MillerKnoll Inc (MLKN) 2025 Q4 法說會逐字稿

Good evening, and welcome to MillerKnoll's quarterly earnings conference call. As a reminder, this call is being recorded. I would now like to introduce your host for today's conference, Wendy Watson, Vice President of Investor relations.

晚上好，歡迎參加 MillerKnoll 季度財報電話會議。提醒一下，本次通話正在錄音。現在我想介紹今天會議的主持人，投資者關係副總裁溫蒂沃森 (Wendy Watson)。

Good evening. And welcome to our fourth quarter fiscal 2025 conference call. On with me are Andrea Owen, Chief Executive Officer; and Jeffrey Stutz, Chief Financial Officer. Joining them for the Q&A session are John Michael, President of North America Contract; and Debbie Propst, President of Global Retail.

晚安.歡迎參加我們的 2025 財年第四季電話會議。和我一起出席的是執行長 Andrea Owen 和財務長 Jeffrey Stutz。參加問答環節的還有北美合約總裁約翰‧麥可 (John Michael) 和全球零售總裁黛比‧普羅普斯特 (Debbie Propst)。

We issued our earnings press release for the quarter ended May 31, 2025 after market closed today, and it is available on our investor relations website at millerknoll.com. A replay of this call will be available on our website within 24 hours.

我們於今日股市收盤後發布了截至2025年5月31日的季度收益新聞稿，您可以在我們的投資者關係網站millerknoll.com上查閱。本次電話會議的重播將於24小時內在我們的網站上提供。

Before I turn the call over to Andy. Please remember our Safe Harbor disclosure regarding forward-looking information. During the call, management may discuss information that is forward-looking and involves known and unknown risks, uncertainties, and other factors that may cause the actual results to be different than those expressed or implied.

在我把電話轉給安迪之前。請記住我們關於前瞻性資訊的安全港披露。在電話會議中，管理階層可能會討論前瞻性訊息，涉及已知和未知的風險、不確定性和其他可能導致實際結果與明示或暗示的結果不同的因素。

Please evaluate the forward-looking information in the context of these factors which are detailed in today's press release. The forward-looking statements are made as of today's date, and except as may be required by law, we assume no obligation to update or supplement these statements. We also refer to certain non-gap financial metrics, and our press release includes the relevant non-gap reconciliations. With that, I'll turn the call over to Andy.

請根據今天的新聞稿中詳述的這些因素來評估前瞻性資訊。這些前瞻性陳述均截至今日作出，除非法律另有規定，否則我們不承擔更新或補充這些陳述的義務。我們也參考了某些非差距財務指標，我們的新聞稿中包含了相關的非差距對帳。說完這些，我會把電話轉給安迪。

Thanks Wendy. Good evening, everyone. And thank you so much for joining us tonight. We are very pleased with our strong finish to fiscal 2025, with our Q4 results significantly exceeding our expectations. Jess will share the details of our financial performance with you, but I want to briefly recap a few highlights from the past year that underscore our design leadership, speak to our opportunities ahead, and then discuss what we are currently seeing in our markets.

謝謝溫迪。大家晚上好。非常感謝您今晚加入我們。我們對 2025 財年的強勁表現感到非常滿意，第四季的業績大大超出了我們的預期。傑西將與您分享我們的財務業績細節，但我想簡要回顧過去一年的一些亮點，強調我們的設計領導力，談談我們未來的機遇，然後討論我們目前在市場上看到的情況。

First, I want to thank our teams across MillerKnoll for our accomplishments over the past year. In our contract businesses, we've made incredible progress, and we have multiple opportunities to grow our market share both in North America and internationally. We opened new Flagship locations in London and New York that include both Contract Showrooms, and Retail stores and have meaningfully elevated how we present the collective strength of our brands and products to customers.

首先，我要感謝 MillerKnoll 全體團隊在過去一年中所取得的成就。在我們的合約業務中，我們取得了令人難以置信的進步，並且我們有多個機會在北美和國際上擴大我們的市場份額。我們在倫敦和紐約開設了新的旗艦店，包括合約展廳和零售店，並顯著提升了我們向客戶展示品牌和產品整體實力的方式。

With these new locations, we've improved the quality of our customer interactions and have seen a significant increase in customer visits, positioning us to capitalize on our product and brand leadership as trends improve in our markets.

透過這些新地點，我們提高了客戶互動的質量，並且客戶訪問量顯著增加，這使我們能夠隨著市場趨勢的改善而充分利用我們的產品和品牌領導地位。

We've spent the past year reimagining what our newest flagship in Chicago's Fulton Market could be. We debuted this new comprehensive design center earlier this month at Design Days 2025. A Marquee event for the contract furniture industry. With two buildings at 110 and 1,144 West Fulton, we brought our collective closer together, making it easier for customers to see what's possible in spaces that reflect the ways people work, gather, heal, and create.

過去一年來，我們一直在重新構想我們在芝加哥富爾頓市場的最新旗艦店。我們在本月初在 2025 設計日上首次推出了這個新的綜合設計中心。合約家具業的大型活動。我們在西富爾頓街 110 號和 1,144 號擁有兩座建築，使我們的集體聯繫更加緊密，讓顧客更容易看到在反映人們工作、聚會、療養和創造方式的空間中所能實現的可能性。

Our new space highlights the unique strengths of the Herman Miller and Knoll brands, while also featuring our Herman Miller floor, and MillerKnoll floor designed to showcase the power of our combined portfolio and real world real world solutions through planned and purposeful design.

我們的新空間凸顯了 Herman Miller 和 Knoll 品牌的獨特優勢，同時也展示了我們的 Herman Miller 地板和 MillerKnoll 地板，旨在透過有計劃和有目的的設計來展示我們組合產品和現實世界解決方案的強大功能。

The space also features an expanded healthcare showroom. HAY's first North American showroom, new NaughtOne and Muuto spaces, as well as enhanced Herman Miller, Knool, Geiger, DatesWeiser, and Maharam showrooms.

該空間還設有一個擴大的醫療保健展示廳。HAY 的首個北美展廳、新的 NaughtOne 和 Muuto 空間，以及增強的 Herman Miller、Knool、Geiger、DatesWeiser 和 Maharam 展廳。

Like our London and New York locations, our Chicago showrooms include DWR and Herman Miller retail stores. Design Dave's highlighted the accomplishments of our design, creative and product teams over the past year. At this year's events, we introduced over 30 new products across our brands. It was an incredibly successful event for MillerKnoll, with booked appointments of 11% year over year.

