AI Earnings Predictions for Haverty Furniture Companies Inc. (HVT)

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Exhibit 99.1

Havertys Furniture Reports Operating Results for Third Quarter 2026

Atlanta, Georgia, November 4, 2026 – Haverty Furniture Companies, Inc. (NYSE: HVT and HVT.A), today reported operating results for the third quarter ended September 30, 2026.

Third Quarter 2026 versus Third Quarter 2025:

•Diluted earnings per common share (“EPS”) of $0.39 versus $0.28.

•Consolidated sales increased 4.5% to $203.2 million.

•Comparable store sales increased 4.1%.

•Gross profit margin was 62.3% compared to 60.3%.

•Excluding the impact of approximately $3.2 million in IEEPA tariff refunds, gross margin was 60.7% in 2026 compared to 60.3% in 2025.

Steven G. Burdette, President and CEO said, "Our team delivered another quarter of growth, extending our positive momentum in written and delivered comp-store sales against tougher year-over-year comparisons. We did so while navigating a soft housing market, higher fuel prices, higher interest rates, continued geopolitical issues, and rising input costs. Gross profit margin was 62.3%, including approximately $3.2 million of IEEPA tariff refunds, and remained strong at 60.7%, excluding those refunds.

We are energized by our five store openings in the fourth quarter, highlighted by our entry into Pittsburgh, Pennsylvania, our 18th state. Growing to 133 stores by year end, while continuing to invest in our people, our products, our design service, and our customers' experience, reflects both our financial strength and our team’s consistent execution of our long-term growth strategy.

As we close out the year, we remain focused on what matters most: executing with discipline and creating long-term value for our team members and shareholders.”

NEWS RELEASE – November 4, 2026        Page 2

Third Quarter ended September 30, 2026 Compared to Same Period of 2025

•Total sales up 4.5%, comp-store sales up 4.1% for the quarter. Total written business increased 2.8% and comp-store written business increased 2.3% for the quarter.

•Design consultants accounted for 34.6% of written business in 2026 and 34.2% in 2025.

•Gross profit margins increased to 62.3% in 2026 from 60.3% in 2025.

•SG&A expenses were 58.6% of sales versus 57.8% and increased $6.7 million. The primary drivers of this change are:

◦increase in selling expense of $1.8 million primarily due to higher sales commissions and third-party credit costs

◦increase in administrative expenses of $4.1 million, driven primarily by stock-based compensation expense subject to accelerated recognition during the quarter, and higher performance-based incentive compensation and group insurance costs.

Balance Sheet and Cash Flow for the Nine Months Ended September 30, 2026

•Cash, cash equivalents, and restricted cash equivalents at September 30, 2026 were $127.0 million.

•Invested $23.0 million in capital expenditures.

•Purchased approximately 723,000 shares of common stock for $16.6 million.

•Paid $15.8 million in quarterly cash dividends.

•No debt outstanding at September 30, 2026, and credit availability of $100 million.

Expectations and Other

•Our 2026 guidance includes tariffs currently in effect as of November 4, 2026 but excludes future IEEPA tariff refunds that may be received for indirectly sourced products. We are actively monitoring tariff developments to manage our exposure and minimize the effects on our business.

•Our expectations for gross profit margins for 2026 are between 61.3% to 61.5%, an increase from our previous guidance due to the receipt of IEEPA tariff refunds. Gross profit margins fluctuate quarter to quarter in relation to our promotional cadence.

•Fixed and discretionary expenses within SG&A for the full year of 2026 are expected to be in the $307.0 to $309.0 million range, unchanged from our previous guidance.

•Variable SG&A expenses for the full year of 2026 are anticipated to be in the 19.2% to 19.4% range, an increase from our previous guidance due to higher delivery, transportation, and third-party credit costs.

•Our effective tax rate for 2026 is expected to be 26.0%, excluding the impact from discrete items and any new tax legislation.

•Planned capital expenditures for the full year of 2026 are approximately $34.0 million, unchanged from our previous guidance.

NEWS RELEASE – November 4, 2026        Page 3

Key Results

(amounts in millions, except per share amounts)

Results of Operations

Three Months Ended September 30,

Nine Months Ended September 30,

2026

2025

2026

2025

Sales

$

203.2

$

194.5

$

587.1

$

557.1

Gross Profit

126.6

117.3

362.5

338.4

Gross profit as a % of sales

62.3

%

60.3

%

61.7

%

60.8

%

SGA

Variable

39.3

36.4

113.2

103.5

Fixed

79.8

75.9

230.3

223.4

Total

119.1

112.3

343.5

326.9

SGA as a % of sales

Variable

19.3

%

18.7

%

19.3

%

18.6

%

Fixed

39.3

%

39.1

%

39.2

%

40.1

%

Total

58.6

%

57.8

%

58.5

%

58.7

%

Pre-tax income

8.6

6.4

21

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Exhibit 99.1

Havertys Furniture Reports Operating Results for Second Quarter 2026

Atlanta, Georgia, August 4, 2026 – Haverty Furniture Companies, Inc. (NYSE: HVT and HVT.A), today reported operating results for the second quarter ended June 30, 2026.

Second Quarter 2026 versus Second Quarter 2025:

•Diluted earnings per common share (“EPS”) of $0.32 versus $0.16.

•Consolidated sales increased 7.7% to $194.9 million.

•Comparable store sales increased 8.0%.

•Gross profit margin was 61.4% compared to 60.8%.

•Excluding the impact of approximately $1.5 million in IEEPA tariff refunds, gross margin was 60.7% in 2026 compared to 60.8% in 2025.

Steven G. Burdette, President and CEO said, "Our second quarter results reflect the sustained momentum in our business, marked by a fourth consecutive quarter of written, delivered and comp-store sales growth. We posted a strong Memorial Day weekend performance, with average tickets up double-digits. Gross margins expanded to 61.4%, which included the benefit of approximately $1.5 million in IEEPA tariff refunds.

We also advanced our strategic growth initiatives with the openings of two stores, Fenton, Missouri and Mt. Juliet, Tennessee. We are on track to open five additional stores and complete one relocation, increasing our store count to 133 at year-end. Our upcoming entry into Pittsburgh, Pennsylvania will extend our footprint to 18 states, consistent with our long-term growth strategy.

This quarter's results underscore our commitment to an exceptional customer experience and disciplined execution across the business. Our strong balance sheet and gross margins, strengthening design business, average-ticket growth, and investments in new markets give us confidence entering the second half of the year."

NEWS RELEASE – August 4, 2026        Page 2

Second Quarter ended June 30, 2026 Compared to Same Period of 2025

•Total sales up 7.7%, comp-store sales up 8.0% for the quarter. Total written business increased 12.6% and comp-store written business increased 12.3% for the quarter.

•Design consultants accounted for 36.5% of written business in 2026 and 33.4% in 2025.

•Gross profit margins increased to 61.4% in 2026 from 60.8% in 2025.

•SG&A expenses were 58.0% of sales versus 59.3% and increased $5.8 million. The primary drivers of this change are:

◦increase in selling expense of $3.1 million primarily due to higher commissioned-based compensation and third-party credit costs

◦increase in administrative expenses of $2.8 million primarily from increased salaries, performance-based incentive compensation and related benefits.

Balance Sheet and Cash Flow for the Six Months Ended June 30, 2026

•Cash, cash equivalents, and restricted cash equivalents at June 30, 2026 are $111.0 million.

•Invested $13.1 million in capital expenditures.

•Purchased approximately 723,000 shares of common stock for $16.6 million.

◦In June 2026, the Company repurchased 600,000 shares of its common stock for approximately $13.9 million in a privately negotiated transaction.

•Paid $10.6 million in quarterly cash dividends.

•No debt outstanding at June 30, 2026, and credit availability of $100 million.

◦Effective June 29, 2026, the Company's revolving credit facility was amended to increase the borrowing capacity from $80 million to $100 million.

Expectations and Other

•Our 2026 guidance includes tariffs currently in effect as of August 4, 2026 but excludes future IEEPA tariff refunds that may be received for indirectly sourced products. We are closely monitoring the tariff developments to manage our exposure and minimize the effects on our business.

•Our expectations for gross profit margins for 2026 are between 60.5% to 61.0%, unchanged from our previous guidance. Gross profit margins fluctuate quarter to quarter in relation to our promotional cadence.

•Fixed and discretionary expenses within SG&A for the full year of 2026 are expected to be in the $307.0 to $309.0 million range, unchanged from our previous guidance. Variable SG&A expenses for the full year of 2026 are anticipated to be in the 18.7% to 18.9% range, an increase from our previous guidance due to higher selling expenses.

•Our effective tax rate for 2026 is expected to be 26.0%, excluding the impact from discrete items and any new tax legislation.

•Planned capital expenditures for the full year of 2026 are approximately $34.0 million, an increase from our previous guidance due to store growth.

NEWS RELEASE – August 4, 2026        Page 3

Key Results

(amounts in millions, except per share amounts)

Results of Operations

Three Months Ended June 30,

Six Months Ended June 30,

2026

2025

2026

2025

Sales

$

194.9

$

181.0

$

384.0

$

362.6

Gross Profit

119.7

110.1

235.9

221.2

Gross profit as a % of sales

61.4

%

60.8

%

61.4

%

61.0

%

SGA

Variable

37.6

33.3

73.9

67.0

Fixed

75.6

74.0

150.6

147.5

Total

113.2

107.3

224.4

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Exhibit 99.1

Havertys Furniture Reports Operating Results for First Quarter 2026

Atlanta, Georgia, May 5, 2026 – Haverty Furniture Companies, Inc. (NYSE: HVT and HVT.A), today reported operating results for the first quarter ended March 31, 2026.

First Quarter 2026 versus First Quarter 2025:

•Diluted earnings per common share (“EPS”) of $0.26 versus $0.23.

•Consolidated sales increased 4.1% to $189.1 million.

•Comparable store sales increased 4.3%.

•Gross profit margin was 61.5% compared to 61.2%.

Steven G. Burdette, President and CEO said, “We are pleased with our first quarter results, delivering written business, delivered sales, and comp-store sales growth for a third consecutive quarter. Performance was led by strong Presidents' Day demand, gross profit margin expansion, and higher average tickets.

Our design program continues to be a key growth driver and differentiator for Havertys. Designer average tickets remain more than double our overall average ticket, and the program accounted for 35.3% of written business during the quarter, up over 200 basis points from 2025. We are excited about the program's trajectory and see significant opportunity ahead as we continue to provide a high-quality experience for our customers.

We also continued to execute on our store growth strategy, signing new store leases in the Dallas, TX, Atlanta, GA, and Fredericksburg, VA markets. With a strong balance, no funded debt, and sustained momentum across key operating metrics, we remain well positioned to continue growing our store base and execute on our long-term objectives."

NEWS RELEASE – May 5, 2026        Page 2

First Quarter ended March 31, 2026 Compared to Same Period of 2025

•Total sales up 4.1%, comp-store sales up 4.3% for the quarter. Total written business increased 6.4% and comp-store written business increased 7.0% for the quarter.

•Design consultants accounted for 35.3% of written business in 2026 and 33.2% in 2025.

•Gross profit margins increased to 61.5% in 2026 from 61.2% in 2025.

•SG&A expenses were 58.9% of sales versus 59.0% and increased $4.1 million. The primary drivers of this change are:

◦increase in selling expense of $2.4 million primarily due to higher commissioned-based compensation and third-party credit costs

◦increase in administrative expenses of $0.8 million primarily from increased salaries and related benefits.

◦increase in occupancy costs of $0.6 million related to new stores and the timing of repairs and maintenance.

Balance Sheet and Cash Flow for the Three Months Ended March 31, 2026

•Cash, cash equivalents, and restricted cash equivalents at March 31, 2026 are $114.1 million.

