Havertys Q3 EPS plunges 72% to $0.29; sales -20.2% to $176M

HAVERTY FURNITURE COMPANIES INC

Diluted EPS $0.29 vs $1.02; net income $4.9M vs $17.2M.
Sales $175.9M (-20.2%); comp-store sales -20.5%; total written business -15.3%.
Gross margin 60.2% (down 60bps); SG&A 57.4% of sales vs 51.1% as costs dropped $11.8M.
FY24 guidance: gross margin 60.0-60.5%; fixed SG&A cut to $279-$281M; tax rate raised to 28%.
No debt; $127.4M cash; four new stores planned in Q4 to end year with 129 locations.

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