Havertys Income Slides in 3Q

October 30, 2014  by in Financial Reports, Furniture Retailing, Industry   

Net sales for the quarter climbed 3 percent to $198.5 million compared to net sales of $192.7 million in the same quarter last year.

Net income for the nine-month period was $18.8 million, a 17 percent decline from net income of $22.6 million in the first nine months of last year. Net sales for the nine months ended Sept. 30 were $555.4 million, a 1 percent increase over net sales of $549.9 million in the first nine months of last year.

"Our execution of store repositioning and expansion began to accelerate in the second half of this year," said Clarence Smith, chairman, president and CEO. "Three store relocations and three new stores have opened or are slated to open by the end of 2014. This includes the new urban scaled store, Havertys Style Studio, which opened this past week in Atlanta, Ga. As previously announced, we are also working on opening four new stores in the first half of 2015, three in new markets. Our store portfolio does an excellent job of conveying our brand, and by the end of next year over 95 percent of our locations will either have been opened since 2010 or undergone our "Bright Inspirations" refresh program."

The complete earnings release is available online.