MLHR - Herman Miller FQ2 home office sales jumped 270% over last year earning beat estimates

Herman Miller (MLHR) FQ2 reports show revenue of $626.3M, declining 7.1% Y/Y, beats consensus by $40.97M.Sales down 15% organically, which excludes the impacts of acquisitions and foreign currency translation. Retail and International momentum helped offset near-term demand pressures in North America contract.Home Office category led demand, and was up more than 270% over last year.Gross margin of 39%, reflects an increase of 110 basis points from last year.Strong expense control with operating expenses down $18.1 million from last year.Continued quarterly operating margin expansion over the prior year, including Retail operating margin of 16.7%.Non-GAAP Non-GAAP EPS of $0.89 beats by $0.33; GAAP EPS of $0.87 beats by $0.27.Outlook: revenue remains uncertain, expects temporary cost savings in fiscal 2021 of approximately $50M-60M to be largely re-established in fiscal 2022.Find contributor opinion in article 'Herman Miller: Soup Comes Cheap'Previously: Herman Miller EPS beats by $0.33, beats on revenue (Dec. 16)

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Herman Miller FQ2 home office sales jumped 270% over last year, earning beat estimates