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A business consultancy, based in London, England, John Sacks' JSA Consultancy Services provides expert, in-depth, information advice and guidance as to how to exploit successfully the office furniture and interiors markets in Europe, North America, Australasia and Japan.

HNI Corporation Results for Quarter to 31 March 2010

Wednesday 21 April 2010

HNI Corporation, whose brands include HON, Allsteel, Gunlocke, Paoli, Maxon and Lamex, today announced sales of $363.5 million (2008 - $396.8m -8.4%) and a loss from continuing operations of $4.1 million for the first quarter of 2010. The operating loss for the quarter, excluding restructuring and impairment charges, transition costs and non-operating gains, was $5.5m compared with a loss of $16.4m in the same quarter last year.
Stan Askren, HNI Corporation Chairman, President and Chief Executive Officer said \"Demand in our core segments stabilized during the first quarter. We continued to improve our network distribution model, reduced day-to-day costs across our business and realized the benefit of our structural cost reset in 2009. Our cost improvement actions, combined with past investments in our selling models and long-term growth initiatives allowed us to deliver improved results versus prior year and exceed first quarter expectations,\" .
Gross margins were up from 30.9% to 32.8%

\"We are encouraged by the recent trends in both the health and office furniture markets. We will continue to strengthen our businesses by investing in selling and growth initiatives, improving operations, resetting cost structure and fiercely managing cash. I am excited and optimistic about the future. The company is financially strong and well positioned to benefit disproportionately as the markets improve,\" said Mr. Askren.

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