MILLERKNOLL, INC.
For the period ended Feb 28, 2026. Filed Mar 30, 2026.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Feb 28, 2026 · Filed Mar 30, 2026
MLKN$21.49-2.3%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-11-29; filed 2026-01-05.
0000066382-26-000010
Item 2. Management's Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-02-28; filed 2026-03-30.
0000066382-26-000050
Item 2. Management's Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 210 previous paragraphs and 219 current paragraphs.
74 unchanged; 69 reworded; 67 added; 65 removed; 2 previous and 9 current paragraphs rearranged.
Tables are not compared: 12 previous and 12 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (67)
Current report
Item 2: Management's Discussion and Analysis of Financial Condition and Results of Operations
Current report
•Operating expenses decreased $106.6 million or 25.7% as compared to the same quarter of the prior year. The decrease was driven primarily from the impact of non-cash impairment charges in the prior year. This decrease was partially offset by an increase in fixed and variable compensation costs and incremental costs related to the expanded retail store footprint.
Current report
•The effective tax rate was 19.2% compared to 88.3% for the same quarter of the prior year. The change compared to the prior year relates primarily to the discrete tax impacts of the impairments recorded in the prior year.
Current report
•Impairment charges: Includes non-cash, pre-tax charges for the impairment of the Knoll and Muuto trade names as well as impairment of goodwill attributed to the Global Retail and Holly Hunt reporting units.
Current report
Net sales increased $50.4 million or 5.8% in the third quarter of fiscal 2026 compared to the third quarter of fiscal 2025. The increase was primarily driven by:
Current report
•Price increases, net of discounting, which positively impacted net sales by approximately $23 million.
Current report
•Increased sales volumes in the Global Retail, International Contract, and North America Contract segments contributed approximately $5 million, $4 million, and $2 million, respectively.
Current report
•Price increases, net of discounting, which positively impacted net sales by approximately $42 million.
Current report
•Favorable foreign currency translation, which increased net sales by approximately $34 million.
Current report
•Favorable leverage on fixed costs due to higher sales volumes and operational efficiency which positively impacted margin.
Current report
•Favorable leverage on fixed costs due to higher sales volumes which positively impacted margin.
Current report
•These increases were more than offset by tariff-related costs, net of pricing actions taken to help offset costs, incurred in the first half of the year that adversely impacted gross margin.
Current report
•Impairment charges of$130 million related to goodwill attributed to the Global Retail and Holly Hunt reporting units, as well as related to the Knoll and Muuto indefinite-lived trade name intangible assets that occurred in the prior year period. This decrease was offset in part by:
Current report
•Incremental costs of $4 million associated with the impact from opening new stores.
Current report
•Unfavorable foreign currency translation of $4 million as compared to the prior year period.
Current report
•Impairment charges of $130 million related to goodwill attributed to the Global Retail and Holly Hunt reporting units, as well as related to the Knoll and Muuto indefinite-lived trade name intangible assets that occurred in the prior year period.
Current report
◦Increased fixed and variable compensation costs of approximately $27 million.
Current report
◦Incremental costs of $11 million associated with the impact from opening new stores.
Current report
For the three month comparative period, Net sales increased 4.4%, or 4.1% on an organic* basis, compared to the prior year period due to:
Current report
•Increased sales volumes within the segment, contributed approximately $2 million to the increase.
Current report
For the nine month comparative period, Net sales increased 4.2%, or 4.1% on an organic* basis, compared to the prior year period. This growth was primarily driven by:
Current report
•Price increases, net of discounting positively impacted net sales by approximately $38 million.
Current report
•Increased sales volumes within the segment, contributing approximately $23 million.
Current report
For the three month comparative period, operating earnings increased $24.9 million, or 146.5%, over the prior year period due to:
Current report
◦Favorable product mix and operational efficiency which increased margin.
Current report
◦Favorable leverage on fixed costs due toincreased sales volumes contributed to gross margin improvement.
