Haverty Furniture Companies profits in third quarter
-- Home Accents Today, 11/5/2009 7:27:00 AM
Despite slower sales, Haverty Furniture Companies reported third quarter profits of $501,000, compared to a $1.5 million net loss for the same quarter of 2008. Net sales for the quarter ended Sept. 30, 2009 were $151.9 million, down 13.5% from sales of $175.6 million for the same quarter in 2008. Comparable-store sales declined 11.9% for the quarter.Haverty's President and CEO Clarence H. Smith expressed satisfaction with the third quarter performance. "The results reflect the considerable effort and difficult decisions that have been made by the Havertys team over the past few quarters. Cost controls and improvements across all facets of our business have led to leaner and more agile operating structures.
"Our warehouse and delivery teams are benefiting from new computer applications which help reduce levels of damaged merchandise, provide real-time tracking of our delivery trucks and improve the customer's post-store experience. A new prospecting and communications tool, which helps foster the relationship between our sales associates and their customers after a store visit, has been rolled out chain-wide. These improvements to the "back-end" of our business are being complemented by new merchandise which carry both strong fashion statements and an obvious value.
"We have maintained a strong balance sheet throughout this economic maelstrom. We have no funded borrowings and our cash at September 30, 2009 is $46.1 million. Our written business to date in the fourth quarter is flat compared to the same period last year. We believe that in these difficult times the home furnishings customers in our markets will gravitate to Havertys' strong merchandise values and tradition of service."
Havertys is a full-service home furnishings retailer with 121 showrooms in 17 states in the southern and midwestern U.S.
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