Press Release – Wed Nov 2, 2011 5:28pm EDT
ATLANTA, GEORGIA, November 2, 2011 – HAVERTY FURNITURE COMPANIES, INC. (NYSE: HVT and HVT.A) reports third quarter 2011 operating results of earnings per share of $0.01 compared to $0.05 for the same period of 2010. The loss per share for the nine months ended September 30, 2011 is ($0.07) compared to earnings per share of $.13 for the same period of 2010.
As previously reported, net sales for the third quarter of 2011 were 1.1% lower than in the same period of 2010 and down 1.2% for the nine months ended September 30, 2011. Written sales for the third quarter of 2011 increased 2.6% over the same quarter of last year.
Clarence H. Smith, president and chief executive officer, said, “The retail home furniture business remains challenging but we are committed to connecting with our customers by having great showrooms, excellent service and exciting new products. Our program for enhancing store interiors is complete in 33 stores and will continue through early 2013. We are working with a new marketing agency to develop a consumer segmentation model which will aid in more efficiently reaching our target customers with a resonating message. The review of manufacturers’ new products is ongoing as we develop a merchandise assortment that embraces the Havertys brand of style, quality and value.
There are numerous opportunities for store expansion that we evaluate. Our new Boca Raton, Florida store introduced customers in that market to Havertys in late October and a relocated Asheville, North Carolina store will open later this month. We have slated for opening in 2012 a new store in Baltimore, Maryland and a replacement store in the Atlanta market as well as two new stores in other markets.
The housing market, to which home furnishings sales are naturally linked, continues to be a persistent and significant drag on the economy. Given this fragility, it is important for us to maintain our strong balance sheet and cash position and we are careful in the deployment of capital. Our middle to upper-middle income target customer is also likely to remain cautious in spending until overall economic growth shows signs of sustainability accompanied by improvements in the housing market.
About Havertys
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
