Havertys Posts Loss in 4Q

February 24, 2015  by in Financial Reports, Furniture Retailing, Industry   

Net sales for the quarter were $213 million, an increase of 8.6 percent over net sales for the same quarter last year of $196.2 million.

The retailer reported net income of $8.6 million for the year ended Dec. 31, compared to net income of $32.3 million in the prior year. Net sales for the year were $768.4 million, a 3 percent increase from net sales of $746.1 million in 2013.

"We finished 2014 with a strong fourth quarter led by solid sales growth and advancement on several operational fronts,” said Clarence Smith, chairman, president and CEO. “As we reported in our January sales release, vendor supply and import flow improved enabling us to increase delivered sales. Our teams worked to ensure that we would have robust warehouse inventory levels and product on the water in advance of the Chinese New Year supply interruption to meet sales demand. The west coast port congestion caused by unresolved labor contract tension has resulted in some delivery delays to our customers in the western portion of our footprint and higher supply chain costs for imports. We are encouraged by the recent news of a settlement and will continue to take all practical mitigating steps until the ports recover.”

The complete earnings release is available online.