From Home Furnishing Business
Havertys Reports 4Q Sales of $215.9M
Havertys (NYSE: HVT) reported fourth quarter sales of $215.9 million, an increase of 1.4 percent compared to $213 million from the same period last year.
Same-store sales for the quarter ended Dec. 31 dropped 0.9 percent from the same quarter last year.
Sales for the 12 months of 2015 totaled $804.9 million, a 4.7 percent increase compared with $768.4 million in 2014.
“We reported in early December a softening in our fourth quarter business, more prevalent in Texas but also across many of our markets, which continued during the last weeks of 2015,” said Clarence Smith, chairman, president and CEO. “We chose not to alter our promotional strategy to drive sales at the expense of our product margins. Sales of dining rooms, upholstery and accessories were up but we did have a modest reduction in mattress sales during the fourth quarter. Our average ticket for the quarter was up 3.6 percent and 4.7 percent for the year. These increases are largely due to the business developed through our free in-home design consultations and custom order upholstery programs.”