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    • On March 28, 2024, it was reported, office and contract furniture giant MillerKnoll reported $872.3 million in third quarter net sales, an 11.4% decline from last year. Last quarter, the company also reported an 11% decline. Sales decreased across all three of the company's segments, falling 9% in America contract, 10.4% in international contract and 17% in global retail. Orders for the quarter also fell, dropping 6.2% from last year. Consolidated operating expenses for the quarter were $294.2 million, compared with $314.4 million in the prior year. A couple of ways the company has reduced expenses included showroom consolidations and a workforce reduction. The workforce reduction was "targeted," the company said, affecting its management workforce. The company didn't reveal how many workers were let go. Executives cited "housekeeping" as a reason for the reduction, as well as efforts to improve efficiency across the merged Herman Miller and Knoll brands. Still, the company reported some positives. Gross margin for the quarter was 38.6%, 450 basis points higher than the same period last year. Main drivers for the increase the company cited included the realization of price optimization strategies; improved freight, distribution and inventory management; an impairment charge recorded in the prior year; and benefits from our ongoing synergy efforts. Gross margin has now improved in five consecutive quarters.
    • On March 18, 2024, it was reported, Joann Inc., the Ohio-based fabric and craft retailer, has filed for Chapter 11 bankruptcy protection after 81 years in business. Joann Fabrics and Crafts stores and website will remain open and continue operating as normal, according to a press release. "There is no other retailer with the same ability to serve sewists, quilters, crocheters, crafters and other creative enthusiasts as we have for the past 80 years, and we take great pride in seeing the passion and engagement of our millions of customers and our Team Members," Chris DiTullio, chief customer officer and co-lead of the interim office of the CEO, said in the release. The company was founded in 1943, and operates 829 store locations across 49 states. "This agreement is a significant step forward in addressing JOANN's capital structure needs, and it will provide us with the financial resources and flexibility necessary to continue to deliver best-in-class product assortments and enhance the customer experience wherever they are shopping with us," Scott Sekella, Joann's chief financial officer and co-lead of the interim office of the CEO, added. Joann Inc. went private in 2011 before going public a decade later with an initial offering at $12 a share. The stock opened at 25 cents a share on Monday. Joann Inc. has received about $132 million in commitments for new financing, and "expects to reduce funded debt on its balance sheet by approximately $505 million," according to the press release.
    • On March 13, 2024, it was reported, Under Armour on Wednesday announced a surprise CEO transition, with Stephanie Linnartz stepping down from the position after little more than a year in the role. Founder Kevin Plank will take the reins from her on April 1, according to a company press release. Linnartz will remain as an adviser through April 30. In connection with Plank's appointment, he will transition out of his role as executive chair of the board, while board member Mohamed El-Erian will become non-executive chair of the board. "On behalf of the full team, I want to thank Stephanie for her contributions to Under Armour. We deeply appreciate her hard work and dedication," Plank said in a statement. Just 13 months into her tenure at Under Armour, Linnartz is already out as CEO. The Marriott veteran took over in 2023 less than a year after former CEO Patrik Frisk was ousted (Frisk himself had only run the business for two years). Under Armour Chief Operating Officer Colin Browne ran the company in the interim. Indeed, Linnartz was in the midst of overhauling Under Armour's C-suite, which recently saw the exit of Browne, Chief Product Officer Lisa Collier and other roles. During her last earnings call, Linnartz highlighted that in addition to a new chief of product and head of the Americas, named in January, Under Armour over the months had also brought on a new: chief consumer officer, chief communications officer, chief design officer, chief supply chain officer, leader for the EMEA region and senior vice president of DTC in the Americas.
    • On March 8, 2024, it was reported, top 100 retailer Arhaus surpassed $1 billion in revenues for a second consecutive year, setting a new record in the process. For the full year, net revenues for the Boston Heights, Ohio-based retailer increased 4.8% to $1.288 billion, compared with $1.229 billion in 2022. For the year, its adjusted net income totaled $125.83 million, an 8.3% decrease compared with $142.10 million in 2022. For the year, Arhaus reported adjusted EBITDA of $203.48 million, giving it a full year EBITDA margin of 15.8%. "In 2023, with record net revenue of approximately $1.3 billion, net income of $125 million, and adjusted EBITDA of $203 million. We ended the year with over $223 million in cash and cash equivalents and a debt-free balance sheet." In the fourth quarter, revenue decreased 3.5% to $344 million, compared with $356 million in the fourth quarter of 2022. Arhaus said the decrease was the result of strong prior year delivery of orders in the backlog, partially offset by favorable demand versus prior year with demand comparable growth of 1.6%. Adjusted net income was $31 million, or 22 cents per adjusted diluted share, a 33.6% decrease compared with $47.6 million, or 34 cents per adjusted diluted share in the fourth quarter of 2022. Arhaus reported fourth-quarter EBITDA of $51.24 million, giving it an EBITDA margin of 14.9%. Looking ahead, Arhaus projects net revenues of $1.33 billion to $1.37 billion in FY2024 with net income of $95 million to $105 million. For the first quarter, it anticipates net revenues of $260 million to $270 million with net income of $1 million to $3 million. The company also plans to continue expanding in 2024.