Havertys Turns First Quarter Around with $2.4 Million Net

May 5, 2010  by in UnCategorized   

By Home Furnishings Business in Financial Reports on May 6, 2010 Furniture retailer Haverty Furniture Cos. (NYSE: HVT and HVT.A) reported net income of $2.4 million for the first quarter ended March 31, compared to a loss of $7.2 million during the same quarter last year.

Havertys' net sales for the quarter jumped 8.2 percent to $156 million compared to $144 million reported in the same quarter last year.

"We continued to grow our market share for the second consecutive quarter through the strength of our brand as comparable store sales were up 10.1 percent," said Clarence H. Smith, president and chief executive officer. "We recorded our third consecutive quarter of profits with our disciplined approach to product pricing and operating costs. As Havertys marks its 125th anniversary, we are inspired by the tenacity shown by associates of previous eras during difficult economic conditions. Despite today's economic uncertainty, we continue to invest in our current store base and technology. We believe that our strategies of focusing on the customer and essential operations will provide for profitable and sustainable long-term growth."

The Atlanta-based retailer said same-store sales for the quarter increased 10.1 percent from last year. Havertys has 119 stores compared to 121 last year.