Herman Miller results strongly affected by COVID-19

U.S. - Herman Miller, Inc. announced results for its fourth quarter ended May 30, 2020 of the 2019/2020 financial year. Net sales in the quarter totaled USD 475.7 million, a decrease of 29.1% from the same quarter last fiscal year.

900HERMANMILLERNew orders in the fourth quarter of USD 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.

For the full fiscal year, net sales were USD 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.

The fourth quarter operating loss of USD 211.4 million and net loss of USD 178.3 million also resulted in negative earnings for the full year. The operating loss is reported at USD 38.4 million and the net loss at USD 14.4 million. Last year, Herman Miller had operating income of USD 203.5 million and net income (profit) of USD 160.5 million.

The outbreak of COVID-19 has created a high degree of uncertainty throughout the global economy. Due to this uncertainty, and the rapidly changing effects of risk mitigation efforts to control the outbreak around the world, it is not possible to reasonably estimate the impact of the outbreak on business or financial results in the near-term. Accordingly, the company is to withhold providing guidance for the upcoming quarter while this uncertainty persists.

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