HNI Corporation, the second largest producer of office furniture in the US and manufacturer of hearths, reports that its loss narrowed in the first quarter.
HNI’s office furniture segment saw sales fall by 9.3% to $300.03 million from $330.80 million last year. Operating loss from continuing operations was $5.5 million compared to a loss of $16.4 million the prior year.
Selling, general and administrative expenses reduced 10.4% to $124.6 million from $139.0 million last year, to cost control initiatives, lower volume related costs, improved distribution efficiencies and lower restructuring and transition costs.