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Economy

HNI Reports Lower Sales & Profits

HNI.Logo_.jpg

Sales and profits fell for HNI Corporation during the 3rd quarter. This week the Muscatine-based manufacturer of office furniture and hearth products reported its results for July through September.

Sales for the quarter totaled 584 million dollars, a drop of 5 per cent compared to the same time a year ago. And net income dropped 18 per cent, to 74 cents a share.

Company chairman, president, and ceo Stan Askren blames what he calls "dynamic markets in an uncertain economic environment." But is confident the company is "strong and well-positioned" for the long-term. 

Sales in both of HNI's divisions fell - down 4.4 per cent for office furniture during the third quarter and down 7.3 per cent for hearth products. These include gas, electric, wood, and bio-mass burning fireplaces, plus inserts, stoves, and accessories.