•Invested $7.0 million in capital expenditures.

•Purchased approximately 91,000 shares of common stock for $2.0 million.

•Paid $5.3 million in quarterly cash dividends.

•No debt outstanding at March 31, 2026, and credit availability of $80.0 million.

Expectations and Other

•Our 2026 guidance includes tariffs currently in effect as of May 5, 2026. We are closely monitoring the tariff developments to manage our exposure and minimize the effects on our business.

•Our expectations for gross profit margins for 2026 are between 60.5% to 61.0%, unchanged from our previous guidance. Gross profit margins fluctuate quarter to quarter in relation to our promotional cadence.

•Fixed and discretionary expenses within SG&A for the full year of 2026 are expected to be in the $307.0 to $309.0 million range, unchanged from our previous guidance. Variable SG&A expenses for the full year of 2026 are anticipated to be in the 18.6% to 18.8% range.

•Our effective tax rate for 2026 is expected to be 26.0%, excluding the impact from discrete items and any new tax legislation.

•Planned capital expenditures for the full year of 2026 are approximately $34.0 million, an increase from our previous guidance due to store growth.

NEWS RELEASE – May 5, 2026        Page 3

Key Results

(amounts in millions, except per share amounts)

Results of Operations

Three Months Ended March 31,

2026

2025

Sales

$

189.1

$

181.6

Gross Profit

116.2

111.1

Gross profit as a % of sales

61.5

%

61.2

%

SGA

Variable

36.3

33.6

Fixed

75.0

73.6

Total

111.3

107.2

SGA as a % of sales

Variable

19.2

%

18.5

%

Fixed

39.7

%

40.5

%

Total

58.9

%

59.0

%

Pre-tax income

6.0

5.3

Pre-tax income as a % of sales

3.2

%

2.9

%

Net income

4.3

3.8

Net income as a % of sales

2.3

%

2.1

%

Diluted earnings per share (“EPS”)

$

0.26

$

0.23

Other Financial and Operations Data

Three Months Ended March 31,

2026

2025

EBITDA (in millions)(1)

$

11.3

$

9.9

Sales per square foot

$

169

$

162

Average ticket

$

3,707

$

3,314

Liquidity Measures

Three Months Ended March 31,

Three Months Ended March 31,

Free Cash Flow

2026

2025

Cash Returns to Shareholders

2026

2025

Operating cash flow

$

(2.9)

$

6.2

Share repurchases

$

2.

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NEWS RELEASE – February 24, 2026        Exhibit 99.1

Havertys Reports Operating Results for Fourth Quarter 2025

ATLANTA, GA / ACCESSWIRE / February 24, 2026 / HAVERTYS (NYSE: HVT) and (NYSE: HVT.A), today reported its operating results for the fourth quarter ended December 31, 2025.

Fourth quarter 2025 versus fourth quarter 2024:

•Diluted earnings per common share (“EPS”) of $0.51 versus $0.49.

•Consolidated sales increased 9.5% to $201.9 million. Comparable store sales increased 8.2%.

•Gross profit margin of 60.4% versus 61.9%. Excluding the impact of LIFO, gross profit margin was 62.4% for 2025 and 61.4% for 2024.

FY 2025 versus FY 2024:

•Diluted earnings per common share (“EPS”) of $1.19 for 2025 and 2024.

•Consolidated sales increased 5.0% to $759.0 million. Comparable store sales increased 2.1%.

•Gross profit margin was 60.7% for 2025 and 2024. Excluding the impact of LIFO, gross profit margin was 61.3% for 2025 and 60.6% for 2024.

•Pre-tax income of $26.8 million versus $26.2 million.

Stock Repurchase Program:

•The Board of Directors approved an additional $15 million authorization for the Company's stock repurchase program.

Steven G. Burdette, President and CEO, said, "Our fourth quarter results were highlighted by our second consecutive quarter of growth in both written and delivered sales and comp-store sales. This sustained momentum reflects the effectiveness of our customer-first approach and strategic marketing investments, which continue to drive traffic and increase average tickets while maintaining strong gross margins, even as we navigate persistent industry headwinds. We are pleased to announce that we plan to enter our 18th state, in Pittsburgh, Pennsylvania, later this year, bringing our total planned store openings for 2026 to five locations.

In 2025, we returned $25.6 million to our shareholders through $4.8 million in share repurchases and $20.8 million in quarterly dividends. Our disciplined capital management approach reflects our commitment to delivering long-term value while maintaining the financial strength needed to grow in a challenging environment.

Our 2025 results demonstrate that our strategic initiatives and clear value proposition continue to resonate. We are encouraged by the positive momentum in our business and remain focused on delivering sustainable growth and long-term value for our customers and shareholders."

NEWS RELEASE – February 24, 2026

Fourth Quarter ended December 31, 2025 Compared to Same Period of 2024

•Total sales up 9.5%, comp-store sales up 8.2% for the quarter. Total written sales increased 3.5% and written comp-store sales increased 3.2% for the quarter.

•Design consultants accounted for 33.3% of written business in 2025 and 31.8% in 2024.

•Gross profit margins decreased 150 basis points to 60.4% in 2025 from 61.9% in 2024. In 2025, the change in LIFO reserve generated a negative impact of $3.9 million compared to a positive impact of $0.9 million in 2024.

•SG&A expenses were 55.7% of sales versus 57.4% and increased $6.6 million. The primary drivers of this change are:

•increase of $2.9 million in selling expenses due to higher commissioned-based compensation and third-party credit costs.

•increase of $3.1 million in administrative expenses due to performance-based incentive compensation and stock based compensation costs.

Balance Sheet and Cash Flow

•Cash, cash equivalents, and restricted cash equivalents at December 31, 2025 are $131.9 million.

•Generated $52.6 million in cash from operating activities primarily from earnings and changes in working capital, including a $12.7 million increase in inventories, a $5.2 million decrease in customer deposits, a $12.3 million decrease in other assets and liabilities and an $8.1 million increase in accrued liabilities and vendor repayments.

•Invested $19.7 million in capital expenditures.

•Purchased 216,482 shares of common stock for $4.8 million.

•Paid $20.8 million in quarterly cash dividends in 2025.

•No debt outstanding at December 31, 2025 and credit availability of $80.0 million.

Expectations and Other

•On February 20, 2026, the Supreme Court invalidated the tariffs imposed by the administration under the International Emergency Economic Protection Act during 2025, and the administration announced its intention to impose new tariffs under different regulations.  Our 2026 guidance includes the impact of the new tariffs announced by the administration.  We continue to monitor tariff developments and assess their potential impact on our business as such changes could have a material impact on our results of operations.

•We expect gross profit margins for 2026 will be between 60.5% to 61.0%. Gross profit margins fluctuate quarter to quarter in relation to our promotional cadence. Our estimated gross profit margins for 2026 are based on anticipated product and freight costs and the impact on our LIFO reserve.

•F

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Exhibit 99.1

Havertys Furniture Reports Operating Results for Third Quarter 2025

Atlanta, Georgia, October 29, 2025 – Haverty Furniture Companies, Inc. (NYSE: HVT and HVT.A), today reported operating results for the third quarter ended September 30, 2025.

Third Quarter 2025 versus Third Quarter 2024:

•Diluted earnings per common share (“EPS”) of $0.28 versus $0.29.

•Consolidated sales increased 10.6% to $194.5 million.

•Comparable store sales increased 7.1%.

•Gross profit margin was 60.3% compared to 60.2%.

Steven G. Burdette, President and CEO said, “Our third-quarter results were highlighted by a strong Labor Day weekend performance, double-digit growth in written and delivered sales, and our first quarter of positive written and delivered comp-store sales in several years. Our strategic marketing investments continue to drive increased customer traffic, resulting in higher average tickets, solid conversion rates, and strong gross margins.

Our recent opening of a third Houston location brings our total store count to 129. Looking ahead, we expect to resume store count growth in the first quarter of 2026, targeting five net new store openings for the year. Our third quarter results demonstrate that our customer first approach continues to resonate. We are encouraged by the positive momentum in our business and remain focused on delivering sustainable growth and long-term value to our customers and shareholders.”

NEWS RELEASE – October 29, 2025        Page 2

Third Quarter ended September 30, 2025 Compared to Same Period of 2024

•Total sales up 10.6%, comp-store sales up 7.1% for the quarter. Total written business increased 10.0% and comp-store written business increased 8.0% for the quarter.

•Design consultants accounted for 34.2% of written business in 2025 and 34.5% in 2024.

•Gross profit margins increased to 60.3% in 2025 from 60.2% in 2024.

•SG&A expenses were 57.8% of sales versus 57.4% and increased $11.4 million. The primary drivers of this change are:

◦increase in advertising and marketing costs of $2.8 million driven by increased spending on television and direct mail production.

◦increase in selling expense of $2.7 million primarily due to sales commissions and related benefit costs for higher sales volume

◦increase in occupancy costs of $1.4 million related to new stores and the timing of repairs and maintenance.

◦increase in administrative expenses of $3.8 million primarily from increased salaries and related benefits, performance-based incentive compensation and stock compensation costs.

Balance Sheet and Cash Flow for the Nine Months Ended September 30, 2025

•Cash, cash equivalents, and restricted cash equivalents at September 30, 2025 are $137.0 million.

•Generated $45.3 million in cash from operating activities primarily from earnings and changes in working capital including a $9.0 million increase in inventories, $8.3 million increase in accrued liabilities and vendor repayments, a $8.1 million increase in other assets and liabilities, and a $3.1 million reduction in customer deposits.

•Invested $15.3 million in capital expenditures.

•Purchased approximately 94,000 shares of common stock for $2.0 million.

•Paid $15.5 million in quarterly cash dividends.

•No debt outstanding at September 30, 2025, and credit availability of $80.0 million.

Expectations and Other

•Our 2025 guidance includes tariffs currently in effect as of October 29, 2025, but excludes the effects of additional proposed tariffs that have not been finalized by the Trump Administration. We are closely monitoring the tariff developments to manage our exposure and minimize the effects on our business.

•Our expectations for gross profit margins for 2025 are between 60.4% to 60.7%, an increase from our prior guidance. Gross profit margins fluctuate quarter to quarter in relation to our promotional cadence.

•Fixed and discretionary expenses within SG&A for the full year of 2025 are expected to be in the $296.0 to $298.0 million range, an increase from our previous guidance due to higher anticipated advertising and administrative costs. Variable SG&A expenses for the full year of 2025 are anticipated to be in the 18.6% to 18.8% range.

•Our effective tax rate for 2025 is expected to be 26.5%, excluding the impact from discrete items and any new tax legislation.

•Planned capital expenditures for the full year of 2025 are approximately $24.0 million, unchanged from our previous guidance. We expect retail square footage at the end of 2025 to remain consistent with 2024.

NEWS RELEASE – October 29, 2025        Page 3

Key Results

(amounts in millions, except per share amounts)

Results of Operations

Three Months Ended September 30,Nine Months Ended September 30,

2025202420252024

Sales$194.5$175.9$557.1$538.5

Gross Profit117.3105.9338.4324.9

Gross profit as a % of sales60.3%60.2%60.8%60.3%

SGA

Variable36.4 33.2 103.5 104.9

Fixed75.9 67.7

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Exhibit 99.1

Havertys Furniture Reports Operating Results for Second Quarter 2025

Atlanta, Georgia, July 30, 2025 – Haverty Furniture Companies, Inc. (NYSE: HVT and HVT.A), today reported operating results for the second quarter ended June 30, 2025.

Second Quarter 2025 versus Second Quarter 2024:

•Diluted earnings per common share (“EPS”) of $0.16 versus $0.27.

•Consolidated sales increased 1.3% to $181.0 million. Comparable store sales decreased 2.3%.

•Gross profit margin was 60.8% compared to 60.4%.

