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HNI Posts 6% profit increase; Office Furniture Sales up 4%

Thursday 18 July 2013

Contract furniture giant HNI Corp. recorded $510.7 million consolidated net sales for the second quarter, a 6.3 % increase from the prior year period. Net income for HNI grew 63 % from the prior year quarter, to $11.4 million.
"Our growth investments delivered solid top and bottom line improvement in our office furniture and hearth businesses. Office furniture sales growth was led by a strong acceleration in our contract business driven by improved project activity. Continued strong profit growth in our hearth business was led by substantial growth in the new construction channel and strong operational execution," Stan Askren, HNI Corp. chairman, president and CEO said in a statement.
HNI reported second quarter sales for the office furniture segment increased 4.2 % to $436.2 million. Operating profits increased slightly due to higher volume, increased price realization, network realignment savings, and lower restructuring charges. "These were partially offset by new product ramp-up, facility reconfiguration to meet changing market demands and a loss on the sale of a small non-core business," HNI reported.
"I am encouraged by the recent growth acceleration in our businesses and remain confident in our strategies to drive profit improvement while simultaneously investing for long-term profitable growth. We enter the third quarter with good momentum across our office furniture and hearth businesses, and we remain on track to grow sales and solidly increase profits in 2013," Askren said.
The company is projecting between 3 to 6 % growth in the third quarter over the same period in the prior year.

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