Current report
•Decreased Operating expenses of $10.5 million. The following factors contributed to the change:
Current report
◦Decreased non-cash intangible impairment charges of approximately $20 million as compared to the prior year. This decrease was offset in part by:
Current report
For the nine month comparative period, operating earnings increased $60.2 million, or 72.9%, over the prior year period due to:
Current report
◦Favorable product mix and operational efficiency which increased margin.
Current report
◦Favorable leverage on fixed costs due to increased sales volumes contributed to gross margin improvement.
Current report
◦These increases were partially offset by tariff-related costs, net of pricing actions taken to help offset costs, incurred in the first half of the year that adversely impacted gross margin.
Current report
•Decreased Operating expenses of $25.6 million. The following factors contributed to the change:
Current report
◦Decreased non-cash intangible impairment charges of approximately $20 million. These decreases were partially offset by:
Current report
•Increased sales volumes within the segment, contributing approximately $4 million to the increase.
Current report
For the nine month comparative period, Net sales increased 4.4% or 0.5% on an organic* basis compared to the prior year period. This growth was primarily driven by:
Current report
•Favorable foreign currency translation, which increased net sales by approximately $18 million.
Current report
•Higher sales volumes within the segment, contributing approximately $8 million to the increase.
Current report
For the three month comparative period, operating earnings increased $2.2 million or 22.2%, over the prior year period due to:
Current report
•Increased Gross margin of $3.3 million driven by the higher sales volumes explained above, partially offset by a decline in gross margin percentage of 50 basis points. The decrease in gross margin percentage was due primarily to:
Showing the first 40 of 67 passages. Open the source sections for the rest.
Removed paragraphs (65)
Previous report
•Operating expenses increased $9.2 million or 2.9% as compared to the same quarter of the prior year. The increase was driven primarily from costs associated with the expansion of the retail store footprint in North America and increased fixed and variable compensation costs.
Previous report
•The effective tax rate was 22.5% compared to 21.8% for the same quarter of the prior year. The change as compared to the prior year resulted primarily from the level of net income or net loss in the periods as well as the impact of discrete items in each of the periods.
Previous report
Net sales decreased $15.2 million or 1.6% in the second quarter of fiscal 2026 compared to the second quarter of fiscal 2025. The decrease was primarily driven by:
Previous report
•Decreased sales volumes in the North America Contract and International Contract segments contributed approximately $37 million and $13 million, respectively. These decreases were partially offset by:
Previous report
•Price increases, net of discounting, which positively impacted net sales by approximately $19 million. This includes the favorable impact of pricing actions taken to help offset tariff cost pressures.
Previous report
•Increased sales volumes in the Global Retail segment increased net sales by $7 million.
Previous report
•Price increases, net of discounting, which positively impacted net sales by approximately $21 million. This includes the favorable impact of pricing actions taken to help offset tariff cost pressures.
Previous report
•The impact of incremental list price increases, net of contract price discounting, and excluding tariff-based pricing actions, increased gross margin percentage by 50 basis points. These increases were partially offset by:
Previous report
•Tariff-related costs, net of pricing actions taken to help offset costs, adversely impacted gross margin by approximately 70 basis points.
Previous report
•Unfavorable leverage on fixed costs due to lower sales volumes negatively impacted margin by 50 basis points.
Previous report
•Tariff-related costs, net of pricing actions taken to help offset costs, adversely impacted gross margin by approximately 110 basis points. This increase was partially offset by:
Previous report
•The impact of incremental list price increases, net of contract price discounting and excluding tariff specific pricing actions, increased gross margin percentage by 50 basis points.
Previous report
• Favorable channel and product mix which positively impacted margin by approximately 40 basis points.
Previous report
•Incremental costs of $4 million associated with the expansion of our retail store footprint.
Previous report
•Increased fixed and variable compensation costs of approximately $13 million.
Previous report
•Incremental costs of $7 million associated with the expansion of our retail store footprint.
Previous report
For the three month comparative period, Net sales decreased 3.1%(*) on both a reported and organic basis compared to the prior year period due to:
Previous report
•Decreased sales volumes within the segment, contributing approximately $37 million to the decrease; offset in part by
Previous report
•Price increases, net of discounting positively impacted net sales by approximately $21 million. This includes the favorable impact of tariff-related pricing actions.
