HNI reports lower earnings as net sales decline 5%
HNI Corp. reported sales for the first quarter ended March 30 of $479.5 million and net income of $1.0 million. GAAP net income was 2 cents per diluted share, compared with 6 cents per share in the prior year. The Muscatine-based furniture maker’s consolidated net sales decreased $25.6 million, or 5.1 percent, from the prior-year quarter, to $479.5 million. On an organic basis, sales decreased 3.4 percent. The net impact of closing and divesting small office furniture companies decreased sales $8.5 million, compared with the prior year quarter. “Our first-quarter results were as expected,” Jeff Lorenger, HNI Corp. president and CEO, said in a release. “As anticipated, demand conditions generally improved throughout the quarter after a slow start. We were able to offset much of the impact from lower volume with cost savings and productivity. We are pleased with the progress on our initiatives and continue to believe our demand and profit results will improve throughout the year.”