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Havertys Reports Sales for Third Quarter

Oct 07, 2014 7:32 AM




ATLANTA,  GEORGIA,  October  7, 2014 -  HAVERTYS  (NYSE:  HVT  and  HVT.A) today
reported sales for the quarter ended September 30, 2014.

Havertys  sales  for  the  third  quarter 2014 increased 3.0% to $198.5 million,
compared  with $192.7  million for  the third  quarter of 2013.  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 first  nine months  of 2014 totaled  $555.4 million,
compared  with $549.9 million  in 2013, representing an  increase of 1.0%.  On a
comparable store basis, sales increased 1.9% for the first nine months.

Total  written sales  for the  third quarter  of 2014 increased 4.4% and written
comparable store sales were up 4.6% over the same period last year.

+-------------------+-------------------+----------+-------------+
|                   | Sales in Millions |  Total   | Comparable  |
|                   |    (unaudited)    |  Sales   | Store Sales |
|                   +--------+----------+ % Change |  % Change   |
|                   |  2014  |   2013   |          |             |
+-------------------+--------+----------+----------+-------------+
| Third Quarter     | $198.5 |  $192.7  |   3.0%   |    3.5%     |
+-------------------+--------+----------+----------+-------------+
| Nine Months       | $555.4 |  $549.9  |   1.0%   |    1.9%     |
+-------------------+--------+----------+----------+-------------+


Clarence H. Smith, chairman, president and CEO, said, "Our written sales for the
full  quarter finished strong with a record setting Labor Day holiday period and
a better increase over last year for the rest of September.  Our delivered sales
for the third quarter were not as strong as we planned.  As we reported midyear,
supplier  order fulfilment and sourcing of  our case goods merchandise have been
challenging.  These issues resulted in lost business in this important category,
especially  of bedroom furniture, with case goods sales as a percentage of total
sales  off approximately two percent for both  the quarter and the nine months.
Our  new and replenishment merchandise is arriving and stocking levels should be
improving in the fourth quarter.

We have been encouraged by the performance of our two stores which opened in the
third  quarter and look  forward to the  four stores that  will open in the next
three  months.  These  six showrooms,  three of  which are relocations, combined
with  the closing  of two  other stores,  reflect our  strategy of improving our
store  portfolio.  Our  inviting  stores,  fresh merchandising, and highly-rated
customer  experience differentiate  us from  the competition  and should provide
momentum for the remainder of 2014 and into next year," Smith concluded.

Although  the Company does  not issue sales  or earnings guidance,  it does from
time  to time  provide certain  information on  margin and expense metrics.  The
Company  has previously advised that SG&A expenses  would be higher in the third
quarter due largely to the costs of new stores, higher advertising expenditures,
and  the  new  personnel  to  support  the Company's in-home design initiative.
Accordingly,  using these metrics,  third quarter sales  did not increase at the
approximately  6.5% rate necessary for  the quarter's earnings  in 2014 to match
those of the same quarter last year.

The  Company  will  release  third  quarter 2014 financial results on Wednesday,
October 29, 2014, after the market closes.  Havertys will host a conference call
with analysts and investors on Thursday, October 30, 2014 at 10:00 AM (EDT).

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

Contact:
Haverty Furniture Companies, Inc., 404-443-2900
Dennis L. Fink
  EVP & CFO
Jenny Hill Parker
  SVP, Finance, Secretary and Treasurer

Source:  Havertys




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Source: Haverty Furniture Company via GlobeNewswire
[HUG#1861066]