Research from Water Tower Research, Water Tower Research

Water Tower Research

Water Tower Research is a leading equity research firm that provides research on micro, small and mid cap companies.

Water Tower Research was founded by Wall Street veterans after witnessing a fundamental shift in the investment research industry with the result being a declining knowledge base among investors, a lack of awareness and a shrinking pool of fundamental research being conducted on companies across the small-cap and micro-cap spectrum. The same issues are now increasingly occurring in the mid-cap space. This sea change within the investment community is impacting not only the companies themselves but also current shareholders and potential investors. With significantly less active sell-side sponsorship by Wall Street, a substantial information gap has developed between companies and various constituents in the financial community. The net result is fewer channels for insight and information to flow between companies and investors.

Research from Water Tower Research

Equity Research Firm

Equity Bottom-Up

<div><ul><li>Global Retail has posted growth for six consecutive quarters, with particular strength in North America, where the company continues to outpace census data and most peers, reflecting the company’s premium positioning and a customer base less sensitive to macro pressure.</li><li>Store expansion remains a core growth driver, with new DWR and Herman Miller locations added in FY26 and another 14-18 planned for FY27.</li><li>New stores contribute to order growth, create an e-commerce halo, and expand overall brand awareness.</li></ul></div>

Global Retail has posted growth for six consecutive quarters, with particular strength in North America, where the company continues to outpace census data and most peers, reflecting the company’s premium positioning and a customer base less sensitive to macro pressure.Store expansion remains a core growth driver, with new DWR and Herman Miller locations added in FY26 and another 14-18 planned for FY27.New stores contribute to order growth, create an e-commerce halo, and expand overall brand awareness.

MLKN: Symposium Recap; Retail Growth Self-Driven While Contract Points to Possible Cyclical Recovery

MillerKnoll

MLKN: Symposium Recap; Retail Growth Self-Driven While Contract Points to Possible Cyclical Recovery