Steven G. Burdette, President and CEO said, “In the second quarter of 2025, we delivered year-over-year sales growth for the first time since the fourth quarter of 2022, while also achieving strong gross margins, positive traffic trends, and improved conversion rates. Although we continue to navigate a challenging environment, including a soft housing market, low consumer confidence, and tariff uncertainty, we are encouraged by the positive sales and operational trends we are seeing across our business. Our improved sales results reflect the effectiveness of our new marketing and promotional strategies, the dedication of our teams, and the value of the experience we’ve gained in our 140-year history."

NEWS RELEASE – July 30, 2025        Page 2

Second Quarter ended June 30, 2025 Compared to Same Period of 2024

•Total sales up 1.3%, comp-store sales down 2.3% for the quarter. Total written business increased 0.4% and comp-store written business decreased 2.1% for the quarter.

•Design consultants accounted for 33.4% of written business in 2025 and 36.0% in 2024.

•Gross profit margins increased to 60.8% in 2025 from 60.4% in 2024.

•SG&A expenses were 59.3% of sales versus 57.7% and increased $4.2 million. The primary drivers of this change are:

◦increase in administrative expenses of $3.4 million primarily from increased salaries, performance-based incentive compensation and stock compensation costs.

◦increase in occupancy costs of $1.5 million largely due to costs related to new locations.

◦increase in advertising costs of $1.1 million driven by increased spending on television and interactive marketing.

◦decrease in warehouse and delivery costs of $1.1 million driven by lower salaries and related benefit costs.

Balance Sheet and Cash Flow for the Six Months Ended June 30, 2025

•Cash, cash equivalents, and restricted cash equivalents at June 30, 2025 are $113.8 million.

•Generated $13.4 million in cash from operating activities primarily from earnings and changes in working capital including a $9.9 million increase in inventories and a $1.4 million decrease in customer deposits.

•Invested $11.7 million in capital expenditures.

•Purchased approximately 94,000 shares of common stock for $2.0 million.

•Paid $10.4 million in quarterly cash dividends.

•No debt outstanding at June 30, 2025, and credit availability of $80.0 million.

Expectations and Other

•Our 2025 guidance includes tariffs currently in effect as of July 30, 2025, but excludes the effects of additional proposed tariffs that have not been finalized by the Trump Administration. We are closely monitoring the tariff developments and evaluating the impact to minimize the effects on our business.

•Our expectations for gross profit margins for 2025 are unchanged from our prior guidance and are between 60.0% to 60.5%. Gross profit margins fluctuate quarter to quarter in relation to our promotional cadence.

•Fixed and discretionary expenses within SG&A for the full year of 2025 are expected to be in the $291.0 to $293.0 million range, unchanged from our previous guidance. Variable SG&A expenses for the full year of 2025 are anticipated to be in the 18.5% to 18.8% range, a decrease from our previous guidance driven by lower warehouse and delivery costs.

•Our effective tax rate for 2025 is expected to be 26.5%, excluding the impact from discrete items and any new tax legislation.

•Planned capital expenditures for the full year of 2025 are approximately $24.0 million. We expect retail square footage at the end of 2025 to remain consistent with 2024.

NEWS RELEASE – July 30, 2025        Page 3

Key Results

(amounts in millions, except per share amounts)

Results of Operations

Three Months Ended June 30,Six Months Ended June 30,

2025202420252024

Sales$181.0$178.6$362.6$362.6

Gross Profit110.1108.0221.2219.0

Gross profit as a % of sales60.8%60.4%61.0%60.4%

SGA

Variable33.3 34.7 67.0 71.8

Fixed74.0 68.4 147.5 140.7

Total107.3103.1214.5212.5

SGA as a % of sales

Variable18.4%19.4%18.5%19.8%

Fixed40.9%38.3%40.7%38.8%

Total59.3%57.7%59.2%58.6%

Pre-tax income4.36.59.69.6

Pre-tax income as a % of sales2.4%3.6%2.7%2.6%

Net income2.74.46.56.8

Net income as a % of sales1.5%2.5%1.8%1.9%

Diluted earnings per share (“EPS”)$0.16 $0.27 $0.39 $0.41

Other Financial and Operations Data

Six Months Ended June 30,

20252024

EBITDA (in millions)(1) $18.7 $16.8

Sales per square f

EX-99.1

2 hvtex99.htm

EX 99.1 PRESS RELEASE DATED APRIL 30, 2025 ISSUED BY THE COMPANY.

EXHIBIT 99.1

Havertys Reports Operating Results for First Quarter 2025

Atlanta, Georgia, April 30, 2025 – HAVERTYS (NYSE: HVT and HVT.A), today reported operating results for the first quarter ended March 31, 2025.

First quarter 2025 versus first quarter 2024:

•

Diluted earnings per common share (“EPS”) of $0.23 versus $0.14.

•

Consolidated sales decreased 1.3% to $181.6 million. Comparable store sales decreased 4.8%.

•

Gross profit margin was 61.2% compared to 60.3%.

Steven G. Burdette, President and CEO said, "We are pleased to report solid first quarter results with improved gross margins, earnings, and expense control, despite facing several headwinds, including a weak housing market, atypical winter weather in the South, low consumer confidence, and significant shifts in trade policy.

Throughout our 140-year history, we have consistently demonstrated resilience in navigating changes in U.S. economic policy. This experience, along with our solid balance sheet, has equipped us to effectively manage the dynamic U.S. trade policy environment while continuing to serve our customers and deliver value to our shareholders."

NEWS RELEASE – April 30, 2025

Page 2

First Quarter ended March 31, 2025 Compared to Same Period of 2024

•

Total sales down 1.3%, comp-store sales down 4.8% for the quarter. Total written business was down 2.6% and comp-store written business declined 6.3% for the quarter.

•

Design consultants accounted for 33.2% of written business in 2025 and 32.4% in 2024.

•

Gross profit margins increased to 61.2% in 2025 from 60.3% in 2024.

•

SG&A expenses were 59.0% of sales versus 59.4% and decreased $2.2 million. The primary drivers of this change are:

◦

decrease of $2.0 million in selling expenses as these are predominantly variable costs tied to commissioned-based compensation expense and third-party creditor costs.

◦

decrease in warehouse and delivery costs of $1.7 million driven by lower salaries and related benefit costs.

◦

decrease in advertising costs of $1.1 million aligning with the reduction of sales.

◦

increase in occupancy costs of $1.6 million largely due to costs related to new locations.

◦

increase in administrative expenses of $1.0 million primarily from increased salaries and stock compensation costs.

Balance Sheet and Cash Flow for the Three Months Ended March 31, 2025

•

Cash, cash equivalents, and restricted cash equivalents at March 31, 2025 are $118.3 million.

•

Generated $6.2 million in cash from operating activities primarily from earnings and changes in working capital including a $5.3 million increase in inventories, $2.0 million increase in customer deposits, and a $4.5 million decrease in accrued liabilities and vendor repayments.

•

Invested $6.1 million in capital expenditures.

•

Purchased approximately 94,000 shares of common stock for $2.0 million.

•

Paid $5.2 million in quarterly cash dividends.

•

No debt outstanding at March 31, 2025, and credit availability of $80.0 million.

Expectations and Other

•

Our 2025 guidance includes tariffs currently in effect as of April 30, 2025, but excludes the effects of additional proposed tariffs that have been paused by the Trump Administration. We are closely monitoring the tariff negotiations and evaluating the impact to minimize the effects on our business.

•

Our expectations for gross profit margins for 2025 are unchanged from our prior guidance and are between 60.0% to 60.5%. Gross profit margins fluctuate quarter to quarter in relation to our promotional cadence.

•

Fixed and discretionary expenses within SG&A for the full year of 2025 are expected to be in the $291.0 to $293.0 million range, unchanged from our previous guidance. Variable SG&A expenses for the full year of 2025 are anticipated to be in the 18.6% to 19.0% range, a decrease from our previous guidance driven by lower warehouse and delivery costs and third-party credit expense.

•

Our effective tax rate for 2025 is expected to be 26.5%, excluding the impact from discrete items and any new tax legislation.

•

Planned capital expenditures for the full year of 2025 are approximately $24.0 million, a $3 million decrease from our previous guidance due to tariff uncertainty. We expect retail square footage will increase approximately 2.0% in 2025 over 2024.

NEWS RELEASE – April 30, 2025

Page 3

Key Results

(amounts in millions, except per share amounts)

Results of Operations

Three Months Ended March 31,

2025

2024

Sales

$

181.6

$

184.0

Gross Profit

111.1

111.0

Gross profit as a % of sales

61.2

%

60.3

%

SGA

Variable

33.6

37.0

Fixed

73.6

72.4

Total

107.2

109.4

SGA as a % of sales

Variable

18.5

%

20.1

%

Fixed

40.5

%

39.3

%

Total

59.0

%

59.4

%

Pre-tax income

5.3

3.2

Pre-tax income as a % of sales

2.9

%

1.7

%

Net income

3.8

2.4

Net income as a % of sales

2.1

%

1.3

%

Diluted ea

EX-99.1

2 hvtex99.htm

EX 99.1 PRESS RELEASE DATED FEBRUARY 24, 2025 ISSUED BY REGISTRANT.

EXHIBIT 99.1

Havertys Reports Operating Results for Fourth Quarter 2024

ATLANTA, GA / ACCESSWIRE / February 24, 2025 / HAVERTYS (NYSE: HVT) and (NYSE: HVT.A), today reported its operating results for the fourth quarter ended December 31, 2024.

Fourth quarter 2024 versus fourth quarter 2023:

•

Diluted earnings per common share (“EPS”) of $0.49 versus $0.90.

•

Consolidated sales decreased 12.5% to $184.4 million. Comparable store sales decreased 13.7%.

•

Gross profit margin of 61.9% versus 62.4%.

FY 2024 versus FY 2023:

•

Diluted earnings per common share (“EPS”) of $1.19 versus $3.36.

•

Consolidated sales decreased 16.1% to $722.9 million. Comparable store sales decreased 16.7%.

•

Gross profit margin was 60.7% for 2024 and 2023

•

Pre-tax income of $26.2 million versus $72.7 million.

Steven G. Burdette, President and CEO, said, "Our team remained disciplined in managing our operations and executing our growth strategies, even amidst the housing slowdown. We achieved our goal of opening five net new stores in 2024, with a notable return to the Houston, TX market after approximately 40 years, where we now have two stores.

In 2024, we returned $25.5 million of capital to our shareholders. We purchased $5.0 million in common shares and paid quarterly dividends of $20.5 million, marking another year of annual dividend payouts. Our prudent capital management underscores our dedication to delivering value to our shareholders.

As we celebrate our 140th year, we remain focused on our strategies for store growth, merchandising, and marketing, which are key to Havertys' long-term success. Our strong balance sheet and financial stability provide a solid foundation for continued growth investment, positioning us to benefit when the economic cycle improves."

NEWS RELEASE – February 24, 2025

Page 2

Fourth Quarter ended December 31, 2024 Compared to Same Period of 2023

•

Total sales down 12.5%, comp-store sales down 13.7% for the quarter. Total written sales were down 6.7% and written comp-store sales declined 8.7% for the quarter.

•

Design consultants accounted for 31.8% of written business in 2024 and 29.2% in 2023.

•

Gross profit margins decreased 50 basis points to 61.9% in 2024 from 62.4% in 2023. In 2024, the positive impact generated by the change is LIFO reserve was $0.9 million compared to $2.8 million in 2023.

•

SG&A expenses were 57.4% of sales versus 54.4% and decreased $8.9 million. The primary drivers of this change are:

•

decrease of $4.3 million in selling expenses due to lower commissioned-based compensation and third-party credit costs.

•

decrease in warehouse, transportation, and delivery costs of $3.3 million  primarily from reduced labor and fuel costs.

