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From Home Furnishing Business

Havertys Reports Soft Second-Quarter Business

Havertys LogoExcept for a solid Memorial Day weekend, second-quarter business at Havertys (NYSE: HVT) has been soft, the retailer said in a sales update in preparation for meetings with institutional investors this week.

The company said second quarter sales to date are 1.6% ahead of the same period last year, and comparable store sales are up 0.4%. After adjusting for the Easter holiday, which occurred in March last year versus April this year, written comparable stores sales to date are up 0.3%.

“Our written comparable store sales in the second quarter reflect soft written business except for a very good Memorial Day holiday sales period," said Clarence Smith, chairman, president and CEO. "We look forward to the impact of the new products in our showrooms and appealing advertising for the upcoming July 4 holiday sales."

The company’s senior management is meeting Wednesday and Thursday with institutional investors in the Midwest.

The company plans to announce second quarter sales on July 10, before the market opens, and will release complete second quarter financial results on July 31, after the market closes.

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