Previous report
For the six month comparative period, Net sales increased 4.1%(*)on both a reported and an organic basis compared to the prior year period. This growth was primarily driven by:
Previous report
•Price increases, net of discounting positively impacted net sales by approximately $25 million. This includes the favorable impact of tariff-related pricing actions.
Previous report
•Increased sales volumes within the segment, contributing approximately $17 million to the increase;
Previous report
For the three month comparative period, operating earnings decreased $5.5 million, or 11.1%, over the prior year period due to:
Previous report
◦Favorable product mix which increased margin by 60 basis points. Offset in part by:
Previous report
◦Loss of leverage on fixed costs due to lower sales volumes, which contributed approximately 80 basis points to gross margin decline.
Previous report
◦Tariff-related costs, which more than offset pricing actions taken to help offset tariffs. The net impact of tariffs in the quarter as compared to the prior year adversely impacted gross margin by approximately 50 basis points.
Previous report
◦Increased freight and product distribution costs increased margin by approximately 30 basis points.
Previous report
For the six month comparative period, operating earnings increased $35.3 million, or 53.8%, over the prior year period due to:
Previous report
◦The impact of incremental list price increases, net of contract price discounting, that increased gross margin percentage by approximately 70 basis points.
Previous report
◦Favorable leverage of fixed costs due to increased production volumes as well as favorable product mixwhich had a positive impact on margin of approximately 50 basis points.
Previous report
◦Reduced freight and distribution charges positively impacted margin by 20 basis points. These changes were offset in part by:
Previous report
◦Tariff-related costs, which more than offset pricing actions taken to help offset tariffs. The net impact of tariffs in the current period as compared to the prior year adversely impacted gross margin by approximately 90 basis points.
Previous report
•Decreased Operating expenses of $15.1 million. The following factors contributed to the change:
Previous report
•Decreased sales volumes within the segment, contributing approximately $13 million to the decrease.
Previous report
•These decreases were partially offset by favorable foreign currency translation, which increased net sales by approximately $5 million.
Previous report
For the six month comparative period, Net sales increased 2.9% and decreased 0.1%(*) on an organic basis compared to the prior year period. This growth was primarily driven by:
Previous report
•Higher sales volumes within the segment, contributing approximately $9 million to the increase.
Previous report
For the three month comparative period, operating earnings decreased $6.3 million or 28.4%, over the prior year period due to:
Previous report
◦Tariff-related costs adversely impacted gross margin by approximately 70 basis points.
Previous report
•Increased Operating expenses of $1.7 million driven primarily by increased fixed and variable compensation costs.
Showing the first 40 of 65 passages. Open the source sections for the rest.
Reworded paragraphs (69)
Previous wording
•Net sales were $955.2 million and orders were $972.5 million, representing a decrease of 1.6% and an increase of 5.5%, respectively, when compared to the same quarter of the prior year. On an organic basis, which excludes the impact of foreign currency translation, Net sales were $946.5 million()and orders were $963.4 million(), representing an organic decrease of 2.5%() and an organic increase of 4.5%(), respectively, when compared to the same quarter of the prior year.
Current wording
•Net sales were $926.6 million and orders were $931.6 million, representing an increase of 5.8% and an increase of 9.2%, respectively, when compared to the same quarter of the prior year. On an organic* basis, which excludes the impact of foreign currency translation, Net sales were $909.4 million and orders were $914.8 million, representing an organic* increase of 3.8% and an organic* increase of 7.2%, respectively, when compared to the same quarter of the prior year.
Previous wording
•Gross margin in the second quarter was 39.0%, an increase of 20 basis points when compared to the same quarter of the prior year, related primarily to the impact of favorable product and channel mix as well as the benefit from price increase actions, which more than offset cost pressures from tariffs and unfavorable leverage of fixed operations costs on lower sales volume.
Current wording
•Gross margin in the third quarter was 38.1%, an increase of 20 basis points when compared to the same quarter of the prior year, related primarily to the impact of favorable leverage on fixed costs on higher sales volumes as well as favorable channel and product mix.
