From Home Furnishing Business
Havertys Posts 4Q Profit
Fourth quarter net income for home furnishings retailer Havertys (NYSE: HVT) was $9.2 million compared to a net loss of $10.2 million in the same quarter last year.
Net sales for the quarter ended Dec. 31 were up 1.4 percent to $215.9 million from $213 million in the prior fourth quarter.
Net income for the year ended Dec. 31 was $27.8 million compared to net income of $8.6 million in fiscal 2014. Annual net sales increased 4.7 percent to $804.9 million from $768.4 million in the prior year.
“Earnings for the fourth quarter were in line with our expectations based on our previously released sales results,” said Clarence Smith, chairman, CEO and president. “Our promotional efforts in the fourth quarter were not as aggressive as many retailers and our gross margins were up year over year.”
Smith said the company is shifting its focus away from promotional goods and reaching out to consumers who are more discriminating and on-trend. As part of that strategy, Havertys has invested to improve its in-store and online experiences with ramped up coaching and skills learning.
The complete earnings release can be read online.