MillerKnoll’s second quarter results drew a strong, positive reaction from the market, as management credited both robust demand and effective execution across its contract and retail businesses. The company saw meaningful order growth in North America, supported by customer urgency ahead of planned pricing actions tied to new tariffs. CEO Andrea Owen noted the impact of new flagship showrooms and expanded product launches, stating these moves “elevated how we present the collective strength of our brands and products to customers.” Operationally, improved customer engagement and targeted innovation were key factors behind the company's sales momentum.

Is now the time to buy MLKN? Find out in our full research report (it’s free).

While we enjoy listening to the management's commentary, our favorite part of earnings calls are the analyst questions. Those are unscripted and can often highlight topics that management teams would rather avoid or topics where the answer is complicated. Here is what has caught our attention.

Our Top 5 Analyst Questions MillerKnoll’s Q2 Earnings Call

• Gregory Burns (Sidoti & Company) asked about the sustainability of order growth after the pull-forward effect. CFO Jeff Stutz explained that early data shows a temporary dip in orders, as expected, but underlying demand indicators remain positive.

• Gregory Burns (Sidoti & Company) questioned the confidence behind aggressive retail expansion in a soft demand environment. CEO Andrea Owen responded that MillerKnoll is filling geographic gaps and is pacing new store openings prudently, with expectations for improved market conditions.

• Gregory Burns (Sidoti & Company) inquired about the time frame for new stores to become profitable and their impact on segment margins. President Debbie Propst said most stores turn profitable within a year, and the margin profile should improve as stores mature.

• Reuben Garner (Benchmark Company) asked for clarity on the magnitude and timing of order pull-forward due to tariffs. Stutz confirmed the estimate was $55–$60 million and that normalized order growth remained positive even after adjusting for this effect.

• Brian Gordon (Water Tower Research) sought details on whether order growth was primarily transactional or project-based in North America. President John Michael indicated growth was largely driven by larger project opportunities already in the pipeline.

Catalysts in Upcoming Quarters

Looking forward, the StockStory team is closely monitoring (1) the pace at which pricing actions offset tariff-related margin pressure, (2) the successful opening and ramp of new retail stores and their impact on segment profitability, and (3) continued strength in healthcare and public sector verticals. Execution on product innovation and the stabilization of commercial office demand will also be key markers of progress.

MillerKnoll currently trades at $21.09, up from $17.65 just before the earnings. Is there an opportunity in the stock?Find out in our full research report (it’s free).

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