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From Home Furnishing Business

Havertys Q2 Sales up 2.4 Percent

Home furnishings retailer Havertys (NYSE: HVT) reported second-quarter 2014 sales of $175.1 million, an increase of 2.4 percent, compared with the prior-year period.

On a comparable store basis, sales for the quarter increased 3.2 percent.  Comparable store sales do not include locations opened, closed or otherwise non-comparable during the last 12 months. Sales for the first six months of 2014 totaled $356.9 million, compared with $357.2 million in 2013, representing a decrease of 0.1 percent. On a comparable store basis, sales increased 1.1 percent for the first six months.

Total written sales for the second quarter of 2014 increased 4.7 percent, and written comparable store sales were up 5.3 percent over the same quarter last year. Havertys stores are closed on Easter, so both of these amounts were adjusted upward 1.4 percent to compensate for that holiday falling in March last year and April this year.

"Sales for the second quarter showed growth in the categories of upholstery, mattresses, and accessories," said Clarence H. Smith, chairman, president and CEO. "Our supplier order fulfillment for wood products continued to challenge case goods sales. There has been recent improvement with the exception of a major Chinese manufacturer and we expect lead times to stabilize over the remainder of the year. Our sales results were up against tough double-digit increases in 2013."

"We closed our Plano, Texas, store in May; and in the third quarter will open a new store in Fort Worth, Texas, and relocate our Fayetteville, N.C., showroom. Our store presentation, merchandising, and superior customer service differentiate us from the competition and should enable us to continue to grow sales and market share."

Havertys, based in Atlanta, has 118 showrooms in 16 states in the Southern and Midwestern regions providing merchandise in middle to upper-middle price ranges.







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