Havertys Reports Sales For Fourth Quarter

HAVERTY FURNITURE COMPANIES, INC. (NYSE: HVT and HVT.A) today reported sales for the period ended December 31, 2011.

Havertys' sales for the fourth quarter 2011 increased 3.8% to $168.3 million, versus $162.1 million for the fourth quarter of 2010. On a comparable store basis, sales for the quarter increased 3.5%. Comparable store sales do not include locations opened, closed or otherwise non-comparable during the last 12 months. Sales for the twelve months of 2011 totaled $620.9 million versus $620.3 million for 2010, representing an increase of 0.1%. On a comparable store basis, sales increased 0.3% for the twelve months.

Total written sales for the fourth quarter of 2011 increased 1.5% over the same quarter last year.
    Sales in Millions

(unaudited)
   

 

 

Total Sales % Change
   

 

Comparable Store Sales % Change
  2011     2010
Fourth Quarter $168.3 $162.1 3.8% 3.5%
Twelve Months $620.9 $620.3 0.1% 0.3%
 
 

Clarence H. Smith, president and chief executive officer, said, “We are pleased to announce positive sales results for the full year due to the strength of our fourth quarter performance. Deliveries to customers during the quarter were benefited by improved stocking levels and more timely vendor response to new orders. Total written business for the quarter was up 1.5% with a slightly higher average ticket throughout the period and improved customer traffic during December. Preliminary indications are that fourth quarter gross margins will be better than last year and the most recent quarters, consistent with the forward looking comments in our third quarter earnings release. Total written business for the recent four day New Year's holiday weekend sale was also up modestly compared to the same year ago period.

“Our new store in Boca Raton, opened in October, is reaching a more affluent customer and leveraging our advertising expenditures in Southeast Florida. We plan to open two new stores in mid-2012 as we enter the Towson area of metro Baltimore and the Midland, Texas market. In the fourth quarter, we expect to relocate a store in a southern suburb of Atlanta and add a store in another market we presently serve. We will also continue our Bright Inspirations store display initiative throughout 2012 as we give our existing showrooms a fresh new look, which our customers embrace, and that sets us apart from our competitors.”

Havertys, established in 1885, is a full-service home furnishings retailer with 119 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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