•

decrease of $1.7 million in administrative expenses due to lower incentive and stock based compensation costs.

•

increase of $1.1 million in occupancy expenses primarily due to depreciation expense.

Balance Sheet and Cash Flow

•

Cash, cash equivalents, and restricted cash equivalents at December 31, 2024 are $126.3 million.

•

Generated $58.9 million in cash from operating activities primarily from earnings and  changes in working capital, including a $10.5 million decrease in inventories, a $4.9 million increase in customer deposits, a $7.1 million decrease in other assets and liabilities and $11.4 million decrease in accrued liabilities and vendor repayments.

•

Invested $32.1 million in capital expenditures.

•

Purchased 214,500 shares of common stock for $5.0 million.

•

Paid $20.5 million in quarterly cash dividends in 2024.

•

No debt outstanding at December 31, 2024 and credit availability of $80.0 million.

Expectations and Other

•

We expect gross profit margins for 2025 will be between 60.0% to 60.5%. Gross profit margins fluctuate quarter to quarter in relation to our promotional cadence. Our estimated gross profit margins for 2025 are based on anticipated product and freight costs and the marginal impact on our LIFO reserve as compared to the prior years.

•

Fixed and discretionary expenses within SG&A for the full year of 2025 are expected to be in the $291.0 to $293.0 million range. The increases over 2024 are primarily from costs associated with our store growth and inflation. Variable SG&A expenses for the full year of 2025 are anticipated to be in the 19.0% to 19.3% range. Variable expense increases over 2025 are primarily inflationary driven.

•

Our effective tax rate for 2025 is expected to be 26.5% excluding the impact of discrete items and any new tax legislation.

•

Planned capital expenditures are approximately $27.1 million in 2025.

NEWS RELEASE – February 24, 2025

Page 3

Key Results

(amounts in millions, except per share amounts)

Results of Operations

Three Months Ended

December 31,

Twelve Months Ended

December 31,

2024

2023

2024

2023

Sales

$

184.4

$

210.7

$

722.9

$

EX-99.1

2 hvtex99.htm

EXHIBIT 99.1 PRESS RELEASE DATED OCTOBER 30, 2024, ISSUED BY REGISTRANT.

EXHIBIT 99.1

Havertys Reports Operating Results for Third Quarter 2024

Atlanta, Georgia, October 30, 2024 – HAVERTYS (NYSE: HVT and HVT.A), today reported operating results for the third quarter ended September 30, 2024.

Third quarter 2024 versus third quarter 2023:

•

Diluted earnings per common share (“EPS”) of $0.29 versus $1.02.

•

Consolidated sales decreased 20.2% to $175.9 million. Comparable-store sales decreased 20.5%.

•

Gross profit margin was 60.2% compared to 60.8%.

Clarence H. Smith, Chairman and CEO said, "Our earnings for the quarter reflect the impact of below plan sales including the Labor Day holiday written results which mirrored the quarterly sales declines. We did begin to see improvement in traffic during the quarter and average ticket rose slightly.

"We opened a new store in the third quarter and three additional locations are expected to open in the fourth quarter, meeting our expansion goal of five new net stores and ending 2024 with 129 locations. Our merchandising team’s new experienced members will keep our product offerings on-trend and employ data analytics to further strengthen our brand and earnings. We continue to refine our marketing and sharpen our focus on customer engagement.

The consumer remains cautious on making big-ticket postponeable purchases and the lack of housing turnover has additionally dampened demand. We believe our strategies on store growth, merchandising, and marketing geared towards our target customer are key to Havertys’ long term success. Our strong balance sheet and financial strength enable us to execute on these strategies in the current economic environment."

NEWS RELEASE – October 30, 2024

Page 2

Third Quarter ended September 30, 2024 Compared to Same Period of 2023

•

Total sales down 20.2%, comp-store sales down 20.5% for the quarter. Total written business was down 15.3% and comp-store written business declined 16.3% for the quarter.

•

Design consultants accounted for 34.5% of written business in 2024 and 29.0% in 2023.

•

Gross profit margins decreased to 60.2% in 2024 from 60.8% in 2023. The decrease is driven by the change in the LIFO reserve which generated an immaterial impact on gross profit in 2024 compared to a positive impact of $2.3 million in 2023.

•

SG&A expenses were 57.4% of sales versus 51.1% and decreased $11.8 million. The primary drivers of this change are:

◦

decrease of $6.2 million in selling expenses as these are predominantly variable costs tied to commissioned-based compensation expense and third-party creditor costs.

◦

decrease in warehouse and delivery costs of $3.6 million primarily from reduced labor costs and lower expenditures for supplies and fuel.

◦

decrease in administrative expenses of $2.9 million largely due to lower incentive and stock compensation costs.

◦

increase in occupancy costs of $1.8 million primarily due to a reduction in rent expense in 2023 for a $1.3 million lease incentive payment.

Balance Sheet and Cash Flow for the Nine Months Ended September 30, 2024

•

Cash, cash equivalents, and restricted cash equivalents at September 30, 2024 are $127.4 million.

•

Generated $42.0 million in cash from operating activities primarily from earnings and changes in working capital including a $5.3 million reduction in inventories, $8.1 million increase in customer deposits, and a $7.1 million decrease in accrued liabilities and vendor repayments.

•

Invested $24.3 million in capital expenditures.

•

Paid $15.3 million in quarterly cash dividends.

•

No debt outstanding at September 30, 2024 and credit availability of $80.0 million.

Expectations and Other

•

Our expectations for gross profit margins for 2024 are unchanged from our prior guidance and are between 60.0% to 60.5%. Gross profit margins fluctuate quarter to quarter in relation to our promotional cadence.

•

Fixed and discretionary expenses within SG&A for the full year of 2024 are expected to be in the $279.0 to $281.0 million range, a $3.0 million reduction in our previous guidance, primarily due to reduced costs for incentive compensation and professional fees offset by an increase in advertising expense. Variable SG&A expenses for the full year of 2024 are anticipated to be in the 19.6% to 19.9% range, a decrease of 10 basis points from our previous guidance driven by third-party credit expense.

•

Our effective tax rate for 2024 is expected to be 28.0%, excluding the impact from discrete items and any new tax legislation, an increase from our previous guidance of 27.5%.

•

Planned capital expenditures for the full year of 2024 are approximately $33.0 million. We expect retail square footage will increase approximately 3.4% in 2024 over 2023.

•

We had no significant damage to any of our locations from the recent hurricanes.

NEWS RELEASE – October 30, 2024

Page 3

Key Results

(amounts in millions, except per sh

false000021608500002160852024-07-312024-07-310000216085us-gaap:CommonStockMember2024-07-312024-07-310000216085us-gaap:CommonClassAMember2024-07-312024-07-31

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

Current Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of Earliest Event Reported): July 31, 2024 (July 31, 2024)

Haverty Furniture Companies, Inc.

(Exact Name of Registrant as Specified in Its Charter)

1-14445

(Commission File Number)

MD

58-0281900

(State or Other Jurisdiction of Incorporation)

(I.R.S. Employer Identification No.)

780 Johnson Ferry Road, NE, Suite 800

Atlanta, GA 30342

(Address of principal executive offices, including zip code)

(404) 443-2900

(Registrant’s telephone number, including area code)

NOT APPLICABLE

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading

Symbol(s)

Name of each exchange on which registered

Common Stock

HVT

NYSE

Class A Common Stock

HVTA

NYSE

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter):

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02     Results of Operations and Financial Condition

On July 31, 2024, Havertys issued a press release regarding the results of its operations for the quarter ended June 30, 2024. A copy of the press release is furnished as Exhibit 99.1. The attached Exhibit 99.1 is not filed but is furnished to comply with Regulation FD. The information disclosed in this Item 2.02 Current Report on Form 8-K is not considered to be “filed” for purposes of Section 18 of the Securities and Exchange Act of 1934 and is not subject to the liabilities of that section.

Item 9.01     Financial Statements and Exhibits

(d)  Exhibits.  The following exhibit is furnished as part of this Report:

99.1 Press Release dated July 31, 2024, issued by Registrant.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

HAVERTY FURNITURE COMPANIES, INC.

July 31, 2024

By:

Jenny Hill Parker

Senior Vice President, Finance and

Corporate Secretary

EX-99.1

2 hvtex99.htm

99.1 PRESS RELEASE DATED MAY 1, 2024, ISSUED BY REGISTRANT

EXHIBIT 99.1

Havertys Announces Increase In Quarterly Dividend and  First Quarter 2024 Results

Atlanta, Georgia, May 1, 2024 – HAVERTYS (NYSE: HVT and HVT.A), today announced an increase to its quarterly dividend (the 12th consecutive annual increase) and reported operating results for the first quarter ended March 31, 2024.

Dividend

The board of directors declared a 6.7% increase in the quarterly dividend, from $0.30 per share to $0.32 per share on the company's common stock. The quarterly dividend for the company's Class A common stock is also being increased from $0.28 to $0.30 per share.

The dividend is payable on June 14, 2024, to stockholders of record at the close of business on May 24, 2024. Havertys has paid a cash dividend in each year since 1935.

First quarter 2024 versus first quarter 2023:

•

Diluted earnings per common share (“EPS”) of $0.14 versus $0.74.

•

Consolidated sales decreased 18.1% to $184.0 million. Comparable-store sales decreased 18.5%.

•

Gross profit margin increased to 60.3% from 59.1%.

Clarence H. Smith, Chairman and CEO said, “Our sales reflect the challenges from the ongoing weak housing market. The decline in demand requires exceptional customer engagement and operational flexibility. We began highlighting our regret-free guarantee early in 2024 and continued promoting our free-in home design service which grew 10.4% in the first quarter compared to last year and was 32.3% of our total written business. Our teams generated another quarter of excellent gross margins of 60.3% and the prudent reductions in operating costs generated positive results for the quarter.

We are investing capital to expand our business and are on track to open five new stores this year and five in 2025. Our new store located in Southaven, MS in the Memphis, TN market opened at the end of March. The three stores we previously announced are in-fill opportunities in growing areas of Florida and should open in the second and third quarter this year. We plan to enter the Houston, TX market later this year with one store slated to open in the fourth quarter and additional locations in early 2025. This is a sizeable new market within our distribution footprint that we believe aligns well with the Havertys brand.

We are making important investments in our stores and online presence to be well-positioned to gain additional market share at the reversal of this near-term demand cycle. The board's decision to increase the quarterly dividend reflects our strong financial position and long-term outlook as we invest in our business and return capital to our stockholders."

NEWS RELEASE – May 1, 2024

Page  2

Key Results

(amounts in millions, except per share amounts)

Results of Operations

Three Months Ended March 31,

2024

2023

Sales

$

184.0

$

224.8

Gross Profit

111.0

132.8

Gross profit as a % of sales

60.3

%

59.1

%

SGA

Variable

37.0

44.9

Fixed

72.4

73.5

Total

109.4

118.4

SGA as a % of sales

Variable

20.1

%

20.0

%

Fixed

39.3

%

32.7

%

Total

59.4

%

52.7

%

Pre-tax income

3.2

15.4

Pre-tax income as a % of sales

1.7

%

6.9

%

Net income

2.4

12.4

Net income as a % of sales

1.3

%

5.5

%

Diluted earnings per share (“EPS”)

$

0.14

$

0.74

Other Financial and Operations Data

Three Months Ended March 31,

2024

2023

EBITDA (in millions)(1)

$

6.6

$

18.8

Sales per square foot

$

169

$

208

Average ticket

$

3,208

$

3,192

Liquidity Measures

Three Months Ended March 31,

Three Months Ended March 31,

Free Cash Flow

2024

2023

Cash Returns to Shareholders

2024

2023

Operating cash flow

$

3.1

$

11.1

Share repurchases

$

—

$

—

Dividends

4.8

4.5

Capital expenditures

(6.4

)

(6.7

)

Cash returns to shareholders

$

4.8

$

4.5

Free cash flow

$

(3.3

)

$

4.4

Cash at period end

$

117.9

$

127.0

(1)

See the reconciliation of the non-GAAP metrics at the end of the release.

