MUSCATINE, IA — HNI Corp.’s sales grew 12 percent for first quarter ended March 31, 2012. The office furniture and hearth manufacturer recorded consolidated net sales of $445.2 million for the quarter, with $15.4 million attributed to the acquisition of Sagus. Also impacting finances was $1.2 million of restructuring and transition charges that HNI said were “associated with previously announced shutdown and consolidation of office furniture manufacturing locations.”
Sales for HNI’s office furniture segment grew $47.5 million — 14.3 percent — to $378.6 million. In addition to the newly acquired Sagus, brands in this division include: The HON Co., Allsteel Inc., The Gunlocke Co. LLC, Paoli Inc., Maxon Furniture Inc., Lamex, HNI International Inc. and HBF.
First quarter sales for hearth products increased $1.6 million — 2.4 percent — $66.6 million. According to the company, growth in the new construction channel helped offset a decline in the remodel/retrofit channel. Included in this segment is Hearth & Home Technologies Inc.
"We are pleased with our improved performance over prior year. Both segments delivered sales growth led by a double-digit increase in our office furniture supplies-driven channel. Strong performance in the new construction channel also drove growth in our hearth business," said Stan Askren, HNI Corp. chairman, president and CEO said in a statement.
Askren added the company anticipates an 8 to 11 percent growth for the second quarter, compared to 2011. “We remain on track to grow sales and increase profits in 2012. I remain confident our investments are accelerating profitable growth and delivering long-term shareholder value. The corporation is financially strong and well positioned for the future."
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