Havertys 4Q Sales Dip 0.2%

January 6, 2011  by in UnCategorized   

By Home Furnishings Business in Financial Reports on January 7, 2011 Atlanta-based furniture retailer Havertys (NYSE: HVT) reported fourth-quarter 2010 sales of $162.1 million, a 0.2 percent dip from the prior-year period.

On a comparable-store basis, however, sales for the quarter increased 1.9 percent. Total written business for the fourth quarter of 2010 rose around 3.2 percent over the same quarter of 2009.

Full-year sales for 2010 increased 5.5 percent to $620.3 million, versus $588.3 million in 2009. On a comparable store basis, sales increased 7 percent for the 12 months.

"We are pleased to record our fifth consecutive quarter of positive comparable store sales," said Clarence H. Smith, president and chief executive officer. "The fourth quarter of 2009 had marked the beginning of renewed interest by consumers in making big ticket home furnishings purchases. Our sales during 2010 reflected the uneven pace of the slow economic recovery marred by low job creation and a weak, often back-tracking, housing environment. We are off to a good start in January after a successful New Year's sale. For the first half of 2011 our comparable store sales will be measured against last year's rebounding 11.6 percent increase. Producing more than modest top line improvements will be difficult for this year, but we expect our customer-focused initiatives will help solidify our competitive position."

Havertys is a full-service home furnishings retailer with 118 showrooms in 17 states in the Southern and Midwestern regions, and carries merchandise in middle- to upper-middle price ranges.