Havertys – HVT – Reports Sales for Second Quarter
Haverty Furniture Companies, Inc. (NYSE: HVT) reported sales for the quarter ended June 30,2012.
Havertys’ sales for the second quarter 2012 increased 5.9% to $151.5 million, compared with $143.1 million for the second quarter of 2011. On a comparable store basis, sales for the quarter increased 5.6%. 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 2012 totaled $315.1 million, compared with $297.3 million in 2011, representing an increase of 6.0%. On a comparable store basis, sales increased 5.7% for the first six months.
Written sales for the second quarter 2012 increased 3.5% over the same quarter last year.
Clarence H. Smith, president and chief executive officer, said, “We are pleased with our sales results and encouraged by the stronger pace of business in the last half of the quarter. Upholstery sales continue to lead our product categories and the second quarter results include increased sales of bedroom merchandise. We believe our investments in improving the customer experience and developing a wider assortment of ‘better’ price point merchandise is gaining momentum with customers.
Anout Havertys – HVT
Havertys (HVT), established in 1885, is a full-service home furnishings retailer with 120 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. Haverty Furniture Companies, Inc. (Haverty) is a specialty retailer of residential furniture and accessories. All of its retail locations are operated using the Havertys name and the Company does not franchise its stores.
HVT provides its customers a selection of products and styles, and the furniture merchandise it carries bears the Havertys brand. It also offers the bedding product lines of Sealy, Serta and Tempur-Pedic. As of December 31, 2011, the Company operated 119 stores serving 80 cities in 17 states with approximately 4.2 million retail square feet. HVT buys its merchandise from a number of foreign and domestic manufacturers and importers. Wood products, or case goods, are generally imported from Asia. Approximately 87% of the Company’s leather merchandise was imported from Mexico or Asia during the year ended December 31, 2011.
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Post Written By: Ed Liston
Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications. He is widely quoted in various financial publications on the Internet. When Ed is not writing about stocks, investing in stocks, talking about stocks, or otherwise doing something stock related, he likes to go sailing and fishing in his yacht.
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