就像我們的倫敦和紐約展廳一樣，我們的芝加哥展廳也包括 DWR 和 Herman Miller 零售店。設計戴夫重點介紹了我們的設計、創意和產品團隊在過去一年中的成就。在今年的活動中，我們推出了 30 多種旗下品牌的新產品。對於 MillerKnoll 來說，這是一個非常成功的活動，預訂量比去年同期增長了 11%。

As a pioneering tenant of Fulton Market and the founder of Design Days, we are thrilled that more and more customers, dealers, and A&D partners are coming to this event.

作為富爾頓市場的先鋒租戶和設計日的創始人，我們很高興看到越來越多的客戶、經銷商和 A&D 合作夥伴參加這項活動。

In our contract product portfolio, we are investing in targeted R&D and innovation. Four years into the combination of Herman Miller and knoll, we've had time to strategically review our unmatched product portfolio. Understand where there is differentiation, and identify where we have opportunities to add innovative new products or enhance product lines.

在我們的合約產品組合中，我們正在投資有針對性的研發和創新。赫曼米勒 (Herman Miller) 和諾爾 (knoll) 合併四年後，我們有時間從戰略上重新審視我們無與倫比的產品組合。了解哪裡存在差異，並確定哪裡有機會增加創新的新產品或增強產品線。

One of our latest innovations is Knoll Dividend Skyline, which we just introduced at Design Days. It offers a refined, flexible, and holistically integrated system that reimagines the open plan workplace for today's dynamic and compact office environments. It features a new planning typologies and a contemporized material palette empowering architects and designers to deliver a total interior.

我們最新的創新之一是 Knoll Dividend Skyline，我們剛剛在設計日上推出了它。它提供了一個精緻、靈活且整體整合的系統，重新構想了當今動態和緊湊的辦公環境的開放式工作場所。它採用了新的規劃類型和現代化的材料調色板，使建築師和設計師能夠設計完整的室內設計。

There are also recession resilient verticals that we will continue to go after with targeted R&D and product investment. For example, backed by research and real world insights, Herman Miller's new GEMMA Healthcare seating family is thoughtfully designed to support the diverse needs of patients, families, and caregivers, with a range of options including a recliner, a sleep chair, and a sleep sofa. Gemma combines intuitive functionality with a warm modern aesthetic that enhances any care environment.

我們也將繼續透過有針對性的研發和產品投資來應對經濟衰退的垂直產業。例如，在研究和現實世界洞察的支持下，Herman Miller 的新款 GEMMA 醫療保健座椅系列經過精心設計，可滿足患者、家人和照護者的不同需求，提供包括躺椅、睡椅和睡沙發在內的一系列選擇。Gemma 將直覺的功能與溫暖的現代美學相結合，可改善任何護理環境。

Each piece is easy to use, requiring simple movements to adjust, allowing users to focus on care rather than furniture. Scalable across various room sizes and available in multiple sizes, the Gemma recliner and its counterparts create a cohesive and comforting visual language throughout healthcare spaces. Ultimately, Gemma helps patients, families, and caregivers feel supported and at ease, making it a smart human-centered choice for today's healthcare environments.

每件產品都易於使用，只需簡單的動作即可調整，讓使用者可以專注於保養而不是家具。Gemma 躺椅及其同類產品可擴展至各種房間大小並有多種尺寸可供選擇，在整個醫療保健空間中創造出一種有凝聚力且舒適的視覺語言。最終，Gemma 幫助患者、家人和照護者感受到支持和安心，使其成為當今醫療保健環境中以人為本的明智選擇。

In higher education, Muuto and Hay's extensive assortment of ancillary and hospitality solutions can assist colleges and universities as they build out lounge areas, meeting spaces, and cafeterias for their growing populations. We also see exciting opportunities with Herman Miller Gaming in the higher education space. For example, we recently collaborated with the university on a state-of-the-art esports arena.

在高等教育領域，Muuto 和 Hay 提供各種各樣的輔助和接待解決方案，可以幫助學院和大學為不斷增長的學生建造休息區、會議空間和自助餐廳。我們也看到了 Herman Miller Gaming 在高等教育領域的巨大機會。例如，我們最近與大學合作建造了一個最先進的電子競技場。

Turning now to our accomplishments and growth opportunities in our global retail business, in fiscal 2025, we opened four beautiful new stores, including a DWR studio in Palm Springs that opened in concert with Modernism Week, a DWR in Paramus, New Jersey, and a Herman Miller store in Fairfax, Virginia, and one also in Coral Gables, Florida.

現在談談我們在全球零售業務中取得的成就和成長機會，在 2025 財年，我們開設了四家漂亮的新店，包括與現代主義周同期開業的棕櫚泉 DWR 工作室、新澤西州帕拉默斯的 DWR、弗吉尼亞州費爾法克斯的 Herman Miller 商店，以及佛羅裡達州科勒爾蓋布爾斯的一家 Herman Miller 商店。

In fiscal 2026, we expect to open an additional 10 to 15 new stores in the US as we continue our journey to more than double our DWR and Herman Miller store footprint over the next several years. Earlier this month, as I mentioned, we opened an expanded DWR store and a new Herman Miller store and our Chicago Fulton Markets flagship. In the next few months, we plan to open DWR stores in Sarasota, Florida, and Las Vegas, and a Herman Miller store in Philadelphia. We will follow this in the second quarter with a DWR store opening in Salt Lake City, and Herman Miller store openings in Nashville and El Segundo, California.

在 2026 財年，我們預計將在美國再開設 10 至 15 家新店，同時我們將繼續努力，在未來幾年內將 DWR 和 Herman Miller 門市數量增加一倍以上。正如我所提到的，本月早些時候，我們開設了一家擴建的 DWR 商店、一家新的 Herman Miller 商店和我們的芝加哥富爾頓市場旗艦店。在接下來的幾個月裡，我們計劃在佛羅裡達州薩拉索塔和拉斯維加斯開設 DWR 商店，並在費城開設一家 Herman Miller 商店。我們將在第二季在鹽湖城開設 DWR 商店，並在納許維爾和加州埃爾塞貢多開設 Herman Miller 商店。

In addition to growing our store footprint, we have several growth levers we can pull in the business over the next several years, including continuing to invest in product assortment expansion, increasing our e-commerce penetration, and expanding our brand awareness.

除了擴大我們的門市規模外，我們還有幾種可以在未來幾年推動業務成長的槓桿，包括繼續投資擴大產品種類、提高我們的電子商務滲透率以及擴大我們的品牌知名度。

These levers will allow us to drive revenue growth and also expand our brand awareness through targeted marketing and investments for new product launches and activities and events designed to introduce our brand to new customers. Additionally, each time we open a new store, we see a compelling halo effect of e-commerce growth and increased brand awareness in these new geographies.

