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TheStreet Open House

Haverty Furniture Companies Inc. Q1 2010 Earnings Call Transcript

Haverty Furniture Companies Inc. (HVT)

Q1 2010 Earnings Call

May 6, 2010 10:00 AM ET

Executives

Dennis Fink – Executive Vice President and CFO

Clarence Smith – President and CEO

Analysts

Todd Schwartzman – Sidoti & Company

Budd Bugatch – Raymond James

Presentation

Operator

Ladies and gentlemen, thank you for standing by. And welcome to Haverty's Q1 2010 financial results conference call on the May 6, 2010. Throughout today's recorded presentation, all participants will be in a listen-only mode. After the presentation, there will be an opportunity to ask questions. (Operator Instructions)

I will now hand the conference over to Mr. Dennis Fink. Please go ahead, sir.

Dennis Fink

Thank you, and good morning, everyone. During this conference, we’ll make forward-looking statements which are subject to risk and uncertainties. Actual results may differ materially from those made or implied in such statements which speak only as of the date they are made and which we undertake no obligation to publicly update or revise. Factors that could cause actual results to differ include economic and competitive conditions and other uncertainties detailed in the company's reports filed with the SEC.

Our President and CEO, Clarence Smith, will now give you his update.

Clarence Smith

Thank you. Good morning. Thank you for joining our first quarter conference call. As we previously reported, our sales increased 8.2% to $156 million, compared to $144 million for the quarter.

Comparative store sales for Q1 were 10.1%, which was exciting for our team to finally see a double-digit positive performance. We’re pleased to report that we produced a profit of $2.4 million versus a loss for last year of $7.3 million.

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