Havertys Posts 8.6% Increase in 4Q Sales

January 8, 2015  by in Financial Reports, Furniture Retailing, Industry   

Same store sales for the retailer increased 8.3 percent. Twelve-month sales for 2014 totaled $768.4 million, a 3 percent increase compared with $746.1 million in 2013. For the year, same store sales climbed 3.6 percent.

"Our fourth quarter comparable sales were up 8.3 percent on top of the strong 9.5 percent increase in 2013,” said Clarence Smith, chairman, president and CEO. “The vendor supply and import flow issues which plagued us during the year were mostly overcome in the fourth quarter. As expected, our delivered sales increase outpaced the growth in our written business for the quarter, but we still entered the new year with a healthy backlog. Our stores now display a fresh new product line up and our increased warehouse inventory levels provide better response to fulfill customers' orders. We are pleased to have many important merchandise availability matters and the additional costs we incurred to remediate them behind us.”