Havertys Reports Sales for Fourth Quarter

Jan 08, 2010, 07:30 ET from Haverty Furniture Companies, Inc.

ATLANTA, Jan. 8 /PRNewswire-FirstCall/ -- HAVERTY FURNITURE COMPANIES, INC. (NYSE: HVT and HVT.A) today reported sales for the period ended December 31, 2009.

Havertys' sales for the fourth quarter 2009 increased 0.4% to $162.4 million, compared with $161.8 million for the fourth quarter of 2008. On a comparable-store basis, sales for the quarter increased 2.0%. Comparable-store sales do not include locations opened, closed or otherwise non-comparable during the last 12 months. Sales for the twelve months of 2009 totaled $588.3 million, compared with $691.1 million in 2008, representing a decrease of 14.9%. On a comparable-store basis, sales decreased 14.2% for the twelve months.

                       Sales in Millions       Total     Comparable-
                          (unaudited)          Sales     Store Sales
                         2009      2008       % Change    % Change
                         ----      ----       --------   -----------
    Fourth Quarter     $162.4    $161.8        + 0.4%      + 2.0%
    --------------     ------    ------        ------      ------
    Twelve Months      $588.3    $691.1       - 14.9%      -14.2%
    =============      ======    ======       =======       =====

Clarence H. Smith, president and chief executive officer, said, "We are pleased to return to positive comparable store sales territory for our fourth quarter. Total written sales during the quarter were up 1.4%. Gross profit margins have held up well even in this promotional selling environment. We are off to a good start in 2010 after a successful New Year's sale and look forward to top line improvements for this year as we celebrate Havertys' 125th year in the retail furniture business."

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 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

SOURCE Haverty Furniture Companies, Inc.