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Hni Corp's Definitive Proxy Statement (Form DEF 14A) filed after their 2021 10-K Annual Report includes:
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The increase was primarily driven by strong volume growth and SG&A leverage, partially offset by unfavorable price-cost and higher variable compensation.
Selling and Administrative Expenses Selling and administrative expenses as a percentage of net sales decreased 310 basis points in the first quarter of 2021 compared to the same quarter last year due to lower core SG&A, higher residential building products volume, and freight and distribution productivity, partially offset by lower workplace furnishings volume and higher variable compensation.
However, management believes the Corporation is well positioned to grow revenues, expand margins, and generate cash flows as it moves into the next stage of the recovery.
These expenditures are primarily focused on machinery, equipment, and tooling required to support new products, continuous improvements, and cost savings initiatives in manufacturing processes.
The risks and uncertainties described in this report, as well as those described within Item 1A of the Corporation's Annual Report on Form 10-K for the fiscal year ended January 2, 2021, are not exclusive and further information concerning the Corporation, including factors that potentially could have a material effect on the Corporation's financial results or condition, may emerge from time to time.
Net Income (Loss) Attributable to...Read more
Operating profit as a percentage...Read more
The prior-year quarter included $32.7...Read more
Included in the sales results...Read more
Included in the sales results...Read more
Included in the sales results...Read more
The acquisition of DPG in...Read more
Consolidated net sales for the...Read more
Management believes the Corporation continues...Read more
The increase in operating cash...Read more
Gross Profit Gross profit as...Read more
Dividend - The Corporation is...Read more
Workplace Furnishings The following table...Read more
Additionally, the prior-year quarter included...Read more
Additionally, the prior-year quarter included...Read more
Financial Statements, Disclosures and Schedules
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Hni Corp provided additional information to their SEC Filing as exhibits
Ticker: HNI
CIK: 48287
Form Type: 10-Q Quarterly Report
Accession Number: 0000048287-21-000074
Submitted to the SEC: Tue May 04 2021 8:33:38 AM EST
Accepted by the SEC: Tue May 04 2021
Period: Saturday, April 3, 2021
Industry: Office Furniture No Wood