這些手段將使我們能夠推動收入成長，並透過有針對性的行銷和新產品發布投資以及旨在向新客戶介紹我們品牌的活動和活動來擴大我們的品牌知名度。此外，每次我們開設一家新店，我們都會看到電子商務成長帶來的引人注目的光環效應以及這些新地區的品牌知名度的提高。

During fiscal 2025, we meaningfully expanded our retail product assortment, with new product launches increasing over 50% compared to the prior year. Going forward, we have opportunities to grow the breadth and depth of our product assortment in several key areas of the home.

在 2025 財年，我們大幅擴大了零售產品種類，新產品的推出量與前一年相比增加了 50% 以上。展望未來，我們有機會擴大家居幾個關鍵領域的產品種類的廣度和深度。

And finally, an accomplishment in the past year that is very personal to me is our new MillerKnoll archive space at our Michigan headquarters, showcasing over 100 years of design history. The new spaces has been well received by dealers, customers, and design partners. It's grounded in the belief that we must celebrate our iconic design heritage and learn from our legacy as we continue to innovate for the future. We were excited to have the archives opening featured in the CBS Saturday Morning segment on June 7.

最後，過去一年對我來說非常具有個人意義的成就是我們在密西根總部新建了 MillerKnoll 檔案空間，展示了 100 多年的設計歷史。新空間受到了經銷商、客戶和設計合作夥伴的一致好評。它基於這樣的信念：我們必須慶祝我們標誌性的設計遺產，並從我們的傳統中學習，同時繼續為未來進行創新。我們很高興能在 6 月 7 日的 CBS 週六早晨節目中介紹檔案的開放情況。

Now we'll turn to what we're seeing in our markets. In both our North America and international contract markets, we are cautiously optimistic while navigating what continues to be a very dynamic macroeconomic environment. Prior to tariffs being reimposed in January, we had seen three consecutive quarters of order growth in the North American contract segment. While the onset of tariffs interrupted this trend in the third quarter, we were pleased to see a return to order growth in the fourth quarter, which Jeff will detail shortly.

現在我們來看看我們在市場上看到的情況。在北美和國際合約市場中，我們都保持謹慎樂觀的態度，同時應對持續變化的宏觀經濟環境。在一月份重新徵收關稅之前，我們已經看到北美合約部門連續三個季度的訂單成長。雖然關稅的實施在第三季度打斷了這一趨勢，但我們很高興看到第四季度訂單恢復成長，Jeff 將很快詳細介紹。

In our international markets, we were especially pleased to see strength and increased activity in Europe and the UK. We are well positioned with our Flagship showrooms in the heart of London's Clerkenwell Design District. Thousands of customers, A&D partners, dealers, commercial real estate professionals, and project influencers came to our showroom over the three days of Clerkenwell Design Week in May. There's also a tremendous opportunity to grow Knoll internationally through their private office and elevated conference room solutions.

在我們的國際市場上，我們尤其高興地看到歐洲和英國的實力和活動不斷增加。我們的旗艦展廳位於倫敦克勒肯維爾設計區的中心地帶，地理位置優越。五月的克勒肯維爾設計週為期三天，數千名客戶、A&D 合作夥伴、經銷商、商業房地產專業人士和專案影響者來到了我們的展廳。透過私人辦公室和高級會議室解決方案，Knoll 還擁有巨大的國際發展機會。

Beyond our internal growth opportunities, we are also encouraged by several external factors that we expect to work in our favor in our contract businesses. More companies are now working in the office and focused on how to attract associates through upgraded spaces and elevated experiences that support being together. A recent study among Fortune 100 companies showed that days in the office have increased 68% since 2022. Office leasing activity is rising, and rent has fully recovered for Class A space. Since December 2024, BIFMA industry orders have consistently trended up on a year-over-year basis.

除了內部成長機會之外，我們還受到一些外部因素的鼓舞，我們預計這些因素將對我們的合約業務有利。現在，越來越多的公司在辦公室辦公，並專注於如何透過升級的空間和提升的體驗來吸引員工，從而支持他們在一起工作。財富 100 強企業最近的一項研究表明，自 2022 年以來，辦公室工作天數增加了 68%。辦公室租賃活動正在上升，甲級辦公空間的租金已完全恢復。自 2024 年 12 月以來，BIFMA 產業訂單一直呈現逐年上升趨勢。

Our internal indicators also give us reason to be optimistic. We are seeing the ingredients for a return to growth in contract, and we are well tuned to take advantage as the industry recovers. We have compelling competitive advantages, including an unmatched suite of products and a formidable distribution channel with world-class dealers who are well versed in the entire MillerKnoll product collective.

我們的內部指標也讓我們有理由感到樂觀。我們看到了合約恢復成長的因素，並且我們已做好充分準備，以利用行業復甦帶來的優勢。我們擁有令人信服的競爭優勢，包括無與倫比的產品套件和強大的分銷管道，以及熟悉整個 MillerKnoll 產品系列的世界級經銷商。

In a retail business, while we are similarly cautiously optimistic about the macroeconomic environment, as I have described, we have several levers we are willing to pull growth now, and that will put us in a position of strength when the housing market begins to recover. At the same time we're investing for growth across our businesses, we will continue to balance our approach for the long term. We are well positioned with cash flow and balance sheet strength to capitalize on opportunities.

在零售業務中，雖然我們對宏觀經濟環境同樣持謹慎樂觀的態度，但正如我所描述的，我們現在有幾個願意拉動成長的槓桿，當房地產市場開始復甦時，這將使我們處於有利地位。在我們為各項業務的成長進行投資的同時，我們將繼續平衡我們的長期策略。我們擁有充足的現金流和資產負債表實力，可以抓住機會。

We will focus on our customers, we will prudently manage our costs, and we will consistently deliver innovation, and we will invest for profitable growth.

我們將專注於我們的客戶，我們將謹慎地管理我們的成本，我們將持續進行創新，我們將為獲利成長進行投資。

To close, I'm so proud of our entire team for all their hard work and dedication in fiscal year 2025 and for the strong finish to the year. We are excited to see what we can accomplish together in fiscal 2026. I'll now hand it over to Jeff to discuss our results in more detail and share our perspective on fiscal 2026.

最後，我為我們整個團隊在 2025 財年的辛勤工作和奉獻精神以及今年的強勁收官感到自豪。我們很高興看到我們在 2026 財年能夠共同取得成就。現在我將把時間交給傑夫，讓他更詳細地討論我們的結果，並分享我們對 2026 財年的看法。

Thanks, Andy, and good evening, everyone. I'll start with an overview of our performance in the fourth quarter and some full year highlights, followed by our outlook and targets for the first quarter, including our most up to date view on tariffs.

謝謝，安迪，大家晚上好。我將首先概述我們第四季度的業績和一些全年亮點，然後介紹我們對第一季的展望和目標，包括我們對關稅的最新看法。

In the fourth quarter, we generated adjusted earnings of $0.60 per-share, significantly outperforming the midpoint of our guidance, driven by better than expected sales and strong gross margin performance that benefited from leverage on our sales growth.

