MUSCATINE, IA – HNI Corp. announced first quarter sales of $563.4 million and net income of $4.0 million, down 7.5% and 80.7%, respectively, from the first quarter of 2007.
“We faced very challenging economic conditions during the quarter. Demand in the supplies-driven channel of our office furniture business, which primarily consists of small office and home office purchases, experienced substantial weakness. Declining consumer sentiment and small business confidence appear to be adversely impacting this channel. Our contract businesses, which typically involve larger companies and longer selling cycles, performed to our expectations,” said Stan Askren, HNI’s chairman, president and CEO.
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