Havertys Q2 EPS $0.70 vs $1.27; sales down 18.5%; acquires four Bed Bath & Beyond locations

HAVERTY FURNITURE COMPANIES INC

Diluted EPS $0.70 vs $1.27; net income $11.8M vs $21.7M.
Sales $206.3M, down 18.5% YoY; comp-store sales down 19.1%.
Gross margin improved to 60.5% from 57.9%; LIFO impact +$3.4M.
Acquired four Bed Bath & Beyond locations; expected to open in H1 2024.
Free cash flow negative $0.4M; no debt; $40.5M capex for H1 2023.

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

HAVERTY FURNITURE COMPANIES INC reported second quarter ended June 30, 2023 results: revenue $206.3 million, net income $11.8 million, EPS $0.70. Guidance lowered.

Period: second quarter ended June 30, 2023
Revenue: $206.3 million
Net income: $11.8 million
EPS: $0.70
Guidance: lowered
Result: reported results

Exact text from the filing

ended June 30, 2023. Second quarter 2023 versus second quarter 2022: • Diluted earnings per common share (“EPS”) of $0.70 versus $1.27. • Consolidated sales decreased 18.5% to $206.3 million. Comparable-store sales decreased 19.1%. • Gross profit margin increased to 60.5% from 57.9%. Clarence H. Smith, chairman and CEO said, “The impact of inflation and rising

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Source: SEC EDGAR

accession 0000216085-23-000013

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