Haverty Furniture Reports Sales for June

Furniture World Magazine

Havertys' June sales increased 12.9% to $64.5 million, compared with $57.1 million in June 2003. On a comparable-store basis, June sales increased 10.0%. Comparable-store sales do not include stores or locations opened, closed or otherwise non-comparable during the last 12 months. Sales for the first six months of 2004 increased 7.5% to $369.9 million compared with $344.0 million in 2003. On a comparable-store basis, sales increased 3.3% for the first six months. Clarence H. Smith, president and chief executive officer, said, "June sales results were positively impacted by the late Memorial Day holiday weekend this year as we had noted in our May sales news release. The upholstery categories recorded the biggest sales percentage increases for both June and the second quarter. Our Havertys Collections continued its strong sales pace as we expanded our brand into bedding and premium merchandise. "Customer orders for June increased by a mid single-digit percentage in total and were slightly positive on a comparable-store basis. The third quarter is off to a good start with orders at comp stores for the Fourth of July holiday weekend increasing by a low double-digit percentage over last year's strong results. We are encouraged by the continuing positive economic news and the impact that this should have on our customer base," Smith concluded. Havertys is a full-service home furnishings retailer with 114 showrooms in 15 southern and central states 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.