Havertys: 4Q earnings to be down
By Furniture Today Staff -- Furniture Today, February 27, 2005
Atlanta — Haverty Furniture expects to report earnings per share of 36 or 37 cents in its fourth quarter, with annual EPS of 98 or 99 cents. The full-line furniture retailer's fiscal year ended Dec. 31.
2003 EPS, before the effect of an accounting change, were 43 cents in the quarter and $1.08 for the full year.
Havertys President and CEO Clarence Smith said the release of its year-end earnings had been delayed so the company could post certain additional adjustments and finalize its financial statements.
"Results for the fourth quarter of 2004 reflect the up-front costs of several strategic activities to improve our distribution capabilities, enhance our competitive service position and expand our presence into new markets," he said. "These ... did impact our earnings more than planned."
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