U.S. – HNI Corporation (NYSE: HNI) on April 16 announced sales for the first quarter ended March 29, 2014, of US$452.2 million and net income of $11.1 million.
“We are pleased with our continued improved performance and strong profit growth over prior year. Strong performance in our hearth business was a key driver to our first quarter profit improvement. As expected, office furniture sales increased in our contract channel while our supplies-driven channel was negatively impacted by harsh weather,” said Stan Askren, HNI Corporation Chairman, President and Chief Executive Officer.
First quarter sales for the office furniture segment decreased $7.5 million or 2.0 percent to $358.4 million. Compared to prior year quarter, divestitures reduced sales by $6.8 million. On an organic basis, sales decreased 0.2 percent driven by a decrease in the supplies-driven channel partially offset by an increase in the contract channel.
First quarter operating profit increased $7.8 million. Operating profit was positively impacted by increased price realization, freight efficiencies and the gain on sale of a vacated facility. These were partially offset by lower volume and unfavorable mix.
HNI Corporation is the second largest office furniture manufacturer in the world and is also the nation’s leading manufacturer and marketer of gas- and wood-burning fireplaces.
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