Michigan (State or Other Jurisdiction of incorporation) | 001-15141 (Commission File No.) | 38-0837640 (IRS Employer Identification no.) | |||
855 East Main Avenue Zeeland, Michigan (Address of Principal Executive Offices) | 49464 (Zip Code) |
Dated: | September 18, 2017 | HERMAN MILLER, INC. | ||
(Registrant) | ||||
By: | /s/ Kevin J. Veltman Kevin J. Veltman | |||
Vice President of Investor Relations & Treasurer (Duly Authorized Signatory for Registrant) |
Three Months Ended | Fiscal Year Ended | ||||||||||||||
September 3, 2016 | December 3, 2016 | March 4, 2017 | June 3, 2017 | June 3, 2017 | |||||||||||
Net Sales | |||||||||||||||
North America | $ | 347.2 | $ | 313.9 | $ | 294.5 | $ | 321.0 | 1,276.6 | ||||||
ELA | 97.3 | 107.6 | 88.0 | 92.6 | 385.5 | ||||||||||
Specialty | 78.7 | 76.4 | 69.3 | 73.6 | 298.0 | ||||||||||
Consumer | 75.4 | 79.6 | 73.1 | 90.0 | 318.1 | ||||||||||
Corporate Unallocated Expenses | — | — | — | — | — | ||||||||||
Total | $ | 598.6 | $ | 577.5 | $ | 524.9 | $ | 577.2 | $ | 2,278.2 | |||||
Gross Margin | |||||||||||||||
North America | $ | 130.0 | $ | 112.9 | $ | 105.6 | $ | 119.6 | 468.1 | ||||||
ELA | 34.2 | 36.9 | 29.2 | 32.8 | 133.1 | ||||||||||
Specialty | 32.5 | 31.7 | 28.1 | 29.9 | 122.2 | ||||||||||
Consumer | 33.3 | 36.3 | 32.6 | 38.6 | 140.8 | ||||||||||
Corporate Unallocated Expenses | — | — | — | — | — | ||||||||||
Total | $ | 230.0 | $ | 217.8 | $ | 195.5 | $ | 220.9 | $ | 864.2 | |||||
Gross Margin % Net Sales | |||||||||||||||
North America | 37.4 | % | 36.0 | % | 35.9 | % | 37.3 | % | 36.7 | % | |||||
ELA | 35.1 | % | 34.3 | % | 33.2 | % | 35.4 | % | 34.5 | % | |||||
Specialty | 41.3 | % | 41.5 | % | 40.5 | % | 40.6 | % | 41.0 | % | |||||
Consumer | 44.2 | % | 45.6 | % | 44.6 | % | 42.9 | % | 44.3 | % | |||||
Corporate Unallocated Expenses | n/a | n/a | n/a | n/a | n/a | ||||||||||
Total | 38.4 | % | 37.7 | % | 37.2 | % | 38.3 | % | 37.9 | % | |||||
Operating Earnings (Loss) | |||||||||||||||
North America | $ | 50.9 | $ | 38.9 | $ | 35.9 | $ | 50.3 | 176.0 | ||||||
ELA | 8.5 | 12.1 | 6.5 | 8.8 | 35.9 | ||||||||||
Specialty | 5.7 | 5.2 | 1.3 | (4.1 | ) | 8.1 | |||||||||
Consumer | 0.8 | 1.8 | (0.7 | ) | 2.9 | 4.8 | |||||||||
Corporate Unallocated Expenses | (9.5 | ) | (8.4 | ) | (8.0 | ) | (8.1 | ) | (34.0 | ) | |||||
Total | $ | 56.4 | $ | 49.6 | $ | 35.0 | $ | 49.8 | $ | 190.8 | |||||
Operating Earnings % Net Sales | |||||||||||||||
North America | 14.7 | % | 12.4 | % | 12.2 | % | 15.7 | % | 13.8 | % | |||||
ELA | 8.7 | % | 11.2 | % | 7.4 | % | 9.5 | % | 9.3 | % | |||||
Specialty | 7.2 | % | 6.8 | % | 1.9 | % | (5.6 | )% | 2.7 | % | |||||
Consumer | 1.1 | % | 2.3 | % | (1.0 | )% | 3.2 | % | 1.5 | % | |||||
Corporate Unallocated Expenses | n/a | n/a | n/a | n/a | n/a | ||||||||||
Total | 9.4 | % | 8.6 | % | 6.7 | % | 8.6 | % | 8.4 | % |
Three Months Ended | Fiscal Year Ended | ||||||||||||||
August 29, 2015 | November 28, 2015 | February 27, 2016 | May 28, 2016 | May 28, 2016 | |||||||||||
Net Sales | |||||||||||||||
North America | $ | 322.1 | $ | 333.2 | $ | 295.7 | $ | 318.4 | $ | 1,269.4 | |||||
