April results mixed for 3 stores
By Furniture Today Staff -- Furniture Today, May 8, 2005
Atlanta — Revenues and same-store sales were up in April for Haverty Furniture here and for Forth Worth, Texas-based The Bombay Company, but Pier I Imports, also based in Fort Worth, continued to post declines for the month.
Full-line furniture retailer Havertys reported April sales of $65.1 million, up 13.5% over April 2004. Same-store sales grew 7.7%. For the first four months of 2005, Havertys recorded sales of $272.7 million, up 10.1% from the comparable 2004 period, and same-store sales increased 5.3%.
Havertys operates 118 stores in 16 states in the South and Midwest. (For its first-quarter results, see page 1.)
Specialty retailer Bombay's revenues for the four weeks ended April 30 increased 9% to $40.9 million, as same-store sales grew 7%, measured against the comparable period a year ago. For the 13 weeks ended April 30, revenues were off 1% to $122.5 million from $123.6 million last year, and same-store sales slipped 5% on a year-over-year basis.
Bombay Chairman and CEO James Carreker said, "Sales momentum improved steadily through the month, with increases in most categories and particularly strong results in wall décor, occasional furniture and lamps. We expect to sustain this momentum as we provide value offerings and continue to land fresh inventory in our stores, especially in our core furniture categories."
Pier 1 posted sales of $127.2 million for the four weeks ended April 30, a 2.1% dip from $129.9 million in the same period a year ago. Same-store sales were down 8.1%.
In its fiscal year to date, which includes March and April, Pier 1 sales came to $274.8 million, a drop of 7.9% from prior-year results for the specialty retailer. Same-store sales for the two months fell 13.9%.
Pier 1 Chairman and CEO Marvin Girouard said, "We are encouraged by improving sales trends in April. Customer traffic and average ticket purchases improved each week as our new advertising coverage increased throughout the month.... Gross margins, however, are under pressure as we manage continuing merchandise transitions, and the first-quarter loss may be at the lower end of our previously projected range of 3 cents to 10 cents."
| Retailers report April revenues | |||
|---|---|---|---|
| Dollar amounts in millions | |||
| Company | Sales | Change | Same-store change |
| 1. For the four weeks ended April 30. |
|||
| Pier 1 Imports1 | $127.2 | -2.1% | -8.1% |
| Haverty Furniture | 65.1 | 13.5 | 7.7 |
| The Bombay Company1 | 40.9 | 9.0 | 7.0 |
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April results mixed for 3 stores
May 6, 2005
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