Havertys Q3 EPS $1.02, sales down 19.7% YoY; gross margin expands to 60.8%

HAVERTY FURNITURE COMPANIES INC

Diluted EPS $1.02 vs $1.46; net income $17.2M vs $24.6M; sales $220.3M (-19.7%).
Comparable-store sales declined 20.7%; written comp sales down 12.6% for the quarter.
Gross profit margin rose to 60.8% from 57.1%; LIFO reserve added $2.3M to gross profit.
Full-year 2023 fixed SG&A guidance trimmed to $286-288M; variable SG&A expected 19.6-19.8%.
No debt outstanding; $141.4M cash; opened stores in Charlotte and Dayton; converting four Bed Bath & Beyond locations.

item 2.02 item 9.01

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 1.0

HAVERTY FURNITURE COMPANIES INC reported quarter ended September 30, 2023 results: revenue $220.3 million, EPS $1.02.

Period: quarter ended September 30, 2023
Revenue: $220.3 million
EPS: $1.02
Result: reported results

Exact text from the filing

September 30, 2023 . Third quarter 2023 versus third quarter 2022 : • Diluted earnings per common share (“EPS”) of $1.02 versus $1.46 . • Consolidated sales decreased 19.7% to $220.3 million . Comparable-store sales decreased 20.7% . • Gross profit margin increased to 60.8% from 57.1%. Clarence H. Smith, Chairman and CEO said, “Our third quarter results reflect a

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Source: SEC EDGAR

accession 0000216085-23-000015

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