Herman Miller Reports Fourth Quarter Fiscal 2020 Results
Decisive actions during the quarter to adjust spending levels in the near-term
Strong liquidity with cash and cash equivalents of $454 million and positive cash flow generation
Well-positioned strategically for commercial and residential opportunities ahead
Webcast to be held Tuesday, June 30, 2020, at 9:30AM ET
June 29, 2020
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Herman Miller, Inc., 855 East Main Avenue, PO Box 302, Zeeland, MI 49464-0302
NOTE: A data supplement with additional financial information relating to the periods covered by this press release is available for download from the Company’s website at http://www.hermanmiller.com/investors. A copy of this supplemental data file has also been included with this press release filed on Form 8-K with the Securities and Exchange Commission.
Herman Miller, Inc. (NASDAQ: MLHR) today announced results for its fourth quarter ended May 30, 2020. Net sales in the quarter totaled $475.7 million, a decrease of 29.1% from the same quarter last fiscal year. New orders in the fourth quarter of $535.3 million were 19.4% below the prior year level.
On an organic basis, which excludes the impact of acquisitions and foreign currency translation, net sales and orders in the fourth quarter decreased by 34.9% and 25.3%, respectively, compared to the same quarter last fiscal year.
Herman Miller reported a net loss per share of $2.95 in the fourth quarter compared to diluted earnings per share of $0.78 in the same quarter last fiscal year. Excluding impairment charges, restructuring expenses, and other special charges, adjusted earnings per share in the fourth quarter totaled $0.11 compared to adjusted earnings per share of $0.88 in the fourth quarter of last fiscal year.
For the full fiscal year, net sales were $2,486.6 million, reflecting a year-over-year decrease of 3.1%. On an organic basis, net sales decreased by 6.6% compared to last fiscal year. Loss per share for the full year totaled $0.15 compared to diluted earnings per share of $2.70 last year. On an adjusted basis, diluted earnings per share totaled $2.61 in fiscal 2020 compared to $2.97 in fiscal 2019.
Andi Owen, President and Chief Executive Officer, stated, “While the final quarter of fiscal 2020 unfolded in ways we could not have imagined at the beginning of the fiscal year, I’m incredibly proud of our global teams for the ways they have come together to overcome the disruptions brought on by COVID-19. From ensuring the health and safety of our employees, finding ways to support our communities and first responders, and helping take swift action on our spending levels, I’m grateful for the tremendous efforts of our people. As we look ahead, we are encouraged - the global economy is beginning to restart and our strategy positions us extremely well for the opportunities ahead. We are actively applying our knowledge and research capabilities to help our customers re-imagine both their office spaces and their home environments. Our multi-channel distribution model supports a diverse revenue base that allows us to reach commercial and residential audiences across the globe. In particular, our digital transformation roadmap has become even more of an imperative and we expect these investments will help us leverage opportunities to serve the changing needs of our customers in the months ahead. Finally, our innovation capabilities will help us grow our broad line-up of products and services by designing new solutions to solve new challenges. We believe our clear set of priorities and differentiated business model will enable Herman Miller to emerge from this period an even stronger and more capable leader in the markets we serve.”