性疲軟，特別是在假期後，以及可能影響需求的更廣泛的宏觀經濟不確定性。這種坦誠的表述提醒我們，即使訂單勢頭強勁，業務也無法免受週期性放緩或消費者和商業支出變化的影響。管理層的語氣暗示出謹慎的樂觀：對需求趨勢持建設性態度，但對短期波動保持現實。</p>
<h2>指引顯示穩健的收益和利潤表現</h2>
<p>展望未來，MillerKnoll 發佈的指引反映了其近期的勢頭以及面臨的季節性和宏觀逆風。對於第三季度，公司預計淨銷售額將在 9.23 億美元至 9.63 億美元之間，這一範圍涵蓋了當前季度的收入。毛利率預計將在 37.9% 至 38.9% 之間，部分得益於其關税緩解措施和持續的供應鏈效率。調整後的稀釋每股收益預計將在 0.42 美元至 0.48 美元之間，基本與剛剛報告的超出預期的 0.43 美元持平。管理層重申了其擴大零售足跡、進一步優化供應鏈以及利用資產負債表追求增長和市場份額機會的重點，表明將持續投資於有機和結構性盈利驅動因素。</p>
<p>總之，MillerKnoll 的財報電話會議描繪了一幅公司在需求恢復的同時積極追求增長的圖景，即使在應對利潤壓力、國際疲軟和季節性波動的情況下。強勁的訂單勢頭、突出的零售表現以及明確的門店擴張和關税緩解計劃支撐了積極的前景。對於投資者而言，關鍵要點是訂單上升、通過緩解措施支持的穩定到改善的利潤率，以及管理團隊願意長期投資的同時保持嚴格的財務指引。</p>

