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Havertys third-quarter sales down 1.1%

Clint Engel -- Furniture Today, October 14, 2011

ATLANTA - Havertys reported a 1.1% decline in third-quarter sales over the same period last year as consumers continued the trend of narrowing their furniture buys to holidays and special events.
     Sales for the quarter ended Sept. 30, decreased to $155.4 million from $157.1 million for the third quarter last year. Same-store sales were off 0.6%.
     Through nine months, sales for the Atlanta-based chain were down 1.2% to $452.6 million and same-store sales decreased 0.9%.
     "We recorded strong sales results around the Independence Day and Labor Day weekends and a slower pace during other times of the period," said Clarence Smith, president and CEO of the Top 100 company with 118 stores in 17 Southern and Midwestern states.
     "This highlights the growing shift by customers to finalize their purchases during traditional shopping events."
     Smith hinted that the fourth quarter could be better for the retailer, noting that demand for home furnishings typically is good as consumers ready their home for the holidays. He also said a new Havertys store will open in Boca Raton, Fla., later this month, introducing the retailer "to that more upscale market with new merchandise selected specifically for those consumers."
     The Boca Raton location was a former Carls showroom. Coconut Creek, Fla.-based Carls, which filed for Chapter 11 bankruptcy protection earlier this year, has been shuttering a handful of its South Florida stores.

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