CONSUMER HARDLINES

MillerKnoll, Inc. (NASDAQ: MLKN)

3QFY23 Adjusted EPS Beats but Revenues Miss; 4QFY23 Guidance Disappoints

Update Note · 27 Mar 2023

After market close Wednesday, March 22, MillerKnoll reported 3QFY23 adjusted EPS of $0.54, $0.12 higher than our estimate and consensus. GAAP EPS of $0.01 missed by $0.31, caused primarily by a $37.2 million charge for closing Fully, a Knoll brand. 3QFY23 revenues of $985 million missed our est...

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Steelcase, Inc. (NYSE: SCS)

Steelcase Beats on Adjusted EPS, Top Line; Sees Positive Order Trend in Early 1QFY24 and Guides Higher for FY24

Update Note · 24 Mar 2023

Steelcase reported 4QFY23 on March 22 after the close, with a beat on adjusted EPS and revenues. Guidance for FY24 beat estimates, then in print.

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MillerKnoll, Inc. (NASDAQ: MLKN)

Fireside Chat: CFO Jeff Stutz, Americas President John Michael, and VP of Global Research and Insights Ryan Anderson March 30, 2023, at 3:00 pm ET

Fireside Chat Invitation · 20 Mar 2023

We invite you to join us on Thursday, March 30, 2023, at 3:00 pm ET for a conversation with MillerKnoll’s CFO Jeff Stutz, Americas President John Michael, and VP of Global Research and Insights Ryan Anderson. MillerKnoll is the largest US-based designer and manufacturer of office furniture.

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Commercial/Contract Furniture/Consumer Hardlines Industry News: Orders Remain Negative, but Trend toward Flat against Tough Comparisons; Sales Continue to Benefit from Backlog, Albeit at Slowing Pace

Industry Report · 17 Mar 2023

This note addresses the Business Institutional Furniture Manufacturers Association’s (BIFMA) Monthly Market Pulse (MMP) of incoming orders and sales for January 2023. About 50+ BIFMA member companies voluntarily submit monthly sales and orders to a national accounting firm that aggregates and rep...

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January Mattress Imports Bump Higher versus December; Sourcing from Vietnam Rebounds

Industry Report · 15 Mar 2023

This note addresses the January 2023 mattress import data posted on the Department of Commerce, US International Trade Commission DataWeb at https://dataweb.usitc.gov. We track imports for three specific Harmonized Tariff System 10-digit codes (HTS-10) that define adult mattresses. HTS import uni...

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HNI Corporation (NYSE: HNI)

HNI Announces Acquisition of Kimball International; Focus on Strategic and Cultural Alignment

Update Note · 08 Mar 2023

Before market open on March 8, HNI announced the acquisition of Kimball International (NASDAQ: KBAL), a smaller competitor of HNI’s Workplace Furnishings segment. HNI will pay about $485 million, consisting of cash ($9/KBAL share), stock (0.1301 HNI/KBAL share), and ~$46 million in KBAL net debt.

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Culp, Inc. (NYSE: CULP)

Gale-Force Headwinds Rage against Culp Top Line and Profits; Company Takes Shelter in Sturdy Cash Position

Update Note · 03 Mar 2023

After the close Wednesday, Culp reported a 3QFY23 GAAP EPS loss of $0.73 on sales of $52.5 million, both missing our estimates (loss of $0.49, sales of $57 million) and consensus (loss of $0.62 and $54.9 million). Adjusted for a restructuring charge, the EPS loss was $0.67.

CONSUMER HARDLINES

Kimball International, Inc. (NASDAQ: KBAL)

Initiating Coverage

Initiation Of Coverage Report · 27 Feb 2023

We are initiating research coverage of Kimball International. For shareholders and potential investors, Kimball’s relevant history began in 1949 when Arnold Habig led the acquisition and reorganization of Midwest Manufacturing, a struggling manufacturer based in Jasper, Indiana.

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HNI Corporation (NYSE: HNI)

Margin Improvement Evident in 4Q22; Sales Headwinds Remain into 2023

Update Note · 27 Feb 2023

Before market open on February 23, HNI reported 4Q22 results that were better than we expected on both the top line (a modest beat) and margins (a significant beat). Results were also ahead of consensus.