第四季度，我們的調整後每股收益為 0.60 美元，大大超過了我們預期的中點，這得益於好於預期的銷售額和強勁的毛利率表現，這得益於我們銷售成長的槓桿作用。

Consolidated net sales in the fourth quarter were $962 million well above the midpoint of our guidance. Relative to the same quarter last year, net sales were up 8.2% on a reported basis and up 7.8% organically, driven by relative strength in all segments of the business.

第四季綜合淨銷售額為 9.62 億美元，遠高於我們預期的中位數。與去年同期相比，淨銷售額報告成長 8.2%，有機成長 7.8%，這得益於所有業務部門的相對強勁成長。

In North America contract we saw both strong orders and sales, which was partially enhanced by full forward activity ahead of our recently announced tariff surcharge and list price increase.

在北美合約中，我們看到了強勁的訂單和銷售，這在一定程度上得益於我們最近宣布的關稅附加費和標價上調之前的全面遠期活動。

New orders at the consolidated level in the fourth quarter were $1.04 billion, up 11.1% as reported and 10.7% higher on an organic basis. Our consolidated backlog increased by $78 million to $761 million from improved demand in the quarter.

第四季合併新訂單為 10.4 億美元，年增 11.1%，有機成長 10.7%。由於本季需求增加，我們的綜合積壓訂單增加了 7,800 萬美元，達到 7.61 億美元。

We were very pleased with our consolidated gross margin of 39.2% in the fourth quarter. While down slightly to last year, gross margin was up 130 basis points sequentially. Gross margin included a drag of approximately $7 million from tariff-related impacts to cost of goods sold, an amount right in line with the estimate we provided in our fourth quarter earnings guidance back in March.

我們對第四季 39.2% 的綜合毛利率感到非常滿意。毛利率雖然較去年同期略有下降，但較上季成長了 130 個基點。毛利率包括關稅相關影響對銷售成本造成的約 700 萬美元的拖累，這筆金額與我們 3 月在第四季獲利預測中提供的估計一致。

Given the volume of orders pulled forward ahead of our price surcharge and the normal time it takes to begin benefiting from list price changes in our contract businesses. We expect margins to be negatively impacted in the near term by tariffs currently in place, but remain confident our pricing actions will offset these later in the fiscal 2026.

考慮到提前加價的訂單量以及從合約業務的標價變化中開始受益所需的正常時間。我們預計，利潤率將在短期內受到現行關稅的負面影響，但我們仍然相信，我們的定價行動將在 2026 財年後期抵消這些影響。

Turning to cash flow in the balance sheet, we generated $71 million in cash flow from operations in the fourth quarter, driven by our strong sales and earnings performance. And we reduced our long-term debt by $5 million. We ended the quarter with $576 million of liquidity, and in April we amended our revolving credit facility and Term Loan A to extend their maturities to 2030. We finished the quarter with a net debt to EBITDA ratio of 2.88 turns, an amount comfortably under the maximum limit defined in our lending agreements.

談到資產負債表中的現金流，受強勁的銷售和獲利表現推動，我們在第四季度產生了 7,100 萬美元的營運現金流。我們將長期債務減少了 500 萬美元。本季末，我們的流動資金為 5.76 億美元，4 月份，我們修改了循環信貸額度和定期貸款 A，將其期限延長至 2030 年。本季結束時，我們的淨負債與 EBITDA 比率為 2.88 倍，遠低於我們的貸款協議中規定的最高限額。

With that, I'll now move to our performance by segment in the fourth quarter.

有了這些，我現在將轉向第四季各部門的業績。

Within our North America contract segment, net sales for the quarter were $496 million up just under 13% from the same quarter a year ago. New orders in the period were $568 million, reflecting growth of almost 16% over last year. We estimate new orders in the fourth quarter benefited from between $55 million and $60 million in demand pull forward in advance of implementing our tariff-related surcharge on April 21 and our price increase on June 2.

在我們的北美合約部門，本季淨銷售額為 4.96 億美元，比去年同期成長近 13%。該期間新訂單金額為 5.68 億美元，較去年同期成長近 16%。我們估計，第四季度的新訂單受益於 4 月 21 日實施關稅相關附加費和 6 月 2 日提價之前 5500 萬至 6000 萬美元的需求拉動。

Importantly, we believe these price actions have created a sense of urgency in the customers of our North America contract business, and our internal demand indicators in the quarter reflected this customer activity. Fourth quarter operating margin in the North America contract segment was 7.7% compared to break-even performance in the prior year.

重要的是，我們相信這些價格行動已經在我們的北美合約業務的客戶中產生了一種緊迫感，而我們本季的內部需求指標反映了這種客戶活動。北美合約部門第四季的營業利潤率為 7.7%，而去年同期則實現了盈虧平衡。

Adjusted operating margin improved 190 basis points in the quarter to 10%, primarily due to benefit of fixed expense leverage from higher net sales and favourable product mix partially offset by the tariff-related cost increases.

本季調整後的營業利潤率提高了 190 個基點，達到 10%，這主要得益於更高的淨銷售額和有利的產品組合帶來的固定費用槓桿效應，但被關稅相關的成本增加部分抵消。

In the international contract segment, net sales for the quarter improved to $186 million up 6.9% on a reported basis and up 5.5% on an organic basis year over year. New orders during the quarter were $190 million an increase of 3.6% on a reported basis and a 2.1% organic increase compared to the prior year. We were very pleased with the widespread sales and order growth in the quarter, with particular strength in our European markets. Our Latin America region also delivered strong sales growth in the quarter.

在國際合約領域，本季淨銷售額成長至 1.86 億美元，按報告基礎計算成長 6.9%，以有機基礎計算年增 5.5%。本季新訂單為 1.9 億美元，年增 3.6%，有機成長 2.1%。我們對本季的銷售和訂單普遍成長感到非常高興，尤其是歐洲市場的強勁成長。我們的拉丁美洲地區本季也實現了強勁的銷售成長。

In contrast to the North American segment, we do not believe our international contract business experienced any meaningful order pull ahead activity related to our previously announced list price increase. Reported operating margin for the international segment in the fourth quarter was 11.7% compared to 10.9% in the prior year. On an adjusted basis, segment operating margin was 12.9%, down 230 basis points, primarily from regional and product mix of sales and higher variable incentive compensation in the quarter versus last year.

