Haverty Furniture Reports Sales Increase for August

Furniture World Magazine

HAVERTY FURNITURE COMPANIES, INC. reported sales for the month ended August 31, 2005. Havertys' August sales increased 4.2% to $68.4 million, compared with $65.7 million in August 2004. On a comparable-store basis, August sales increased 0.4%. Comparable-store sales do not include stores or locations opened, closed or otherwise non-comparable during the last 12 months. Sales for the first eight months of 2005 increased 5.7% to $535.0 million compared with $506.0 million in 2004. On a comparable-store basis, sales increased 1.4% for the first eight months. "Our gross profit margins improved over the prior-year period and the percentage increase in our August written orders were similar to delivered sales increases," said Clarence H. Smith, president and chief executive officer. "Hurricane Katrina has impacted and will continue to affect some of our markets. In advance of the approaching storm, we closed eight of our retail stores at various times, readied them for possible severe weather and halted home deliveries in ten markets. We did not sustain any significant damage to any of our stores, and as of today, all of our locations are open for business, except for one located in Hattiesburg, Mississippi. "We are saddened by the loss of lives and the devastation caused by Hurricane Katrina. As we work to serve our customers, we acknowledge and express our appreciation to the scores of citizens and emergency personnel working to meet the needs of the affected individuals and businesses along the Gulf Coast." Havertys is a full-service home furnishings retailer with 118 showrooms in 16 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/.