Previous wording
•Diluted earnings per share in the quarter was $0.35 as compared to $0.49 in the prior year. Adjusted diluted earnings per share was $0.43(), a 21.8%() decrease as compared to the prior year quarter.
Current wording
•Diluted earnings per share in the quarter was $0.34 compared to a loss of $0.19 in the prior year. Adjusted diluted earnings per share* was $0.43, a 2.3% decrease compared to the prior year quarter.
Previous wording
A comparison of Net sales and orders during the second quarter to the prior year quarter by segment is as follows:
Current wording
A comparison of Net sales and orders during the third quarter to the prior year quarter by segment is as follows:
Previous wording
•The North America Contract segment in the second quarter reported Net sales totaling $508.5 million, down 3.1% compared to the prior year period on a reported and organic basis. North America Contract had new orders of $506.8 million, which represents an increase of 4.8% from the prior year on both a reported and organic basis.
Current wording
•The North America Contract segment in the third quarter reported Net sales totaling $488.6 million, an increase of 4.4% compared to the prior year period on a reported basis and 4.1% on an organic* basis. North America Contract had orders of $490.9 million, which represents an increase of 13.1% from the prior year on a reported basis and 12.8% on an organic* basis.
Previous wording
•The International Contract segment delivered Net sales in the second quarter of $170.9 million, a decrease of 6.3% from the year-ago period on a reported basis and a decrease of 9.2%() organically. New orders in this segment totaled $162.0 million, representing a year-over-year increase of 6.6% on a reported basis and an increase of 3.4%() organically.
Current wording
•The International Contract segment delivered Net sales in the third quarter of $156.9 million, an increase of 7.8% compared to the prior year period on a reported basis and an increase of 1.9% organically*. Orders in the segment totaled $160.3 million, representing a year-over-year increase of 0.7% on a reported basis and a decrease of 4.3% organically*.
Previous wording
•Net sales in the second quarter for the Global Retail segment totaled $275.8 million, an increase of 4.7% over the same quarter last year on a reported basis and an increase of 3.4%() organically. Orders in the quarter totaled $303.7 million, up 6.0% compared to the same period last year on a reported basis and up 4.5%() organically.
Current wording
•Net sales in the third quarter for the Global Retail segment totaled $281.1 million, an increase of 7.1% over the same quarter last year on a reported basis and an increase of 4.4% organically*. Orders in the quarter totaled $280.4 million, up 7.9% compared to the same period last year on a reported basis and up 5.1% organically*.
Previous wording
The remaining sections within Item 2 include additional analysis of the three and six months ended November 29, 2025, including discussion of significant variances compared to the prior year periods.
Current wording
The remaining sections within Item 2 include additional analysis of the three and nine months ended February 28, 2026, including discussion of significant variances compared to the prior year periods.
Previous wording
This report contains non-GAAP financial measures that are not in accordance with, nor an alternative to, generally accepted accounting principles (GAAP) and may be different from non-GAAP measures presented by other companies. These non-GAAP financial measures are not measurements of our financial performance under GAAP and should not be considered an alternative to the related GAAP measurement. These non-GAAP measures have limitations as analytical tools and should not be considered in isolation or as a substitute for analysis of our results as reported under GAAP. Our presentation of non-GAAP measures should not be construed as an indication that our future results will be unaffected by unusual or infrequent items. We compensate for these limitations by providing equal prominence of our GAAP results. Reconciliations of these non-GAAP measures to the most directly comparable financial measures calculated and presented in accordance with GAAP are provided in the financial tables included within this report. The Company believes these non-GAAP measures are useful for investors as they provide financial information on a more comparative basis for the periods presented.