與北美業務相比，我們認為我們的國際合約業務並未經歷與我們先前宣布的標價上漲相關的任何有意義的訂單提前活動。第四季國際部門的營業利潤率為 11.7%，去年同期為 10.9%。經調整後，分部營業利潤率為 12.9%，下降 230 個基點，主要原因是本季區域和產品銷售組合以及可變激勵薪酬較去年同期有所提高。

Turning to our global retail segment, net sales in the fourth quarter were $280 million, up 2.2% on a reported basis and up 1.4% organically. New orders in the quarter improved to $280 million up 7.5% to last year on a reported basis, and up 6.7% on an organic basis compared to the prior year. Operating margin in the retail segment was 5.3% in the quarter compared to 6% last year.

談到我們的全球零售部門，第四季淨銷售額為 2.8 億美元，報告成長 2.2%，有機成長 1.4%。本季新訂單金額增至 2.8 億美元，較去年同期成長 7.5%，與去年同期相比有機成長 6.7%。本季零售部門的營業利潤率為 5.3%，而去年同期為 6%。

On an adjusted basis, the operating margin was 6.5% this quarter, 210 basis points lower than in the prior year, primarily from new store opening costs, lower sales in the international regions, unfavourable product mix, and higher variable incentive compensation.

經調整後，本季營業利潤率為 6.5%，比上年下降 210 個基點，主要原因是新店開設成本、國際地區銷售額下降、產品組合不利以及可變激勵薪酬增加。

We opened two new stores in the fourth quarter, a DWR stores in Palm Springs, CA and Paramus, New Jersey, and two Herman Miller stores in Fairfax, VA and Coral Gables, Florida. And as Andy highlighted in her prepared comments, we have exciting plans to grow this segment further in the coming quarters through additional new store openings and expansion of our product assortment.

我們在第四季度開設了兩家新店，分別位於加州棕櫚泉和新澤西州帕拉默斯的一家 DWR 店，以及位於維吉尼亞州費爾法克斯和佛羅裡達州科勒爾蓋布爾斯的兩家 Herman Miller 店。正如安迪在她準備好的評論中所強調的那樣，我們制定了令人興奮的計劃，透過開設更多新店和擴大我們的產品種類，在未來幾季進一步擴大這一領域。

For the full fiscal year on a consolidated basis, net sales were $3.67 billion and adjusted earnings per share were $1.95. During fiscal 2025, we paid approximately $52 million in dividends, returned approximately $85 million to our shareholders in the form of share repurchases, and reduced our total outstanding debt by $10.8 million. Capital expenditures for the full year were $107.6 million.

全年合併淨銷售額為36.7億美元，調整後每股收益為1.95美元。 2025財年，我們支付了約5,200萬美元的股息，以股票回購的形式向股東返還了約8,500萬美元，並減少了1,080萬美元的未償債務總額。全年資本支出為1.076億美元。

In fiscal 2026, we expect capital expenditures to range between $120 million and $130 million. And as I mentioned, we closed fiscal 2025 with a strong balance sheet including $576 million of available liquidity.

在 2026 財年，我們預計資本支出將在 1.2 億美元至 1.3 億美元之間。正如我所提到的，我們在 2025 財年結束時擁有強勁的資產負債表，其中包括 5.76 億美元的可用流動資金。

Against the dynamic macroeconomic conditions we faced in 2025, I'm really proud of the efforts of our teams across MillerKnoll to continue to deliver the best products and experiences in our industry, allowing us to finish the year with strength.

面對 2025 年我們所面臨的動態宏觀經濟條件，我為 MillerKnoll 各團隊的努力感到非常自豪，他們繼續提供業內最好的產品和體驗，使我們能夠以強勁的勢頭結束這一年。

Now let's turn to fiscal 2026 and our Q1 guidance and outlook, which is informed by our most up to-date information on tariffs and related mitigation efforts. Our outlook reflects the normal seasonality we experience in the global retail segment as consumers shift spending to experiences and travel in the summer months.

現在讓我們來看看 2026 財年以及我們的第一季指導和展望，這些資訊是基於我們關於關稅和相關緩解措施的最新資訊。我們的展望反映了全球零售領域經歷的正常季節性，因為消費者在夏季將支出轉向體驗和旅行。

Given what remains a rather volatile environment with respect to tariff policies and geopolitical issues around the world, we are limiting our guidance this quarter to the first quarter only. We do, however, remain committed to being transparent and resuming our full year outlook for sales and earnings as visibility improves.

鑑於全球關稅政策和地緣政治問題的環境仍然相當不穩定，我們將本季的預測僅限於第一季。然而，我們仍然致力於保持透明度，並隨著知名度的提高恢復全年銷售和盈利展望。

Taking this into consideration in the first quarter of fiscal 2026, we expect net sales to range between $899 million and $939 million up 6.7% versus the prior year at the midpoint of $919 million. Gross margin is expected to range from 37.1% to 38.1%. Adjusted operating expenses is expected to range from $290 million to $300 million and adjusted diluted earnings per share are expected to range between $0.32 and $0.38.

考慮到這一點，我們預計 2026 財年第一季的淨銷售額將在 8.99 億美元至 9.39 億美元之間，比上年中點 9.19 億美元增長 6.7%。預計毛利率將在37.1%至38.1%之間。調整後的營業費用預計在 2.9 億美元至 3 億美元之間，調整後的每股攤薄收益預計在 0.32 美元至 0.38 美元之間。

The gross margin and EPS outlook includes our estimate of net tariffs currently in place. In total, we expect tariff-related costs to reduce Q1 earnings by between $9 million and $11 million before tax or between $0.09 and $0.11 per share after tax. To give some further context, currently, approximately 17% to 19% of our consolidated cost of goods sold is imported into the US from other countries. We expect the impact from the tariff-related cost to decrease over time as our pricing actions layer into the results.

毛利率和每股盈餘展望包括我們對現行淨關稅的估計。總體而言，我們預計關稅相關成本將使第一季稅前收益減少 900 萬至 1,100 萬美元，或稅後每股收益減少 0.09 至 0.11 美元。進一步說明一下，目前，我們合併銷售成本中約有 17% 至 19% 是從其他國家進口到美國的。我們預計，隨著我們的定價行動逐漸融入結果中，與關稅相關的成本的影響將逐漸減少。

Further, we believe our collective mitigation actions to fully offset these costs as we move into the second half of the fiscal year. Another factor to keep in mind that is included in our expectations for operating expense and EPS are the costs associated with planned new store openings in our Global Retail segment. Given the time it takes to prepare a new store for daily operation, we normally begin to incur occupancy and other preopening expenses one to two quarters before the first products are sold in the store.

此外，我們相信，隨著進入財政年度下半年，我們的集體緩解行動將完全抵銷這些成本。我們對營運費用和每股盈餘的預期中需要記住的另一個因素是與全球零售部門計劃開設新店相關的成本。考慮到新店日常營運的準備時間，我們通常會在店內銷售第一批產品前一到兩個季度開始產生佔用費用和其他開業前費用。

As Andy mentioned, we're opening three new stores this quarter. We estimate approximately $4 million to $7 million in operating expenses tied to these new locations in the first quarter. Further, we would expect to incur similar expenses in each quarter this year, consistent with our planned new store openings. For all other details related to our outlook, please refer to our press release.

