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Financial, Retail

Havertys Reports Operating Results for Third Quarter 2023

Havertys reports consolidated sales decreased 19.7 percent to $220.3 million and comparable-store sales decreased 20.7 percent, while gross profit margin increased to 60.8 percent from 57.1 percent.

ATLANTA, Ga. -- HAVERTYS (NYSE:HVT) and (NYSE:HVT.A), reported its operating results for the third quarter ended September 30, 2023.

Third quarter 2023 versus third quarter 2022:

-- Diluted earnings per common share ("EPS") of $1.02 versus $1.46.
-- Consolidated sales decreased 19.7% to $220.3 million. Comparable-store sales decreased 20.7%.
-- Gross profit margin increased to 60.8% from 57.1%.

Clarence H. Smith, Chairman and CEO said, "Our third quarter results reflect a retrenching consumer and the agility of our teams to pivot operationally in a changing sales environment. These efficiencies and the continued focus on serving the customer helped drive the quarter's performance.

"As we move into the fourth quarter, we are focused on maintaining our gross margins, growing our average ticket, and expanding our store base within our distribution footprint. Our merchants have developed a winning assortment for our sales teams and in-home designers to offer our customers. In October, we opened an additional location in the Charlotte, NC market and entered the Dayton, Ohio market. The conversion of the four Bed Bath & Beyond locations in the Memphis, TN market and in the Florida markets of Destin, St. Petersburg, and metro Miami are underway, and we are evaluating other store opportunities for growth in the coming year.

The macro-environment is challenging, and we are cautious in our near-term expectations. Our strong financial, geographic, and brand positions support our long-term strategy of delivering profitable growth in the years ahead."

Read full release here.
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