Havertys (HVT) Q2 Sales Outpace Expectations; Comps Increased 4.8%

Havertys (NYSE: HVT) reported sales for the quarter ended June 30, 2015.

Havertys sales for the second quarter 2015 increased 7.2% to $187.7 million, compared with $175.1 million for the second quarter of 2014. On a comparable store basis, sales for the quarter increased 4.8%. 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 2015 totaled $379.1 million, compared with $356.9 million in 2014, representing an increase of 6.2%. On a comparable store basis, sales increased 4.3% for the first six months.

*** Consensus estimates called for Q2 revenue of $184.4 million.

Total written sales for the second quarter of 2015 increased 5.0% and written comparable store sales increased 2.4% over the same quarter last year.

Clarence H. Smith, chairman, president and CEO, said, “Our 7.2% total delivered sales increase for the quarter was led by continued growth in the upholstery and dining categories. Rug and other accessory merchandise sales are also rising with the expanding involvement of our in-home design team. The average sales ticket for the quarter was up approximately 3.3%.

We opened in two new markets this quarter with stores in Rogers, Arkansas and Waco, Texas and in January opened a new location in Coconut Creek, Florida. In the third quarter, we have one new location in Ft. Lauderdale slated to open and the completion of two major store renovations as we continue to expand and improve our store portfolio.”

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