Havertys 3Q Sales up 3.4%

November 3, 2010  by in UnCategorized   

By Home Furnishings Business in Financial Reports on November 4, 2010

Haverty Furniture Cos. (NYSE: HVT) reported third-quarter 2010 sales of $157.1 million, a 3.4 percent increase over the prior-year period.

The Atlanta-based retailer had net income of $1.2 million during the three months ended Sept. 30, compared with $501,000 in third-quarter 2009. Comparable store sales 4.3 percent outpaced overall sales growth.

"Although our performance in 2010 has improved over last year, we have previously reported a softening of demand trends in the most recent months," said President and CEO Clarence Smith. "The fourth quarter is historically our strongest of the year, and our results will be against more difficult comparisons. We are confident that our shopping experience, both in-store and on-line, the stylish and affordable merchandise we offer, excellent service and strength of our brand will allow us to continue to grow market share. Our ongoing evaluation of stores will result in future new store locations and the exiting of other sites similar to our entrance in the Columbus, Ga., market in October and the closing of our Abilene, Texas, location in December. We will also be investing in our operations to upgrade information systems. The competitive advantages that we have developed and our financial strength will support our efforts in growing our business."

As of Sept. 30, Havertys' store count stood at 118 versus 121 a year earlier. In addition to the Abilene store, which closes in the fourth quarter, Havertys closed its Bowling Green, Ky., location at the end of the third quarter.

Through 2010's first three quarter, Havertys net sales rose 7.6 percent to $458.2 million, and comparable store sales were up 9 percent. Year-to-date, Havertys has cleared $2.9 million versus a $13.3 million loss through the first nine months of 2009.