Haverty Furniture Reports June Comparable Store Sales Decline Of 5.1%
Furniture World News
HAVERTY FURNITURE COMPANIES, INC. reported sales for the period ended June 30, 2007.
Havertys' June sales decreased 3.2% to $69.4 million, compared with $71.7 million in June 2006. On a comparable-store basis, June sales decreased 5.1%. Comparable-store sales do not include locations opened, closed or otherwise non-comparable during the last 12 months. Sales for the first six months of 2007 decreased 10.0% to $378.2 million, compared with $420.1 million in 2006. On a comparable-store basis, sales decreased 11.6% for the first six months.
Clarence H. Smith, president and chief executive officer, said, "Our sales trends in June were stronger than those earlier in the quarter. However, as we cautioned last month, we still do not expect that the second quarter results will be profitable.
On a more positive note, we were able to keep our inventory closely in check, with the total decreasing during the quarter by a similar percentage to the sales decline."
Havertys is a full-service home furnishings retailer with 122 showrooms in 17 states in the Southern and Midwestern regions 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 www.havertys.com .
Furniture World Magazine-Business solutions for furniture retailers