Havertys Earnings Hold Steady in 2Q

July 31, 2014  by in Financial Reports, Furniture Retailing, Industry   

Net sales for the second quarter were $175.1 million, a 2.4 percent increase from $171.1 million reported in the second quarter last year.

The home furnishings retailer reported nearly $11 million for net income in the first half of the year ended June 30 compared with $13.1 million recorded for the first half of 2013.

Net sales of $357 million in the first six months were flat in 2014 when compared against 2013.

"Our repositioning in key markets continues in the second half of this year with the opening of three store relocations, three new stores including one new urban scaled format, and one store closure," said Clarence Smith, chairman, president and CEO. "Accessibility and a great shopping experience extends, and often begins, outside of our brick and mortar stores, and our Web site will soon feature additional tools to engage the customer in her home furnishings exploration. We also expect to be providing quicker delivery response times and reducing our costs by receiving and maintaining certain inventory closer to the customer as a result of increased storage capacity in our Florida and Virginia distribution centers."

The entire earnings release is available online.