Havertys Reports Sales for Fourth Quarter

ATLANTA, Jan. 09, 2017 -- HAVERTYS (NYSE:HVT) (NYSE:HVT.A) today reported sales for the quarter ended December 31, 2016.

Havertys sales for the fourth quarter 2016 increased 2.2% to $220.6 million, compared with $215.9 million for the fourth quarter of 2015. On a comparable store basis, sales for the quarter rose 2.5%.  Comparable store sales do not include locations opened, closed or otherwise non-comparable during the last 12 months. Sales for the twelve months of 2016 totaled $821.6 million, compared with $804.9 million in 2015, representing an increase of 2.1%. On a comparable store basis, sales increased 2.1% for the twelve months.

Total written sales for the fourth quarter of 2016 increased 5.3% and written comparable store sales rose 5.2% over the same period last year.

Clarence H. Smith, chairman, president and CEO, said, “Our fourth quarter business cadence followed previous trends with our best growth during the Thanksgiving holiday weekend.  Sales in the upholstery, mattress, and accessories categories had the largest increases over the prior year.  Our free in-home H Design service provides a solution to customers’ needs, an initiative that has expanded to 19.4% of total fourth quarter written business.  This program is also an important factor in the growth of our upholstery and accessories sales and the 2.6% increase in our average ticket for the quarter over 2015. 

We will continue focusing our efforts on serving our customers and providing ongoing returns to our shareholders.”

The Company will release fourth quarter 2016 financial results on Tuesday, February 21, 2017, after the market closes. Havertys will host a conference call with analysts and investors on Wednesday, February 22, 2017 at 10:00 AM (ET).

Havertys (NYSE:HVT) (NYSE:HVT.A), established in 1885, is a full-service home furnishings retailer with 124 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