Havertys' sales decline
By Furniture Today Staff -- Furniture Today, October 14, 2001
ATLANTA — Havertys' same-store sales tumbled 11.6% in September, and the retailer reduced its earnings expectations for the third quarter.
Total sales declined 6.5% to $55.6 million from the same month a year ago.
"Business declined significantly during the week of the attacks on the United States and translated into lower delivered sales for the month," said Jay Slater, Havertys president and chief executive officer. "We were pleased that customers did pick up the pace of purchases in our stores for the last half of the month."
He said the company now expects to report third-quarter earnings of 24 to 26 cents per share, down from the 27 to 30 cents it had projected on Sept. 7. Wall Street analysts' consensus estimate was 26 cents, according to Thomson/First Call.
Slater also said that to trim costs, the company closed its two smallest stores, which were "operating below acceptable levels." He said the retailer, now with 104 stores, has been improving its gross margins to help offset the effect of the sales shortfall on earnings.
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