ELA | 102.5 | 100.7 | 98.9 | 110.5 | 412.6 | ||||||||||
Specialty | 73.8 | 72.6 | 71.7 | 76.1 | 294.2 | ||||||||||
Consumer | 67.0 | 73.9 | 70.2 | 77.6 | 288.7 | ||||||||||
Corporate Unallocated Expenses | — | — | — | — | — | ||||||||||
Total | $ | 565.4 | $ | 580.4 | $ | 536.5 | $ | 582.6 | $ | 2,264.9 | |||||
Gross Margin | |||||||||||||||
North America | $ | 121.1 | $ | 125.9 | $ | 109.8 | $ | 124.0 | $ | 480.8 | |||||
ELA | 34.9 | 35.9 | 34.8 | 37.2 | 142.8 | ||||||||||
Specialty | 30.2 | 29.5 | 29.3 | 31.7 | 120.7 | ||||||||||
Consumer | 30.7 | 33.0 | 34.0 | 32.2 | 129.9 | ||||||||||
Corporate Unallocated Expenses | — | — | — | — | — | ||||||||||
Total | $ | 216.9 | $ | 224.3 | $ | 207.9 | $ | 225.1 | $ | 874.2 | |||||
Gross Margin % Net Sales | |||||||||||||||
North America | 37.6 | % | 37.8 | % | 37.1 | % | 38.9 | % | 37.9 | % | |||||
ELA | 34.0 | % | 35.7 | % | 35.2 | % | 33.7 | % | 34.6 | % | |||||
Specialty | 40.9 | % | 40.6 | % | 40.9 | % | 41.7 | % | 41.0 | % | |||||
Consumer | 45.8 | % | 44.7 | % | 48.4 | % | 41.5 | % | 45.0 | % | |||||
Corporate Unallocated Expenses | n/a | n/a | n/a | n/a | n/a | ||||||||||
Total | 38.4 | % | 38.6 | % | 38.8 | % | 38.6 | % | 38.6 | % | |||||
Operating Earnings (Loss) | |||||||||||||||
North America | $ | 49.9 | $ | 50.8 | $ | 38.7 | $ | 48.2 | $ | 187.6 | |||||
ELA | 7.8 | 8.7 | 7.8 | 15.9 | 40.2 | ||||||||||
Specialty | 3.7 | 3.7 | 3.5 | 4.1 | 15.0 | ||||||||||
Consumer | 3.8 | 2.7 | 2.8 | (1.2 | ) | 8.1 | |||||||||
Corporate Unallocated Expenses | (10.1 | ) | (10.4 | ) | (8.5 | ) | (10.4 | ) | (39.4 | ) | |||||
Total | $ | 55.1 | $ | 55.5 | $ | 44.3 | $ | 56.6 | $ | 211.5 | |||||
Operating Earnings % Net Sales | |||||||||||||||
North America | 15.5 | % | 15.2 | % | 13.1 | % | 15.1 | % | 14.8 | % | |||||
ELA | 7.6 | % | 8.6 | % | 7.9 | % | 14.4 | % | 9.7 | % | |||||
Specialty | 5.0 | % | 5.1 | % | 4.9 | % | 5.4 | % | 5.1 | % | |||||
Consumer | 5.7 | % | 3.7 | % | 4.0 | % | (1.5 | )% | 2.8 | % | |||||
Corporate Unallocated Expenses | n/a | n/a | n/a | n/a | n/a | ||||||||||
Total | 9.7 | % | 9.6 | % | 8.3 | % | 9.7 | % | 9.3 | % |
Three Months Ended | Fiscal Year Ended | ||||||||||||||
September 3, 2016 | December 3, 2016 | March 4, 2017 | June 3, 2017 | June 3, 2017 | |||||||||||
North American Furniture Solutions | |||||||||||||||
Operating Earnings (Loss) | $ | 50.9 | $ | 38.9 | $ | 35.9 | $ | 50.3 | $ | 176.0 | |||||
% of Net Sales | 14.7 | % | 12.4 | % | 12.2 | % | 15.7 | % | 13.8 | % | |||||
Less: Gain on sale of dealer | — | — | (0.7 | ) | — | (0.7 | ) | ||||||||
Add: Restructuring and Impairment Expenses | — | 0.7 | 1.5 | 0.7 | 2.9 | ||||||||||
Adjusted Operating Earnings (Loss) | $ | 50.9 | $ | 39.6 | $ | 36.7 | $ | 51.0 | $ | 178.2 | |||||
% of Net Sales | 14.7 | % | 12.6 | % | 12.5 | % | 15.9 | % | 14.0 | % | |||||
Other Income (Expense), net | — | — | — | — | — | ||||||||||
Add: Depreciation and Amortization | 6.3 | 7.0 | 7.1 | 7.9 | 28.3 | ||||||||||
Adjusted EBITDA | $ | 57.2 | $ | 46.6 | $ | 43.8 | $ | 58.9 | $ | 206.5 | |||||
% of Net Sales | 16.5 | % | 14.8 | % | 14.9 | % | 18.3 | % | 16.2 | % |