MLKN

<p>MillerKnoll 財報電話會議：訂單上升，利潤率收緊</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)) 已召開第二季度財報電話會議。請繼續閲讀以瞭解會議的主要亮點。</p>
</div><h3>Claim 50% Off TipRanks Premium and Invest with Confidence</h3>
<div class="lb-trans"><h3>享受 TipRanks Premium 50% 折扣，信心投資</h3>
</div><ul>
<li>Unlock hedge-fund level data and powerful investing tools designed to help you make smarter, sharper decisions</li>
<li>Stay ahead of the market with the latest news and analysis so your portfolio is always positioned for maximum potential</li>
</ul>
<div class="lb-trans"><ul>
<li>解鎖對沖基金級別的數據和強大的投資工具，幫助您做出更聰明、更精準的決策</li>
<li>通過最新的新聞和分析保持市場領先，使您的投資組合始終處於最大潛力的狀態</li>
</ul>
</div><p>MillerKnoll Signals Confidence as Orders Rise Despite Sales Dip</p>
<div class="lb-trans"><p>儘管銷售下滑，MillerKnoll 訂單上升顯示出信心</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 最近的財報電話會議語氣明顯樂觀，管理層強調了強勁的零售訂單增長、成功的關税緩解策略以及關鍵領域需求趨勢的增強。儘管合併淨銷售額略有下降，且一些國際和利潤壓力依然存在，但公司強調了強勁的訂單勢頭、零售業務部分的創紀錄表現以及積極的擴張計劃，這些都是對未來增長軌跡充滿信心的原因。</p>
</div><h2>Retail Engine Powers Growth with Strong Order Trends</h2>
<div class="lb-trans"><h2>零售引擎推動強勁訂單趨勢的增長</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>本季度的一個關鍵亮點是 MillerKnoll 全球零售部門的強勁表現。零售訂單同比增長 6%，北美零售訂單增長 8%，儘管宏觀經濟背景複雜，但仍顯示出健康的消費者需求。公司的假日網絡促銷期表現尤為強勁，訂單較去年增長 12%。管理層強調，這一增長是在促銷活動和市場營銷支出保持平穩的情況下實現的，表明品牌吸引力和有效的商品銷售，而不僅僅是更深的折扣。</p>
</div><h2>Record Sales Milestones and Accelerated Store Expansion</h2>
<div class="lb-trans"><h2>銷售里程碑和加速的門店擴張</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 的零售戰略繼續傾向於實體存在，公司在北美零售業務中創下多個記錄，包括其 DWR（Design Within Reach）品牌歷史上的最高訂單。本季度開設了四家新店，管理層計劃在整個財年內開設 14 到 16 個新地點。這一擴張表明對高端設計和傢俱的長期消費者需求充滿信心，並反映出通過旗艦店和展廳風格的空間來加深客户參與和捕捉更多全渠道銷售的戰略。</p>
</div><h2>Tariff Mitigation Supports Margins and Earnings Resilience</h2>
<div class="lb-trans"><h2>關税緩解支持利潤和收益韌性</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>關税相關壓力一直是全球製造商面臨的反覆問題，但 MillerKnoll 報告稱，預計主動的緩解措施將在財年下半年完全抵消關税成本。這些措施應有助於維持毛利水平並保護每股收益，即使公司繼續投資於門店增長和品牌計劃。管理層將此視為在仍然動盪的貿易和成本環境中保持財務韌性的關鍵槓桿。</p>
</div><h2>Order Growth Signals Improving Demand Environment</h2>
<div class="lb-trans"><h2>訂單增長信號改善的需求環境</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>總體需求指標轉為積極，本季度總訂單達到 9.73 億美元，同比增長 5.5%。公司指出所有部門的積極勢頭，將其解讀為在經歷了一段宏觀不確定性後需求環境改善的證據。訂單的上升對投資者尤為重要，因為它往往會導致未來收入，並提供比本季度的銷售數字更具前瞻性的業務活動視角。</p>
</div><h2>Healthcare Segment Shows Resilience</h2>
<div class="lb-trans"><h2>醫療保健部門顯示出韌性</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>醫療保健市場成為一個穩固的增長驅動力，年初至今醫療保健訂單增長 5%。管理層強調醫療保健是更具韌性的終端市場之一，為更具週期性的類別提供了平衡。隨着機構繼續投資於醫療保健基礎設施和以患者為中心的環境，MillerKnoll 在該領域的曝光提供了一個穩定的需求基礎，有助於在宏觀週期中平滑收益。</p>
</div><h2>Sales Decline Contrasts with Strong Order Intake</h2>
<div class="lb-trans"><h2>銷售下降與強勁訂單流形成對比</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>儘管訂單增長強勁，本季度合併淨銷售額為 9.55 億美元，同比下降 1.6%，有機下降 2.5%。訂單與當前期間銷售之間的差距反映了時機效應以及一些地區和產品組合相關的挑戰。對於股權投資者而言，適度的銷售下降是一個重要的關注點，但管理層有效地辯稱，訂單上升和穩固的管道應支持未來收入的恢復，因為這些訂單會轉化為銷售。</p>
</div><h2>International Contract Segment Faces Headwinds</h2>
<div class="lb-trans"><h2>國際合同部門面臨壓力</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>國際合同部門仍然是一個軟點。淨銷售額同比下降 6.3%，有機下降 9.2%，受到銷售疲軟和不利的地區及產品組合影響。儘管公司在訂單方面也提到歐洲、英國、中國和印度等地區的強勁表現，但該部門的銷售下降突顯了地區需求的持續差異以及組合對報告業績的影響。投資者可能會關注改善的國際訂單是否能夠轉化為更穩定的收入增長。</p>
</div><h2>Operating Margins Squeezed by Costs and Growth Investments</h2>
<div class="lb-trans"><h2>運營利潤率受到成本和增長投資的擠壓</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>盈利能力在多個領域受到壓力。北美合同部門的調整後運營利潤率同比下降 50 個基點，而全球零售部門則下降了 170 個基點。管理層將利潤率壓縮主要歸因於新店開設相關成本、淨關税成本和外匯影響。雖然其中一些因素是外部的，但其他因素反映了對增長計劃的有意投資，這表明利潤率壓力可能是為未來規模和市場份額的建立所付出的代價。</p>
</div><h2>Seasonal and Macro Headwinds Temper Near-Term Outlook</h2>
<div class="lb-trans"><h2>季節性和宏觀壓力抑制近期前景</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>公司承認其第三季度的指引包含了典型的季節性疲軟，特別是在假期後，以及可能影響需求的更廣泛的宏觀經濟不確定性。這種坦誠的表述提醒我們，即使訂單勢頭強勁，業務也無法免受週期性放緩或消費者和商業支出變化的影響。管理層的語氣暗示出謹慎的樂觀：對需求趨勢持建設性態度，但對短期波動保持現實。</p>
</div><h2>Guidance Points to Solid Earnings and Margin Performance</h2>
<div class="lb-trans"><h2>指引顯示穩健的收益和利潤表現</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>展望未來，MillerKnoll 發佈的指引反映了其近期的勢頭以及面臨的季節性和宏觀逆風。對於第三季度，公司預計淨銷售額將在 9.23 億美元至 9.63 億美元之間，這一範圍涵蓋了當前季度的收入。毛利率預計將在 37.9% 至 38.9% 之間，部分得益於其關税緩解措施和持續的供應鏈效率。調整後的稀釋每股收益預計將在 0.42 美元至 0.48 美元之間，基本與剛剛報告的超出預期的 0.43 美元持平。管理層重申了其擴大零售足跡、進一步優化供應鏈以及利用資產負債表追求增長和市場份額機會的重點，表明將持續投資於有機和結構性盈利驅動因素。</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>總之，MillerKnoll 的財報電話會議描繪了一幅公司在需求恢復的同時積極追求增長的圖景，即使在應對利潤壓力、國際疲軟和季節性波動的情況下。強勁的訂單勢頭、突出的零售表現以及明確的門店擴張和關税緩解計劃支撐了積極的前景。對於投資者而言，關鍵要點是訂單上升、通過緩解措施支持的穩定到改善的利潤率，以及管理團隊願意長期投資的同時保持嚴格的財務指引。</p>
</div>

MillerKnoll 財報電話會議：訂單增加，但利潤率收緊