Havertys 1Q Sales Dip

April 7, 2011  by in UnCategorized   

By Home Furnishings Business in Financial Reports on April 8, 2011

Havertys Furniture (NYSE: HVT) reported first-quarter 2011 sales fell 1.2 percent compared with the same period last year.

Havertys reported first-quarter 2011 sales of $154.2 million, versus $156 million for the first quarter of 2010. Comparable store sales for the quarter decreased 0.6 percent. Total written business for the first quarter of 2011 was down approximately 3.5 percent compared to the same quarter last year.

"Our first quarter total sales were 1.2 percent below last year with comparable store sales down slightly," said Clarence H. Smith, president and chief executive officer. "This was in line with the sales trend we previously reported for the first two months of the quarter. Last year's first quarter comparable store sales were up 10.1 percent.

"Consumer sentiment is being hampered by rising fuel and food prices and continued declines in housing values so we expect business to remain challenging. While some furniture retailers are closing stores and exiting the business, we are focused on a plan of refashioning and renovating our stores and preparing for Havertys' growth over the longer term."

Havertys, Atlanta, has 118 showrooms in 17 states in the South and Midwest.