ELA Furniture Solutions | |||||||||||||||
Operating Earnings (Loss) | $ | 8.5 | $ | 12.1 | $ | 6.5 | $ | 8.8 | $ | 35.9 | |||||
% of Net Sales | 8.7 | % | 11.2 | % | 7.4 | % | 9.5 | % | 9.3 | % | |||||
Add: Restructuring and Impairment Expenses | — | 0.2 | 0.7 | 0.1 | 1.0 | ||||||||||
Adjusted Operating Earnings (Loss) | $ | 8.5 | $ | 12.3 | $ | 7.2 | $ | 8.9 | $ | 36.9 | |||||
% of Net Sales | 8.7 | % | 11.4 | % | 8.2 | % | 9.6 | % | 9.6 | % | |||||
Other Income (Expense), net | — | — | — | — | — | ||||||||||
Add: Depreciation and Amortization | 2.5 | 2.4 | 2.3 | 2.2 | 9.4 | ||||||||||
Adjusted EBITDA | $ | 11.0 | $ | 14.7 | $ | 9.5 | $ | 11.1 | $ | 46.3 | |||||
% of Net Sales | 11.3 | % | 13.7 | % | 10.8 | % | 12.0 | % | 12.0 | % |
Three Months Ended | Fiscal Year Ended | ||||||||||||||
September 3, 2016 | December 3, 2016 | March 4, 2017 | June 3, 2017 | June 3, 2017 | |||||||||||
Specialty | |||||||||||||||
Operating Earnings (Loss) | $ | 5.7 | $ | 5.2 | $ | 1.3 | $ | (4.1 | ) | $ | 8.1 | ||||
% of Net Sales | 7.2 | % | 6.8 | % | 1.9 | % | (5.6 | )% | 2.7 | % | |||||
Add: Restructuring and Impairment Expenses | — | 0.1 | 0.5 | 7.4 | 8.0 | ||||||||||
Adjusted Operating Earnings (Loss) | $ | 5.7 | $ | 5.3 | $ | 1.8 | $ | 3.3 | $ | 16.1 | |||||
% of Net Sales | 7.2 | % | 6.9 | % | 2.6 | % | 4.5 | % | 5.4 | % | |||||
Other Income (Expense), net | — | — | — | — | — | ||||||||||
Add: Depreciation and Amortization | 2.4 | 2.1 | 2.3 | 2.6 | 9.4 | ||||||||||
Adjusted EBITDA | $ | 8.1 | $ | 7.4 | $ | 4.1 | $ | 5.9 | $ | 25.5 | |||||
% of Net Sales | 10.3 | % | 9.7 | % | 5.9 | % | 8.0 | % | 8.6 | % |
Consumer | |||||||||||||||
Operating Earnings (Loss) | $ | 0.8 | $ | 1.8 | $ | (0.7 | ) | $ | 2.9 | $ | 4.8 | ||||
% of Net Sales | 1.1 | % | 2.3 | % | (1.0 | )% | 3.2 | % | 1.5 | % | |||||
Add: Restructuring and Impairment Expenses | — | — | — | 0.6 | 0.6 | ||||||||||
Adjusted Operating Earnings (Loss) | $ | 0.8 | $ | 1.8 | $ | (0.7 | ) | $ | 3.5 | $ | 5.4 | ||||
% of Net Sales | 1.1 | % | 2.3 | % | (1.0 | )% | 3.9 | % | 1.7 | % | |||||
Other Income (Expense), net | — | — | — | — | — | ||||||||||
Add: Depreciation and Amortization | 2.3 | 2.5 | 2.7 | 2.7 | 10.2 | ||||||||||
Adjusted EBITDA | $ | 3.1 | $ | 4.3 | $ | 2.0 | $ | 6.2 | $ | 15.6 | |||||
% of Net Sales | 4.1 | % | 5.4 | % | 2.7 | % | 6.9 | % | 4.9 | % |
Corporate Unallocated Expenses | |||||||||||||||
Operating Earnings (Loss) | $ | (9.5 | ) | $ | (8.4 | ) | $ | (8.0 | ) | $ | (8.1 | ) | $ | (34.0 | ) |
Add: Restructuring and Impairment Expenses | — | — | — | — | — | ||||||||||
Adjusted Operating Earnings (Loss) | $ | (9.5 | ) | $ | (8.4 | ) | $ | (8.0 | ) | $ | (8.1 | ) | $ | (34.0 | ) |
Other Income (Expense), net | 0.6 | (0.4 | ) | 0.8 | 1.0 | 2.0 | |||||||||
Add: Depreciation and Amortization | 0.4 | 0.4 | 0.4 | 0.4 | 1.6 | ||||||||||
Adjusted EBITDA | $ | (8.5 | ) | $ | (8.4 | ) | $ | (6.8 | ) | $ | (6.7 | ) | $ | (30.4 | ) |
Herman Miller, Inc. | |||||||||||||||
Operating Earnings (Loss) | $ | 56.4 | $ | 49.6 | $ | 35.0 | $ | 49.8 | $ | 190.8 | |||||
