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Category: Herman Miller (MLHR)
Date: 20 September 2020 Stock price of Herman Miller (MLHR): $34.52 We take a look at Herman Miller, a modern furniture design and manufacturing firm whose revenues topped $626 million in the first quarter of their 2021 fiscal year and they reported $73 million in net earnings during this period.
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Herman Miller is a recognised innovator in contemporary interior furnishings, solutions for healthcare environments and related technologies and services "
More About Herman Miller
Herman Miller was a West Michigan businessman who helped his son-in-law, D.J. De Pree, buy the Michigan Star Furniture Company in 1923. De Pree had been working at the company, which opened in 1905, since he was hired in 1909 as a clerk. De Pree knew his father-in-law was a man of integrity, so he decided to rename the company after him.
By the middle of the 20th century, the name Herman Miller had become synonymous with “modern” furniture. Working with legendary designers George Nelson and Charles and Ray Eames, the company produced pieces that would become classics of industrial design. Since then, we’ve collaborated with some of the most outstanding designers in the world, including Alexander Girard, Isamu Noguchi, Robert Propst, Bill Stumpf, Don Chadwick, Ayse Birsel, Studio 7.5, Yves Béhar, Doug Ball and many talented others.
Today, in addition to our classic pieces and new designs for the home, Herman Miller is a recognised innovator in contemporary interior furnishings, solutions for healthcare environments and related technologies and services. A publicly held company headquartered in Zeeland, Michigan, we have manufacturing facilities in the United States, China, Italy and the United Kingdom and sales offices, dealers, licensees and customers in over 100 countries.
We operate through several focused businesses, brands and distribution channels, including Herman Miller, Herman Miller Healthcare, Nemschoff, Geiger International and independently owned dealerships. All of them work to design and build a better world around you.
Herman Miller's mission statement is Inspiring Designs to Help People Do Great Things. To this end, the Company researches, designs, manufactures and distributes interior furnishings for use in various environments including office, healthcare, educational and residential settings and provides related services that support organizations and individuals all over the world. Through research, the Company seeks to understand, define and clarify customer needs and problems existing in its markets and to design products, systems and services that serve as innovative solutions to those needs and problems. The Company's products are sold primarily through the following channels: Owned and independent contract furniture dealers, direct customer sales, owned and independent retailers, direct-mail catalogs and the Company's e-commerce platforms.
By the middle of the 20th century, the name Herman Miller had become synonymous with “modern” furniture. Working with legendary designers George Nelson and Charles and Ray Eames, the company produced pieces that would become classics of industrial design. Since then, we’ve collaborated with some of the most outstanding designers in the world, including Alexander Girard, Isamu Noguchi, Robert Propst, Bill Stumpf, Don Chadwick, Ayse Birsel, Studio 7.5, Yves Béhar, Doug Ball and many talented others.
Today, in addition to our classic pieces and new designs for the home, Herman Miller is a recognised innovator in contemporary interior furnishings, solutions for healthcare environments and related technologies and services. A publicly held company headquartered in Zeeland, Michigan, we have manufacturing facilities in the United States, China, Italy and the United Kingdom and sales offices, dealers, licensees and customers in over 100 countries.
We operate through several focused businesses, brands and distribution channels, including Herman Miller, Herman Miller Healthcare, Nemschoff, Geiger International and independently owned dealerships. All of them work to design and build a better world around you.
Herman Miller's mission statement is Inspiring Designs to Help People Do Great Things. To this end, the Company researches, designs, manufactures and distributes interior furnishings for use in various environments including office, healthcare, educational and residential settings and provides related services that support organizations and individuals all over the world. Through research, the Company seeks to understand, define and clarify customer needs and problems existing in its markets and to design products, systems and services that serve as innovative solutions to those needs and problems. The Company's products are sold primarily through the following channels: Owned and independent contract furniture dealers, direct customer sales, owned and independent retailers, direct-mail catalogs and the Company's e-commerce platforms.
Patents, Trademarks, Licenses, Etc. of Herman Miller
The Company has active utility and design patents in the United States. Many of the inventions covered by these patents also have been patented in a number of foreign countries. Various trademarks, including the name and stylized “Herman Miller” and the “Herman Miller Circled Symbolic M” trademark are registered in the United States and many foreign countries. The Company does not believe that any material part of its business depends on the continued availability of any one or all of its patents or trademarks, or that its business would be materially and adversely affected by the loss of any such marks, except for the following trademarks: Herman Miller®, Herman Miller Circled Symbolic M®, Maharam®, Geiger®, Design Within Reach®, DWR®, HAY®, naughtone®, Nemschoff®, Action Office®, Aeron®, Mirra®, Embody®, Setu®, Sayl®, Cosm®, Caper®, Eames®, Eames Lounge & Ottoman Configurations, Eames Aluminum Group Configuration, and Canvas Office Landscape®.
Customer Base of Herman Miller
The Company estimates that no single dealer accounted for more than 4 percent of the Company's net sales in the fiscal year ended May 30, 2020. The Company estimates that the largest single end-user customer accounted for $122.9 million, $129.6 million and $109.8 million of the Company's net sales in fiscal 2020, 2019, and 2018, respectively. This represents approximately 5 percent of the Company's net sales in fiscal 2020, 2019 and 2018. The Company's 10 largest customers in the aggregate accounted for approximately 18 percent, 18 percent, and 19 percent of net sales in fiscal 2020, 2019, and 2018, respectively.
Employees of Herman Miller
The Company considers its employees to be another of its major competitive strengths. The Company stresses individual employee participation and incentives, believing that this emphasis has helped attract and retain a competent and motivated workforce. The Company's human resources group provides employee recruitment, education and development, as well as compensation planning and counseling. Additionally, there have been no work stoppages or labor disputes in the Company's history. As of May 30, 2020, approximately 3 percent of the Company's employees are covered by collective bargaining agreements, most of whom are employees of its Nemschoff and Herman Miller Holdings Limited subsidiaries. As of May 30, 2020, the Company had approximately 7,600 employees, representing a 5 percent decrease as compared with June 1, 2019. In addition to its employee workforce, the Company uses temporary labor to meet fluctuating demand in its manufacturing operations.
Herman Miller (MLHR) stock price history over the last 5 years
The image below shows the stock price history of Herman Miller (MLHR). And its been a relatively good time for MLHR stockholders with the stock of Herman Miller increasing by 27.7% over the last 5 years. While it is by no means shooting the lights out, it is at least a positive return that beats any interest bearing type account
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