Havertys Reports Sales - Fifth Consecutive Quarter Of Positive Comps

HAVERTY FURNITURE COMPANIES, INC. (NYSE: HVT and HVT.A) today reported sales for the period ended December 31, 2010.

Havertys' sales for the fourth quarter 2010 decreased 0.2% to $162.1 million, versus $162.4 million for the fourth quarter of 2009. On a comparable store basis, sales for the quarter increased 1.9%. Comparable-store sales do not include locations opened, closed or otherwise non-comparable during the last 12 months. Total written business for the fourth quarter of 2010 was up approximately 3.2% over the same quarter of 2009. Sales for the twelve months of 2010 increased 5.5% to $620.3 million, versus $588.3 million in 2009. On a comparable store basis, sales increased 7.0% for the twelve months.
                               
            Sales in Millions

(unaudited)
      Total

Sales
     

Comparable-

Store Sales
              2010       2009       % Change       % Change
Fourth Quarter             $162.1       $162.4       - 0.2%       + 1.9%
Twelve Months             $620.3       $588.3       + 5.5%       + 7.0%
     

Clarence H. Smith, president and chief executive officer, said, “We are pleased to record our fifth consecutive quarter of positive comparable store sales. The fourth quarter of 2009 had marked the beginning of renewed interest by consumers in making big ticket home furnishings purchases. Our sales during 2010 reflected the uneven pace of the slow economic recovery marred by low job creation and a weak, often back-tracking, housing environment. We are off to a good start in January after a successful New Year's sale. For the first half of 2011 our comparable store sales will be measured against last year's rebounding 11.6% increase. Producing more than modest top line improvements will be difficult for this year, but we expect our customer-focused initiatives will help solidify our competitive position.”

Havertys is a full-service home furnishings retailer with 118 showrooms in 17 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 at www.havertys.com.

News releases include forward-looking statements, which are subject to risks 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 reports filed with the SEC.

Copyright Business Wire 2010

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