Havertys Reports Sales for First Quarter
April 02 2009 - 7:30AM
PR Newswire (US)
ATLANTA, April 2 /PRNewswire-FirstCall/ -- HAVERTY FURNITURE
COMPANIES, INC. (NYSE:HVTNYSE:andNYSE:HVT.A) today reported sales
for the quarter ended March 31, 2009. Havertys' sales for the first
quarter 2009 decreased 22.1% to $144.2 million, compared with
$185.3 million for the first quarter of 2008. On a comparable-store
basis, sales for the quarter decreased 22.9%. Comparable- store
sales do not include locations opened, closed or otherwise
non-comparable during the last 12 months. Sales in Millions Total
Comparable- (unaudited) Sales Store Sales 2009 2008 % Change %
Change First Quarter $144.2 $185.3 - 22.1% - 22.9% Total written
business for the first quarter was down approximately 20% compared
to the same period in 2008. Clarence H. Smith, president and chief
executive officer, said, "Retail sales for big-ticket home
furnishings remain difficult as consumers look to conserve cash
because of continued economic uncertainty. We are carefully
managing our business during this time and have no term debt or
amounts outstanding under our revolving credit facility. We expect
that as stability returns to the marketplace we will capitalize on
our solid position with our target customer," Smith concluded.
Havertys is a full-service home furnishings retailer with 121
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
http://www.havertys.com/. News releases include forward-looking
statements, which are subject to risks and uncertainties. Factors
that might cause actual results to differ materially from future
results expressed or implied by such forward-looking statements
include, but are not limited to, general economic conditions, the
consumer spending environment for large ticket items, competition
in the retail furniture industry and other uncertainties detailed
from time to time in the Company's reports filed with the SEC.
Contact for Information: Dennis L. Fink, EVP & CFO or Jenny
Hill Parker, VP, Secretary & Treasurer (404) 443-2900
DATASOURCE: Haverty Furniture Companies, Inc. CONTACT: Dennis L.
Fink, EVP & CFO or, Jenny Hill Parker, VP, Secretary &
Treasurer, +1-404-443-2900 Web Site: http://www.havertys.com/
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