MUSCATINE, IA – HNI Corp. announced fourth quarter sales of $637.9 million and net income of $8.5 million. Net sales were down 4.6% from the prior year period. For the fiscal year 2008, the company reported sales of $2.5 billion, down 3.6% from fiscal 2007. Net income was $45.5 million, down 62.1% from 2007.
“We continued to take focused and strong actions during the quarter, adjusting our businesses to the harsh marketplace realities. Consistent with our actions throughout 2008, we attacked structural and day-to-day operating costs in every corner of the corporation. These actions, along with declining freight costs and better price realization, allowed us to partially offset weakening demand and exceed our fourth quarter expectations,” said Stan Askren, chairman, president and CEO.
“We faced unprecedented challenges in 2008, and I would like to thank our members for their hard work, dedication, and sacrifice,” said Askren.
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