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Havertys Reports Sales For Second Quarter

HAVERTY FURNITURE COMPANIES, INC. (NYSE: HVT and HVT.A) today reported sales for the quarter ended June 30, 2011.

Havertys' sales for the second quarter 2011 decreased 1.4% to $143.1 million, compared with $145.1 million for the second quarter of 2010. On a comparable store basis, sales for the quarter decreased 1.4%. Comparable store sales do not include locations opened, closed or otherwise non-comparable during the last 12 months. Sales for the first six months of 2011 totaled $297.3 million, compared with $301.1 million in 2010, representing a decrease of 1.3%. On a comparable store basis, sales decreased 1.0% for the first six months.

Written sales for the second quarter 2011 increased 0.2% over the same quarter last year.

                 
Sales in Millions

(unaudited)

Total

Sales

Comparable Store Sales

        2011       2010       % Change       % Change
Second Quarter       $143.1       $145.1       -1.4%       -1.4%
Six Months       $297.3       $301.1       -1.3%       -1.0%
     

Clarence H. Smith, president and chief executive officer, said, "Our first and second quarter 2011 sales faced tough matchups to the double-digit comp-store increases in the first half of 2010 as housing activity had been stimulated by the home buyer tax credits. The second half of the year is usually stronger than the first and our sales comparisons to the 3.0% comp-store increases for the last six months of 2010 will not be as challenging. Our written sales for early July, including the important Independence Day weekend, were up modestly over the same period last year which had also generated an increase. We remain cautious as consumer spending for home furnishings is reflective of housing values and activity which persist at extraordinarily low levels. Our focus is on providing merchandise with exceptional quality and value, continuing to invest in our store base, and executing other key elements of our strategy for long-term growth.”

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