The following is excerpted from the question-and-answer section of the transcript.
(Questions from industry analysts are provided in full, but answers are omitted - download the transcript to see the full question-and-answer session)
Question: Gregory Burns - Sidoti & Company LLC - Analyst
: Good afternoon, just wanted to talk a little bit about the recent industry consolidation. Has -- does that in any way change the competitive outlook
for you in terms of how you go to market? And do you feel like there needs to be maybe further consolidation or is M&A or acquisitions on the
table for you in terms of maybe gaining greater scale in any areas of the business? Thanks.
Question: Gregory Burns - Sidoti & Company LLC - Analyst
: Okay. And I know you're focused in the retail business on North America. But can you just maybe talk about the rest of the world seems to be
lagging kind of the performance that you're delivering in North America. Longer term, maybe what your view is for those markets, how you might
be able to bolster them or have them catch up to what you're doing in North America?
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SEPTEMBER 23, 2025 / 9:00PM, MLKN.OQ - Q1 2026 MillerKnoll Inc Earnings Call
Question: Gregory Burns - Sidoti & Company LLC - Analyst
: Okay, thank you.
Question: Doug Lane - Water Tower Research LLC - Analyst
: Yes, hi, good evening, everybody. Thank you. I'm trying to understand how these tariffs have impacted your business because there's a lot of
moving parts as a result of all this. So can we start with just in the first quarter, you had $8 million of net tariff-related impact. And does that mean
there was some mitigation to the tariffs? You did get some pricing or some cost reductions or is that mostly just the cost of the tariffs at this point?
Question: Doug Lane - Water Tower Research LLC - Analyst
: Okay. So well underway to the mitigation efforts and the disruption to order patterns because of the buy ahead for the tariff sounds like it's pretty
much behind us. And the way to address that is to sort of look at the fourth quarter and first quarter in aggregate to capture the broader trends.
And then beginning in the second quarter, we kind of -- I don't want to say back to normal, but back to more normal ordering and sales patterns.
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SEPTEMBER 23, 2025 / 9:00PM, MLKN.OQ - Q1 2026 MillerKnoll Inc Earnings Call
Question: Doug Lane - Water Tower Research LLC - Analyst
: Right, right. That's very helpful. And then at the adjusted operating profit line where margins were up in the quarter, I know you don't have a full
year number out here, but should we be modeling improvements in the adjusted operating profit margin for this year despite all these cross
currents?
Question: Doug Lane - Water Tower Research LLC - Analyst
: Okay, fair enough. Thank you.
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