Operating Segments

6 Months Ended

Dec. 02, 2023

Segment Reporting, Disclosure of Entity's Reportable Segments [Abstract]

Operating Segments

Operating Segments

The Company's reportable segments consist of three segments: Americas Contract, International Contract & Specialty, and Global Retail.

The Americas Contract segment includes the operations associated with the design, manufacture and sale of furniture products directly or indirectly through an independent dealership network for office, healthcare, and educational environments throughout North and South America.

The International Contract & Specialty segment includes the operations associated with the design, manufacture and sale of furniture products, indirectly or directly through an independent dealership network in Europe, the Middle East, Africa and Asia-Pacific as well as the global activities of the Specialty brands, which include Holly Hunt, Spinneybeck, Maharam, Edelman, and Knoll Textiles.

The Global Retail segment includes global operations associated with the sale of modern design furnishings and accessories to third-party retailers, as well as direct to consumer sales through eCommerce, direct-mail catalogs, and physical retail stores.

The Company also reports a “Corporate” category consisting primarily of unallocated expenses related to general corporate functions, including, but not limited to, certain legal, executive, corporate finance, information technology, administrative and acquisition-related costs. Management regularly reviews corporate costs and believes disclosing such information provides more visibility and transparency regarding how the chief operating decision maker reviews results of the Company. The accounting policies of the operating segments are the same as those of the Company.

The following is a summary of certain key financial measures for the respective periods indicated:

	Three Months Ended				Six Months Ended
(In millions)	December 2, 2023		December 3, 2022		December 2, 2023		December 3, 2022
Net Sales:
Americas Contract	$	476.1	$	529.7	$	966.5	$	1,067.1
International Contract & Specialty	241.2		264.9		469.5		537.4
Global Retail	232.2		272.3		431.2		541.2
Total	$	949.5	$	1,066.9	$	1,867.2	$	2,145.7
Operating Earnings:
Americas Contract	$	35.1	$	25.3	$	76.5	$	45.7
International Contract & Specialty	23.8		28.3		35.2		56.2
Global Retail	14.7		2.0		16.9		19.8
Total reportable segments	$	73.6	$	55.6	$	128.6	$	121.7
Corporate	(13.2)		(16.9)		(27.9)		(32.2)
Total	$	60.4	$	38.7	$	100.7	$	89.5

Many of the Company's assets, including manufacturing, office and showroom facilities, support multiple segments. For that reason, it is impractical to disclose asset information on a segment basis.