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Retailers note mixed results for Dec.

Janice Chamberlain -- Furniture Today, January 6, 2005

ATLANTA -- Three home furnishings retailers reported mixed results for December, with only Haverty Furniture recording increases in revenues and same-store sales.

Pier 1 Imports and The Bombay Company, both based in Fort Worth, Texas, had declines in overall revenues and same-store sales.

Same-store sales for Atlanta-based Havertys for the holiday period were up 5.6% as overall sales increased 8.4% to $78.3 million. For all of 2004, the full-line furniture retailer posted sales of $784.2 million, an increase of 5.3%, with same-store sales up 2.1%.

Havertys President and CEO Clarence Smith said December was another record-setting month for the chain, with customers’ total orders increasing at a slightly better rate than deliveries during the month. He said there was “sales growth in all product categories, with greater consumer focus on bedding and recliners.”

Specialty retailer Pier 1 said revenues for the five weeks ended Jan. 1 were off 3.5% to $289.6 million and same-store sales fell 8.8%. Year-to-date sales for the first 10 months of the company’s fiscal year were $1.7 billion, up 3% over the comparable 2003 period. Same-store sales for the 10 months were down 4.7%.

Pier 1 Chairman and CEO Marvin Girouard said December same-store sales trended in the negative mid-single digit range for most of the month, with the exception of softer sales during Christmas week. Based on December results, Girouard said the company expects fourth-quarter same-store sales will be in the negative high-single digits, with earnings of 31 cents to 38 cents per share.

Bombay recorded December revenues of $107.4 million, down 3% from a year ago, with same-store sales declining 6%. Total revenue for the 48-week period ended Jan. 1 decreased 4% to $537.9 million, with same-store sales falling 13%.

Bombay Chairman and CEO James Carreker said late holiday shopping and a strong customer value focus hurt operating margins in December, but the chain was encouraged by improving trends in the last part of the month and was especially pleased with sales of Christmas-specific merchandise.

Based on December results, the 499-store specialty retailer expects fourth-quarter earnings per share to be in a range of 19 cents to 24 cents.

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