MUSCATINE, IA – HNI Corp. announced second quarter sales of $631.1 million, a 0.8% drop from the same period last year. Net income was $13.5 million for the quarter ended June 28, compared to $26.4 million during the second quarter of 2007, a 49.0% decrease.
“We managed well during the quarter, confronting the challenging economic conditions and adapting our businesses to them. Demand continued to be weak in our hearth business and in the supplies-driven channel of our office furniture business. The lower demand levels, along with dramatically higher freight costs, pressured our profitability. We responded to these pressures with broad-based cost management and, as a result, were able to exceed our expectations for the quarter,” said Stan Askren, chairman, president and CEO.
“Simultaneous to our cost management efforts, we continued to increase our investment in new products and selling initiatives. We are improving our competitive position and laying the foundation for long-term value creation,” Askren said.
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