Havertys Reports Sales for First Quarter

ATLANTA, April 07, 2017 -- HAVERTYS (NYSE:HVT) (NYSE:HVT.A) today reported sales for the quarter ended March 31, 2017.

Havertys sales for the first quarter 2017 increased 3.0% to $200.4 million, compared with $194.5 million for the first quarter of 2016.  On a comparable store basis, sales for the quarter rose 1.6%.  Comparable store sales do not include locations opened, closed or otherwise non-comparable during the last 12 months.

Total written sales for the first quarter of 2017 were up 2.5% and written comparable store sales increased 1.0% over last year’s first quarter. Since 2016 was a leap year, this year’s quarter contained one less day, a Saturday.  This calendar change reduced the reported written sales increase by approximately 1.9%.  Havertys stores are closed for Easter and the positive first quarter impact on written sales from the holiday occurring in April this year versus March last year is estimated to be approximately 1.2%.

Clarence H. Smith, chairman, president and CEO, said, “Our first quarter sales were driven by successful President's Day and March promotional sales events.  The mattress and accessory categories were the notable performers, both with sales up high single digits.  The upholstery category remained strong, bolstered by a 10.3% increase in custom order business.  We were pleased that our overall average sales ticket continued to increase this quarter, a key ingredient of our growth initiatives. 

“We opened our new Lubbock, Texas store in early March, replacing a temporary location after our showroom was destroyed in late 2015.  This quarter also marked the closing of one of our stores in Columbia, South Carolina as we prepare to open in a excellent location in that market later this year. We are enthusiastic about entering the Greensboro, North Carolina market with a new store scheduled to open this quarter.”

The Company will release first quarter 2017 financial results on Monday, May 1, 2017, after the market closes.  Havertys will host a conference call with analysts and investors on Tuesday, May 2, 2017 at 10:00 AM (ET).

Havertys (NYSE:HVT) (NYSE:HVT.A), established in 1885, is a full-service home furnishings retailer with 123 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, 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