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Financial, Retail

Havertys Reports Operating Results for Second Quarter 2022

Havertys strong earnings in Q2 were driven by solid gross margin improvement and attention to operating cost.

ATLANTA, Ga. -- Havertys (NYSE:HVT and HVT.A) reported its operating results for the second quarter ended June 30, 2022.

Second quarter 2022 versus second quarter 2021:

-- Diluted earnings per common share ("EPS") of $1.27 versus $1.21.

-- Consolidated sales increased 1.3% to $253.2 million. Comparable store sales increased 1.1%. Total written sales declined 13.3%

-- Gross profit margin of 57.9% versus 56.6% and above expectations due to pricing discipline and merchandise mix.

Clarence H. Smith, chairman and CEO, said, "Our strong earnings were driven by solid gross margin improvement and attention to operating costs. These results are particularly gratifying as we are comparing to last year's record setting growth. Supply chains issues are subsiding, and we are restoring our operating inventory levels and reducing our backlog of orders. Consumers continue to return to their historical shopping patterns of concentrating spending around traditional holiday events. We have had declines in in-store traffic and outside these peak periods and our written business was down 13.3% for the quarter compared to last year. We believe consumers are still investing in their home as our written business for the second quarter was up 23.2% over the "normal" pre-pandemic second quarter of 2019.

The second half of this year could be challenging as consumer discretionary spending is impacted by rising inflation, market volatility, and geopolitical concerns. During Havertys' 137 years, its competitive and financial strengths have provided the means to grow from adversity."

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