Havertys 3Q Earnings Climb 3%

October 7, 2014  by in Financial Reports, Furniture Retailing, Industry   

Same store sales for the quarter climbed 3.5 percent.

Sales for the first nine months of the year totaled $555.4 million, compared with $549.9 million during the first nine months of last year.

"Our written sales for the full quarter finished strong with a record setting Labor Day holiday period and a better increase over last year for the rest of September," said Clarence Smith, chairman, president and CEO. "Our delivered sales for the third quarter were not as strong as we planned. As we reported midyear, supplier order fulfillment and sourcing of our case goods merchandise have been challenging. These issues resulted in lost business in this important category, especially of bedroom furniture, with case goods sales as a percentage of total sales off approximately 2 percent for both the quarter and the nine months.  Our new and replenishment merchandise is arriving and stocking levels should be improving in the fourth quarter."

Smith said the company's two stores that opened in the third quarter have performed well, and the company looks forward to the four planned stores set for opening with in the next three months.

Havertys will release complete third quarter results Wednesday, Oct. 29 following the close of market.