NEWS RELEASE – May 1,

2024

Page  3

First Quarter ended March 31, 2024 Compared to Same Period of 2023

•

Total sales down 18.1%, comp-store sales down 18.5% for the quarter. Total written sales were down 12.6% and written comp-store sales declined 13.0% for the quarter.

•

Gross profit margins increased to 60.3% in 2024 from 59.1% in 2023.

•

SG&A expenses were 59.4% of sales versus 52.7% and decreased $9.0 million. The primary drivers of this change are:

◦

decrease of $4.8 million in selling expenses, primarily variable costs tied to commissioned-based compensation expense and third-party creditor costs.

◦

decrease in warehouse and delivery costs of $3.2 million primarily from reduced headcount via attrition and lower expenditures for supplies and fuel.

◦

decrease of $0.6 million in advertising expenses driven by reduced spending on television and interactive marketing partly offset by increased technology costs.

Balance Sheet and Cash Flow for the Three Mont

EX-99.1

2 hvtex99.htm

EXHIBIT 99.1

Havertys Reports Operating Results for Fourth Quarter 2023

ATLANTA, GA / ACCESSWIRE / February 21, 2024 / HAVERTYS (NYSE: HVT) and (NYSE: HVT.A), today reported its operating results for the fourth quarter ended December 31, 2023.

Fourth quarter 2023 versus fourth quarter 2022:

•

Diluted earnings per common share (“EPS”) of $0.90 versus $1.42.

•

Consolidated sales decreased 24.9% to $210.7 million. Comparable store sales decreased 25.5%.

•

Gross profit margin of 62.4% versus 57.0%.

•

Pre-tax income of $18.5 million versus $32.5 million.

FY 2023 versus FY 2022:

•

Diluted earnings per common share (“EPS”) of $3.36 versus $5.24.

•

Consolidated sales decreased 17.7% to $862.1 million. Comparable store sales decreased 18.4%.

•

Gross profit margin of 60.7% versus 57.7%.

•

Pre-tax income of $72.7 million versus $119.5 million.

Clarence H. Smith, chairman and CEO, said, "We delivered solid fourth quarter results of strong gross profit margins and expense control within a difficult environment for retail home furnishing sales. Higher interest rates and record low housing sales and inflation combined with prior years’ outsized sales results have generated challenging headwinds. Our strong balance sheet is enabling us to execute our strategic store growth plans and invest in our business.

“In 2023, we returned $42.1 million of capital to our shareholders. We purchased $6.9 million in common shares, paid quarterly dividends of $19.1 million, and in December paid a special cash dividend of $16.1 million. We have paid an annual cash dividend since 1935 and increased our quarterly cash dividend payouts each year since 2008.

"Our team members remain focused on our business objectives and dedicated to delivering excellent service to our customers. The Havertys legacy of quality furniture and service is foundational for our "Regret-Free Guarantee" now featured in our marketing."

NEWS RELEASE – February 21, 2024

Page 2

Key Results

(amounts in millions, except per share amounts)

Results of Operations

Q4 2023

Q4 2022

FY 2023

FY 2022

Sales

$

210.7

$

280.6

$

862.1

$

1,047.2

Gross Profit

131.4

159.9

523.1

604.2

Gross profit as a % of sales

62.4

%

57.0

%

60.7

%

57.7

%

SGA

Variable

42.3

53.1

170.5

193.7

Fixed

72.4

75.4

285.3

292.6

Total

114.7

128.5

455.8

486.3

SGA as a % of sales

Variable

20.0

%

18.9

%

19.8

%

18.5

%

Fixed

34.4

%

26.9

%

33.1

%

27.9

%

Total

54.4

%

45.8

%

52.9

%

46.4

%

Pre-tax income

18.5

32.5

72.7

119.5

Pre-tax income as a % of sales

8.8

%

11.6

%

8.4

%

11.4

%

Net income

15.0

23.7

56.3

89.4

Net income as a % of sales

7.1

%

8.5

%

6.5

%

8.5

%

Diluted earnings per share (“EPS”)

$

0.90

$

1.42

$

3.36

$

5.24

Other Financial and Operations Data

FY 2023

FY 2022

EBITDA (in millions)(1)

$

85.8

$

134.8

Sales per square foot

$

197

$

241

Average ticket

$

3,278

$

3,171

Liquidity Measures

Free Cash Flow

FY 2023

FY 2022

Cash Returns to Shareholders

FY 2023

FY 2022

Operating cash flow

$

97.2

$

51.0

Share repurchases

$

6.9

$

30.0

Dividends

19.1

17.8

Capital expenditures

(53.1

)

(28.4

)

Special Dividends

16.1

16.1

Free cash flow

$

44.1

$

22.6

Cash return to shareholders

$

42.1

$

63.9

(1)

See the reconciliation of the non-GAAP metrics at the end of the release.

NEWS RELEASE – February 21,

2024

Page 3

Fourth Quarter ended December 31, 2023 Compared to Same Period of 2022

•

Total sales down 24.9%, comp-store sales down 25.5% for the quarter. Total written sales were down 13.1% and written comp-store sales declined 14.0% for the quarter.

•

Gross profit margins increased 540 basis points to 62.4% in 2023 from 57.0% in 2022. In 2023, the change in the LIFO reserve generated a positive impact on gross profit of $2.8 million compared to a negative impact of $4.8 million.

•

SG&A expenses were 54.4% of sales versus 45.8% and decreased $13.8 million. The primary drivers of this change are:

▪

decrease of $7.7 million in selling expenses due to decreased compensation and third-party credit costs.

▪

decrease in warehouse, transportation, and delivery costs of $3.7 million  primarily from reduced headcount via attrition and less usage of temporary labor, and lower expenditures for fuel and demurrage fees.

▪

decrease of $3.2 million in advertising expenses due to reduced spending on television and interactive marketing.

Balance Sheet and Cash Flow

•

Cash and cash equivalents at December 31, 2023 are $127.8 million.

•

Generated $97.2 million in cash from operating activities primarily from solid earnings performance, and by changes in working capital, primarily a $24.4 million decrease in inventories and a $12.1 million reduction in customer deposits.

•

Purchased approximately 227,000 shares of common stock for $6.9 million and paid $19.1 million in quarterly cash dividends and $16.1 million in special cash

EX-99.1

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99.1 PRESS RELEASE DATED NOVEMBER 1, 2023 ISSUED BY REGISTRANT.

EXHIBIT 99.1

Havertys Reports Operating Results for Third Quarter 2023

Atlanta, Georgia, November 1, 2023 – HAVERTYS (NYSE: HVT and HVT.A), today reported its operating results for the third quarter ended September 30, 2023.

Third quarter 2023 versus third quarter 2022:

•

Diluted earnings per common share (“EPS”) of $1.02 versus $1.46.

•

Consolidated sales decreased 19.7% to $220.3 million. Comparable-store sales decreased 20.7%.

•

Gross profit margin increased to 60.8% from 57.1%.

Clarence H. Smith, Chairman and CEO said, “Our third quarter results reflect a retrenching consumer and the agility of our teams to pivot operationally in a changing sales environment. These efficiencies and the continued focus on serving the customer helped drive the quarter’s performance.

As we move into the fourth quarter, we are focused on maintaining our gross margins, growing our average ticket, and expanding our store base within our distribution footprint. Our merchants have developed a winning assortment for our sales teams and in-home designers to offer our customers. In October, we opened an additional location in the Charlotte, NC market and entered the Dayton, Ohio market. The conversion of the four Bed Bath & Beyond locations in the Memphis, TN market and in the Florida markets of Destin, St. Petersburg, and metro Miami are underway, and we are evaluating other store opportunities for growth in the coming year.

The macro-environment is challenging, and we are cautious in our near-term expectations. Our strong financial, geographic, and brand positions support our long-term strategy of delivering profitable growth in the years ahead."

NEWS RELEASE – November 1, 2023

Page 2

Key Results

(amounts in millions, except per share amounts)

Results of Operations

Three Months Ended September 30,

Nine Months Ended September 30,

2023

2022

2023

2022

Sales

$

220.3

$

274.5

$

651.4

$

766.7

Gross Profit

134.0

156.7

391.7

444.3

Gross profit as a % of sales

60.8

%

57.1

%

60.1

%

58.0

%

SGA

Variable

42.3

50.2

128.2

140.5

Fixed

70.4

74.3

212.9

217.3

Total

112.7

124.5

341.1

357.8

SGA as a % of sales

Variable

19.2

%

18.3

%

19.7

%

18.3

%

Fixed

31.9

%

27.1

%

32.7

%

28.3

%

Total

51.1

%

45.4

%

52.4

%

46.6

%

Pre-tax income

22.9

32.6

54.2

87.0

Pre-tax income as a % of sales

10.4

%

11.9

%

8.3

%

11.3

%

Net income

17.2

24.6

41.3

65.6

Net income as a % of sales

7.8

%

8.9

%

6.3

%

8.6

%

Diluted earnings per share (“EPS”)

$

1.02

$

1.46

$

2.46

$

3.83

Other Financial and Operations Data

Nine Months Ended September 30,

2023

2022

EBITDA (in millions)(1)

$

64.3

$

99.0

Sales per square foot

$

201

$

236

Average ticket

$

3,284

$

3,213

Liquidity Measures

Nine Months Ended September 30,

Nine Months Ended September 30,

Free Cash Flow

2023

2022

Cash Returns to Shareholders

2023

2022

Operating cash flow

$

79.4

$

38.2

Share repurchases

$

3.2

$

30.0

Dividends

14.3

13.4

Capital expenditures

(46.4

)

(22.1

)

Cash returns to shareholders

$

17.5

$

43.4

Free cash flow

$

33.0

$

16.1

Cash at period end

$

141.4

$

144.0

(1)

See the reconciliation of the non-GAAP metrics at the end of the release.

NEWS RELEASE – November 1, 2023

Page 3

Third Quarter ended September 30, 2023 Compared to Same Period of 2022

•

Total sales down 19.7%, comp-store sales down 20.7% for the quarter. Total written sales were down 11.5% and written comp-store sales declined 12.6% for the quarter.

•

Gross profit margins increased to 60.8% in 2023 from 57.1% in 2022.  In 2023, the change in the LIFO reserve generated a positive impact on gross profit of $2.3 million compared to a negative impact of $2.5 million in 2022.

•

SG&A expenses were 51.1% of sales versus 45.4% and decreased $11.8 million. The primary drivers of this change are:

◦

decrease of $4.8 million in selling expenses due to lower commissioned-based compensation expense and related payroll taxes and benefits.

◦

decrease in warehouse and delivery costs of $3.2 million primarily from reduced headcount via attrition and less usage of temporary labor, and lower expenditures for fuel and demurrage fees.

◦

decrease of $2.1 million in advertising expenses driven by reduced spending on television and interactive marketing partly offset by increased technology costs.

◦

decrease of $1.6 million in administrative costs driven by lower compensation and group insurance costs partly offset by increased relocation expense.

Balance Sheet and Cash Flow for the Nine Months ended September 30, 2023

•

Cash, cash equivalents, and restricted cash equivalents at September 30, 2023 are $141.4 million.

•

Generated $79.4 million in cash from operating activities primarily from solid earnings performance and changes in working capital including $16.0 million reduction in inven

EX-99.1

2 hvtex99.htm

99.1 PRESS RELEASE DATED AUGUST 1, 2023 ISSUED BY REGISTRANT

EXHIBIT 99.1

Havertys Reports Operating Results for Second Quarter 2023

Atlanta, Georgia, August 1, 2023 – HAVERTYS (NYSE: HVT and HVT.A), today reported its operating results for the second quarter ended June 30, 2023.

