Havertys Net Jumps 186.5 Percent in Record Third Quarter
November 1, 2013,
ATLANTA-In what was a record-smashing third quarter, Havertys posted net income of $9.5 million, up 186.5 percent from the third quarter of last year.
Net sales for the quarter, which ended on Sept. 30, rose 11.6 percent to $192.7 million, and included a gain in same-store sales of 11.8 percent. Clarence Smith, Havertys' chairman, president and CEO, said, "Our teams have been engaging in enriching the shopping experience across all channels and offering captivating products with great fabrics, finishes and function."
Gross margin finished the quarter at 53.9 percent, up 139 basis points from last year. Selling, general and administrative expenses increased 3.8 percent in dollars but were down 346 basis points as a percentage of sales. "Operationally, we are refining productivity benchmarks and continue to strive to grow market share and comparable-store sales," Smith said.
Other Articles By Author
HFN Launches Interactive Idea Book
HFN's DIGITAL EDITION
COVER STORY: HFN Turns 90
We commemorate HFN's 90th anniversary by paying tribute to the iconic retailer and supplier brands--and the people--that have helped the industry flourish, then and now.
ALSO IN THIS ISSUE:
- Up & Coming Leaders - The home industry is in capable and visionary hands as this year’s 40 Under 40 list attests. Today’s young leaders span all disciplines and varied levels of operation.
- Omnichannel Retailing - In the Mobile App World, Time is Money