MillerKnoll (MLKN) shares🅷 plunged Thursday, a day after t♔he furniture maker’s sales slumped and it warned of continued lack of demand in the current quarter.

The company reported third-quarter fiscal 2024 revenue dropped 11.4% to $872.3 million, short of forecasts. Adjusted 澳洲幸运5开奖号码历史查询:earnings per share (EPS) of $0.45 was above estimates.

MillerKnoll noted that “overall demand patterns across much of our business have continued to be sluggish.” It blamed hig🃏her interest rates in major markets globally, continuing geopolitical concerns, and a lagging housing market in the U.S.

The company’s Americas Contract segm🌺ent, which includes the Herman Miller, Geiger, Maharam, HAY, and NaughtOne brands, fell 9% to $441.1 million. MillerKnoll said demand was softer than expected because of “minimal improvement in the economic landscape.”

It added that while it is confident of a coming improvement, “the persistence of inflationary pressures and high interest rates continues to weigh on both business and consumer sentiment.” Sales dropped 10.4% to $217.⛄3 million at its International Contract and Specialty unit, and dipped 17.0% to $213.9 million at the Global Retail division.

MillerKnoll explained that considering the “demand patterns we experienced in the third quarter and what remains a generally tepid near-term macro-economic backdrop,” it predicted current-quarter sales would be between $880 million and $920 m💟illion, with adjusted EPS in a range of $0.49 to $0.57. The company also sees full-year adjusted EPS at $1.90 to $1.98. All were less than analysts had anticipated. 

Shares of MillerKnoll sank about 18% to under $25 per share as of around 11:40 a.m. ET Thursday to slip into negative territory for 2024.