Second quarter 2023 versus second quarter 2022:

•

Diluted earnings per common share (“EPS”) of $0.70 versus $1.27.

•

Consolidated sales decreased 18.5% to $206.3 million. Comparable-store sales decreased 19.1%.

•

Gross profit margin increased to 60.5% from 57.9%.

Clarence H. Smith, chairman and CEO said, “The impact of inflation and rising interest rates have caused some consumers to pull back on discretionary home related spending. Our second quarter sales reflected this challenge, particularly early in the quarter. The second quarter’s average ticket was an all-time high aided by our free in-home design service involvement in 28.6% of sales. Gross profit margin also reached a historic high as freight and product costs declined. Operationally, we are identifying processes for improvement and cost reductions to further improve our efficiency and performance.

We were pleased to secure four excellent locations from the Bed Bath & Beyond bankruptcy. These stores will allow us to reach more consumers in the Memphis, TN and Destin, FL markets, southeast Florida near Miami, and St. Petersburg in the Tampa Bay Area which is one of the hottest markets in the country. We expect these locations will open as Havertys stores in the first half of 2024. The sites are within our current footprint enabling us to further leverage our investment in a best-in-class distribution network.

We are carefully watching the economic green shoots in the housing market as we enter the second half of the year. Our financial strength and experienced teams position us to capitalize on the opportunities ahead."

NEWS RELEASE – August 1, 2023

Page 2

Key Results

(amounts in millions, except per share amounts)

Results of Operations

Three Months Ended June 30,

Six Months Ended June 30,

2023

2022

2023

2022

Sales

$

206.3

$

253.2

$

431.0

$

492.2

Gross Profit

124.9

146.6

257.7

287.6

Gross profit as a % of sales

60.5

%

57.9

%

59.8

%

58.4

%

SGA

Variable

41.0

45.9

85.9

90.4

Fixed

69.0

72.2

142.5

142.9

Total

110.0

118.1

228.4

233.3

SGA as a % of sales

Variable

19.9

%

18.2

%

19.9

%

18.4

%

Fixed

33.4

%

28.5

%

33.1

%

29.0

%

Total

53.3

%

46.7

%

53.0

%

47.4

%

Pre-tax income

15.8

28.7

31.3

54.4

Pre-tax income as a % of sales

7.7

%

11.3

%

7.3

%

11.1

%

Net income

11.8

21.7

24.2

41.1

Net income as a % of sales

5.7

%

8.6

%

5.6

%

8.4

%

Diluted earnings per share (“EPS”)

$

0.70

$

1.27

$

1.44

$

2.37

Other Financial and Operations Data

Six Months Ended June 30,

2023

2022

EBITDA (in millions)(1)

$

38.3

$

62.8

Sales per square foot

$

189

$

232

Average ticket

$

3,250

$

3,122

Liquidity Measures

Six Months Ended June 30,

Six Months Ended June 30,

Free Cash Flow

2023

2022

Cash Returns to Shareholders

2023

2022

Operating cash flow

$

40.1

$

26.3

Share repurchases

$

—

$

25.0

Dividends

9.4

8.8

Capital expenditures

(40.5

)

(13.5

)

Cash returns to shareholders

$

9.4

$

33.8

Free cash flow

$

(0.4

)

$

12.8

Cash at period end

$

116.1

$

150.2

(1)

See the reconciliation of the non-GAAP metrics at the end of the release.

NEWS RELEASE – August 1, 2023

Page 3

Second Quarter ended June 30, 2023 Compared to Same Period of 2022

•

Total sales down 18.5%, comp-store sales down 19.1% for the quarter. Total written sales were down 14.7% and written comp-store sales declined 15.2% for the quarter.

•

Gross profit margins increased to 60.5% in 2023 from 57.9% in 2022.  In 2023, the change in the LIFO reserve generated a positive impact on gross profit of $3.4 million compared to a negative impact of $2.5 million in 2022.

•

SG&A expenses were 53.3% of sales versus 46.7% and decreased $8.1 million. The primary drivers of this change are:

◦

decrease of $3.0 million in selling expenses due to lower commissioned-based compensation expense offset partially by increased third-party credit costs.

◦

decrease of $1.4 million in occupancy costs driven by decreased rent expenses primarily from a $1.8 million lease incentive payment.

◦

decrease in warehouse and delivery costs of $1.9 million primarily from lower compensation and fuel costs, demurrage fees, and a reduction in usage of temporary labor.

◦

decrease of $1.1 million in advertising expenses driven by lower television advertising costs.

Balance Sheet and Cash Flow

•

Cash, cash equivalents, and restricted cash equivalents at June 30, 2023 are $116.1 million.

•

Generated $40.1 million in cash from operating activities primarily from solid earnings performance and changes in working capital including $10.1 million in vendor repayments and accrued

EX-99.1

2 hvtex99.htm

99.1 PRESS RELEASE DATED MAY 2, 2023 ISSUED BY REGISTRANT.

EXHIBIT 99.1

Havertys Reports Operating Results for First Quarter 2023

Atlanta, Georgia, May 2, 2023 – HAVERTYS (NYSE: HVT and HVT.A), today reported its operating results for the first quarter ended March 31, 2023.

First quarter 2023 versus first quarter 2022:

•

Diluted earnings per common share (“EPS”) of $0.74 versus $1.11.

•

Consolidated sales decreased 5.9% to $224.8 million. Comparable-store sales decreased 6.7%.

•

Gross profit margin increased to 59.1% from 59.0%.

Clarence H. Smith, chairman and CEO, said, “Our team delivered a strong quarter against difficult headwinds of shifts in consumer spending and persistent inflationary pressures. Sales reflect the reduction in traffic and written business that we have reported in recent quarters as our business transitioned from the pandemic's explosive pace to a more measured one. Our written business for the first quarter of 2023 compared to the "normal" pre-pandemic first quarter of 2019 was up 10.9% and written comp-store sales were up 6.9%.

Our first quarter’s average sales ticket was up over last year’s and the sales generated by our free in-home design service exceeded 25% of total sales. We are receiving new products, which were delayed during the pandemic, addressing a key part of our merchandise plan. We remain disciplined in our pricing and protective of the gross profit margin gains we have steadily achieved. Operationally, our experienced leaders are focused on ensuring we are efficiently meeting our objectives.

Our financial strength allows us to capitalize during weak cycles, making investments and executing on our growth strategy with the addition of new stores and improving the shopping experience in-store and online. We are adapting and evolving to stay ahead and grow in a changing retail and economic landscape.”

NEWS RELEASE – May 2, 2023

Page 2

Key Results

(amounts in millions, except per share amounts)

Results of Operations

Three Months Ended March 31,

2023

2022

Sales

$

224.8

$

238.9

Gross Profit

132.8

141.0

Gross profit as a % of sales

59.1

%

59.0

%

SGA

Variable

44.9

44.4

Fixed

73.5

70.8

Total

118.4

115.2

SGA as a % of sales

Variable

20.0

%

18.6

%

Fixed

32.7

%

29.6

%

Total

52.7

%

48.2

%

Pre-tax income

15.4

25.7

Pre-tax income as a % of sales

6.9

%

10.8

%

Net income

12.4

19.4

Net income as a % of sales

5.5

%

8.1

%

Diluted earnings per share (“EPS”)

$

0.74

$

1.11

Other Financial and Operations Data

Three Months Ended March 31,

2023

2022

EBITDA (in millions)(1)

$

18.8

$

29.9

Sales per square foot

$

208

$

222

Average ticket

$

3,192

$

3,066

Liquidity Measures

Three Months Ended March 31,

Three Months Ended March 31,

Free Cash Flow

2023

2022

Cash Returns to Shareholders

2023

2022

Operating cash flow

$

11.1

$

20.6

Share repurchases

$

—

$

12.5

Dividends

4.5

4.3

Capital expenditures

(6.7

)

(7.1

)

Cash returns to shareholders

$

4.5

$

16.8

Free cash flow

$

4.4

$

13.5

Cash at period end

$

127.0

$

169.1

(1)

See the reconciliation of the non-GAAP metrics at the end of the release.

NEWS RELEASE – May

2, 2023

Page 3

First Quarter ended March 31, 2023 Compared to Same Period of 2022

•

Total sales down 5.9%, comp-store sales down 6.7% for the quarter. Total written sales were down 11.7% and written comp-store sales declined 12.7% for the quarter.

•

Gross profit margins increased to 59.1% in 2023 from 59.0% in 2022.

•

SG&A expenses were 52.7% of sales versus 48.2% and increased $3.2 million. The primary drivers of this change are:

◦

increase of $1.4 million in selling expenses due to the impact of rising interest rates on third-party credit costs partially offset by lower commissioned-based compensation expense.

◦

increase of $2.0 million in occupancy costs driven by higher maintenance and tax costs.

◦

increase in administrative expense of $1.3 million primarily from higher health insurance costs and professional services.

◦

decrease in warehouse and delivery costs of $1.4 million primarily from $0.9 million lower demurrage fees and a reduction in usage of temporary labor.

Balance Sheet and Cash Flow

•

Cash, cash equivalents, and restricted cash equivalents at March 31, 2023 are $127.0 million.

•

Generated $11.1 million in cash from operating activities primarily from solid earnings performance and changes in working capital including $15.0 million in vendor repayments and accrued liabilities, a decrease in inventories of $4.1 million, and an increase in other assets and liabilities of $5.7 million.

•

Paid $4.5 million in quarterly cash dividends during the three months ended March 31, 2023.

•

No debt outstanding at March 31, 2023 and credit availability of $80.0 million.

Expectations and Other

•

We expect gross profit margins for 2023 will be between 58.5% to 59.0%. Gross profit margins fluctuate quarter

EX-99.1

2 hvtex99.htm

EXHIBIT 99.1 PRESS RELEASE DATED FEBRUARY 21, 2023 ISSUED BY REGISTRANT.

EXHIBIT 99.1

Havertys Reports Record Operating Results for Fourth Quarter and Year End 2022

ATLANTA, GA / ACCESSWIRE / February 21, 2023 / HAVERTYS (NYSE: HVT and HVT.A), today reported its operating results for the fourth quarter and year ended December 31, 2022.

Fourth quarter 2022 versus fourth quarter 2021:

•

Diluted earnings per common share (“EPS”) of $1.42 versus $1.35.

•

Consolidated sales increased 5.5% to $280.6 million. Comparable store sales increased 5.8%.

•

Gross profit margin of 57.0% versus 56.4%.

•

Pre-tax income of $32.5 million versus $32.1 million.

FY 2022 versus FY 2021:

•

EPS of $5.24 versus $4.90.

•

Consolidated sales increased 3.4% to a record $1,047.2 million. Comparable store sales for the year rose 3.4%.

•

Gross profit margin of 57.7% versus 56.7%.

•

Pre-tax income of $119.5 million versus $118.5 million.

Clarence H. Smith, chairman and CEO, said, “We are pleased to report continued record-breaking quarterly sales and our second year of annual sales over a billion dollars. Our fourth quarter gross profit margins remained strong and for the year reached a new high of 57.7%. Inflation and rising interest rates impacted our operating costs for wages and benefits and third-party financing. Our pre-tax income of $32.5 million was the 11th consecutive quarter we have achieved our goal of double-digit operating income as a percentage of sales.

“In 2022, we returned $63.9 million of capital to our shareholders. We purchased $30.0 million in common shares, paid quarterly dividends of $17.8 million, and in December paid a special cash dividend of $16.1 million. We have paid an annual cash dividend since 1935 and increased our quarterly cash dividend payouts each year since 2008.

