Haverty Furniture (HVT) Q1 Sales Miss Expectations; Comps Fell 0.9%

Haverty Furniture Cos., Inc. (NYSE: HVT) reported sales for the quarter ended March 31, 2014.

Sales for the first quarter 2014 decreased 2.5% to $181.4 million, versus $186.1 million for the first quarter of 2013. On a comparable store basis, sales decreased 0.9%. Comparable store sales do not include locations opened, closed or otherwise non-comparable during the last 12 months.

*** The Street was expecting Q1 sales of $189.95 million.

Total written sales for the first quarter of 2014 increased 0.9% and written comparable store sales were up 2.6% over the same quarter last year. Our stores are closed on Easter, so both of these amounts were adjusted downward 1.3% to compensate for that holiday falling in March last year and April this year.

Clarence H. Smith, chairman, president and CEO, said, "Our first quarter total sales were 2.5% below last year with comparable store sales down slightly. Last year's first quarter comparable store sales were up 11.5%. The severe winter weather did not impact 30 of our more southern locations which posted increased comparable store sales of 7.3% for the quarter. We have not altered our promotional stance and gross profit product margins should be in line with our previous guidance. Our written business for the first quarter was better than our delivered sales due in part to the continued growth of our custom order upholstery and in-home design sales. We have recently obtained commitments from our custom order suppliers to shorten lead times from six to four weeks from sale to customer delivery. This contrasts with some of our overseas wood furniture manufacturers that have fallen behind fulfilling our orders and are requiring longer lead times.

Our focus remains on our customers and their experience with Havertys at every point of contact, to connect, inspire and serve them with the seamless integration of online, in store and in-home engagement."

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