Havertys Q1 EPS $1.11 vs $1.04; sales +1% to $238.9M; gross margin 59.0%

HAVERTY FURNITURE COMPANIES INC

Consolidated sales $238.9M, up 1% YoY; comp-store sales +0.2%; written comp-store sales fell 9.6%.
Diluted EPS $1.11, up from $1.04; net income flat at $19.4M; share repurchases $12.5M boosted EPS.
Gross profit margin 59.0% vs 57.1%; raised full-year margin guidance to 57.7%-58.0%.
Operating cash flow $20.6M; $169.1M cash, no funded debt; capital expenditures planned $37M for 2022.
Management cites significant March decline in in-store traffic and written business due to inflation and geopolitical concerns.

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