Current wording
This report contains non-GAAP financial measures that are not in accordance with, nor an alternative to, generally accepted accounting principles (GAAP) and may be different from non-GAAP measures presented by other companies. These non-GAAP financial measures are not measurements of our financial performance under GAAP and should not be considered an alternative to the related GAAP measurement. These non-GAAP measures have limitations as analytical tools and should not be considered in isolation or as a substitute for analysis of our results as reported under GAAP. The Company's presentation of non-GAAP measures should not be construed as an indication that our future results will be unaffected by unusual or infrequent items. The Company compensates for these limitations by providing equal prominence of our GAAP results. Reconciliations of these non-GAAP measures to the most directly comparable financial measures calculated and presented in accordance with GAAP are provided in the financial tables included within this report. The Company believes these non-GAAP measures are useful for investors as they provide financial information on a more comparative basis for the periods presented.
Previous wording
The non-GAAP financial measures referenced within this report include: Adjusted Earnings per Share and Organic Growth (Decline).
Current wording
The non-GAAP financial measures referenced within this report include: Adjusted Earnings per Share - Diluted and Organic Growth (Decline).
Previous wording
Adjusted Earnings per Share represents reported diluted earnings per share excluding the impact from amortization of Knoll purchased intangibles, integration charges, restructuring expenses, Knoll pension plan termination charges, debt extinguishment charges and the related tax effect of these adjustments. These adjustments are described further below.
Current wording
Adjusted Earnings per Share - Diluted represents reported diluted earnings per share excluding the impact from amortization of Knoll purchased intangibles, integration charges, restructuring expenses, impairment charges, Knoll pension plan termination charges, debt extinguishment charges and the related tax effect of these adjustments. These adjustments are described further below.
Previous wording
•Integration charges: Knoll integration-related costs include severance, asset impairment charges associated with lease and operations facility consolidation activity, and expenses related to synergy realization efforts and reorganization initiatives.
Current wording
•Integration charges: Includes Knoll integration-related costs which include severance, asset impairment charges associated with lease and operations facility consolidation activity, and expenses related to synergy realization efforts and reorganization initiatives.
Previous wording
•Tax related items: We excluded the income tax benefit/provision effect of the tax related items from our non-GAAP measures because they are not associated with the tax expense on our ongoing operating results.
Current wording
•Tax related items: Includes the income tax benefit/provision effect of the tax-related items from our non-GAAP measures because they are not associated with the tax expense on our ongoing operating results.
Previous wording
The following table presents certain key highlights from the results of operations for the three and six months ended:
Current wording
The following table presents certain key highlights from the results of operations for the three and nine months ended:
Previous wording
The following table presents select components of the Company's Condensed Consolidated Statements of Comprehensive Income (Loss) as a percentage of Net sales, for the three and six months ended:
Current wording
The following table presents select components of the Company's Condensed Consolidated Statements of Comprehensive Income (Loss) as a percentage of Net sales, for the three and nine months ended:
Previous wording
The following chart presents graphically the primary drivers of the year-over-year change in Net sales for the three and six months ended November 29, 2025. The amounts presented in the graph are expressed in millions and have been rounded.
Current wording
The following chart presents graphically the primary drivers of the year-over-year change in Net sales for the three and nine months ended February 28, 2026. The amounts presented in the graph are expressed in millions and have been rounded.
Previous wording
Net sales increased $79.0 million or 4.3% in the first six months of fiscal 2026 compared to the first six months of fiscal 2025. The following items contributed to the change:
Current wording
Net sales increased $129.4 million or 4.8% in the first nine months of fiscal 2026 compared to the first nine months of fiscal 2025. The following items contributed to the change:
Previous wording
•Increased sales volumes in the North America Contract, Global Retail and International Contract segments contributed approximately $17 million, $15 million and $9 million, respectively.
Current wording
•Increased sales volumes in the Global Retail, North America Contract and International Contract segments contributed approximately $23 million, $23 million and $8 million, respectively.
