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, HVT-A) announced a significant 12% increase in its quarterly dividend, raising it from $0.25 to $0.28 per share for common stock, and from $0.23 to $0.26 for Class A common stock. The dividends are set to be paid on June 17, 2022, to shareholders of record by June 2, 2022. With a history of paying dividends since 1935, this decision reflects Havertys' strong financial position and commitment to shareholder returns, as stated by CEO Clarence H. Smith.
HAVERTYS (NYSE: HVT, HVT-A) reported its Q1 2022 results, showing sales of $238.9 million, a 1.0% increase year-over-year. Gross profit margin improved to 59.0% from 57.1%, driven by pricing strategies. Diluted earnings per share rose to $1.11 from $1.04. However, total written sales dropped 8.8%, reflecting challenges from inflation and decreased in-store traffic. Although the company remains confident in long-term goals, ongoing supply chain issues and rising operational costs may pose risks.
Havertys (NYSE: HVT, HVT.A) will announce its Q1 2022 financial results on May 2, 2022, after market close. A conference call for investors and analysts is scheduled for May 3, 2022, at 10:00 a.m. ET to discuss these results. Interested parties can access a live audiocast on the company’s website, with a replay available until May 13, 2022. Established in 1885, Havertys operates 122 showrooms across Southern and Midwestern states, offering a wide range of home furnishings.
Havertys (NYSE: HVT, HVT-A) announced a cash dividend of $0.25 per share on common stock and $0.23 per share on Class A common stock. This dividend will be paid on March 25, 2022, to stockholders of record as of March 11, 2022. The company has a long track record of dividend payments, continuing since 1935, showcasing its commitment to returning value to shareholders. With 121 showrooms in 16 states, Havertys provides quality home furnishings at competitive prices.
HAVERTYS (NYSE: HVT, HVT-A) reported strong financial results for Q4 and FY 2021. Q4 sales jumped by 10.2% to $265.9 million, with a 9.2% rise in comparable store sales. EPS decreased slightly to $1.35 from $1.37. Annual sales reached a record $1,012.8 million, up 35.4%, and EPS rose to $4.90 from $3.12. Pre-tax income also surged to $118.5 million, compared to $76.7 million in 2020. The company plans to repurchase $25 million in shares in H1 2022 and expects gross profit margins to remain steady between 56.7% and 57.0% for 2022.
Havertys (NYSE: HVT and HVT.A) will announce its fourth quarter and year-end 2021 financial results on February 15, 2022, post-market. A conference call is scheduled for February 16, 2022, at 10:00 a.m. ET to discuss these results. The call can be accessed live on the company's website, with a replay available until February 26, 2022. Havertys, founded in 1885, operates 121 showrooms across 16 states, offering quality home furnishings in mid to upper-middle price ranges.
Havertys (NYSE: HVT, HVT-A) announced a special cash dividend of $2.00 per common share and $1.90 per Class A share, alongside a quarterly dividend of $0.25 and $0.23, respectively. Both dividends will be distributed on December 8, 2021, to shareholders on record by November 22, 2021. The board also sanctioned a new stock repurchase program allowing up to $25 million in buybacks. CEO Clarence H. Smith emphasized that this decision reflects the company's robust balance sheet and aims to balance dividends with capital for future growth.
HAVERTYS (NYSE: HVT and HVT.A) reported robust third-quarter results for 2021, with diluted earnings per share (EPS) of $1.31, up from $0.97 in 2020. Sales surged by 19.7% to $260.4 million, while comparable store sales increased by 17.7%. Gross profit margins improved to 56.8%, attributed to effective pricing strategies. However, challenges remain with supply chain disruptions and fluctuating product costs. The company anticipates merchandise availability issues into early 2022. Total cash reserves reached $232.4 million, and the company has proactively increased its capital expenditures for growth initiatives.
Havertys (NYSE: HVT, HVT-A) is set to announce its third quarter 2021 financial results on October 28, 2021, after market close. A conference call for discussion with investors and analysts will follow on October 29, 2021, at 10:00 a.m. ET. Interested parties can access the live audiocast on the company's website, with a playback option available until November 8, 2021. Established in 1885, Havertys operates 121 showrooms across 16 states, offering a variety of quality home furnishings at middle to upper-middle price points.
Havertys (NYSE: HVT and HVT.A) announced a meeting with institutional investors on September 22-23, 2021, to discuss its operations. Sales for Q3 2021 are up 21.2% year-over-year, with comparable store sales rising 19.5%. Additionally, written business has increased by 2.7% overall and 1.0% on a comparable basis. Despite strong performance, the company faces supply chain concerns due to ongoing lockdowns in Vietnam. The financial results for Q3 2021 will be announced on October 28, 2021.
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