正如安迪所提到的，我們本季將開設三家新店。我們估計第一季與這些新門市相關的營運費用約為 400 萬至 700 萬美元。此外，我們預計今年每季都會產生類似的費用，與我們計劃開設的新店一致。有關我們展望的所有其他詳細信息，請參閱我們的新聞稿。

And with that overview of the performance and outlook, I'll now turn the call over to the operator, and we'll take your questions.

在概述了業績和前景之後，我現在將電話轉給接線員，我們將回答您的問題。

Thank you. We will now begin the question-and-answer session. (Operator Instructions) Greg Burns, Sidoti & Company.

謝謝。我們現在開始問答環節。（操作員指示）Greg Burns，Sidoti & Company。

Good afternoon. So I just want to kind of dig into the pull-forward effect from the pricing actions you've taken, obviously, strong order growth this quarter. Can you just give us maybe a little bit of insight into what you've seen in the early part of the current quarter? Has that slowed down? And are orders going to -- do you expect orders, I guess, to be down year-over-year because of the pull forward? How has that dynamic played out since the quarter ended?

午安.因此，我只是想深入研究您所採取的定價行動所帶來的拉動效應，顯然，本季的訂單成長強勁。您能否向我們稍微介紹一下本季初期的情況？速度慢下來了嗎？訂單是否會——我猜，您是否預計訂單會因為提前而同比下降？自本季結束以來，這種動態如何發展？

Yes, Greg, this is Jeff. So we're three weeks -- we've got three weeks of data. And as we would fully expect, we're down mid-single digits in order entry in total at the consolidated level year-over-year during that period of time, which is in no way a surprise given the level of pull forward that we saw in the fourth quarter. So it's -- it lines right up with our expectations. Time will tell. As we progress through the quarter, our expectation is that we're going to resume growth, but we'll see where it goes.

是的，格雷格，這是傑夫。所以我們已經有三週了——我們有三週的數據。正如我們所預料的那樣，在此期間，我們的合併訂單總量同比下降了中個位數，但考慮到我們在第四季度看到的提前程度，這並不奇怪。所以這完全符合我們的預期。時間會證明一切。隨著本季度的進展，我們預計將恢復成長，但我們將看看它會走向何方。

Okay. And then in terms of the retail store openings, can you just talk about your confidence level in such, I guess, aggressive expansion this year or accelerating the expansion of the retail footprint this year given kind of the softer demand environment that we're currently in?

好的。然後就零售店開業而言，考慮到我們目前所處的需求較弱的環境，您能否談談您對今年這種積極擴張或加速零售足跡擴張的信心水平？

And then could you just talk about how long it takes a store to fully mature and start to absorb some of those incremental upfront costs? And then lastly, I guess, just what are your expectations for the margin profile of the retail business in the near term, given all the store openings that you project? Thank you.

然後您能否談談一家商店需要多長時間才能完全成熟並開始吸收一些增量的前期成本？最後，我想，考慮到您計劃開設的所有商店，您對短期內零售業務的利潤率狀況有何預期？謝謝。

You may have to repeat that three-part question, maybe, as we lean into it. So first, let me talk a little bit about the confidence in the retail business. It takes time to land real estate and open stores. So as we pace these 10 to 15 stores over the next 12 to 18 months, we anticipate that we will start to see a little bit better housing market, and we'll start to see things calm down a little bit.

當我們深入探討這個問題時，你可能需要重複這個由三個部分組成的問題。首先，讓我談談對零售業的信心。拿下房產和開店都需要時間。因此，隨著我們在未來 12 到 18 個月內陸續開設這 10 到 15 家門市，我們預計房地產市場將會好轉，市場狀況也會逐漸平靜下來。

So we have great confidence in that. But more importantly, we believe that our retail prospect in our stores, both the DWR brand and the Herman Miller brand lean into white space in the market that we do not see.So right now, we are very under-stored compared to our competitors. We are under-assorted. And if you compare us to many of the folks out there in the residential home furnishings market, we're filling a need.

所以我們對此非常有信心。但更重要的是，我們相信我們商店的零售前景，無論是 DWR 品牌還是 Herman Miller 品牌，都傾向於填補我們沒有看到的市場空白。因此，目前，與競爭對手相比，我們的庫存非常不足。我們的品種不夠齊全。如果你將我們與住宅家居裝飾市場上的許多公司進行比較，你會發現我們正在滿足一種需求。

So that gives us great confidence to open and expand. And I would say we are not moving any more quickly than we think is prudent, and we're certainly getting the best real estate as we do this. So we feel confident in how we're expanding. Debbie, what would you add? I think there was a question on margin profile.

這給了我們開放和擴張的極大信心。我想說的是，我們的行動速度不會比我們認為的更快，我們這樣做肯定會獲得最好的房地產。因此，我們對我們的擴張方式充滿信心。黛比，您還有什麼要補充的嗎？我認為這是一個關於保證金概況的問題。

Yes, we've shared that our long-term goal is to be in the mid-teens from an operating income performance for the segment and our growth strategy models us towards that over the next few years. And I think if you look at where some of our competitors were when they were at the fleet size that we have today, our operating income today is in line with where they were when they were at the fleet size that we have now.

是的，我們已經分享了我們的長期目標是使該部門的營業收入達到十五六個百分點，並且我們的成長策略將在未來幾年內為我們樹立這樣的榜樣。我認為，如果你看看我們的一些競爭對手在擁有我們今天所擁有的機隊規模時的情況，我們今天的營業收入與他們擁有我們現在所擁有的機隊規模時的情況是一致的。

So we're confident in modeling much because we're conservative and the expectation to have from these stores on the basis of current market conditions. So if market conditions improve, then we have instant upside to that strategy. And I would also add that the assortment growth is an important lever, too, alongside store growth because our entire fleet will become more productive as we grow our assortment, and our expectations around store performance in the new markets will also improve as our assortment grows.

因此，我們對建模很有信心，因為我們比較保守，並且根據當前的市場狀況對這些商店的預期。因此，如果市場條件改善，那麼我們的策略就會立即受益。我還要補充一點，除了門市成長之外，商品種類的成長也是一個重要的槓桿，因為隨著商品種類的增加，我們的整個車隊將變得更加高效，而且隨著商品種類的增加，我們對新市場門市表現的預期也會提高。

And I think he also mentioned about store, time to maturity.

