Thanks to Kimball acquisition, HNI sees major sales gains in fourth quarter

MUSCATINE, Iowa – Office and contract furniture giant HNI reported $679.8 million in fourth quarter consolidated net sales, a gain of 19% from last year, largely thanks to its acquisition of Kimball last year. Not counting the acquisition, organic sales fell 6.4%.

Earnings per share rose 23% from last year, while operating margin expanded 410 basis points. Reasons for the improved margin were price-cost improvement, productivity gains and benefits from recent cost savings initiatives.

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