ATLANTA, April 2 /PRNewswire-FirstCall/ -- HAVERTY FURNITURE COMPANIES, INC. (NYSE:HVTNYSE:andNYSE:HVT.A) today reported sales for the quarter ended March 31, 2009.
Havertys' sales for the first quarter 2009 decreased 22.1% to $144.2 million, compared with $185.3 million for the first quarter of 2008. On a comparable-store basis, sales for the quarter decreased 22.9%. Comparable- store sales do not include locations opened, closed or otherwise non-comparable during the last 12 months.
Sales in Millions Total Comparable-
(unaudited) Sales Store Sales
2009 2008 % Change % Change
First Quarter $144.2 $185.3 - 22.1% - 22.9%
Total written business for the first quarter was down approximately 20% compared to the same period in 2008.
Clarence H. Smith, president and chief executive officer, said, "Retail sales for big-ticket home furnishings remain difficult as consumers look to conserve cash because of continued economic uncertainty. We are carefully managing our business during this time and have no term debt or amounts outstanding under our revolving credit facility. We expect that as stability returns to the marketplace we will capitalize on our solid position with our target customer," Smith concluded.
Havertys is a full-service home furnishings retailer with 121 showrooms in 17 states in the Southern and Midwestern regions providing its customers with a wide selection of quality merchandise in middle- to upper-middle price ranges. Additional information is available on the Company's website at http://www.havertys.com/.
News releases include forward-looking statements, which are subject to risks and uncertainties. Factors that might cause actual results to differ materially from future results expressed or implied by such forward-looking statements include, but are not limited to, general economic conditions, the consumer spending environment for large ticket items, competition in the retail furniture industry and other uncertainties detailed from time to time in the Company's reports filed with the SEC.
Contact for Information:
Dennis L. Fink, EVP & CFO or
Jenny Hill Parker, VP, Secretary & Treasurer
(404) 443-2900
DATASOURCE: Haverty Furniture Companies, Inc.
CONTACT: Dennis L. Fink, EVP & CFO or, Jenny Hill Parker, VP, Secretary & Treasurer, +1-404-443-2900 Web Site: http://www.havertys.com/
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