The Bull Case For MillerKnoll (MLKN) Could Change Following Strong Q1 Earnings and US Store Expansion

• In the past few weeks, MillerKnoll announced strong first quarter results for fiscal 2026, highlighted by a year-over-year increase in sales to US$955.7 million and a turnaround to net income of US$20.2 million, alongside plans to open 12 to 15 new stores in the U.S. for the full fiscal year.
• A key insight from this announcement is the company's ability to deliver improved profitability and sales growth while actively expanding its retail footprint, signaling progress on several long-term strategic objectives.
• We'll explore how robust earnings growth and U.S. store expansion may influence MillerKnoll's investment narrative and future potential.

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MillerKnoll Investment Narrative Recap

To be a shareholder in MillerKnoll, one needs to believe in its ability to drive steady revenue growth and sustained profitability through U.S. retail expansion and improved operational execution, despite sector headwinds. The latest quarterly results and increased U.S. store openings support the most important near-term catalyst, growing retail presence and sales, but rising costs from tariffs and macro uncertainty remain the most pressing risk. These developments do not materially alter the risk profile, but confirm the company’s current retail-driven growth thesis.

Among several recent company updates, MillerKnoll’s guidance for second-quarter fiscal 2026 sales between US$926 million and US$966 million is particularly relevant. This guidance reflects management’s expectation of slight year-over-year sales moderation, normalizing earlier order timing, which directly impacts growth outlook and investor sentiment around the group’s short-term performance.

However, investors should also be aware that persistent macroeconomic uncertainty may impact demand or margins if...

Read the full narrative on MillerKnoll (it's free!)

MillerKnoll's narrative projects $4.0 billion in revenue and $293.0 million in earnings by 2028. This requires 3.2% yearly revenue growth and a $329.9 million increase in earnings from the current level of -$36.9 million.

Uncover how MillerKnoll's forecasts yield a $35.00 fair value, a 100% upside to its current price.

Exploring Other Perspectives

The Simply Wall St Community’s single fair value estimate for MillerKnoll stands at US$35 per share. As you consider the company’s ongoing U.S. retail expansion amid macro risk, keep in mind how differently individual investors may assess opportunity and risk in performance expectations.

Explore another fair value estimate on MillerKnoll - why the stock might be worth just $35.00!

Build Your Own MillerKnoll Narrative

Disagree with existing narratives? Create your own in under 3 minutes - extraordinary investment returns rarely come from following the herd.

• A great starting point for your MillerKnoll research is our analysis highlighting 3 key rewards and 2 important warning signs that could impact your investment decision.
• Our free MillerKnoll research report provides a comprehensive fundamental analysis summarized in a single visual - the Snowflake - making it easy to evaluate MillerKnoll's overall financial health at a glance.

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

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