Havertys Q3 2021 EPS $1.31 vs $0.97; sales up 19.7% to $260.4M

HAVERTY FURNITURE COMPANIES INC

Comp-store sales increased 17.7% YoY; total written business up 2.0% in quarter.
Gross margin improved 60 bps to 56.8% on pricing discipline partly offset by LIFO charge.
SG&A leverage reduced to 44.6% of sales from 46.0%; variable SG&A forecast 17.0-17.3% for full year.
Q4-to-date written business down ~3.5% vs 2020 but up 20.9% vs 2019; delivered sales up 17.5%.
No funded debt; cash $232.4M; capital expenditures planned at ~$37M for 2021.

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