我認為他也提到了商店、成熟時間。

So the time to mature -- in our current FY26 planning, the new store possessions become less of a drag in the back half of this year. So right now, we're carrying -- in Q1, we'll carry seven possessions that we don't have open yet. So the time to maturity on -- well, the time from possession to opening on a Herman Miller is only about two to four months, and it's about three to six months on a DWR. And then the stores become profitable within the first year, faster for Herman Miller just because it's a smaller footprint.

因此，成熟的時機——在我們目前的 FY26 規劃中，新店的擁有在今年下半年不再那麼重要。因此現在，我們在第一季將擁有七項尚未開放的財產。因此，成熟時間——嗯，從擁有到打開 Herman Miller 的時間只有大約兩到四個月，而 DWR 的時間大約是三到六個月。然後商店在第一年內就開始盈利，對於 Herman Miller 來說，盈利速度更快，因為它的佔地面積較小。

Okay. Great. And then just to clarify, I appreciate kind of the long-term model on where you see the operating margins heading. But should we just expect kind of margins to be around that 5% level, I guess, in the near term until these stores mature and then you start to see leverage like for the next couple of quarters? Should our expectation be that, that models -- that margins stay at these current levels?

好的。偉大的。然後需要澄清的是，我很欣賞您關於營業利潤率走向的長期模型。但是，我猜，在短期內，我們是否應該預期利潤率將在 5% 左右，直到這些商店成熟，然後您開始看到未來幾季的槓桿作用？我們的預期是否應該是利潤率維持在目前水準？

Yes. I would hold there as you look at the shares and investment, Greg. And just from a cautious standpoint, I think, certainly in year two and three, we'll see that start to pump up. But right now, that feels like a safe place to bet.

是的。格雷格，當你看股票和投資時，我會持有它。從謹慎的角度來看，我認為，在第二年和第三年，我們肯定會看到這種情況開始好轉。但目前，那裡感覺像是一個安全的下注地點。

Okay great. Thank you.

好的，太好了。謝謝。

Reuben Garner, Benchmark Company.

魯本·加納（Reuben Garner），Benchmark 公司。

Thanks. Good evening, guys. Jeff, can you clarify, did you say that you guys estimated that North American pull forward was in the range of $55 million to $60 million in the quarter. Is that right?

謝謝。大家晚上好。傑夫，你能澄清一下嗎，你是否說過你們估計本季北美的拉動額在 5500 萬美元到 6000 萬美元之間。是嗎？

Yes, that's accurate. Well, and Reuben, just to clarify, that's North America, but that's our estimate for the consolidated enterprise as well because we just -- there was no meaningful pull ahead at all that we estimate in the international side of the business. So yes.

是的，非常準確。好吧，魯本，需要澄清的是，這是北美，但這也是我們對合併企業的估計，因為我們只是 - 我們估計在國際業務方面根本沒有任何有意義的領先。是的。

Okay. And is there any way to gauge like what period that was actually pulled forward from? In other words, like was that all pulled out of the month of June? Was it pulled from things that were in the pipeline for the rest of the year? And then in the past, you guys have kind of given us some of your internal metrics like the 12-month funnel and otherwise, how have those trended? I know last quarter was a little bit more mixed, but are those still tracking positively?

好的。有什麼方法可以判斷實際上是從哪個時期開始向前推移的嗎？換句話說，這一切都是從六月開始的嗎？它是否是從今年剩餘時間正在籌備的事情中抽出來的？然後在過去，你們曾向我們提供一些內部指標，例如 12 個月的漏斗，以及其他指標的趨勢如何？我知道上個季度的情況有點複雜，但這些情況仍然呈現正面趨勢嗎？

Yes. Go ahead, John.

是的。繼續吧，約翰。

Sure. Reuben, it's John. From a -- in terms of where the orders are going to fall when they start to ship, significant amount in Q1 and Q2 and obviously, a lesser amount in the back half of the year. You might recall in the last couple of quarterly calls, we pointed at a funnel called awarded, not ordered yet. And so those were things where customers were just hesitating for whatever reason. And I think the pricing actions sort of provided some motivation to sort of get off the fence and get the orders placed.

當然。魯本，我是約翰。從開始出貨時訂單量下降的情況來看，第一季和第二季的訂單量會大幅下降，而下半年的訂單量顯然會減少。您可能還記得，在最近幾次季度電話會議中，我們指出了一個名為「已授予但尚未訂購」的漏斗。所以這些都是顧客因為某些原因而猶豫的事情。我認為定價行動在某種程度上提供了一些動力，促使人們下定決心並下訂單。

From a leading indicators perspective, looking at the funnel, I think if you look at funnel additions, still very strong. Pricing requests were up over 35% year-over-year. Contract activations were actually up over 50% year-over-year, that's from the time we let pricing to the time we actually see an order. Mark-up activity was still very robust. So I think, overall, all the leading indicators still continue to point in the right direction.

從領先指標的角度來看，看看漏斗，我認為如果你看漏斗的增加，它仍然非常強勁。定價請求年增超過35%。從我們定價到我們實際看到訂單的時間，合約啟動量實際上同比增長了 50％ 以上。加價活動仍然非常強勁。因此我認為，總體而言，所有領先指標仍然指向正確的方向。

And does anything jump out whether it's geographically or in terms of end markets within the North American Contract channel that stand out in the quarter or size of customers, size of projects, or anything like that?

無論是從地理位置或從北美合約通路內的終端市場來看，在季度、客戶規模、專案規模或類似方面有什麼突出的嗎？

Yes, we're still seeing a lot of strength in the key verticals that we're focused on, those being public sector and health care. In terms of order or project size, we've seen growth in the $1 million to $5 million category. And really across all the different vertical segments, pretty strong growth. The only one that's down slightly is banking, but that's off of a very significant comp from -- against last year.

是的，我們仍然看到我們所關注的關鍵垂直領域，即公共部門和醫療保健領域，具有很大的優勢。就訂單或項目規模而言，我們看到 100 萬美元至 500 萬美元類別的成長。在所有不同的垂直領域，成長確實相當強勁。唯一略有下降的是銀行業，但與去年相比，下降幅度非常大。

Yes, Reuben, this is Jeff. If I can just -- sorry, I just want to jump in and add one more bit of color on the pull ahead. We still have -- if you normalize for that pull ahead, there was still mid-single-digit order growth in the Americas Contract segment for the quarter. So I wouldn't want you to walk away and assume that all the pull ahead, if you normalize for it, creates a negative story. We still felt really good about the underlying demand indicators.