% of Net Sales | 9.4 | % | 8.6 | % | 6.7 | % | 8.6 | % | 8.4 | % | |||||
Less: Gain on sale of dealer | — | — | (0.7 | ) | — | (0.7 | ) | ||||||||
Add: Restructuring and Impairment Expenses | — | 1.0 | 2.7 | 8.8 | 12.5 | ||||||||||
Adjusted Operating Earnings (Loss) | $ | 56.4 | $ | 50.6 | $ | 37.0 | $ | 58.6 | $ | 202.6 | |||||
% of Net Sales | 9.4 | % | 8.7 | % | 7.0 | % | 10.2 | % | 8.9 | % | |||||
Other Income (Expense), net | 0.6 | (0.4 | ) | 0.8 | 1.0 | 2.0 | |||||||||
Add: Depreciation and Amortization | 13.9 | 14.4 | 14.8 | 15.8 | 58.9 | ||||||||||
Adjusted EBITDA | $ | 70.9 | $ | 64.6 | $ | 52.6 | $ | 75.4 | $ | 263.5 | |||||
% of Net Sales | 11.9 | % | 11.2 | % | 10.0 | % | 13.1 | % | 11.6 | % |
Three Months Ended | Fiscal Year Ended | ||||||||||||||
August 29, 2015 | November 28, 2015 | February 27, 2016 | May 28, 2016 | May 28, 2016 | |||||||||||
North American Furniture Solutions | |||||||||||||||
Operating Earnings (Loss) | $ | 49.9 | $ | 50.8 | $ | 38.7 | $ | 48.2 | $ | 187.6 | |||||
% of Net Sales | 15.5 | % | 15.2 | % | 13.1 | % | 15.1 | % | 14.8 | % | |||||
Less: Non-recurring Gains | — | — | — | — | — | ||||||||||
Adjusted Operating Earnings (Loss) | 49.9 | 50.8 | 38.7 | 48.2 | 187.6 | ||||||||||
% of Net Sales | 15.5 | % | 15.2 | % | 13.1 | % | 15.1 | % | 14.8 | % | |||||
Other Income (Expense), net | — | — | — | — | — | ||||||||||
Add: Depreciation and Amortization | 6.8 | 6.4 | 5.3 | 6.0 | 24.5 | ||||||||||
Adjusted EBITDA | $ | 56.7 | $ | 57.2 | $ | 44.0 | $ | 54.2 | $ | 212.1 | |||||
% of Net Sales | 17.6 | % | 17.2 | % | 14.9 | % | 17.0 | % | 16.7 | % |
ELA Furniture Solutions | |||||||||||||||
Operating Earnings (Loss) | $ | 7.8 | $ | 8.7 | $ | 7.8 | $ | 15.9 | $ | 40.2 | |||||
% of Net Sales | 7.6 | % | 8.6 | % | 7.9 | % | 14.4 | % | 9.7 | % | |||||
Less: Non-recurring Gains | — | — | — | (6.1 | ) | (6.1 | ) | ||||||||
Adjusted Operating Earnings (Loss) | 7.8 | 8.7 | 7.8 | 9.8 | 34.1 | ||||||||||
% of Net Sales | 7.6 | % | 8.6 | % | 7.9 | % | 8.9 | % | 8.3 | % | |||||
Other Income (Expense), net | — | — | — | — | — | ||||||||||
Add: Depreciation and Amortization | 2.2 | 2.4 | 2.3 | 2.2 | 9.1 | ||||||||||
Adjusted EBITDA | $ | 10.0 | $ | 11.1 | $ | 10.1 | $ | 12.0 | $ | 43.2 | |||||
% of Net Sales | 9.8 | % | 11.0 | % | 10.2 | % | 10.9 | % | 10.5 | % |
Specialty | |||||||||||||||
Operating Earnings (Loss) | $ | 3.7 | $ | 3.7 | $ | 3.5 | $ | 4.1 | $ | 15.0 | |||||
% of Net Sales | 5.0 | % | 5.1 | % | 4.9 | % | 5.4 | % | 5.1 | % | |||||
Less: Non-recurring Gains | — | — | — | — | — | ||||||||||
Adjusted Operating Earnings (Loss) | 3.7 | 3.7 | 3.5 | 4.1 | 15.0 | ||||||||||
% of Net Sales | 5.0 | % | 5.1 | % | 4.9 | % | 5.4 | % | 5.1 | % | |||||
Other Income (Expense), net | — | — | — | — | — | ||||||||||
Add: Depreciation and Amortization | 2.4 | 2.4 | 2.2 | 2.4 | 9.4 | ||||||||||
Adjusted EBITDA | $ | 6.1 | $ | 6.1 | $ | 5.7 | $ | 6.5 | $ | 24.4 | |||||
% of Net Sales | 8.3 | % | 8.4 | % | 7.9 | % | 8.5 | % | 8.3 | % |
Three Months Ended | Fiscal Year Ended | ||||||||||||||
