: 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% and guided for lower sales for the year. MillerKnoll lost $100,000 in the quarter, or breakeven on a per-share basis, 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. Fiscal 2024 sales are likely to be “slightly lower” year-on-year, the company said, guiding for adjusted EPS for the year between $1.70 and $2.00 a share. MillerKnoll also guided for fiscal first-quarter sales between $880 million and $920 million, and adjusted EPS between 18 cents a share and 24 cents a share. The stock ended the regular trading day up 0.7%.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.