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 cash dividend of $0.25 per share for common stock and $0.23 for Class A common stock, payable on September 8, 2021. This dividend reflects a continuous payment history since 1935. Additionally, the board approved a stock repurchase program allowing up to $25 million in buybacks, following approximately $8.2 million remaining from previous authorizations. The company repurchased about 235,000 shares for $8.6 million during Q3 2021. CEO Clarence H. Smith emphasized the board's commitment to balanced capital allocation and future growth.
HAVERTYS (NYSE: HVT, HVT-A) reported a significant increase in second quarter 2021 results, with diluted earnings per share at $1.21 compared to $0.72 in 2020. Consolidated sales soared to $250 million, a 127.3% rise from $110 million in the previous year, fueled by a 46.9% increase in comparable store sales. Gross profit margins also improved to 56.6%. The company emphasizes the strength of its cash position, expected gross profit margins for 2021 between 56.5% and 56.8%, and ongoing strategic investments amid challenges from product shortages and rising costs.
Havertys (NYSE: HVT, HVT-A) is set to release its Q2 2021 financial results on July 27, 2021, following the market close. A conference call for investors will take place on July 28, 2021, at 10:00 a.m. ET, where the company will discuss its operational results. Interested individuals can access a live audiocast via Havertys' website, with a replay available until August 7, 2021. Havertys, established in 1885, operates 121 showrooms across 16 states, focusing on quality home furnishings.
Havertys (NYSE: HVT, HVT.A) will participate in the inaugural Shareholder Equity Conference on July 12, 2021, at 3:10 p.m. ET. The virtual event, hosted by Asbury Investor Relations and Stockperks, allows retail investors to interact with management during a fireside chat format. Interested parties can access a live stream of the presentation on Havertys' website and an archived replay will be available for 90 days post-event. Established in 1885, Havertys serves customers in 16 states with a variety of home furnishings.
Havertys (NYSE: HVT, HVT-A) announced a 13.6% increase in its quarterly cash dividend, raising it from $0.22 to $0.25 per share for common stock and from $0.20 to $0.23 for Class A common stock. The dividend, which reflects strong operating results, will be paid on June 16, 2021, to shareholders on record as of June 1. This marks the continuation of Havertys' commitment to return value to its shareholders, having paid dividends annually since 1935.
HAVERTYS (NYSE: HVT, HVT-A) reported a robust first quarter for 2021, with diluted earnings per share reaching $1.04 compared to $0.09 in 2020. Consolidated sales surged 31.8% to $236.5 million, while comparable store sales rose 11.5%. Gross profit margins improved to 57.1% due to pricing discipline. The company generated $19.6 million in cash from operations, and total cash and equivalents reached $210.1 million. Despite ongoing supply chain challenges, demand remains strong, though future consumer spending may shift.
Havertys (NYSE: HVT, HVT-A) is set to release its Q1 2021 financial results on April 27, 2021, after market close. Following this, a conference call for investors and analysts will be held on April 28, 2021, at 10:00 a.m. ET. The call will be accessible via live audiocast on their website, with a replay available until May 8, 2021. Havertys, a home furnishings retailer established in 1885, operates 121 showrooms across 16 states, offering a diverse range of quality products at middle to upper-middle price points.
On February 23, 2021, Havertys (NYSE: HVT, HVT-A) announced key promotions in its leadership team, with Steven Burdette becoming president on March 1, 2021. He brings over 37 years of experience with Havertys, previously serving as executive vice president of operations. The board declared a cash dividend of $0.22 per common share and $0.20 per Class A common share, payable on March 25, 2021, to shareholders of record as of March 12, 2021. Havertys has consistently paid dividends since 1935. This strategic leadership change aims to enhance the company's growth.
Havertys reported robust performance for Q4 and FY 2020, showcasing diluted EPS of $1.37 for Q4 2020, significantly up from $0.31 in Q4 2019. Consolidated sales grew by 12.9% to $241.3 million in Q4, while annual sales decreased 6.7% to $748.3 million due to mid-year operational pauses. Adjusted EPS reached $1.37 for Q4 and $1.88 for FY. Despite challenges in merchandise availability, the company maintained a strong balance sheet, returning $70 million to shareholders through dividends and stock repurchases. Future gross profit margins are projected between 55.3% and 55.8% for 2021.
Havertys (NYSE: HVT and HVT.A) will announce its fourth quarter and full-year 2020 financial results on February 17, 2021, after market close. A conference call for investors and analysts is scheduled for February 18, 2021, at 10:00 a.m. (ET) to discuss the results. The live audiocast can be accessed via Havertys' website, with a replay available until February 25, 2021. The company, established in 1885, is a retailer in the home furnishings sector, operating 120 showrooms across 16 states.Forward-looking statements will cover various operational aspects, including the impact of the COVID-19 pandemic.
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