Haverty Furniture Reports Sales for First Quarter

Apr 05, 2001, 01:00 ET from Haverty Furniture Companies, Inc.

    ATLANTA, April 5 /PRNewswire/ --
 Haverty Furniture Companies, Inc. (NYSE:   HVT and HVT.A) today reported sales
 activity for the month and quarter ended March 31, 2001.
     Havertys' delivered sales for the first quarter of 2001 increased 2.4% to
 $167.6 million compared with $163.7 million in 2000.  On a comparable-store
 basis, sales decreased 3.0% for the first quarter.  Delivered sales for March
 decreased 4.9% to $57.7 million compared with $60.6 million in delivered sales
 for March 2000.  On a comparable-store basis, March sales decreased 10.5%.
 Comparable-store sales do not include one expanded store nor locations opened,
 closed or otherwise non-comparable during the last 12 months.
 
                                                                 Comparable-
                      Delivered Sales in Millions  Total Sales   Store Sales
                                  (unaudited)         % Change      % Change
                               2001          2000
 
     March                    $57.7         $60.6       - 4.9%       - 10.5%
     First Quarter           $167.6        $163.7       + 2.4%        - 3.0%
 
     John E. Slater, Jr., President & CEO said, "Our delivered sales volume for
 March and the first quarter was below expectations.  Retail business is being
 influenced by continuing softness in the economy coupled with some reluctance
 by consumers to spend discretionary sums as their wealth suffers setbacks
 along with the bearish stock market.
     "The reported monthly comparable-store sales percent changes for the last
 three months gives a false impression that our business has decelerated during
 the quarter.  Our January delivered sales in 2000 were hampered by very bad
 weather, making for an easy comparison this year, and as deliveries were
 pushed into the succeeding months, comparisons were made extremely difficult.
 In fact, this year's March deliveries were the highest of any month of the
 quarter," Slater added.
     "Second quarter sales will likely be similar to the first quarter's
 results, both in absolute volume and with a low single-digit percent decrease
 in comparable-store sales.  Growth for Havertys was very strong in the last
 few years as comps increased over 12% in 1999 and about 10% for the first
 three quarters of 2000.  We believe it will be necessary for the overall
 economy to begin showing improvement in order to produce positive comparisons
 for the rest of this year.  It is still likely, in our opinion, that our
 comparable-store sales for the fourth quarter of 2001 will show mid-single
 digit percent growth partly due to easier comparisons as well as from an
 expected positive overall economic response to stimuli by the government.
 Interest rates are likely to move lower, mortgages are already very
 affordable, housing activity remains strong and consumer confidence shows
 signs of improving.  All of these factors should bode well for our business.
     "Due to the lower sales levels, we now expect that our earnings per share
 will be in the $.18 to $.20 range for both the first quarter and the second
 quarter of 2001, which is $.04 lower than previous guidance.  We believe we
 are positioned very well competitively and remain optimistic about our
 prospects over the mid-term and longer time frames," Slater concluded.
     As previously announced, the Company changed its accounting method for
 recognizing revenues in 2000 and began recording merchandise sales upon
 delivery to the customer for the year 2000.  Historically, sales had been
 recognized and "billed" prior to delivery when certain conditions were met.
 
     Havertys is a full-service home furnishings retailer with 107 showrooms in
 14 southern and central states 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 www.havertys.com .
 
     This release includes 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
                               Executive VP & CFO
                               404-443-2900
 
 

SOURCE Haverty Furniture Companies, Inc.
    ATLANTA, April 5 /PRNewswire/ --
 Haverty Furniture Companies, Inc. (NYSE:   HVT and HVT.A) today reported sales
 activity for the month and quarter ended March 31, 2001.
     Havertys' delivered sales for the first quarter of 2001 increased 2.4% to
 $167.6 million compared with $163.7 million in 2000.  On a comparable-store
 basis, sales decreased 3.0% for the first quarter.  Delivered sales for March
 decreased 4.9% to $57.7 million compared with $60.6 million in delivered sales
 for March 2000.  On a comparable-store basis, March sales decreased 10.5%.
 Comparable-store sales do not include one expanded store nor locations opened,
 closed or otherwise non-comparable during the last 12 months.
 
                                                                 Comparable-
                      Delivered Sales in Millions  Total Sales   Store Sales
                                  (unaudited)         % Change      % Change
                               2001          2000
 
     March                    $57.7         $60.6       - 4.9%       - 10.5%
     First Quarter           $167.6        $163.7       + 2.4%        - 3.0%
 
     John E. Slater, Jr., President & CEO said, "Our delivered sales volume for
 March and the first quarter was below expectations.  Retail business is being
 influenced by continuing softness in the economy coupled with some reluctance
 by consumers to spend discretionary sums as their wealth suffers setbacks
 along with the bearish stock market.
     "The reported monthly comparable-store sales percent changes for the last
 three months gives a false impression that our business has decelerated during
 the quarter.  Our January delivered sales in 2000 were hampered by very bad
 weather, making for an easy comparison this year, and as deliveries were
 pushed into the succeeding months, comparisons were made extremely difficult.
 In fact, this year's March deliveries were the highest of any month of the
 quarter," Slater added.
     "Second quarter sales will likely be similar to the first quarter's
 results, both in absolute volume and with a low single-digit percent decrease
 in comparable-store sales.  Growth for Havertys was very strong in the last
 few years as comps increased over 12% in 1999 and about 10% for the first
 three quarters of 2000.  We believe it will be necessary for the overall
 economy to begin showing improvement in order to produce positive comparisons
 for the rest of this year.  It is still likely, in our opinion, that our
 comparable-store sales for the fourth quarter of 2001 will show mid-single
 digit percent growth partly due to easier comparisons as well as from an
 expected positive overall economic response to stimuli by the government.
 Interest rates are likely to move lower, mortgages are already very
 affordable, housing activity remains strong and consumer confidence shows
 signs of improving.  All of these factors should bode well for our business.
     "Due to the lower sales levels, we now expect that our earnings per share
 will be in the $.18 to $.20 range for both the first quarter and the second
 quarter of 2001, which is $.04 lower than previous guidance.  We believe we
 are positioned very well competitively and remain optimistic about our
 prospects over the mid-term and longer time frames," Slater concluded.
     As previously announced, the Company changed its accounting method for
 recognizing revenues in 2000 and began recording merchandise sales upon
 delivery to the customer for the year 2000.  Historically, sales had been
 recognized and "billed" prior to delivery when certain conditions were met.
 
     Havertys is a full-service home furnishings retailer with 107 showrooms in
 14 southern and central states 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 www.havertys.com .
 
     This release includes 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
                               Executive VP & CFO
                               404-443-2900
 
 SOURCE  Haverty Furniture Companies, Inc.