Havertys 3Q Income Slips on Higher Sales

October 29, 2015  by in Financial Reports, Furniture Retailing, Industry   

Net sales for the quarter increased 5.7 percent to $209.9 million compared to $198.5 million in the third quarter of last year. Same store sales jumped 3 percent.

For the nine-month period net income was $18.6 million down from net income of $18.8 million in the nine-month period of last year.

Net sales for the first nine months were about $589 million, up 6 percent from net sales of $555.4 million in the same period last year.

“We are looking forward to a strong finish to 2015 with the seasonally strongest sales events of the year about to begin,” said Clarence Smith, chairman, president and CEO. “Our efforts in building the average sales ticket are resulting in solid increases and we see potential for continued growth. The revival of dining room and bedroom furniture sales and the  increasing popularity of custom upholstery signals a consumer expressing their personal style with more economic confidence. Havertys is well positioned to serve today’s on trend customer beginning with upgraded stores, an improved website, knowledgeable sales associates, free in-home design consultations and excellent customer service.  We remain committed to improving our business, maintaining strong cash flow, and returning profits to our shareholders.”

The complete earnings release is available online.