August 29, 2015 | November 28, 2015 | February 27, 2016 | May 28, 2016 | May 28, 2016 | |||||||||||
Consumer | |||||||||||||||
Operating Earnings (Loss) | $ | 3.8 | $ | 2.7 | $ | 2.8 | $ | (1.2 | ) | $ | 8.1 | ||||
% of Net Sales | 5.7 | % | 3.7 | % | 4.0 | % | (1.5 | )% | 2.8 | % | |||||
Less: Non-recurring Gains | — | — | — | — | — | ||||||||||
Adjusted Operating Earnings (Loss) | 3.8 | 2.7 | 2.8 | (1.2 | ) | 8.1 | |||||||||
% of Net Sales | 5.7 | % | 3.7 | % | 4.0 | % | (1.5 | )% | 2.8 | % | |||||
Other Income (Expense), net | — | — | — | — | — | ||||||||||
Add: Depreciation and Amortization | 2.0 | 2.3 | 2.2 | 2.1 | 8.6 | ||||||||||
Adjusted EBITDA | $ | 5.8 | $ | 5.0 | $ | 5.0 | $ | 0.9 | $ | 16.7 | |||||
% of Net Sales | 8.7 | % | 6.8 | % | 7.1 | % | 1.2 | % | 5.8 | % |
Corporate Unallocated Expenses | |||||||||||||||
Operating Earnings (Loss) | $ | (10.1 | ) | $ | (10.4 | ) | $ | (8.5 | ) | $ | (10.4 | ) | $ | (39.4 | ) |
Less: Non-recurring Gains | — | — | — | — | — | ||||||||||
Adjusted Operating Earnings (Loss) | (10.1 | ) | (10.4 | ) | (8.5 | ) | (10.4 | ) | (39.4 | ) | |||||
Other Income (Expense), net | (0.5 | ) | 0.4 | (0.6 | ) | 1.2 | 0.5 | ||||||||
Add: Depreciation and Amortization | 0.3 | 0.4 | 0.3 | 0.4 | 1.4 | ||||||||||
Adjusted EBITDA | $ | (10.3 | ) | $ | (9.6 | ) | $ | (8.8 | ) | $ | (8.8 | ) | $ | (37.5 | ) |
Herman Miller, Inc. | |||||||||||||||
Operating Earnings (Loss) | $ | 55.1 | $ | 55.5 | $ | 44.3 | $ | 56.6 | $ | 211.5 | |||||
% of Net Sales | 9.7 | % | 9.6 | % | 8.3 | % | 9.7 | % | 9.3 | % | |||||
Less: Non-recurring Gains | — | — | — | (6.1 | ) | (6.1 | ) | ||||||||
Adjusted Operating Earnings (Loss) | 55.1 | 55.5 | 44.3 | 50.5 | 205.4 | ||||||||||
% of Net Sales | 9.7 | % | 9.6 | % | 8.3 | % | 8.7 | % | 9.1 | % | |||||
Other Income (Expense), net | (0.5 | ) | 0.4 | (0.6 | ) | 1.2 | 0.5 | ||||||||
Add: Depreciation and Amortization | 13.7 | 13.9 | 12.3 | 13.1 | 53.0 | ||||||||||
Adjusted EBITDA | $ | 68.3 | $ | 69.8 | $ | 56.0 | $ | 64.8 | $ | 258.9 | |||||
% of Net Sales | 12.1 | % | 12.0 | % | 10.4 | % | 11.1 | % | 11.4 | % |
Fiscal 2017 | Fiscal 2016 | |||||||||||||||||||||||||||||
Three Months Ended | YTD | Three Months Ended | YTD | |||||||||||||||||||||||||||
September 3, 2016 | December 3, 2016 | March 4, 2017 | June 3, 2017 | June 3, 2017 | August 29, 2015 | November 28, 2015 | February 27, 2016 | May 28, 2016 | May 28, 2016 | |||||||||||||||||||||
North American Furniture Solutions | ||||||||||||||||||||||||||||||
Net Sales | $ | 347.2 | $ | 313.9 | $ | 294.5 | $ | 321.0 | $ | 1,276.6 | $ | 322.1 | $ | 333.2 | $ | 295.7 | $ | 318.4 | $ | 1,269.4 | ||||||||||
% change from prior year | 7.8 | % | (5.8 | )% | (0.4 | )% | 0.8 | % | 0.6 | % | ||||||||||||||||||||
Proforma Adjustments | ||||||||||||||||||||||||||||||
Dealer Divestitures | — | — | — | — | — | — | — | (2.8 | ) | (6.0 | ) | (8.8 | ) | |||||||||||||||||
Currency Translation Effects | 0.3 | 0.1 | (0.9 | ) | 1.2 | 0.7 | — | — | — | — | — | |||||||||||||||||||
Impact of Extra Week in FY17 | (21.7 | ) | — | — | — | (21.7 | ) | — | — | — | — | — | ||||||||||||||||||
