Havertys Post $606,000 Loss for 2Q

August 4, 2010  by in UnCategorized   

By Home Furnishings Business in Financial Reports on August 5, 2010 Haverty Furniture Cos. (NYSE: HVT and HVT.A ) reported a net loss of $606,000 during the second quarter ended June 30, compared to a loss of $6.6  million during the second quarter of last year.

Net sales for the quarter climbed 11.9 percent to $145.1 million, compared to $129.7 million during the second quarter of last year.

"We believe we are continuing to grow our market share as second quarter comparable store sales were up 13.2 percent, said Clarence H. Smith, president and chief executive office. "Recent sales trends and consumer confidence reports however indicate the tenuous nature of the recovery. Shipping lines are cautiously managing capacity, and although we have not experienced the level of disruption in receiving products from overseas suppliers that others have encountered, increases in contract container freight rates have modestly reduced our gross profit margins. Our discipline in holding operating costs in check kept SG&A expenses controlled. Despite today's economic uncertainty, we are not complacent in our approach to gaining market share. We are investing in our current store base and our internet site because we believe that focusing on the customer experience is vital to our continued success."

Net sales for the first six months of the year increased 9.9 percent to $301.1 million and same-store sales increased 11.6 percent.

Havertys has posted the complete release online.