ZEELAND, Mich. — In its fourth quarter/fiscal year earnings report, MillerKnoll cited a number of economic factors as posing difficulties, “particularly for the luxury housing market and discretionary spending on goods,” such as higher interest rates, regional banking crisis and lower consumer confidence.

Net sales for the three months ended June 3 were down 13.1% from the year-ago period, to $956.7 million, faring better for the fiscal year at a 3.6% increase to $4.09 billion.

Gross margin in the quarter was 37.1%, up 230 basis points from the same time last year and mainly driven by the realization of price optimization strategies and benefits from integration synergies.

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Earlier this year, a clip from our internal town hall – in which I discussed meeting our fiscal year goals and ongoing inquiries about bonuses – was leaked, and subsequently went viral.

During the Q&A period, I made comments that were intended to rally our team members while answering their questions. Following the town hall, it was evident that my comments did not land as I had intended. Questions immediately began to swirl about my compensation, and misinformation spread across news outlets and social media.

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Amalgamated Bank, a leading institutional investor, has reduced its stake in MillerKnoll, Inc. (NASDAQ:MLKN) by 31.5% during the fourth quarter, according to its recent filing with the Securities and Exchange Commission. The investor held 34,433 shares of the organization’s stock after selling 15,818 shares in Q4. This move has been made at a time when MillerKnoll is grappling with the impact of COVID-19 on global operations.

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