From Home Furnishing Business
Havertys Gets 11.6% Sales Increase in 3Q
Higher ticket prices and an increase in written business gave home furnishings retailer Havertys (NYSE: HVT) a boost in its third quarter earnings.
The retailer posted net income of $9.5 million for the third quarter ended Sept. 30,compared to $3.3 million in the third quarter last year.
Net sales for the third quarter increased 11.6 percent to $192.7 million compared with last year's third quarter sales of $172.7 million. Comparable-store sales were up 11.8 percent, and written business increased 7.3 percent. The retailer's average ticket price climbed 5.6 percent.
Net income for the first nine months ended Sept. 30 was $22.6 million, compared to $8.1 million in the same period last year.
Net sales for the nine-month period were $549.9 million, a 12.7 percent increase from $487.8 million during the same nine months last year. Same-store sales increased 11.5 percent during the nine months.
"We are reaching our customers in new ways and providing inspiration, information and assistance so she can confidently turn her vision of home into a reality," said Clarence Smith, chairman, president and CEO. "Our teams have been engaged in enriching the shopping experience across all channels and offering captivating products with great fabrics, finishes and function."
The entire earnings release is available online.