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From Home Furnishing Business

Havertys Almost Doubles 2nd-Quarter EPS

Furniture retailer Havertys (NYSE: HVT) reported second-quarter 2013 net sales of $171.1 million, a 12.9 percent increase over the prior-year period.

Comparable store sales were up 11.2 percent; and total written business was up 16.7 percent; and average ticket rose 7.7 percent. Net income doubled from $2.4 million to $4.8 million. Earnings per share for the second quarter ended June 30, 2013 of $0.21 compared with $0.11 for the same period of 2012.

For the six months ended June 30, net sales rose 13.4 percent to $357.2 million; comparable store sales were up 11.3 percent; and average ticket increased 10.3 percent. The earnings per share for the first six months of 2013 is $0.58 compared with $0.22 for the same period of 2012.

"Our initiatives to improve the productivity of our stores and the efficiency of our operations continue delivering positive results," said Clarence H. Smith, chairman, president and chief executive officer. "The execution of our merchandising and marketing strategies increased our average sales ticket and improved store traffic. Housing sales in our regions, a key driver of business, are growing. We believe our financial strength and positioning of the Havertys brand will allow us to outpace our competition as housing and employment improves."

Havertys closed its Jackson, Miss., and Roanoke, Va., locations midway through the second quarter for a retail store count if 119 as of June 30 versus 120 at the same point last year.

So far in the third quarter, delivered sales are up approximately 9.8 percent over the same period last year. Written business is up approximately 11.8 percent.

Click here for the full Havertys Furniture second-quarter release.



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