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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. announces 1st quarter results

Friday 19 April 2013

HNI Corp. announced this week that sales for the first quarter ended March 30, of $442.3 million and net income of $1.4 million, or $0.03 per diluted share for the quarter, a 4% improvement from the prior year quarter. Year-on-year, HNI had a sales decline of 0.7 percent but was able to increase gross profit by .7 percent, from $146.8 million to $147.8 million.
"We are pleased with our performance and profit growth over prior year," said Stan Askren, HNI Corporation chairman, president and CEO, in a press release.
"Strong operational execution, good cost control, and investment returns drove first quarter profit improvement while we continued to invest for long-term growth. Sales increases in our hearth and supplies-driven businesses offset anticipated softness in our other office furniture businesses. As expected, office furniture sales declined due to project delays related to the economic uncertainty in the fourth quarter of 2012 and continued reductions in federal government spending. Continued growth in the new construction channel led the strong profit increase in our hearth business."
HNI Corp. is a NYSE-traded company providing products and solutions for the home and workplace environments. Hon is the the second largest office furniture manufacturer in the world and is also the US’ leading manufacturer and marketer of gas- and wood-burning fireplaces. Its brands include HON, Allsteel, Gunlocke, Paoli, Maxon, Lamex, HBF, Artco-Bell, Midwest Folding Products, LSI Corp. of America, ERGO, Heatilator, Heat & Glo, Quadra-Fire and Harman Stove

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