Havertys Reports Earnings for First Quarter 2019

Atlanta, Georgia, April 30, 2019
– HAVERTYS (NYSE: HVT and HVT.A) reports earnings per share for the first quarter ended March 31, 2019 of $0.17 compared to $0.29 for the same period of 2018.
Havertys sales for the first quarter of 2019 were $187.2 million, a decrease of 6.1% compared with $199.4 for the first quarter of 2018. On a comparable store basis, sales for the quarter were down 4.7%. Total written sales for the first quarter of 2019 were down 3.2% and written comparable store sales were down 2.0% over last year’s first quarter. Average written ticket increased 6.9%.
Clarence H. Smith, chairman, president and CEO, said, “Our first quarter sales fell short of our expectations. The tariff imposition has been disruptive, particularly to our important motion upholstery category and some key dining and bedroom collections. Our merchandising and supply chain teams, along with our suppliers, have worked to reach a more predictable flow of goods which we expect will be normalized by the end of the second quarter.
Our real estate team is working on planned store openings for the year as we plan to enter two new markets, open a new store in the Atlanta market, and complete a store relocation in Baton Rouge. We are returning to St. Louis, after serving customers there from 1891 to 1908, with a new location scheduled to open in the third quarter. We also are adding new features to our website to better meet our customers’ needs.
The retail furniture business has been challenging over the past two quarters and we believe Havertys is uniquely positioned and has the financial strength and flexibility to meet the challenges of this year and beyond."
Financial Highlights
First Quarter 2019 Compared to First Quarter 2018
Gross profit margins increased 44 basis points to 55.1%. The margins in the 2018 period were negatively impacted by markdowns for store closures and remodels.
SG&A costs as a percent of sales were 52.8% in 2019 and 50.6% in 2018. Total SG&A dollars decreased $2.1 million. We had decreases in selling and delivery costs driven by lower sales volume. Our lower occupancy costs and administrative expenses were partly offset by higher marketing costs.
We adopted the new lease accounting standard on January 1, 2019 which significantly impacted our balance sheet. See the notes after the following financial statements.

Expectations and Other
We expect that gross profit margins for the full year 2019 will be approximately 54.6%, the same as in 2018.
Our estimate for fixed and discretionary type SG&A expenses for 2019 are in the $258.0 to $260.0 million range, compared to $254.9 million for these same costs in 2018. The increase is largely due to increases related to new stores, employee compensation and benefit costs, and inflation. The variable type costs within SG&A for the full year of 2019 are expected to be 18.1% as a percent of sales compared to the 18.3% rate in 2018.

The following information was filed by Haverty Furniture Companies Inc (HVT) on Wednesday, May 1, 2019 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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