Havertys Reports Sales for Third Quarter

Havertys Reports Sales for Third Quarter

ATLANTA, Oct. 07, 2016 (GLOBE NEWSWIRE) — HAVERTYS (NYSE:HVT) (NYSE:HVT.A) today reported sales for the quarter ended September 30, 2016.

Havertys sales for the third quarter 2016 increased 0.8% to $211.7 million, compared with $209.9 million for the third quarter of 2015.  On a comparable store basis, sales for the quarter rose 1.2%.  Comparable store sales do not include locations opened, closed or otherwise non-comparable during the last 12 months.  Sales for the first nine months of 2016 totaled $601.0 million, compared with $589.0 million in 2015, representing an increase of 2.0%.  On a comparable store basis, sales rose 1.9% for the first nine months.          

Total written sales for the third quarter of 2016 increased 2.6% and written comparable store sales rose 3.0% over the same period last year.

    Sales in Millions
% Change
Store Sales
% Change
     2016   2015 
Third Quarter   $ 211.7   $ 209.9     0.8 %   1.2 %
Nine Months   $ 601.0   $ 589.0     2.0 %   1.9 %

Clarence H. Smith, chairman, president and CEO, said, “Our increase in written business during the third quarter was driven by robust results around the major holidays and an ebbing during the remaining periods. The occasional, dining, accessories, and upholstery product categories led the year over year sales increases for the third quarter. Our in-home designers have helped increase sales of custom upholstery, rugs and other accessories, building larger sales tickets and significantly improving opportunities for repeat and referral business.

“We closed an older location in Southeast Florida in August as customers are now served by newer stores. Our College Station, Texas store opened in late August and a Charlottesville, Virginia location will open next week, both are in new markets for Havertys.”

The Company will release third quarter 2016 financial results on Monday, October 31, 2016, after the market closes.  Havertys will host a conference call with analysts and investors on Tuesday, November, 1, 2016 at 10:00 AM (ET).

Havertys (NYSE:HVT) (NYSE:HVT.A), established in 1885, is a full-service home furnishings retailer with 122 showrooms in 16 states in the Southern and Midwestern regions providing its customers with a wide selection of quality merchandise in middle to upper-middle price ranges.  Additional information is available on the Company’s website havertys.com.

News releases include forward-looking statements, which are subject to risk and uncertainties.  Factors that might cause actual results to differ materially from future results expressed or implied by such forward-looking statements include, but are not limited to, general economic conditions, the consumer spending environment for large ticket items, competition in the retail furniture industry and other uncertainties detailed from  time to time in the Company’s report filed with the SEC.

Contact: Haverty Furniture Companies, Inc., 404-443-2900 Dennis L. Fink EVP & CFO Jenny Hill Parker SVP, Finance, Secretary and Treasurer