Havertys' sales drop 23% in second quarter

Furniture retailer says it is well positioned for recovery

Furniture Today Staff -- Furniture Today, July 9, 2009

ATLANTA — It was more of the same for Havertys in the second quarter as the Top 100 retailer's sales slumped 23% and same-store sales were down 22.6%.

But despite the continuing dismal results, President and CEO Clarence Smith said Havertys has what it takes to be a winner when the worst is over.

Total sales for the quarter ended June 30 decreased to $129.7 million from $168.4 million for the same period a year ago. The quarter is typically Havertys' weakest, Smith said.

He noted the sales declines for the period were on a similar pace as the previous two quarters. For the first six months, Havertys reported a 22.6% decrease in sales to $273.9 million, while same-store sales fell 22.7%. Sales in the fourth quarter of last year were down 21.3% and same-store sales dipped 22.6%.

The retailer, with 121 stores in 17 Southern and Midwestern states, plans to launch new products in the coming months, promoting them on television, in print and online.

Smith said Havertys' Web site is playing an important role in reaching consumers shopping big-ticket purchases as are its salespeople.

"The combined talents of all our team members and our strong merchandise presentation will make Havertys a formidable survivor of these difficult economic times," he said.