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Bombay up, Havertys down in December

By Furniture Today Staff -- Furniture Today, January 12, 2003

Fort Worth, Texas — Retail sales ran hot and cold in December, with same-store sales climbing 18% at The Bombay Company while Havertys posted a decline.

Pier 1 Imports also reported an increase, although not as sharp as Bombay's.

Fort Worth-based Bombay said that increased marketing, better and more efficient in-store execution, sharper price points on key items and accelerated clearance activity drove the gains at its 432 stores. Total sales of $98.8 million in the five weeks ended Jan. 4 were up 23% from the comparable period a year earlier.

Pier 1, also based here, said sales in the same five-week period rose 10.7% to $287.3 million, with a same-store gain of 3.8%. Sales were at the high end of the company's forecasted range, with home furnishings and home entertainment items running strong throughout the holiday selling season.

Atlanta-based Havertys reported sales for the month of December slipped 2.8% from a year ago, with same-store performance down 9.9%.

"December sales were soft, continuing a trend we've seen since August," said Clarence Smith, president and chief executive officer. "However, we are pleased to report that our price points and average tickets have held up well and gross margins continue to strengthen."

Smith said the company remains comfortable with the fourth-quarter earnings guidance it gave three months ago, of 35 cents to 37 cents per share.

Corte Madera, Calif.-based Restoration Hardware reported sales for the nine weeks ended Jan. 4 of $127.4 million, up 4.3%, with same-store sales up 1.8%.

December retail sales
Dollar amounts in millions
Company	Sales	Change	Same-store change
1. For the five weeks ended Jan 4.
Pier 1 Imports¹	$287.3	10.7%	3.8%
The Bombay Company¹	98.8	23.0%	18.0%
Havertys	63.2	-2.8%	-9.9%

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