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Haverty Furniture Companies Inc (HVT) SEC Filing 10-K Annual report for the fiscal year ending Friday, December 31, 2010

Haverty Furniture Companies Inc

CIK: 216085 Ticker: HVT
EXHIBIT 99.1
 

 
N E W S   R E L E A S E


HAVERTYS REPORTS EPS OF $0.38 FOR 2010 YEAR COMPARED TO LOSS OF ($0.20) IN 2009


ATLANTA, GEORGIA, February 28, 2011
-- HAVERTY FURNITURE COMPANIES, INC. (NYSE: HVT and HVT.A) reports fourth quarter and full year 2010 operating results.  The earnings per share for the fourth quarter of 2010 were $0.25 compared to $0.42 for the same period of 2009.  The earnings for the year ended December 31, 2010 are $0.38 compared to a loss per share of ($0.20) for 2009.

Clarence H. Smith, president and chief executive officer, said, “We are pleased to report a profitable year for Havertys.  Although our industry faces the challenges of still-depressed housing values and sales activity, 2010 was a successful year for Havertys.  Sales increased 5.5% in 2010, with comparable store sales up 7.0%, and our ability to maintain expense discipline and leverage our SG&A costs was essential to our profitability.  Our merchandising methods also proved especially beneficial as product costs rose in the second half of the year.

We made judicious decisions on several of our stores in 2010, closing four in weakening locations.  The difficult retail environment also creates affordable opportunities for repositioning older stores and opening new locations.  We entered the Columbus, Georgia market in the fourth quarter of 2010 by renovating a former Circuit City location.  During 2011, we plan to enter the Boca Raton, Florida market, using a location being vacated by a furniture retailer and strengthening our position in southeast Florida.

Havertys is a great brand and we have a solid position in our markets.  We expect that as general economic conditions continue to recover and housing stabilizes the demand for furniture will also improve.”

Financial Highlights

Fourth Quarter 2010 Compared to Fourth Quarter 2009
·  
Net sales were relatively flat at $162.1 million and comparable store sales increased 1.9%.
·  
Gross profit margins were 51.0% as a percent of sales compared to 53.0%.  The decrease was as expected and is due partly to more promotional pricing and partially to changes in our LIFO inventory reserve due to moderate inflation. The increase in the LIFO reserve was a negative impact of $0.5 million (0.3% of sales) in 2010 compared to the positive impact of a $0.6 million (0.4% of sales) reduction in the reserve in 2009.
·  
Selling, general and administrative costs increased slightly in dollars and 0.3% as a percent of net sales.  We increased television advertising in 2010 by approximately $1.4 million and we experienced higher fuel costs in our delivery expense.  These were largely offset by lower occupancy expenses including rent, property taxes and depreciation.
·  
Other income includes $1.5 million in gains from the sale of a warehouse closed in a prior year.
·  
Income tax expense includes a decrease to our valuation allowance on deferred tax assets of $2.1 million, an increase of $0.09 in per share earnings compared to the prior period increase in the allowance of $0.6 million, a decrease of $0.03 in per share earnings.
·  
Our retail store count at December 31, 2010 was 118 versus 121 at the end of 2009.

 
 

The following information was filed by Haverty Furniture Companies Inc (HVT) on Tuesday, March 1, 2011 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Haverty Furniture Companies Inc provided additional information to their SEC Filing as exhibits

Ticker: HVT
CIK: 216085
Form Type: 10-K Annual Report
Accession Number: 0000216085-11-000011
Submitted to the SEC: Fri Mar 04 2011 5:18:11 PM EST
Accepted by the SEC: Fri Mar 04 2011
Period: Friday, December 31, 2010
Industry: Retail Furniture Stores

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