Welcome to our dedicated page for Haverty Furniture Companies news (Ticker: HVT), a resource for investors and traders seeking the latest updates and insights on Haverty Furniture Companies stock.
Haverty Furniture Companies, Inc. (NYSE: HVT), established in 1885, is a leading specialty retailer in the home furnishings industry. From its humble beginnings as a single store in downtown Atlanta, Havertys has grown to operate more than 120 showrooms in 17 states across the Southern and Midwestern United States. The company offers a wide array of quality merchandise, including sofa tables, sleepers, end tables, cocktail tables, accent pieces, display cabinets, wall decor, and more.
Havertys prides itself on providing a superior customer experience, both online and in-store, supported by knowledgeable associates and in-home designers. Each piece of furniture is exclusively crafted for the Havertys brand, ensuring customers receive high-caliber products that are both fashionable and functional.
Despite economic challenges such as inflation and rising interest rates, Havertys has reported significant achievements. For instance, their 2023 second-quarter sales hit an all-time high, largely due to their free in-home design service, which contributed to 28.6% of total sales. This period also saw a historic peak in gross profit margins as a result of lower freight and product costs.
Havertys is continuously expanding its footprint. In 2023, the company secured four locations from the Bed Bath & Beyond bankruptcy, aiming to open new stores in Memphis, TN, and Florida markets like Destin and St. Petersburg by early 2024. This strategic growth will leverage Havertys' best-in-class distribution network to reach a broader consumer base.
Financially, Havertys maintains a strong balance sheet. The company reported solid results for the third and fourth quarters of 2023, despite a challenging retail environment. Plans for further expansions continue, including new market entries such as Houston, TX, in 2024 and 2025. Their long-standing commitment to returning capital to shareholders is evidenced by consecutive annual dividend increases and share buybacks.
Havertys recently announced its participation in the inaugural Water Tower Research Furniture/Furnishings Virtual Conference and continues to actively engage with investors through various platforms. The company’s resilience and strategic initiatives position it well for future growth and market share expansion.
For more detailed financial updates and upcoming events, investors are encouraged to visit the company's investor relations site at ir.havertys.com.
HAVERTYS (NYSE:HVT and HVT.A) will announce its Q1 2023 financial results on May 2, 2023, post-market. A conference call for investors and analysts is scheduled for May 3, 2023, at 10:00 a.m. ET, where operational results will be discussed. Interested parties can access the live webcast on Havertys' official website, which will also be available for replay from 1:00 p.m. ET on the same day. Established in 1885, Havertys operates 123 showrooms across the Southern and Midwestern U.S., offering a broad selection of quality home furnishings.
Havertys (NYSE:HVT and HVT.A) has appointed Katie R. Mendolera as senior vice president of strategic development and real estate, effective March 24, 2023. Mendolera brings extensive experience from her previous role at Truist Securities, where she specialized in corporate banking for retail and consumer sectors. In her new position, she will manage real estate operations focusing on store expansion and strategic development. Her prior involvement with Havertys includes significant transactions, such as a $70 million sale-leaseback of distribution facilities. Mendolera succeeds Rawson Haverty, Jr., who retires after a 40-year tenure with the company.
Havertys (NYSE:HVT, HVT.A) declared a cash dividend of $0.28 per share for its common stock and $0.26 for Class A common stock. This dividend will be paid on March 27, 2023, to shareholders on record as of March 10, 2023. As a testament to financial stability, Havertys has consistently paid dividends annually since 1935, underscoring a long-standing commitment to returning value to its shareholders. The company operates 123 showrooms across 16 states, offering a diverse selection of home furnishings.
Havertys (NYSE:HVT, HVT.A) reported strong financial results for Q4 and FY 2022, highlighting continued growth despite economic challenges. Q4 2022 earnings per share (EPS) increased to $1.42 from $1.35, with consolidated sales rising 5.5% to $280.6 million. For FY 2022, EPS reached $5.24 compared to $4.90 the previous year, and sales hit a record $1.047 billion, marking the second consecutive year above $1 billion. Gross profit margin improved to 57.7%. However, the company acknowledged inflation and rising interest rates affecting operating costs and expressed caution about the consumer spending environment. Shareholders received $63.9 million in returns through dividends and share repurchases.
Havertys (NYSE:HVT and HVT.A) will announce its fourth quarter and full year 2022 financial results on February 21, 2022, after market closure. Following this, a conference call will be held on February 22, 2022, at 10:00 a.m. ET for discussions with investors and analysts. Interested parties can access the live webcast via the company's website, with an archived replay available at 1:00 p.m. ET the same day. Established in 1885, Havertys operates 122 showrooms across 16 states, offering quality home furnishings.
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