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

This content was created by MarketWatch, which is operated by Dow Jones & Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal.

(END) Dow Jones Newswires

07-12-23 1645ET

Copyright (c) 2023 Dow Jones & Company, Inc.