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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 Announces Results For Fourth Quarter And Year-End

Wednesday 9 February 2011

HNI Corporation today announced sales up 14.9% from the same quarter last year to $466.1 million and profit from continuing operations of $12.6 million (2010 - Loss of $9.3m) for the fourth quarter ended 1 January 2011. For the financial year 2010, the Corporation reported sales of $1.7 billion and income from continuing operations of $29.7 million.
Gross margins at 35.2% were 1.3 percentage points lower than prior year primarily due to reduced price realization, increased material costs and higher mix of lower margin products in the office furniture segment offset partially by higher volume and lower restructuring and transition charges.
The Corporation recorded $7.1 million of restructuring and impairment charges and transition costs during the fourth quarter. These charges included $1.9 million related to costs associated with shutdown and consolidation of office furniture facilities of which $0.5 million were included in cost of sales.
Askren, HNI Corporation Chairman said “We delivered strong performance across all of our businesses in the fourth quarter, led by double digit growth in our office furniture segment. The cost reset actions implemented in 2009 and 2010, combined with our strategic growth initiatives, resulted in an increase in earnings of more than 40 percent over prior year quarter.

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