Previous wording
Gross margin was 39.0% in the second quarter of fiscal 2026 as compared to 38.8% in the second quarter of fiscal 2025. The year-over-year change in gross margin percentage was primarily driven by the following factors:
Current wording
Gross margin was 38.1% in the third quarter of fiscal 2026, compared to 37.9% in the third quarter of fiscal 2025. The year-over-year change in gross margin percentage was primarily driven by:
Previous wording
Gross margin was 38.7% in the six months ended November 29, 2025, as compared to 38.9% for the same period in the prior fiscal year. The following factors summarize the major drivers of the year-over-year change in gross margin percentage:
Current wording
Gross margin was 38.5% in the nine months ended February 28, 2026, compared to 38.6% for the same period in the prior fiscal year. The following factors summarize the major drivers of the year-over-year change in gross margin percentage:
Previous wording
•Favorable channel and product mix positively impacted margin by approximately 90 basis points.
Current wording
•Favorable channel and product mix and the impact of incremental list price increases, net of contract price discounting which positively impacted margin.
Previous wording
The following chart presents graphically the primary drivers of the year-over-year change in Operating expenses for the three and six months ended November 29, 2025. The amounts presented in the graphs are expressed in millions and have been rounded.
Current wording
The following chart presents graphically the primary drivers of the year-over-year change in Operating expenses for the three and nine months ended February 28, 2026. The amounts presented in the graphs are expressed in millions and have been rounded.
Previous wording
Operating expenses increased by $9.2 million or 2.9% in the second quarter of fiscal 2026 compared to the prior year period. The following factors contributed to the change:
Current wording
Operating expenses decreased by $106.6 million or 25.7% in the third quarter of fiscal 2026 compared to the prior year period. The following factors contributed to the change:
Previous wording
◦Increased fixed and variable compensation costs of approximately $2 million.
Current wording
•Increased fixed and variable compensation costs of approximately $14 million.
Previous wording
•Variable selling costs, including sales-based commissions and royalty expenses which rose by approximately $1 million compared to the prior year period.
Current wording
•Variable selling costs which rose by approximately $1 million compared to the prior year period.
Previous wording
Operating expenses increased by $2.7 million or 0.4% in the first six months of fiscal 2026 compared to the first six months of fiscal 2025. The following factors contributed to the change:
Current wording
Operating expenses decreased by $103.9 million or 9.9% in the first nine months of fiscal 2026 compared to the first nine months of fiscal 2025. The following factors contributed to the change:
Previous wording
•These increases were partially offset by a reduction in acquisition-related integration charges and restructuring charges, which totaled approximately $28 million.
Current wording
•Acquisition-related integration charges which totaled approximately $28 million that occurred in the prior year. These decreases were offset in part by:
Previous wording
•Favorable foreign currency translation, which increased net sales by approximately $10 million.
Current wording
◦Variable selling costs, including sales-based commissions and royalty expenses which rose by approximately $10 million compared to the prior year period.
Previous wording
•Foreign currency translation also contributed an increase in operating expenses of approximately $2 million relative to the prior year.
Current wording
◦Foreign currency translation also contributed an increase in operating expenses of approximately $6 million relative to the prior year.
Previous wording
During the three months ended November 29, 2025, net Other expense was $16.0 million, representing a decrease of $1.6 million compared to the same period in the prior year. The change was primarily driven by lower interest expense of $2.5 million resulting from reduced debt levels, partially offset by a decrease in interest income of $0.8 million.
Current wording
During the three months ended February 28, 2026, net Other expense was $15.7 million, representing a decrease of $2.9 million compared to the same period in the prior year. The change was primarily driven by lower interest expense of $1.9 million resulting from reduced debt levels and increased interest and investment income in the period ended February 28, 2026 compared to the same period in the prior year.
Previous wording
During the six months ended November 29, 2025, net Other expense was $40.8 million, representing an increase of $6.3 million compared to the same period in the prior year. The change was primarily driven by a loss on extinguishment of debt of approximately $7.8 million incurred in connection with the refinancing of term loan debt during the current year, offset in part by lower interest expense resulting from reduced debt levels.
Current wording
During the nine months ended February 28, 2026, net Other expense was $56.5 million, representing an increase of $3.4 million compared to the same period in the prior year. The change was primarily driven by a loss on extinguishment of debt of approximately $8.0 million incurred in connection with the refinancing of term loan debt during the current year, partially offset by lower interest expense resulting from reduced debt levels.
