Havertys earns $2.4 million as sales rise 8.2%
Same-store sales climb 10.1% in first quarter
Clint Engel -- Furniture Today, May 6, 2010
ATLANTA — Havertys swung to a first quarter profit, posting net income of $2.4 million or 11 cents per share, compared with a loss of $7.3 million or 34 cents per share in the same period a year ago.
Sales also came in strong, up 8.2% to $156 million, as the Top 100 company continued to focus on cost controls and "a disciplined approach to product pricing," it said.
Same-store sales were up 10.1%. Gross profit margins increased to 52.1% from 51.1%, with the company citing a reduced volume of close-out goods, pricing discipline and its product mix for the improvement.
The Atlanta-based retailer also noted that written business in the second quarter to date is up 8.8%.
"We continued to grow our markets share ... through the strength of our brand," said President and CEO Clarence Smith. It was the retailer's third consecutive profitable quarter.
Selling, general and administrative costs decreased by $2 million during the quarter, and Havertys was down two stores from last year to 119 showrooms.
"Despite today's economic uncertainty, we continue to invest in our current store base and technology," Smith said. "We believe that our strategies of focusing on the customer and essential operations will provide for profitable and sustainable long-term growth."
The midpriced to upscale retailer has stores in 17 Southern and Midwestern region states.
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Havertys continues climb with sales up 8.2% in 1Q
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