Havertys' 4Q same-store sales fall 21.3%
By Clint Engel -- Furniture Today, January 18, 2009
ATLANTA — Havertys said its fourth-quarter same-store sales were down 22.6% from the same period a year ago, and the Top 100 company continued to tighten the reins on debt to weather the downturn.
Total sales for the quarter fell 21.3% to $161.9 million from $205.8 million a year ago. Total sales for the year were off 11.9% to $691.2 million and same-store sales declined 14.3%.
When Havertys announced its third quarter earnings last year, it noted that written business for the first five weeks of the fourth quarters was down about 23%.
“As reflected in our sales results for the full quarter, this rate of very weak demand continued through the remainder of the year,” said President and CEO Clarence Smith.
He said the retailer's balance sheet remains strong, however, with no term debt or borrowings under it new revolving credit line.
“We believe that our conservative focus on reducing our debt and carefully managing our cash is the right strategy for surviving the difficult economic downturn, while positioning Havertys for future growth and profitability,” he said.
Havertys has 122 stores in 17 states in the South and Midwest.
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Havertys' same-store sales plummet 22.6% in 4Q
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