Net Sales, proforma | $ | 325.8 | $ | 314.0 | $ | 293.6 | $ | 322.2 | $ | 1,255.6 | $ | 322.1 | $ | 333.2 | $ | 292.9 | $ | 312.4 | $ | 1,260.6 | ||||||||||
% change from prior year | 1.1 | % | (5.8 | )% | 0.2 | % | 3.1 | % | (0.4 | )% |
ELA Furniture Solutions | ||||||||||||||||||||||||||||||
Net Sales | $ | 97.3 | $ | 107.6 | $ | 88.0 | $ | 92.6 | $ | 385.5 | $ | 102.5 | $ | 100.7 | $ | 98.9 | $ | 110.5 | $ | 412.6 | ||||||||||
% change from prior year | (5.1 | )% | 6.9 | % | (11.0 | )% | (16.2 | )% | (6.6 | )% | ||||||||||||||||||||
Proforma Adjustments | ||||||||||||||||||||||||||||||
Dealer Divestitures | — | — | — | — | — | (8.8 | ) | (4.9 | ) | (6.6 | ) | (10.5 | ) | (30.8 | ) | |||||||||||||||
Currency Translation Effects | 3.2 | 4.3 | 3.6 | 2.8 | 13.9 | — | — | — | — | — | ||||||||||||||||||||
Impact of Extra Week in FY17 | (6.3 | ) | — | — | — | (6.3 | ) | — | — | — | — | — | ||||||||||||||||||
Net Sales, proforma | $ | 94.2 | $ | 111.9 | $ | 91.6 | $ | 95.4 | $ | 393.1 | $ | 93.7 | $ | 95.8 | $ | 92.3 | $ | 100.0 | $ | 381.8 | ||||||||||
% change from prior year | 0.5 | % | 16.8 | % | (0.8 | )% | (4.6 | )% | 3.0 | % |
Specialty | ||||||||||||||||||||||||||||||
Net Sales | $ | 78.7 | $ | 76.4 | $ | 69.3 | $ | 73.6 | $ | 298.0 | $ | 73.8 | $ | 72.6 | $ | 71.7 | $ | 76.1 | $ | 294.2 | ||||||||||
% change from prior year | 6.6 | % | 5.2 | % | (3.3 | )% | 3.3 | % | 1.3 | % | ||||||||||||||||||||
Proforma Adjustments | ||||||||||||||||||||||||||||||
Dealer Divestitures | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Currency Translation Effects | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Impact of Extra Week in FY17 | (4.3 | ) | — | — | — | (4.3 | ) | — | — | — | — | — | ||||||||||||||||||
Net Sales, proforma | $ | 74.4 | $ | 76.4 | $ | 69.3 | $ | 73.6 | $ | 293.7 | $ | 73.8 | $ | 72.6 | $ | 71.7 | $ | 76.1 | $ | 294.2 | ||||||||||
% change from prior year | 0.8 | % | 5.2 | % | (3.3 | )% | (3.3 | )% | (0.2 | )% |
Consumer | ||||||||||||||||||||||||||||||
Net Sales | $ | 75.4 | $ | 79.6 | $ | 73.1 | $ | 90.0 | $ | 318.1 | $ | 67.0 | $ | 73.9 | $ | 70.2 | $ | 77.6 | $ | 288.7 | ||||||||||
% change from prior year | 12.5 | % | 7.7 | % | 4.1 | % | 16.0 | % | 10.2 | % | ||||||||||||||||||||
Proforma Adjustments | ||||||||||||||||||||||||||||||
Dealer Divestitures | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Currency Translation Effects | 0.1 | — | (0.1 | ) | — | — | — | — | — | — | — | |||||||||||||||||||
Impact of Extra Week in FY17 | (4.7 | ) | — | — | — | (4.7 | ) | — | — | — | — | — | ||||||||||||||||||
Net Sales, proforma | $ | 70.8 | $ | 79.6 | $ | 73.0 | $ | 90.0 | $ | 313.4 | $ | 67.0 | $ | 73.9 | $ | 70.2 | $ | 77.6 | $ | 288.7 | ||||||||||
% change from prior year | 5.7 | % | 7.7 | % | 4.0 | % | 16.0 | % | 8.6 | % |
Herman Miller, Inc. | ||||||||||||||||||||||||||||||
Net Sales | $ | 598.6 | $ | 577.5 | $ | 524.9 | $ | 577.2 | $ | 2,278.2 | $ | 565.4 | $ | 580.4 | $ | 536.5 | $ | 582.6 | $ | 2,264.9 | ||||||||||
% change from prior year | 5.8 | % | (0.5 | )% | (2.2 | )% | (0.9 | )% | 0.6 | % | ||||||||||||||||||||
