Havertys 4Q Income Hits $9.2 Million

March 1, 2010  by in UnCategorized   

By Home Furnishings Business in Furniture Retailing on March 2, 2010 Havertys Furniture Cos.' (NYSE: HVT and HVT.A) net income for the fourth quarter ended Dec. 31 was $9.2 million, compared to a net loss of $9.3 million for the same quarter in 2008.

Sales for the quarter were $162.4 million, a 0.4 percent increase from the fourth quarter of 2008. Same-store sales were up 2 percent.

For the fiscal year, the Atlanta-based retailer recorded a net loss of $4.2 million, compared to a net loss of $12.1 million for fiscal 2008. Annual sales were $588.3 million, a 14.9 percent decrease from 2008. Same-store sales for the year fell 14.2 percent.

"We are pleased with the earnings leverage that we achieved on a small increase in sales," said Clarence Smith, president and chief executive officer. "The return to positive comparable store sales in the fourth quarter was a good sign since it historically is the strongest period for furniture retailers. We believe by carefully highlighting great merchandise values in our advertising we are stimulating sales and protecting our brand."

Looking forward, Smith said plans for 2010 include strategies to increase comparable store sales and sales per square foot. The retailer also plans to spend about $15 million for new and remodeled stores, as well as upgrading certain computer hardware.

Havertys operates 119 showrooms in 17 states in the South and Midwest.