Havertys Q1 EPS $0.74 vs $1.11; sales down 5.9%; guidance narrowed

HAVERTY FURNITURE COMPANIES INC

Diluted EPS $0.74 vs $1.11; net income $12.4M vs $19.4M.
Sales $224.8M, down 5.9%; comparable-store sales down 6.7%.
SG&A as % of sales rose to 52.7% from 48.2%; fixed SG&A guidance cut to $289-292M.
Capex guidance raised to ~$53.1M, including $28.2M for Florida distribution center purchase.
No debt; cash $127M; quarterly dividend $0.28/$0.26 per common/Class A share.

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

HAVERTY FURNITURE COMPANIES INC reported first quarter ended March 31, 2023 results: revenue $224.8 million, net income $12.4 million, EPS $0.74.

Period: first quarter ended March 31, 2023
Revenue: $224.8 million
Net income: $12.4 million
EPS: $0.74
Result: reported results

Exact text from the filing

ended March 31, 2023 . First quarter 2023 versus first quarter 2022 : • Diluted earnings per common share (“EPS”) of $0.74 versus $1.11 . • Consolidated sales decreased 5.9% to $224.8 million . Comparable-store sales decreased 6.7% . • Gross profit margin increased to 59.1% from 59.0%. Clarence H. Smith, chairman and CEO, said, “Our team delivered a strong quarter

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Source: SEC EDGAR

accession 0000216085-23-000007

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