Havertys Reports Sales For Third Quarter

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

Havertys' sales for the third quarter 2011 decreased 1.1% to $155.4 million, compared with $157.1 million for the third quarter of 2010. On a comparable store basis, sales for the quarter decreased 0.6%. 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 2011 totaled $452.6 million, compared with $458.2 million in 2010, representing a decrease of 1.2%. On a comparable store basis, sales decreased 0.9% for the first nine months.

Written sales for the third quarter of 2011 increased 2.6% over the same quarter last year.
    Sales in Millions

(unaudited)
  Total

Sales
 

ComparableStore Sales %Change
  2011   2010 % Change
Third Quarter $155.4 $157.1 -1.1% -0.6%
Nine Months $452.6 $458.2 -1.2% -0.9%

Clarence H. Smith, president and chief executive officer, said, "We recorded strong sales results around the Independence Day and Labor Day weekends and a slower pace during other times of the period. This highlights the growing shift by customers to finalize their purchases during traditional shopping events. The demand for home furnishings is typically good in the fourth quarter as consumers ready their homes for the holidays. Later this month we will be opening a store in Boca Raton, Florida introducing Havertys to that more upscale market with new merchandise selected specifically for those consumers.”

Havertys, established in 1885, 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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