US Office furniture maker HNI said that it forecasts a 8 to 14% drop in sales for the first quarter with the market ‘not yet showing signs of near-term improvement.’

"We anticipate volatility and low levels of demand to continue across our businesses," Chief Executive Stanley Askren said on a conference call with analysts. HNI expects the office furniture segment, which was 79 percent of fourth-quarter revenue, to remain challenged by high unemployment with competitive pricing pressure and weakness in day-to day activity.

Stan Askren added that the company ended the year “financially strong and competitively well positioned despite unprecedented challenges. We achieved these results due to the hard work and commitment of our members.”