是的，魯本，這是傑夫。如果我可以的話 - 抱歉，我只是想跳進去並在前面添加一點顏色。我們仍然有 - 如果你將這種提前增長正常化，那麼本季度美洲合約部門的訂單仍然保持中等個位數增長。因此，我不希望您離開並假設，如果您將其正常化，那麼所有的領先都會產生負面故事。我們仍然對潛在的需求指標感到非常滿意。

Great. And then next question is on the profitability. So what you're suggesting is because of the pull forward, you're facing the tariffs, but you don't have the surcharge to offset it. How long? Is that just a one quarter dynamic? Or does that kind of lead into Q2 and Q3 as well when these orders are ultimately shipped?

偉大的。下一個問題是關於獲利能力。所以你的意思是，由於提前，你面臨關稅，但沒有附加費來抵消它。多久？這僅僅是一個季度的動態嗎？或者當這些訂單最終發貨時，這是否也會導致 Q2 和 Q3 的結果？

Reuben, that's typically a two-quarter dynamic for us. So we imagine it will be the biggest impact in Q1. It'll lessen a bit in Q2, and then we should see pretty healthy coverage in Q3 and Q4. Jeff, would you add to that?

魯本，這對我們來說通常是一個兩個季度的動態。因此我們預計它將對第一季產生最大的影響。在第二季度，這一趨勢會減弱，然後我們應該會看到在第三和第四季度，覆蓋率會相當健康。傑夫，你還有什麼補充嗎？

Yes, I think that's right. And I think it's important to note that the issue with pull ahead, the nature of pulled is that customers are trying to get their order in, in front of the effectivity of these price changes, be it a surcharge or a list price increase. So what you have is we grew backlog $78 million in the quarter.

是的，我認為是這樣。我認為需要注意的是提前下單的問題，提前下單的本質是客戶試圖在價格變動生效之前下單，無論是附加費還是標價上漲。因此，本季我們的積壓訂單增加了 7,800 萬美元。

A large portion of that backlog, the large majority of that backlog was pre-pricing. So that's part of the reason why as we go through Q1 and Q2, we're going to see the sales book not have the full benefit of pricing because of that pull ahead. And that's not an unusual dynamic in this business.

積壓訂單的很大一部分，絕大多數都是預先定價的。因此，這就是為什麼當我們經歷第一季和第二季時，我們會看到銷售帳簿由於提前定價而無法充分享受定價優勢的原因之一。而這在該行業中並不是什麼不尋常的現象。

Okay. And then if I could sneak one more in on the balance sheet and cash flow, starting a new fiscal year, Jeff, any thoughts on the puts and takes of what might impact free cash flow this year and or kind of targeted leverage levels by the end of the year?

好的。然後，如果我可以在資產負債表和現金流上再偷偷加一點內容，開始一個新的財政年度，傑夫，對於今年可能影響自由現金流或年底目標槓桿水平的因素有什麼看法？

Yes. I think what I'll say is, in my prepared comments, I highlighted the fact that we were -- we leaned into share buybacks in fiscal 2025. We have -- we've made a real conscious effort to turn our attention to twoprimary areas, and part of which is informing a higher CapEx estimate, and that is the build-out of these stores that we've talked about, but also a focus on paying down debt.

是的。我想說的是，在我準備好的評論中，我強調了我們傾向於在 2025 財年進行股票回購的事實。我們已經做出了真正的有意識的努力，將注意力轉向兩個主要領域，其中一部分是告知更高的資本支出估算，也就是我們談到的這些商店的建設，同時也注重償還債務。

We were opportunistic with the share buybacks, but we also acknowledge the need to manage that debt level down, particularly in an environment like this where you have geopolitical uncertainty and so forth. So we think that, that's the prudent approach. And so those are going to be the fundamental areas we're going to focus on.

我們對股票回購抱持，但我們也承認需要降低債務水平，特別是在目前地緣政治不確定性等環境下。所以我們認為這是謹慎的做法。因此，這些將是我們要關注的基本領域。

Great, thank you guys. Good luck in the new fiscal year.

太好了，謝謝大家。祝新財年好運。

Brian Gordon, Water Tower Research.

布萊恩·戈登（Brian Gordon），水塔研究公司。

Hey, good afternoon, everyone. First, I just kind of wanted to dig in a little bit on what you saw in the sales and order growth for North American Contract. I'm trying to get a handle on how much of that pretty robust growth was kind of more transactional or shovel-ready projects and how much of it was genuine pull forward of larger projects?

嘿，大家下午好。首先，我只是想深入了解您在北美合約的銷售和訂單成長方面看到的情況。我想弄清楚這種相當強勁的成長有多少是交易性較強或準備開工的項目，又有多少是大型項目的真正推動？

Brian, this is John. I would say that most of it -- much of it obviously had been in the funnel for a period of time. So you would consider that more project-oriented business. Did we pick up some day-to-day business as a result of the pricing actions? I'm sure we did. But the vast majority of it came from project opportunities.

布萊恩，這是約翰。我想說的是，其中大部分——顯然大部分已經在漏斗中停留了一段時間了。所以你會認為這是一個更以專案為導向的業務。我們是否透過定價行動獲得了一些日常業務？我確信我們做到了。但其中絕大部分來自於專案機會。

Okay. And my next question maybe is best for Debbie. I was kind of wondering, did you see any indications of like significant demand pull forward on the retail side? And then kind of maybe as a quick follow-up to that, has the environment been getting more promotional from your standpoint?

好的。我的下一個問題也許最適合問黛比。我有點好奇，您是否看到零售方面需求大幅提早的跡象？那麼也許作為對此的快速跟進，從您的角度來看，環境是否得到了更多的宣傳？

Thanks for the question. So maybe I'll just start by saying we're really happy with the quarter because across all of our retail brands, channels and regions, we saw growth versus last year with pricing increasing offsetting incremental discounting where that did exist. And no real pull forward to speak of outside of a small amount in our Holly Hunt business, where we do have a surcharge that was implemented in the quarter.

謝謝你的提問。因此，我首先想說的是，我們對本季感到非常滿意，因為在我們所有的零售品牌、通路和地區中，我們都看到了與去年相比的成長，價格的上漲抵消了存在的增量折扣。除了我們的 Holly Hunt 業務中的少量成長外，並沒有真正的成長可言，我們在本季確實實施了附加費。

Great. Thank you very much.

偉大的。非常感謝。

There are no further questions. We turn the floor back to President and CEO, Andy Owen for any closing remarks.

沒有其他問題了。我們將發言權交還給總裁兼執行長安迪歐文 (Andy Owen)，請他發表最後演說。

Great. Thank you all so much for your support at MillerKnoll, and we look forward to updating you again next quarter. Have a good night.

偉大的。非常感謝大家對 MillerKnoll 的支持，我們期待下個季度再次為您更新資訊。祝你晚安。

Ladies and gentlemen, this concludes today's conference call. Thank you all for joining, and you may now disconnect.

女士們、先生們，今天的電話會議到此結束。感謝大家的加入，現在可以斷開連線了。