Welcome to JSA Consultancy Services

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 reports 1st quarter’s sales up 12%

Friday 20 April 2012

HNI corporation have announced sales for the 1st quarter ended 31 March 2012, of $445.2 million, a 12% increase from the prior year quarter, and a net loss of $100,000.
"We are pleased with our improved performance over prior year. Both segments delivered sales growth led by a double-digit increase in our office furniture supplies-driven channel. Strong performance in the new construction channel also drove growth in our hearth business," said Stan Askren, HNI corporation Chairman, President and Chief Executive Officer.
Consolidated net sales increased $49.1 million or 12.4% to $445.2 million. Acquisitions contributed $15.4 million, or 3.9 %age points of sales. Gross margins were 1.0 %age points lower than prior year primarily due to higher material costs, unfavorable mix, and impact of Sagus acquisition, partially offset by higher volume and increased price realization.
The corporation's first quarter results included $1.2 million of restructuring and transition charges of which $0.3 million were included in cost of sales. These included costs associated with previously announced shutdown and consolidation of office furniture manufacturing locations. Included in the first quarter of 2011 was $1.4 million of restructuring costs.
First quarter sales for the office furniture segment increased $47.5 million or 14.3 % to $378.6 million. The increase was across all channels of the corporation's office furniture segment. Acquisitions contributed $15.4 million or 4.6 %age points of sales.
First quarter operating profit decreased $0.2 million. Operating profit was negatively impacted by increased input costs, unfavorable mix, impact of Sagus acquisition, investments in growth initiatives and higher incentive-based compensation. These were partially offset by higher volume and increased price realization.
"I am encouraged by the continued improvement in the economy and remain optimistic about our markets and prospects for growth. Looking ahead to the second quarter, we anticipate strong sales momentum continuing across our office furniture and hearth businesses. We remain on track to grow sales and increase profits in 2012. I remain confident our investments are accelerating profitable growth and delivering long-term shareholder value. The corporation is financially strong and well positioned for the future," said Mr. Askren.

Subscribe to our News Page

Enter your email here and we will tell you when this page is updated.



moreLatest News

Thursday 31 August 2017 Chinese furniture supplier to create 122 new jobs, invest $4.9M in West Michigan

GRAND RAPIDS, MI - A Chinese company that makes office furniture components is planning to build a n

Tuesday 15 August 2017 HON office furniture invests $14.5 million in expansion, creates 60 jobs

CEDARTOWN, Ga. - Office furniture manufacturer HON Company will invest $14.5 million in an expansion

Wednesday 9 August 2017 Martela Corporation Half Year Financial Report 1 Jan - 30 June 2017

The January-June 2017 revenue and operating result declined from the comparison period. Decline in r

Wednesday 9 August 2017 Former Herman Miller CEO Max De Pree dies at 92

Known as an accomplished author, businessman and man of Christian faith, De Pree served as CEO for t

Contact Us

JSA Consultancy Services
4-5 Gray’s Inn Square, Gray’s Inn,
London, WC1R 5AH, England

+44 (0) 20 7670 1510