Proforma Adjustments | ||||||||||||||||||||||||||||||
Dealer Divestitures | — | — | — | — | — | (8.8 | ) | (4.9 | ) | (9.4 | ) | (16.5 | ) | (39.6 | ) | |||||||||||||||
Currency Translation Effects | 3.6 | 4.4 | 2.6 | 4.0 | 14.6 | — | — | — | — | — | ||||||||||||||||||||
Impact of Extra Week in FY17 | (37.0 | ) | — | — | — | (37.0 | ) | — | — | — | — | — | ||||||||||||||||||
Net Sales, proforma | $ | 565.2 | $ | 581.9 | $ | 527.5 | $ | 581.2 | $ | 2,255.8 | $ | 556.6 | $ | 575.5 | $ | 527.1 | $ | 566.1 | $ | 2,225.3 | ||||||||||
% change from prior year | 1.5 | % | 1.1 | % | 0.1 | % | 2.7 | % | 1.4 | % |
Fiscal 2017 | Fiscal 2016 | |||||||||||||||||||||||||||||
Three Months Ended | YTD | Three Months Ended | YTD | |||||||||||||||||||||||||||
September 3, 2016 | December 3, 2016 | March 4, 2017 | June 3, 2017 | June 3, 2017 | August 29, 2015 | November 28, 2015 | February 27, 2016 | May 28, 2016 | May 28, 2016 | |||||||||||||||||||||
North American Furniture Solutions | ||||||||||||||||||||||||||||||
Net Orders | $ | 333.3 | $ | 322.1 | $ | 318.4 | $ | 311.6 | $ | 1,285.4 | $ | 316.4 | $ | 333.5 | $ | 280.8 | $ | 339.0 | $ | 1,269.7 | ||||||||||
% change from prior year | 5.3 | % | (3.4 | )% | 13.4 | % | (8.1 | )% | 1.2 | % | ||||||||||||||||||||
Proforma Adjustments | ||||||||||||||||||||||||||||||
Dealer Divestitures | — | — | — | — | — | — | — | (4.7 | ) | (8.0 | ) | (12.7 | ) | |||||||||||||||||
Currency Translation Effects | 0.4 | 0.1 | (1.5 | ) | 1.1 | 0.1 | — | — | — | — | — | |||||||||||||||||||
Price Increase Pull Forward Impact | — | — | (20.0 | ) | 20.0 | — | — | — | — | — | — | |||||||||||||||||||
Impact of Extra Week in FY17 | (20.0 | ) | — | — | — | (20.0 | ) | — | — | — | — | — | ||||||||||||||||||
Net Orders, proforma | $ | 313.7 | $ | 322.2 | $ | 296.9 | $ | 332.7 | $ | 1,265.5 | $ | 316.4 | $ | 333.5 | $ | 276.1 | $ | 331.0 | $ | 1,257.0 | ||||||||||
% change from prior year | (0.9 | )% | (3.4 | )% | 7.5 | % | 0.5 | % | 0.7 | % |
ELA Furniture Solutions | ||||||||||||||||||||||||||||||
Net Orders | $ | 109.8 | $ | 99.7 | $ | 85.6 | $ | 89.8 | $ | 384.9 | $ | 108.2 | $ | 112.7 | $ | 94.5 | $ | 101.7 | $ | 417.1 | ||||||||||
% change from prior year | 1.5 | % | (11.5 | )% | (9.4 | )% | (11.7 | )% | (7.7 | )% | ||||||||||||||||||||
Proforma Adjustments | ||||||||||||||||||||||||||||||
Dealer Divestitures | — | — | — | — | — | (15.9 | ) | (6.8 | ) | (5.4 | ) | (4.7 | ) | (32.8 | ) | |||||||||||||||
Currency Translation Effects | 2.0 | 2.6 | 1.9 | 2.1 | 8.6 | — | — | — | — | — | ||||||||||||||||||||
Price Increase Pull Forward Impact | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Impact of Extra Week in FY17 | (8.1 | ) | — | — | — | (8.1 | ) | — | — | — | — | — | ||||||||||||||||||
Net Orders, proforma | $ | 103.7 | $ | 102.3 | $ | 87.5 | $ | 91.9 | $ | 385.4 | $ | 92.3 | $ | 105.9 | $ | 89.1 | $ | 97.0 | $ | 384.3 | ||||||||||
% change from prior year | 12.4 | % | (3.4 | )% | (1.8 | )% | (5.3 | )% | 0.3 | % |
Specialty | ||||||||||||||||||||||||||||||
Net Orders | $ | 81.4 | $ | 70.7 | $ | 66.3 | $ | 75.8 | $ | 294.2 | $ | 73.9 | $ | 77.0 | $ | 69.0 | $ | 81.3 | $ | 301.2 | ||||||||||
