Welcome to our dedicated page for Haverty Furniture Cos news (Ticker: HVT), a resource for investors and traders seeking the latest updates and insights on Haverty Furniture Cos stock.
Overview and Heritage
Haverty Furniture Cos Inc (HVT) stands as a distinguished name in the residential furniture retail space, operating with a long-standing heritage since its founding in 1885. With its origins in downtown Atlanta, the company has grown to become a reputable specialty retailer in the Southern and Midwestern United States, leveraging over a century of industry experience to tailor quality home furnishings to diverse customer tastes. The business consistently emphasizes excellence in design and quality, incorporating both modern and traditional styles to serve different lifestyles and interior design preferences.
Quality and Product Excellence
At its core, Haverty’s is dedicated to offering a wide range of furniture products that include upholstery items, bedroom furnishings, living room collections, and accent pieces. Every piece of merchandise is constructed exclusively under the Haverty brand standards, ensuring high-quality craftsmanship and a commitment to durability. The company’s focus on quality extends through its attentive in-store and online experiences, making consumer satisfaction a central part of its value proposition.
Customer Experience and Design Expertise
Integrating a personalized approach to home decor, Haverty’s is recognized for its in-home design consultations and expert advice through qualified associates and design professionals. These services empower shoppers to make informed decisions that reflect their unique personalities and style aspirations, enhancing the shopping experience and establishing trust. The company’s consistent search for excellence is reflected in its customer service, offering a seamless journey whether customers opt for in-store visits or online shopping.
Market Position and Business Model
In a competitive retail landscape, Haverty Furniture distinguishes itself through a balanced mix of exclusive product offerings and tailored customer service. Operating primarily through its robust merchandise division, the company derives substantial revenue from the retail of upholstery products and bedroom furniture, supported by a diversified portfolio of furniture categories from living rooms to accent displays. Its multi-channeled distribution approach, including physical showrooms and an evolving online presence, further solidifies its position as an authoritative furniture retailer within the market.
Industry Expertise and Strategic Focus
Haverty’s commitment to quality is rooted in decades of market expertise. The company’s operations are underpinned by strategic insights into customer behavior, retail merchandising, and store expansion, which collectively enable it to adapt to market trends without compromising on quality. With ongoing enhancements to its product offerings and customer engagement practices, Haverty’s continues to demonstrate an in-depth understanding of the home furnishings industry. This meticulous approach in design, operations, and customer service exemplifies the company’s adherence to high standards of expertise, authoritativeness, and trustworthiness.
Competitive Landscape and Value Proposition
The competitive edge of Haverty Furniture lies in its ability to combine style, quality, and personalized service. The company faces competition from other regional and national furniture retailers, yet it remains distinct by focusing on exclusive, in-house manufactured merchandise and a personalized shopping experience. This dual emphasis on quality and customer-centric services makes the brand a valuable reference point within the furniture retail sector for both casual shoppers and design aficionados alike.
Overall, Haverty Furniture Cos Inc exemplifies a blend of rich heritage, industry-specific expertise, and a vigilant commitment to superior product offerings. The company remains a central figure in the home furnishings market, continuously prioritizing customer satisfaction and rigorous quality standards to ensure that every piece of furniture delivered is a testament to its long-standing reputation in the industry.
Havertys (NYSE: HVT) has announced key leadership changes in its legal department. Brendan McGill will assume the role of Senior Vice President, General Counsel effective April 1, 2025. McGill joins from Greystar Real Estate Partners, where he served as Senior Managing Director, Corporate Legal. His previous experience includes positions at Sylvan Road Capital, Invesco, Mohawk Industries, and Alston & Bird.
McGill succeeds Janet E. Taylor, who is retiring after 20 years with Havertys. Taylor joined the company in 2005 as Vice President, Law, following twelve years at King & Spalding. CEO Steven G. Burdette highlighted McGill's expertise in corporate governance, M&A, regulatory compliance, and global investment management as valuable assets for executing the company's growth strategy.
Havertys (NYSE:HVT) has announced its upcoming participation in two major investor conferences. The furniture retailer will attend the Loop Capital Markets' 2025 Investor Conference on March 11, 2025, and the UBS Global Consumer and Retail Conference on March 12, 2025.
