Haverty Furniture Reports Increase In 2Q Profits

August 2, 2006  by in UnCategorized   

By Home Furnishings Business in Furniture Retailing on August 2006 Home furnishings retailer Haverty Furniture Cos. Has reported that their Wednesday second-quarter profit grew, driven by improved sales and inventory management.

Quarterly net income grew to $3.6 million, or 16 cents per share, from $1.3 million, or 6 cents per share. Sales grew to $211 million from $192.4 million, according to an Associated Press report.

Haverty was able to better manage the flow of imported merchandise with its recently expanded distribution center, President and Chief Executive Clarence H. Smith said, which helped shorten the time for filling orders. Quarterly revenue also benefited from higher average ticket sales generated from sales events and longer promotions featuring no down payments.

Haverty Furniture shares fell 54 cents, or 3.5 percent, to close at $14.98 on the New York Stock Exchange. Shares have traded between $11.53 and $16.93 over the past 52 weeks.