Havertys 4Q Sales Climb 3.8%

January 4, 2012  by in UnCategorized   

By Home Furnishings Business in Furniture Retailing on January 5, 2012 Atlanta-based Haverty Furniture Cos. (NYSE: HVT and HVT.A) reported a 3.8 percent sales increase to $168.3 million for the fourth quarter ended Dec. 31.

The home furnishings retailer's sales for the same quarter last year were $162.1 million.

Same-store sales increased 3.5 percent for the quarter. Sales for the 12 months of 2011 totaled $620.9 million versus $620.3 million for 2010, representing an increase of 0.1 percent.

Total written sales for the fourth quarter of 2011 increased 1.5 percent over the same quarter last year.
                                                 
"We are pleased to announce positive sales results for the full year due to the strength of our fourth quarter performance," said Clarence H. Smith, president and chief executive officer. "Deliveries to customers during the quarter were benefited by improved stocking levels and more timely vendor response to new orders. Total written business for the quarter was up 1.5 percent with a slightly higher average ticket throughout the period and improved customer traffic during December. Preliminary indications are that fourth quarter gross margins will be better than last year and the most recent quarters, consistent with the forward looking comments in our third quarter earnings release. Total written business for the recent four day New Year's holiday weekend sale was also up modestly compared to the same year ago period."

Smith said the retailer's new store in Boca Raton, Fla., which opened in October, was reaching a more affluent consumer.

The company plans to open two stores in the middle of 2012 in the Towson area of metro Baltimore and the Midland, Texas, market. In addition, Havertys will relocate a store in a Southern suburb of Atlanta and open a store in another market where the retailer currently operates, Smith said.