HNI ready for post-pandemic return for work as office furniture imports rise

China 2777 Cons. Discr. - Durables 408 Cons. Discr. - Retailing 375 Earnings 587 Quote Watch 354 U.S. 4941

HNI Corp. reported an 8.8% year over year drop in Q4’20 revenues as a result of reduced sales of its workplace furniture during the pandemic, which was not offset by increased sales of residential building products. The firm has also had to deal with “rapid increases from steel, ocean freight and outbound freight” costs according to CFO Marshall Bridges. Panjiva’s data shows U.S. seaborne imports linked to the firm dropped by 13.8% year over year in Q4’20, but have reversed to a surge of 48.3% in January and February combined. The latter may indicate an expectation of a mass return-to-of...

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