Havertys (HVT) Q1 Sales Miss Expectations; Comps Rose 3.8%

Havertys (NYSE: HVT) reported sales for the quarter ended March 31, 2015.

Sales for the first quarter 2015 increased 5.3% to $191.3 million, versus $181.7 million for the first quarter of 2014. On a comparable store basis, sales rose 3.8%. Comparable store sales do not include locations opened, closed or otherwise non-comparable during the last 12 months.

*** The Street consensus was at Q1 sales of $194.5 million.

Total written sales for the first quarter of 2015 increased 6.3% and written comparable store sales were up 4.8% over the same quarter last year.

Clarence H. Smith, chairman, president and CEO, said, "Our written business was slightly better than our expectations at the beginning of the first quarter. Higher average tickets drove the sales increase as our design staff were involved in more sales transactions. We are experiencing some imported product availability issues resulting from the West Coast port slowdown which contributed to our written business exceeding our delivered sales for the quarter.

Our store in Rogers, Arkansas, will open this week and our showroom in Waco, Texas, should open in mid-May. This expansion into two new markets for Havertys and the strengthening of our position in southeast Florida, with the opening in Coconut Creek in early January and Ft. Lauderdale slated for July, provide growth opportunities in the near and long term."

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