Previous wording
The business is comprised of various operating segments as defined by generally accepted accounting principles in the United States. These operating segments are determined on the basis of how the Company internally reports and evaluates financial information used to make operating decisions.
Current wording
The business is comprised of various operating segments as defined by generally accepted accounting principles in the United States. These operating segments are determined on the basis of how the Company internally reports and how the chief operating decision maker ("CODM") evaluates financial information used to make operating decisions.
Previous wording
The charts below present the relative mix of net sales and operating earnings across each of the Company's segments during the three and six month periods ended November 29, 2025. This is followed by a discussion of the Company's results, by reportable segment. The amounts presented in the charts are in millions and have been rounded.
Current wording
The charts below present the relative mix of net sales and operating earnings across each of the Company's segments during the three and nine month periods ended February 28, 2026. This is followed by a discussion of the Company's results, by reportable segment. The amounts presented in the charts are in millions and have been rounded.
Previous wording
•Favorable foreign currency translation, which increased net sales by approximately $9 million.
Current wording
•Favorable foreign currency translation, which increased net sales by approximately $1 million.
Previous wording
•Decreased Gross margin of $4.1 million due to the decrease in sales noted above offset by an increase in gross margin percentage of 30 basis points. The increase in gross margin percentage was due primarily to:
Current wording
•Increased Gross margin of $14.4 million due to the increase in sales noted and an increase in gross margin percentage of 150 basis points. The increase in gross margin percentage was due primarily to:
Previous wording
◦Price increases, net of discounting resulted in a positive impact of approximately 130 basis points.
Current wording
◦Price increases, net of discounting resulted in a positive impact to margin.
Previous wording
•Increased Operating expenses of $1 million driven primarily by restructuring charges associated with facility consolidation initiatives and elevated compensation and benefit expenses.
Current wording
◦Elevated compensation and benefit expenses of approximately $7 million in the current year period.
Previous wording
◦Variable selling costs, including sales-based commissions and royalty expenses which rose by approximately $2 million compared to the prior year period.
Current wording
◦Variable selling costs which rose by approximately $2 million compared to the prior year period.
Previous wording
•Increased Gross margin of $20.2 million due to the increase in sales discussed above and an increase in gross margin percentage of 50 basis points. The increase in gross margin percentage was due primarily to:
Current wording
•Increased Gross margin of $34.6 million due to the increase in sales discussed above and an increase in gross margin percentage of 80 basis points. The increase in gross margin percentage was due primarily to:
Previous wording
◦A reduction in acquisition-related integration charges, which totaled approximately $25 million. This benefit was partially offset by:
Current wording
◦A reduction in acquisition-related integration charges, which totaled approximately $25 million.
Showing the first 40 of 69 pairs. Open the source sections for the rest.
Rearranged current paragraphs (9)
Current report — wording carried from elsewhere
•Price increases, net of discounting positively impacted net sales by approximately $17 million.
Current report — wording carried from elsewhere
•Favorable foreign currency translation, which increased net sales by approximately $1 million.
Current report — wording carried from elsewhere
◦Price increases, net of discounting resulted in a positive impact to margin.
Current report — wording carried from elsewhere
◦Increased compensation and benefits of approximately $3 million.
Current report — wording carried from elsewhere
•Price increases, net of discounting positively impacted net sales by approximately $7 million.
Current report — wording carried from elsewhere
•Price increases, net of discounting positively impacted net sales by approximately $9 million.
Current report — wording carried from elsewhere
◦Increased fixed and variable compensation costs of approximately $5 million.
Current report — wording carried from elsewhere
◦Foreign currency translation which contributed an unfavorable impact of approximately $2 million compared to the prior year.
Current report — wording carried from elsewhere
◦These pressures were partially offset by favorable operating leverage on fixed costs resulting from increased sales volumes.
Rearranged previous paragraphs (2)
Previous report — wording carried elsewhere
◦Increased fixed and variable compensation costs of approximately $4 million.
Previous report — wording carried elsewhere
◦Foreign currency translation which contributed an unfavorable impact of approximately $1 million relative to the prior year.