Havertys Posts $3.3M Profit in 3Q

October 31, 2012  by in UnCategorized   

By Home Furnishings Business in Furniture Retailing on November 1, 2012

Furniture retailer Haverty Furniture Cos. (NYSE: HVT) reported net income of $3.3 million on sales of $172.7 million for the third quarter ended Sept. 30.

Net sales for the quarter climbed 11.1 percent compared to sales of $155 million posted in the same quarter of last year. Net income in the third quarter of last year was $118,000.

Net income for the nine-month period was $8.1 million, compared to a $1.4 million loss in the same period last year. Sales for the nine months ended Sept. 30 increased 7.8 percent to $487.8 million compared to $452.6 million in the same period last year.

"We are pleased with our earnings results and effective leverage of sales growth," said Clarence Smith, chairman, president and chief executive officer. "The housing recovery is showing some signs of staying power and we will benefit as it rebounds. We are well positioned in excellent markets and continue to strengthen our engagement with the middle to upper-middle income customer."

The entire earnings release can be found online.