Haverty Lowers First-Half Guidance

Haverty Furniture(HVT) reported February same-store sales today that decreased 6.5% compared with the same month a year ago, and the furniture retailer projected flat comparable sales for the first half of 2001.

For the month, Haverty posted total sales of $54.1 million, up only slightly from $54 million in year-ago period.

Shares of Haverty, a home furnishings retailer based in Atlanta, fell 95 cents, or 6.8%, to $13 in recent New York Stock Exchange trading.

The company's first-half same-store sales projection is a downward revision from the original expectation of a 1% to 3% increase. As a result, the company lowered its earnings estimate for the first quarter and second quarter to a range of 22 cents to 24 cents a share in each period.

Last year, Haverty earned 30 cents a share in the first quarter and 28 cents a share in the second. Analysts expect the company to earn 26 cents a share in both quarters.