A fireside chat presentation is scheduled for March 12, 2025, at 10:00 am EST. The presentation materials will be accessible through the Events & Presentations page in the Investor Relations section of Havertys' website. Interested parties can arrange meetings with management through their conference representatives.
Havertys (NYSE:HVT) reported declining performance for Q4 2024, with consolidated sales decreasing 12.5% to $184.4 million and comparable store sales down 13.7%. The company's Q4 diluted EPS fell to $0.49 from $0.90 year-over-year, while gross profit margin slightly decreased to 61.9% from 62.4%.
For full-year 2024, consolidated sales declined 16.1% to $722.9 million, with comparable store sales dropping 16.7%. Pre-tax income decreased significantly to $26.2 million from $72.7 million in 2023. Despite challenges, Havertys returned $25.5 million to shareholders through $5.0 million in share buybacks and $20.5 million in dividends.
The company opened five net new stores in 2024, including a return to the Houston market. Looking ahead to 2025, Havertys expects gross profit margins between 60.0% to 60.5% and plans capital expenditures of approximately $27.1 million.
Havertys (NYSE: HVT and HVT.A) has declared its first quarter 2025 cash dividend. The board approved a dividend of $0.32 per share for common stock and $0.30 per share for Class A common stock. The dividend will be paid on March 21, 2025, to stockholders of record as of March 6, 2025. This continues Havertys' long-standing tradition of dividend payments, which has been maintained annually since 1935.
Havertys (NYSE:HVT) has announced it will release its fourth quarter and year end 2024 financial results on Monday, February 24, 2025, after market close. The company will host a conference call with investors and analysts on Tuesday, February 25, 2025, at 10:00 a.m. ET to discuss operational results. A live webcast of the conference call will be available on the company's investor relations website, with an archived version accessible for replay from approximately 1:00 p.m. ET on February 25.
Havertys (NYSE: HVT and HVT.A) has announced its upcoming participation in the 2025 ICR Conference. The company's presentation is scheduled for Tuesday, January 14, 2025, at 10:30 am EST. Interested parties can access the presentation through the Events & Presentations page in the Investor Relations section of Havertys' website at ir.havertys.com. For those seeking to arrange meetings with management, coordination is available through ICR representatives.
Havertys (NYSE:HVT) announced a planned CEO transition effective January 1, 2025. Clarence H. Smith will retire as CEO and transition to executive chairman, while current president Steven G. Burdette will become president and CEO and join the board of directors. Burdette, who joined Havertys in 1983 and was appointed president in 2021, will become only the 7th CEO in the company's 139-year history. Under Smith's leadership since 2003, Havertys transformed from a retailer of other companies' merchandise into a specialty branded retailer selling exclusively Havertys brand furniture, successfully navigating through the 2007 financial crisis and COVID-19 pandemic.
Havertys (NYSE: HVT, HVT.A) has declared its fourth quarter cash dividend. The company will pay $0.32 per share on common stock and $0.30 per share on Class A common stock. The dividend will be paid on December 12, 2024, to stockholders of record as of November 26, 2024. Notably, Havertys has maintained its tradition of paying cash dividends consistently since 1935.
Havertys reported Q3 2024 results showing significant declines, with consolidated sales decreasing 20.2% to $175.9 million and comparable-store sales down 20.5%. Diluted earnings per share fell to $0.29 from $1.02 year-over-year. Gross profit margin slightly decreased to 60.2% from 60.8%. The company continued its expansion plans, aiming to end 2024 with 129 locations after opening one store in Q3 with three more planned for Q4. Despite challenging market conditions affecting big-ticket purchases, Havertys maintains a strong balance sheet with $127.4 million in cash and no debt, while focusing on store growth, merchandising, and marketing strategies.
Havertys (NYSE:HVT) announced it will release its third quarter 2024 financial results on Wednesday, October 30, 2024, after market close. The company will host a conference call with investors and analysts on Thursday, October 31, at 10:00 a.m. ET to discuss operational results. A live webcast will be available on the company's investor relations website, with a replay accessible from approximately 1:00 p.m. ET on October 31.
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