U.S. – HNI Corporation announced sales for the third quarter ended October 3, 2015, of USD 615.9 million and net income of USD 40.8 million. 

“We delivered double digit earnings growth for the third quarter.  We are competing well in our markets despite a softening economy, which led to modest declines in office furniture and organic hearth sales. We are taking calculated actions to reset our cost structure for a range of slowing economic scenarios,” said Stan Askren, CEO of HNI Corporation.

Consolidated 3Q / 2015 net sales increased USD 1.2 million or 0.2 percent to USD 615.9 million. Compared to prior year quarter, the Vermont Castings Group acquisition increased sales by USD 18.7 million. On an organic basis, sales decreased 2.8 percent. Gross margin increased 160 basis points compared to prior year driven by strong operational performance, favorable material costs and better price realization, partially offset by lower volume and unfavorable product mix.

“I am pleased with our profit performance and believe we are competing well in our markets.  We will continue to adjust our cost structure while investing for long-term profitable growth.  I remain confident in our ability to create long-term shareholder value,” said Mr. Askren.