“Looking ahead, we face an uncertain consumer spending environment, and rising interest rates have impacted the housing industry, particularly new home sales, which have a high correlation with our business. Despite these headwinds, we remain cautiously optimistic that our store expansion plan supported by our improved online presence, high-quality merchandise, and helpful service will drive market share gains. We are planning for profitable long-term growth and have the financial strength, systems, and importantly the people to achieve our goals and deliver investor value.”

NEWS RELEASE – February 21, 2023   Page 2

Key Results

(amounts in millions, except per share amounts)

Results of Operations

Q4 2022

Q4 2021

FY 2022

FY 2021

Sales

$

280.6

$

265.9

$

1,047.2

$

1,012.8

Gross Profit

159.9

150.0

604.2

574.6

Gross profit as a % of sales

57.0

%

56.4

%

57.7

%

56.7

%

SGA

Variable

53.1

47.5

193.7

173.8

Fixed

75.4

70.5

292.6

282.5

Total

128.5

118.0

486.3

456.3

SGA as a % of sales

Variable

18.9

%

17.9

%

18.5

%

17.2

%

Fixed

26.9

%

26.5

%

27.9

%

27.9

%

Total

45.8

%

44.4

%

46.4

%

45.1

%

Pre-tax income

32.5

32.1

119.5

118.5

Pre-tax income as a % of sales

11.6

%

12.1

%

11.4

%

11.7

%

Net income

23.7

24.3

89.4

90.8

Net income as a % of sales

8.5

%

9.1

%

8.5

%

9.0

%

Diluted earnings per share (“EPS”)

$

1.42

$

1.35

$

5.24

$

4.90

Other Financial and Operations Data

FY 2022

FY 2021

EBITDA (in millions)(1)

$

134.8

$

134.6

Sales per square foot

$

256

$

232

Average ticket

$

3,171

$

2,865

Liquidity Measures

Free Cash Flow

FY 2022

FY 2021

Cash Returns to Shareholders

FY 2022

FY 2021

Operating cash flow

$

51.0

$

97.2

Share repurchases

$

30.0

$

41.8

Dividends

17.8

17.4

Capital expenditures

28.4

34.1

Special dividends

16.1

35.0

Free cash flow

$

22.6

$

63.1

Cash returns to shareholders

$

63.9

$

94.2

(1) See the reconciliation of the non-GAAP metrics at the end of the release.

Fourth Quarter ended December 31, 2022 Compared to Same Period of 2021

•

Total sales up 5.5%, comp-store sales up 5.8% for the quarter. Total written sales were down 6.2% and written comp-store sales declined 6.3% for the quarter.

•

Gross profit margins increased 60 basis points to 57.0% in 2022 from 56.4% in 2021 due to pricing discipline and merchandise mix.

•

SG&A expenses were 45.8% of sales versus 44.4% and increased $10.5 million. The primary drivers of this change are:

o

increase of $6.1 million in selling expenses due to increased compensation and third-party credit costs.

NEWS RELEASE – February 21, 2023  Page 3

o

increase in warehouse, transportation, and delivery costs of $1.9 million due to increased fuel and compensation costs partially offset by lower demurrage fees.

•

Effective tax rate of 27.0% driven by higher state tax expense and the impact of favorable adjustments in the prior year quarter for tax credits.

Balance Sheet and Cash Flow

•

Cash and cash equivalents at December 31, 2022 are $129.9 million.

•

Generated $51.0 million in cash from operating acti

EX-99.1

2 hvtex99.htm

EXHIBIT 99.1: PRESS RELEASE DATED NOVEMBER 1, 2022

EXHIBIT 99.1

Havertys Reports Operating Results for Third Quarter 2022

Atlanta, Georgia, November 1, 2022 – HAVERTYS (NYSE: HVT and HVT.A), today reported its operating results for the third quarter ended September 30, 2022.

Third quarter 2022 versus third quarter 2021:

•

Diluted earnings per common share (“EPS”) of $1.46 versus $1.31.

•

Consolidated sales increased 5.4% to $274.5 million. Comparable store sales increased 6.3%.

•

Gross profit margin of 57.1% versus 56.8%.

Clarence H. Smith, chairman and CEO, said, “Our strong earnings were the result of increased sales and gross margin improvement. We made progress in delivering customer backorders as we received a near record number of containers from vendors. We had a strong Labor Day as customers returned to more traditional shopping patterns with softer traffic outside these peak periods. Written business compared to last year's record pace was down 7.2% but up 15.8% compared to the pre-pandemic third quarter of 2019. Our sales associates and design consultants are providing excellent service to each customer and this quarter's average ticket was up 8.2% over last year.

"The last quarter of 2022 will be challenging as consumers face continued inflation, rising interest rates, market volatility, and geopolitical concerns. We are well positioned to service our growing customer base, and will continue to use our financial strength to invest in growth initiatives to drive the business in 2023 and beyond."

NEWS RELEASE – November 1, 2022 Page 2

Key Results

(amounts in millions, except per share amounts)

Results of Operations

Three Months Ended

September 30,

Nine Months Ended

September 30,

2022

2021

2022

2021

Sales

$

274.5

$

260.4

$

766.7

$

746.9

Gross Profit

156.7

148.0

444.3

424.5

Gross profit as a % of sales

57.1

%

56.8

%

58.0

%

56.8

%

SGA

Variable

50.2

43.7

140.5

126.4

Fixed

74.3

72.4

217.3

211.9

Total

124.5

116.1

357.8

338.3

SGA as a % of sales

Variable

18.3

%

16.8

%

18.3

%

16.9

%

Fixed

27.1

%

27.8

%

28.3

%

28.4

%

Total

45.4

%

44.6

%

46.6

%

45.3

%

Pre-tax income

32.6

31.9

87.0

86.4

Pre-tax income as a % of sales

11.9

%

12.3

%

11.3

%

11.6

%

Net income

24.6

24.2

65.6

66.5

Net income as a % of sales

8.9

%

9.3

%

8.6

%

8.9

%

Diluted earnings per share (“EPS”)

$

1.46

$

1.31

$

3.83

$

3.55

Other Financial and Operations Data

Nine Months Ended

September 30,

2022

2021

EBITDA (in millions)(1)

$

99.0

$

98.4

Sales per square foot

$

236

$

229

Average ticket

$

3,213

$

2,970

Liquidity Measures

Nine Months Ended

September 30,

Nine Months Ended

September 30,

Free Cash Flow

2022

2021

Cash Returns to Shareholders

2022

2021

Operating cash flow

$

38.2

$

89.0

Share repurchases

$

30.0

$

19.5

Dividends

13.4

13.0

Capital expenditures

(22.1

)

(28.1

)

Cash returns to shareholders

$

43.4

$

32.5

Free cash flow

$

16.1

$

60.9

Cash at period end

$

144.0

$

232.4

(1)

See the reconciliation of the non-GAAP metrics at the end of the release.

NEWS RELEASE – November 1, 2022 Page 3

Third Quarter ended September 30, 2022 Compared to Same Period of 2021

•

Total sales up 5.4%, comp-store sales up 6.3% for the quarter. Total written sales were down 7.2% and written comp-store sales declined 6.9% for the quarter.

•

Gross profit margins increased 30 basis points to 57.1% in 2022 from 56.8% in 2021 due to pricing discipline and merchandise mix.

•

SG&A expenses were 45.4% of sales versus 44.6% and increased $8.4 million. The primary drivers of this change are:

◦

increase of $4.9 million in selling expenses due to increased compensation and benefits costs and third-party credit costs.

◦

increase in advertising and marketing costs of $1.1 million.

◦

increase in administrative costs of $1.5 million primarily resulting from increased compensation costs.

◦

increase in warehouse and delivery costs of $2.2 million due to increased fuel and compensation costs partially offset by $1.8 million lower demurrage fees resulting in a net increase of $0.4 million.

Balance Sheet and Cash Flow

•

Cash and cash equivalents at September 30, 2022 are $144.0 million.

•

Generated $38.2 million in cash from operating activities primarily from solid earnings performance, offset by funding of a $25.3 million increase in inventories and a $7.3 million increase in other operating assets and liabilities.

•

Purchased approximately 1.1 million shares of common stock for $30.0 million and paid $13.4 million in quarterly cash dividends during the nine months ended September 30, 2022.

•

The Company has no funded debt.

Expectations and Other

•

We expect gross profit margins for 2022 will be between 57.7% to 58.0%. Gross profit margins fluctuate quarter to quarter in relation to our promotional cadence. Our estimated gross profit margins are based

EX-99.1

2 hvtex99.htm

EXHIBIT 99.1

EXHIBIT 99.1

Havertys Reports Operating Results for Second Quarter 2022

Atlanta, Georgia, August 2, 2022 – HAVERTYS (NYSE: HVT and HVT.A), today reported its operating results for the second quarter ended June 30, 2022.

Second quarter 2022 versus second quarter 2021:

•

Diluted earnings per common share (“EPS”) of $1.27 versus $1.21.

•

Consolidated sales increased 1.3% to $253.2 million. Comparable store sales increased 1.1%. Total written sales declined 13.3%

•

Gross profit margin of 57.9% versus 56.6% and above expectations due to pricing discipline and merchandise mix.

Clarence H. Smith, chairman and CEO, said, “Our strong earnings were driven by solid gross margin improvement and attention to operating costs. These results are particularly gratifying as we are comparing to last year’s record setting growth. Supply chains issues are subsiding, and we are restoring our operating inventory levels and reducing our backlog of orders. Consumers continue to return to their historical shopping patterns of concentrating spending around traditional holiday events. We have had declines in in-store traffic and outside these peak periods and our written business was down 13.3% for the quarter compared to last year. We believe consumers are still investing in their home as our written business for the second quarter was up 23.2% over the “normal” pre-pandemic second quarter of 2019.

The second half of this year could be challenging as consumer discretionary spending is impacted by rising inflation, market volatility, and geopolitical concerns. During Havertys’ 137 years, its competitive and financial strengths have provided the means to grow from adversity.”

NEWS RELEASE – August 2, 2022 Page 2

Key Results

(amounts in millions, except per share amounts)

Results of Operations

Three Months Ended June 30

Six Months Ended June 30

2022

2021

2022

2021

Sales

$

253.2

$

250.0

$

492.2

$

486.5

Gross Profit

146.6

141.5

287.6

276.5

Gross profit as a % of sales

57.9

%

56.6

%

58.4

%

56.8

%

SGA

Variable

45.9

42.0

90.4

82.7

Fixed

72.2

70.4

142.9

139.5

Total

118.1

112.4

233.3

222.2

SGA as a % of sales

Variable

18.2

%

16.8

%

18.4

%

17.0

%

Fixed

28.5

%

28.2

%

29.0

%

28.7

%

Total

46.7

%

45.0

%

47.4

%

45.7

%

Pre-tax income

$

28.7

$

29.2

$

54.4

$

54.5

Pre-tax income as a % of sales

11.3

%

11.7

%

11.1

%

11.2

%

Net income

$

21.7

$

22.9

$

41.1

$

42.3

Net income as a % of sales

8.6

%

9.2

%

8.4

%

8.7

%

Diluted earnings per share (“EPS”)

$

1.27

$

1.21

$

2.37

$

2.25

Other Financial and Operations Data

Six Months Ended June 30,

2022

2021

EBITDA (in millions)(1)

$

62.8

$

62.4

Sales per square foot

$

232

$

229

Average ticket

$

3,122

$

2,785

Liquidity Measures

Six Months Ended June 30,

Six Months Ended June 30,

Free Cash Flow

2022

2021

Cash Returns to Shareholders

2022

2021

Operating cash flow

$

26.3

$

57.6

Share Repurchases

$

25.0

$

—

Dividends

8.8

8.5

Capital expenditures

(13.5

)

(10.9

)

Cash returns to shareholders

$

33.8

$

8.5

Free cash flow

$

12.8

$

46.7

Cash at period end

$

150.2

$

242.1

(1)

See the reconciliation of the non-GAAP metrics at the end of the release.

