Havertys Q1 EPS $0.14 vs $0.74 YoY; sales down 18.1%; dividend raised 6.7%

HAVERTY FURNITURE COMPANIES INC

Diluted EPS $0.14 vs $0.74 in Q1 2023; net income $2.4M vs $12.4M.
Sales $184.0M, down 18.1% YoY; comp-store sales down 18.5%.
Gross margin improved to 60.3% from 59.1%; SG&A as % of sales increased to 59.4%.
Quarterly dividend raised 6.7% to $0.32 per common share, payable June 14, 2024.
No debt; cash $117.9M; raised gross margin guidance to 60.0-60.5% for 2024.

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.95

HAVERTY FURNITURE COMPANIES INC reported first quarter ended March 31, 2024 results: revenue $184.0 million, net income $2.4 million, EPS $0.14. Guidance raised.

Period: first quarter ended March 31, 2024
Revenue: $184.0 million
Net income: $2.4 million
EPS: $0.14
Guidance: raised
Result: reported results

Exact text from the filing

each year since 1935. First quarter 2024 versus first quarter 2023 : • Diluted earnings per common share (“EPS”) of $0.14 versus $0.74 . • Consolidated sales decreased 18.1% to $184.0 million. Comparable-store sales decreased 18.5%. • Gross profit margin increased to 60.3% from 59.1% . Clarence H. Smith, Chairman and CEO said, “Our sales reflect the challenges from

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Source: SEC EDGAR

accession 0000216085-24-000008

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