Haverty Reports Record Sales

Furniture World News

Haverty Furniture Companies, Inc. (NYSE: HVT HVT.A) today reported record sales activity for the month ended May 31, 2000. As previously announced, the Company has changed its accounting method for recognizing revenues and is now recording merchandise sales upon delivery to the customer. Historically, sales were recognized and "billed" prior to delivery when certain criteria were met, such as receipt of full payment, credit approval for charge sales and merchandise in stock. It is not practical for the Company to provide comparable-store sales information on the new "delivered" basis during 2000. In order to provide investors with an indication of business trends in 2000 relative to the prior- year period, the Company is continuing to report its monthly and comparable-store sales activity using the same "billed" method as was used during 1999 and prior years. Earnings for 2000 are being determined using the "delivered" sales amounts, which are being announced at the end of each quarter. Havertys' May billed sales increased 7.2% to $58.1 million compared with $54.2 million in May 1999. On a comparable-store basis, May billed sales increased 6.1%. Comparable-store sales do not include three expanded stores nor locations opened, closed or otherwise non-comparable during the last 12 months. Billed net sales for the first five months of 2000 totaled $279.9 million versus $246.7 million for 1999, representing an increase of 13.4%. Using the "billed" basis, comparable-store sales increased 10.0% for the five-month period. Havertys is a full-service home furnishings retailer with 103 showrooms in 14 southern and central states providing its customers with a wide selection of quality merchandise in middle- to upper-middle price ranges. Additional information is available on the Company's website at http://www.havertys.com .