Havertys 2Q Sales Hit $143.1 Million

July 6, 2011  by in UnCategorized   

By Home Furnishings Business in Financial Reports on July 7, 2011 Haverty Furniture Cos. (NYSE: HVT and HVT.A) reported sales of $143.1 million for the second quarter 2011 ended June 30, a 1.4 percent decrease from sales of $145.1 million in the second quarter of last year.

Same-store sales for the quarter dropped 1.4 percent. Sales for the first six months of 2011 totaled $297.3 million, compared with $301.1 million in 2010, representing a decrease of 1.3 percent. On a comparable store basis, sales decreased 1.0 percent for the first six months.

"Our first and second quarter 2011 sales faced tough matchups to the double-digit comp-store increases in the first half of 2010 as housing activity had been stimulated by the home buyer tax credits," said Clarence H. Smith, president and chief executive officer. "The second half of the year is usually stronger than the first and our sales comparisons to the 3.0 percent comp-store increases for the last six months of 2010 will not be as challenging. Our written sales for early July, including the important Independence Day weekend, were up modestly over the same period last year which had also generated an increase. We remain cautious as consumer spending for home furnishings is reflective of housing values and activity which persist at extraordinarily low levels. Our focus is on providing merchandise with exceptional quality and value, continuing to invest in our store base, and executing other key elements of our strategy for long-term growth."

Havertys operates 118 showrooms in 17 states.