Havertys 2012 Net Income $14.9M

February 25, 2013  by in UnCategorized   

By Home Furnishings Business in Financial Reports on February 26, 2013

Furniture retailer Havertys Furniture Cos. (NYSE: HVT) reported net income of $14.9 million for the year ended Dec. 31, compared to net income of $15.5 million reported in 2011.

Net sales for the year were $670 million, compared to $620.9 million in the previous year.

The retailer reported net income of $6.8 million for the fourth quarter ended Dec. 31, compared to nearly $17 million in the same quarter last year. Net sales for the quarter were $182 million, compared to net sales of $168 million in the same quarter last year.

"We are very pleased with these results and look forward to the opportunities in 2013," said Clarence H. Smith, chairman, president and CEO. "The initiatives towards attracting the 'on trend' customer are gaining traction. This customer wants to express herself and we convey this in our successful "discover something you" advertising campaign. To meet her desire for unique and personally styled products, we expanded and simplified our custom and special order upholstery programs which in 2012 were up almost 18 percent over 2011."

Smith said the retailer will be adjusting its square footage this year by closing stores in "certain marketing and expanding showrooms in desirable locations. Our merchandising and customer centric focus distinguishes us in the marketplace and gives us an edge over our competitors. The improving housing and overall economic data bode well for Havertys as we are prepared operationally and financially to exploit shifts in demand."

The entire earnings release can be found online.