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From Home Furnishing Business

Havertys 1Q Net Sales Climb 5.3%

Home furnishings retailer Havertys (NYSE: HVT) reported net income of $6.12 million for the first quarter ended March 31 compared to net income of $6.13 million in the first quarter of last year.

Net sales for the quarter were $191.3 million, a 5.3 percent increase from net sales of $181.7 million in the same quarter last year.

Same store sales for the quarter rose 4.8 percent, and average written ticket amount increased 4.8 percent. Custom upholstery sales climbed 11.1 percent.

"We are on track with our initiatives of increasing average ticket, strengthening our brand, and expanding our store base,” said Clarence Smith, chairman, president and CEO. “Our in-home designers and store sales staff are engaging the Havertys customer by providing the level of product information and decorating assistance the customer is seeking. New product introductions in the case goods category have fully restored our selection. Our custom upholstery business continues to do well and working with our vendors we have some of the shortest lead times in retail.”

The complete earnings release is available online


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