Havertys Reports Lower Sales for First Quarter

Furniture World Magazine

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. 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 www.havertys.com.