Havertys' 4Q earnings up 25%
By Furniture Today Staff -- Furniture Today, February 10, 2002
Atlanta — Havertys' sales firmed in the fourth quarter, helping the 104-store retailer to a 25% gain in earnings compared with the same period in 2000.
Sales grew 7% to $187.8 million, with same-store sales up 1.9%. Net income came to $10.2 million.
"The emphasis we have placed on margin improvement and efficient operations yielded stronger fourth-quarter earnings power," said Jay Slater, president and chief executive officer. A pretax gain of $500,000 from real estate activities also helped boost earnings, he said.
Earnings of 47 cents per share beat the average of 40 cents projected by analysts, according to Thomson Financial/ First Call.
Havertys also announced January sales of $57.3 million, up 2.7% from a year earlier, with same-store sales up 1.6%.
Slater said the chain will remodel and open eight former HomeLife stores this year — the seven previously announced plus one in Daytona Beach, Fla. In all, 10 openings are planned for 2002, three of which will be replacements, for a gain in selling space of 7.6% or 267,000 square feet.
The company projects first-quarter earnings at 26 to 29 cents per share, up from 21 cents a year ago before an accounting-principle change, with a same-store sales gain in the mid-single digits. In the second half, Havertys' sales should benefit from the expected improvement in the economy, Slater said.
"This should help in the absorption of the startup costs of the new stores and changes in the distribution infrastructure coming on line in the summer and fall months," he said.
For the year, the retailer's sales of $678.1 million were down 0.4% from 2000, with a 5.5% decline in same-store sales. Earnings of $22.7 million were down 18.6% from the previous year, before a change in accounting methods that reduced 2000 earnings. Including the change, 2001's earnings fell 7.9%.
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