% change from prior year | 10.1 | % | (8.2 | )% | (3.9 | )% | (6.8 | )% | (2.3 | )% | ||||||||||||||||||||
Proforma Adjustments | ||||||||||||||||||||||||||||||
Dealer Divestitures | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Currency Translation Effects | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Price Increase Pull Forward Impact | — | — | (1.0 | ) | 1.0 | — | — | — | — | — | — | |||||||||||||||||||
Impact of Extra Week in FY17 | (4.8 | ) | — | — | — | (4.8 | ) | — | — | — | — | — | ||||||||||||||||||
Net Orders, proforma | $ | 76.6 | $ | 70.7 | $ | 65.3 | $ | 76.8 | $ | 289.4 | $ | 73.9 | $ | 77.0 | $ | 69.0 | $ | 81.3 | $ | 301.2 | ||||||||||
% change from prior year | 3.7 | % | (8.2 | )% | (5.4 | )% | (5.5 | )% | (3.9 | )% |
Consumer | ||||||||||||||||||||||||||||||
Net Orders | $ | 71.1 | $ | 83.4 | $ | 73.0 | $ | 90.9 | $ | 318.4 | $ | 64.8 | $ | 78.2 | $ | 64.5 | $ | 84.2 | $ | 291.7 | ||||||||||
% change from prior year | 9.7 | % | 6.6 | % | 13.2 | % | 8.0 | % | 9.2 | % | ||||||||||||||||||||
Proforma Adjustments | ||||||||||||||||||||||||||||||
Dealer Divestitures | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Currency Translation Effects | — | — | (0.1 | ) | 0.1 | — | — | — | — | — | — | |||||||||||||||||||
Price Increase Pull Forward Impact | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Impact of Extra Week in FY17 | (4.0 | ) | — | — | — | (4.0 | ) | — | — | — | — | — | ||||||||||||||||||
Net Orders, proforma | $ | 67.1 | $ | 83.4 | $ | 72.9 | $ | 91.0 | $ | 314.4 | $ | 64.8 | $ | 78.2 | $ | 64.5 | $ | 84.2 | $ | 291.7 | ||||||||||
% change from prior year | 3.5 | % | 6.6 | % | 13.2 | % | 8.1 | % | 7.8 | % |
Fiscal 2017 | Fiscal 2016 | |||||||||||||||||||||||||||||
Three Months Ended | YTD | Three Months Ended | YTD | |||||||||||||||||||||||||||
September 3, 2016 | December 3, 2016 | March 4, 2017 | June 3, 2017 | June 3, 2017 | August 29, 2015 | November 28, 2015 | February 27, 2016 | May 28, 2016 | May 28, 2016 | |||||||||||||||||||||
Herman Miller, Inc. | ||||||||||||||||||||||||||||||
Net Orders | $ | 595.6 | $ | 575.9 | $ | 543.3 | $ | 568.1 | $ | 2,282.9 | $ | 563.3 | $ | 601.4 | $ | 508.8 | $ | 606.2 | $ | 2,279.7 | ||||||||||
% change from prior year | 5.7 | % | (4.2 | )% | 6.8 | % | (6.3 | )% | 0.1 | % | ||||||||||||||||||||
Proforma Adjustments | ||||||||||||||||||||||||||||||
Dealer Divestitures | — | — | — | — | — | (15.9 | ) | (6.8 | ) | (10.1 | ) | (12.7 | ) | (45.5 | ) | |||||||||||||||
Currency Translation Effects | 2.4 | 2.7 | 0.3 | 3.3 | 8.7 | — | — | — | — | — | ||||||||||||||||||||
Price Increase Pull Forward Impact | — | — | (21.0 | ) | 21.0 | — | — | — | — | — | — | |||||||||||||||||||
Impact of Extra Week in FY17 | (36.9 | ) | — | — | — | (36.9 | ) | — | — | — | — | — | ||||||||||||||||||
Net Orders, proforma | $ | 561.1 | $ | 578.6 | $ | 522.6 | $ | 592.4 | $ | 2,254.7 | $ | 547.4 | $ | 594.6 | $ | 498.7 | $ | 593.5 | $ | 2,234.2 | ||||||||||
% change from prior year | 2.5 | % | (2.7 | )% | 4.8 | % | (0.2 | )% | 0.9 | % |