ATLANTA, Oct. 8 /PRNewswire-FirstCall/ -- HAVERTY FURNITURE COMPANIES, INC. (NYSE:HVTNYSE:andNYSE:HVT.A) today reported sales for the period ended September 30, 2009.
Havertys' sales for the third quarter 2009 decreased 13.5% to $151.9 million, compared with $175.6 million for the third quarter of 2008. On a comparable-store basis, sales for the quarter decreased 11.9%. Comparable-store sales do not include locations opened, closed or otherwise non-comparable during the last 12 months. Sales for the first nine months of 2009 decreased 19.5% to $425.9 million, compared with $529.2 million in 2008. On a comparable-store basis, sales decreased 19.1% for the first nine months.
Sales in Millions Total Comparable-Store
(unaudited) Sales Sales
2009 2008 % Change % Change
---- ---- -------- --------
Third Quarter $151.9 $175.6 - 13.5% - 11.9%
------------- ------ ------ ------ ------
Nine Months $425.9 $529.2 - 19.5% - 19.1%
=========== ====== ====== ====== ====== Clarence H. Smith, president and chief executive officer, said, "Our business for the three previous quarters was down over 20%. Our sales activity improved as the summer progressed with total written business down 8.9% for the third quarter and off only 1 % for its last eight weeks. We recognize sales upon delivery to the customer and on that basis total sales were off 13.5% for the third quarter. To reach today's more spending-conscious consumer, we are spotlighting our high value price point merchandise and are somewhat more promotional but not sacrificing gross margins. Our recent product introductions are generating positive customer reactions and adding new values and fresh looks to our showroom floors as we begin the fourth quarter," 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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