MUSCATINE, Iowa (AP) -- HNI Corp. missed expectations in the first quarter because a deteriorating economy and waning consumer confidence are eating into sales, the home and office furniture maker said Wednesday.
The company said sales and profit in the office furniture segment declined significantly in the first quarter, falling 6 percent because of weak sales to small office and home office customers.
Swelling costs for materials and plant consolidations are also eating into profit, the company said.
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