Jul 08, 2014 7:30 AM
ATLANTA, GEORGIA ,July 8, 2014 -HAVERTYS (NYSE: HVT and HVT.A) today reported sales for the quarter endedJune 30, 2014 . Havertys sales for the second quarter 2014 increased 2.4% to$175.1 million , compared with$171.1 million for the second quarter of 2013. On a comparable store basis, sales for the quarter increased 3.2%. Comparable store sales do not include locations opened, closed or otherwise non-comparable during the last 12 months. Sales for the first six months of 2014 totaled$356.9 million , compared with$357.2 million in 2013, representing a decrease of 0.1%. On a comparable store basis, sales increased 1.1% for the first six months. Total written sales for the second quarter of 2014 increased 4.7% and written comparable store sales were up 5.3% over the same quarter last year. Our stores are closed on Easter, so both of these amounts were adjusted upward 1.4% to compensate for that holiday falling in March last year and April this year. +---------------------+-------------------+----------+-------------+ | | Sales in Millions | Total | Comparable | | | (unaudited) | Sales | Store Sales | | +--------+----------+ % Change | % Change | | | 2014 | 2013 | | | +---------------------+--------+----------+----------+-------------+ | Second Quarter |$175.1 |$171.1 | 2.4% | 3.2% | +---------------------+--------+----------+----------+-------------+ | Six Months |$356.9 |$357.2 | -0.1% | 1.1% | +---------------------+--------+----------+----------+-------------+Clarence H. Smith , chairman, president and CEO, said, "Sales for the second quarter showed growth in the categories of upholstery, mattresses, and accessories. Our supplier order fulfillment for wood products continued to challenge case goods sales. There has been recent improvement with the exception of a major Chinese manufacturer and we expect lead times to stabilize over the remainder of the year. Our sales results were up against tough double- digit increases in 2013. We closed ourPlano, Texas store in May and in the third quarter will open a new store inFort Worth, Texas and relocate ourFayetteville, North Carolina showroom. Our store presentation, merchandising, and superior customer service differentiate us from the competition and should enable us to continue to grow sales and market share." Havertys, established in 1885, is a full-service home furnishings retailer with 118 showrooms in 16 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 risk 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 report filed with theSEC . Contact:Haverty Furniture Companies, Inc. , 404-443-2900Dennis L. Fink EVP & CFOJenny Hill Parker SVP, Finance, Secretary and Treasurer Source: Havertys This announcement is distributed byGlobeNewswire on behalf ofGlobeNewswire clients. The owner of this announcement warrants that: (i) the releases contained herein are protected by copyright and other applicable laws; and (ii) they are solely responsible for the content, accuracy and originality of the information contained therein. Source:Haverty Furniture Company viaGlobeNewswire [HUG#1817191]