HNI predicts growth in office furniture sales
| 20 April, 2017
HNI reports that sales for the first quarter ended April 1, 2017 decreased $23.4 million or 4.7 percent to $477.7 million.
Acquisitions and divestitures of small office furniture companies decreased sales $9.3 million compared to the prior year quarter.
For the second quarter, organic sales are expected to be up 4 to 7 percent led by 12 to 15 percent organic growth in the contract office furniture business.
"First quarter results were better than expected. Our businesses continue to compete well and generated sales at the high end of our anticipated range. As expected, the demand environment started slowly and improved throughout the quarter. We are pleased with the positive customer response to our recent investments and remain committed to driving long-term shareholder value," said Stan Askren, HNI Corporation Chairman, President and Chief Executive Officer.