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.
Looking ahead, Havertys said its written business thus far in the fourth quarter has risen 5.6 percent. Smith said, "We believe the geographic regions in which our stores are located, coupled with our financial strength and positioning of the Havertys brand, will fuel our growth as housing and employment improve."