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Havertys posts strong Dec. gains

By Furniture Today Staff -- Furniture Today, January 11, 2004

ATLANTA — Three home furnishings retailers reported mixed results for the holiday period, with Havertys posting its best month ever.

Same-store sales for 113-store Havertys increased 9.9% in December over a year ago, while total sales grew 14.2% to $72.2 million for the month. For the year, sales rose 5.8% to $744.6 million and same-store sales were up 1%.

In December, Havertys saw improved margins thanks to gains by its private-label brand — with sales up 116% over December a year ago — and "improved overall pricing discipline," said President and Chief Executive Officer Clarence Smith.

Meanwhile, The Bombay Company and Pier 1 Imports were either hurt by same-store sales declines or disappointed in their performance.

Bombay's same-store sales rose 3% in the five weeks ended Jan. 3, but heavy promoting hurt the bottom line. Through 48 weeks of its fiscal year, revenues grew 21% to $558.3 million while same-store sales rose 15%.

Pier 1 cited a 4.9% decrease in same-store sales for the five weeks ended Jan. 3. Total sales increased 4.5% to $300.2 million. Through 10 months of its fiscal year, sales are up 6% to $1.6 billion, and same-store sales are down 2.5%.

Like Bombay, Pier 1 said sales didn't pick up until the last two weeks of December.

Retailers report December sales
Dollar amounts in millions
Company	Sales	Change	Same-store change
1. For the five weeks ended Jan. 3, 2004. Source: Retailers
Pier 1 Imports¹	$300.2	4.5%	-4.9%
Bombay¹	$111.1	12.0%	3.0%
Havertys	$72.2	14.2%	9.9%

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