Haverty (HVT) Q2 Sales Miss Expectations; Comps Rose 3.2%

Haverty (NYSE: HVT) reported sales for the quarter ended June 30, 2014.

Havertys sales for the second quarter 2014 increased 2.4% to $175.1 million, compared with $171.1 million for the second quarter of 2013. (Consensus estimates were looking for sales of $177.4 million.) On a comparable store basis, sales for the quarter increased 3.2%. 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 2014 totaled $356.9 million, compared with $357.2 million in 2013, representing a decrease of 0.1%. On a comparable store basis, sales increased 1.1% for the first six months.

Total written sales for the second quarter of 2014 increased 4.7% and written comparable store sales were up 5.3% over the same quarter last year. Our stores are closed on Easter, so both of these amounts were adjusted upward 1.4% to compensate for that holiday falling in March last year and April this year.

Clarence H. Smith, chairman, president and CEO, said, "Sales for the second quarter showed growth in the categories of upholstery, mattresses, and accessories. Our supplier order fulfillment for wood products continued to challenge case goods sales. There has been recent improvement with the exception of a major Chinese manufacturer and we expect lead times to stabilize over the remainder of the year. Our sales results were up against tough double-digit increases in 2013.

We closed our Plano, Texas store in May and in the third quarter will open a new store in Fort Worth, Texas and relocate our Fayetteville, North Carolina showroom. Our store presentation, merchandising, and superior customer service differentiate us from the competition and should enable us to continue to grow sales and market share."

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