Havertys Reports 14.2 Percent Decrease In May

June 4, 2007  by in UnCategorized   

By Home Furnishings Business in Furniture Retailing on June 2007 Haverty Furniture reported Monday that May sales compared to the same month last year at its 122 stores decreased by 14.2 percent to $64 million. On a comparable-store basis, sales dropped 15.5 percent.

“Our May sales reflect the continued weakness in the retail furniture sector,” said Clarence Smith, president and CEO. “We faced difficult comparisons against last year’s strong May comparable sales increase of 17.9 percent.”

Smith said hopeful signs included a 2 percent increase in total written sales over the Memorial Day weekend.

“We have made several changes in our operations to adjust them to meet current sales levels. However our current quarter-to-date sales are tracking below our first-quarter results, and current break-even levels,” Smith said. “We are evaluating additional methods designed to increase sales and continue our efforts in reducing our operating costs.”