Havertys Reports Sales Decrease for September
Furniture World News
Havertys' September sales decreased 14.3% to $62.1 million compared with $72.4 million in September 2006. On a comparable-store basis, September sales decreased 16.2 %. Comparable-store sales do not include locations opened, closed or otherwise non-comparable during the last 12 months. Sales for the first nine months of 2007 totaled $578.8 million versus $643.1 million for 2006, representing a decrease of 10.0%. On a comparable-store basis, sales decreased 11.6% for the first nine months.
Clarence H. Smith, president and chief executive officer, said, "Our total written business was down approximately 4% for the month of September and was down 6% for the quarter. Last year's third quarter had been very strong with robust deliveries and comparable-store sales up 8%.
"Our cash flow remained strong during the quarter. We made $4.9 million in share repurchases and after paying down our revolving bank lines by $12.2 million have no amounts outstanding.
"We are enthusiastic about the opening of an additional store for us in the Metro-DC market later this month. Our location in the highly desirable Rockville, MD area will strengthen our presence in this important market."
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.
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