Haverty Furniture Posts Sales Decline

Furniture World Magazine

Haverty Furniture Companies, Inc. reported sales for the period ended June 30, 2008. Havertys' sales for the second quarter declined 10.0% to $168.4 million, compared with $187.1 million for the second quarter of 2007. On a comparable-store basis, sales for the quarter declined 12.7%. Comparable-store sales do not include locations opened, closed or otherwise non-comparable during the last 12 months. Sales for the first six months of 2008 declined 6.5% to $353.7 million, compared with $378.2 million in 2007. On a comparable-store basis, sales declined 9.4% for the first six months. Clarence H. Smith, president and chief executive officer, said, "In our May sales release, we estimated that our total sales for the second quarter would decline by a high single-digit percentage versus the prior year's quarter. With the further drop in consumer confidence, our actual results showed a decline of 10.0%. June delivered sales faced a tougher comparison than the first two months of the second quarter. Our total written business was down 15.5% for June and 12.0% for the quarter. Early July business continues to be weak with total written sales down approximately 6%. Gross profit margins remained ahead of last year's second quarter," Smith concluded. Havertys is a full-service home furnishings retailer with 124 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 .