HNI Corporation announced sales for the full year ended January 1, 2022 of $2.184 billion and net income of $59.8 million. GAAP net income per diluted share was $1.36, compared to $0.98 in the prior year. Non-GAAP net income per diluted share was $1.63, compared to $1.79 in the prior year.
Fourth quarter sales of $602.9 million were up 7 percent from year-ago levels, and fourth quarter net income was $8.2 million. GAAP net income per diluted share was $0.19, compared to $0.52 in the prior year. Non-GAAP net income per diluted share was $0.43, compared to $0.66 in the prior year.
Segment profitability in Workplace Furnishings declined in the fourth quarter primarily driven by unfavorable price-cost. During the quarter, the corporation took several actions to simplify its business and drive long-term profitability.
The corporation implemented plans to exit a small office furniture brand and restructure an eCommerce business—both moves are consistent with the corporation’s broader business simplification and margin-enhancement efforts.
The corporation also implemented additional price increases across its brands to address inflationary pressures. As a result, HNI expects price-cost to be neutral in the first quarter and a positive contributor to second half 2022 profitability.