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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 Corp. Q2 results

Wednesday 20 July 2011

Office furniture and hearth products company HNI Corp.reported a decline in 2nd quarter profit as lower gross margin and increased operating expenses offset growth in revenues. Following the results, the company's shares lost more than 5 percent in after hours.
The company posted profit of $4.65 million or $0.10 per share, compared to $4.7 million or $0.12 per share last year.
Sales for the quarter were $432.8 million, an increase of 8.7 percent from $398.2 million last year.
Looking ahead to the third quarter, the company expects adjusted earnings of $0.37 to $0.43 per share. Also, the company estimates sales growth between 6 to 9 percent in the third quarter from the prior year.

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