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Havertys same-store sales rise 2% in fourth quarter

Retailer begins to recover from tough year

Clint Engel -- Furniture Today, January 8, 2010

ATLANTA — Havertys posted a 2% gain in same-store sales in the fourth quarter and total sales increased slightly as that Top 100 company began to recover from a tough year.

Total sales for the Atlanta-based retailer increased 0.4% to $162.4 million in the quarter, compared with $161.8 million for the same period a year ago. Same-store sales were down 22.6% in the 2008 fourth quarter.

Sales for the 2009 year were down 14.9% to $588.3 million from $691.1 million in 2008, and same-store sales decreased 14.2%.

"We are pleased to return to positive comparable store sales territory for our fourth quarter," Havertys President and CEO Clarence Smith said.

Smith noted that written sales during the quarter increased 1.4% from a year ago. "Gross profit margins have held up well even in this promotional selling environment," he added.

"We are off to a good start in 2010 after a successful New Year's sale and look forward to top line improvements for this year as we celebrate Havertys' 125th year in the retail furniture business," he said.

The midpriced to upscale chain operates 121 stores in 17 Southern and Midwestern states.

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4Q same-store sales up 2% for Havertys

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