NEWS RELEASE – August 2, 2022 Page 3

Second Quarter ended June 30, 2022 Compared to Same Period of 2021

•

Total sales up 1.3%, comp-store sales up 1.1% for the quarter. Total written sales were down 13.3% for the quarter.

•

Gross profit margins increased 130 basis points to 57.9% in 2022 from 56.6% in 2021 due to pricing discipline and merchandise mix.

•

SG&A expenses were 46.7% of sales versus 45.0% and increased $5.7 million. The primary drivers of this change are:

o

increase of $2.3 million in selling expenses due to increased compensation and benefits costs and third-party credit costs.

o

increase in distribution and delivery costs of $2.6 million due to increases in compensation and benefits costs and fuel costs.

o

Increase in occupancy costs of $0.6 million primarily resulting from the timing of repairs and maintenance and depreciation expense.

Balance Sheet and Cash Flow

•

Cash and cash equivalents at June 30, 2022 are $150.2 million.

•

Generated $26.3 million in cash from operating activities primarily from solid earnings performance, offset by funding of a $22.0 million increase in inventories and a $4.2 million increase in other operating assets and liabilities.

•

Purchased 899,890 shares of common stock for $25.0 million and paid $8.8 million in quarterly cash dividends during the six months ended June 30, 2022.

•

No funded debt.

Expectations and Other

•

We expect gross profit margins for 2022 will be between 57.7% to 58.0%. Gross profit margins fluctuate quarter to quarter in relation to our promotional cadence. Our estimated gross profit margins are based on anticipated changes in product and freight costs and its impac

EX-99.1

2 hvtex99.htm

EXHIBIT 99.1

EXHIBIT 99.1

Havertys Reports Operating Results for First Quarter 2022

Atlanta, Georgia, May 2, 2022 – HAVERTYS (NYSE: HVT and HVT.A), today reported its operating results for the first quarter ended March 31, 2022.

First quarter 2022 versus first quarter 2021:

•

Consolidated sales increased 1.0% to $238.9 million. Comparable store sales increased 0.2%.

•

Gross profit margin of 59.0% versus 57.1% and above expectations due to merchandise mix and pricing.

•

Diluted earnings per common share (“EPS”) of $1.11 versus $1.04.

Clarence H. Smith, chairman and CEO, said, “We are pleased to report the results of another strong quarter. Our merchandising team has responded to cost increases by judiciously adjusting retail pricing. Sales generated by our free in-home design service are improving as COVID-19 concerns abate and were 23.5% of deliveries this quarter compared to 21.0% in the first quarter of last year. COVID-19 does remain a factor in our supply chain, and ongoing delays in case goods have impacted sales in this category.

During the early part of the quarter our delivered and written business was good compared to the historic results in 2021. We experienced a return to increased consumer interest around traditional shopping holiday events and had a record Presidents' Day. However, we encountered significant declines in in-store traffic and written business in March. We believe discretionary consumer spending has been adversely impacted by rising inflation, including fuel costs, market volatility, and geopolitical concerns.

We have a forward-thinking and resilient team and coupled with our competitive and financial strengths, we are confident in meeting near-term challenges and progressing on long-term goals. We remain governed by our mission: to delight our customers with personalized and outstanding customer service, with a commitment to our team members, and to deliver consistent value to our shareholders.

NEWS RELEASE – May 2, 2022 Page 2

Key Results

(amounts in millions, except per share amounts)

Results of Operations

Q1 2022

Q1 2021

Sales

$

238.9

$

236.5

Gross Profit

141.0

135.0

Gross profit as a % of sales

59.0

%

57.1

%

SGA

Variable

44.4

40.7

Fixed

70.8

69.1

Total

115.2

109.8

SGA as a % of sales

Variable

18.6

%

17.2

%

Fixed

29.6

%

29.2

%

Total

48.2

%

46.4

%

Pre-tax income

25.7

25.4

Pre-tax income as a % of sales

10.8

%

10.7

%

Net income

$

19.4

$

19.4

Net income as a % of sales

8.1

%

8.2

%

Diluted earnings per share (“EPS”)

$

1.11

$

1.04

Other Financial and Operations Data

Q1 2022

Q1 2021

EBITDA (in millions)(1)

$

29.9

$

29.3

Sales per square foot

$

222

$

222

Average ticket

$

3,066

$

2,685

Liquidity Measures

Free Cash Flow

Q1 2022

Q1 2021

Cash Returns to Shareholders

Q1 2022

Q1 2021

Operating cash flow

$

20.6

$

19.6

Share repurchases

$

12.5

$

—

Dividends

4.3

4.0

Capital expenditures

7.1

4.7

Free cash flow

$

13.5

$

14.9

Cash returns to shareholders

$

16.8

$

4.0

(1)

See the reconciliation of the non-GAAP metrics at the end of the release.

NEWS RELEASE – May 2, 2022 Page 3

First Quarter ended March 31, 2022 Compared to Same Period of 2021

•

Total sales up 1.0%, comp-store sales up 0.2% for the quarter. Total written sales for the first three months of 2022 were down 8.8% compared to the same period of 2021 and written comp-store sales were down 9.6%.

•

Gross profit margins increased 190 basis points to 59.0% in 2022 from 57.1% for the same period of 2021 due to pricing merchandise mix and discipline.

•

SG&A expenses were 48.2% of sales versus 46.4% and increased $5.4 million. The primary drivers of this change are:

o

increase of $1.8 million in selling expenses due to increased compensation and benefit costs.

o

increase in distribution and delivery costs of $1.5 million due to demurrage fees and increases in compensation and fuel costs.

•

Increase in occupancy costs of $0.6 million primarily resulting from the timing of repairs and maintenance.

Balance Sheet and Cash Flow

•

Generated $20.6 million in cash from operating activities from solid earnings performance and funding of a $7.8 million increase in inventories and a $4.7 million increase in payables and other operating assets and liabilities.

•

Cash and cash equivalents at March 31, 2022 are $169.1 million.

•

Purchased 438,499 shares of common stock for $12.5 million and paid $4.3 million in quarterly cash dividends.

•

No funded debt.

Expectations and Other

•

We expect gross profit margins for 2022 will be between 57.7% to 58.0%, an increase from our previous estimate. Gross profit margins fluctuate quarter to quarter in relation to our promotional cadence. Our estimated gross profit margins are based on anticipated changes in product and freight costs and its impact on our LIFO reserve.

•

Fixed and discretionary expenses within SG&A for the full year of 2

EX-99.1

2 hvtex9921522.htm

PRESS RELEASE DATED FEBRUARY 15, 2022 ISSUED BY REGISTRANT

Exhibit 99.1

Havertys Reports Record Operating Results for Fourth Quarter and Year End 2021

Atlanta, Georgia, February 15, 2022 – HAVERTYS (NYSE: HVT and HVT.A), today reported its operating results for the fourth quarter and year ended December 31, 2021.

Fourth quarter 2021 versus fourth quarter 2020:

•

Diluted earnings per common share (“EPS”) of $1.35 versus $1.37.

•

Consolidated sales increased 10.2% to $265.9 million. Comparable store sales increased 9.2%.

•

Pre-tax income of $32.1 million versus $31.3 million.

FY 2021 versus FY 2020:

•

EPS of $4.90 versus $3.12 and Adjusted EPS for 2020 of $1.88.

•

Adjusted EPS for 2020 excludes $1.24 for gain on a sale-leaseback transaction.

•

Consolidated sales increased 35.4% to a record $1,012.8 million. Comparable store sales for the year rose 17.9%.

•

Pre-tax income of $118.5 million versus $76.7 million and Adjusted Pre-tax income for 2020 of $42.5 million.

Clarence H. Smith, chairman and CEO, said, “We are proud to report another record-breaking quarter in sales and building on the previous quarters’ outstanding results which drove our annual sales over a billion dollars. Our merchandising team carefully managed our product line-up and despite the impact from a $5.6 million LIFO charge, our gross profit margins in the fourth quarter were 56.4%. We experienced inflation pressure in our operating costs and residual demurrage fees. Our pre-tax income of $32.1 million was very strong and a record quarter of operating income at 12.1% of sales.

“The impact of COVID has been challenging but our agility, systems, and financial strength provided tools to work around and through many obstacles. However, it was primarily our people, the dedicated Havertys team members, that generated these outstanding results. Our sales for the year of $1.0 billion is a record that we acknowledge and celebrate. This was profitable sales growth as we improved our gross profit and operating margins amidst extraordinary cost increases. My sincere thanks to each member of the team for their contributions during these so called “uncertain times.”

“As a result of our strong performance and consistent with our commitment to returning capital to our shareholders, during 2021 we purchased $41.8 million in common shares, paid quarterly dividends of $17.4 million, and in December paid a special cash dividend of $35.0 million. During the first half of 2022, we plan to repurchase $25.0 million in shares under an existing authorization. We have paid an annual cash dividend since 1935 and increased our quarterly cash dividend payouts each year since 2008.

“We have a strong position in the fastest growing markets in the country and plan to open four stores in 2022. Our online presence is also being improved to drive engagement and sales. Our balance sheet is strong and funds from our expected results of operations should be sufficient to cover our strategic plans, while also allowing us to return amounts to our shareholders. We are confident that our strategy for expanding our profitable growth will enable us to surpass the high bar set in 2021.”

NEWS RELEASE – February 15, 2022

Page 2

Key Results

(amounts in millions, except per share amounts)

Results of Operations

Q4 2021

Q4 2020

FY 2021

FY 2020

Sales

$

265.9

$

241.3

$

1,012.8

$

748.3

Gross Profit

150.0

137.6

574.6

419.0

Gross profit as a % of sales

56.4

%

57.0

%

56.7

%

56.0

%

SGA

Variable

47.5

41.6

173.8

135.3

Fixed

70.5

65.4

282.5

242.0

Total

118.0

107.0

456.3

377.3

SGA as a % of sales

Variable

17.9

%

17.2

%

17.2

%

18.1

%

Fixed

26.5

%

27.1

%

27.9

%

32.3

%

Total

44.4

%

44.3

%

45.1

%

50.4

%

Pre-tax income

32.1

31.3

118.5

76.7

Pre-tax income as a % of sales

12.1

%

13.0

%

11.7

%

10.3

%

Adjusted pre-tax income(1)(2)

32.1

31.3

118.5

42.5

Adjusted pre-tax income as a % of sales

12.1

%

13.0

%

11.7

%

5.7

%

Net income

24.3

25.4

90.8

59.1

Net income as a % of sales

9.1

%

10.5

%

9.0

%

7.9

%

Diluted earnings per share (“EPS”)

$

1.35

$

1.37

$

4.90

$

3.12

Adjusted EPS(1)(2)

$

1.35

$

1.37

$

4.90

$

1.88

Other Financial and Operations Data

FY 2021

FY 2020

EBITDA (in millions)(2)

$

134.6

$

94.8

Adjusted EBITDA(1)(2)

$

134.6

$

60.6

Sales per square foot

$

232

$

173

Average ticket

$

2,865

$

2,482

Liquidity Measures

Free Cash Flow

FY 2021

FY 2020

Cash Returns to Shareholders

FY 2021

FY 2020

Operating cash flow

$

97.2

$

130.2

Share repurchases

$

41.8

$

19.7

Dividends

17.4

14.2

Capital expenditures

34.1

10.9

Special dividends

35.0

36.3

Free cash flow

$

63.1

$

119.3

Cash returns to shareholders

$

94.2

$

70.2

(1)

Adjusted for $34.3 million gain from sale of facilities including $31.6 million sale leaseback transaction.

(2)

See the reconciliation of the non-GAAP metrics at