MUSCATINE, IA - HNI Corporation (NYSE: HNI) sales rose 15.8% to $523.5 million, but net income declined as a result of increased freight costs, strategic investments, higher incentive-based compensation and the impact of an acquisition.
A $1.5 million charge was taken for previously announced closures. An $8.4 million gain was taken on the sale of a vacated facility.
"Performance in our office furniture businesses was outstanding, with double-digit growth in both the supplies-driven and contract businesses and strong operational execution," said Stan Askren, HNI CEO. HNI saw even stronger growth in its hearth business, which is driven by new home sales. It represents about 20% of total revenues.
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