Havertys Reports Fourth Quarter Sales Decline

Furniture World Magazine

Haverty Furniture Companies, Inc. reported sales for the period ended December 31, 2008. Havertys' sales for the fourth quarter 2008 decreased 21.3% to $161.9 million, compared with $205.8 million for the fourth quarter of 2007. On a comparable-store basis, sales for the quarter decreased 22.6%. Comparable- store sales do not include locations opened, closed or otherwise non- comparable during the last 12 months. Sales for the twelve months of 2008 totaled $691.2 million, compared with $784.6 million in 2007, representing a decrease of 11.9%. On a comparable-store basis, sales decreased 14.3% for the twelve months. Clarence H. Smith, president and chief executive officer, said, "We announced in our third quarter earnings release that our total written business for the first five weeks of the fourth quarter was down approximately 23% versus the same period in the prior year. As reflected in our sales results for the full quarter, this rate of very weak demand continued through the remainder of the year. "Our balance sheet remains strong with no term debt and no borrowings under our new revolving credit line. We believe that our conservative focus on reducing our debt and carefully managing our cash is the right strategy for surviving the difficult economic downturn, while positioning Havertys for future growth and profitability." Havertys is a full-service home furnishings retailer with 122 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.