X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

ATLANTA-Home furnishings retailer Haverty Furniture Cos. reported a decline in net income for the third quarter of 2005 but said October sales showed improvement with total sales for the month rising to $66.7 million, up 3.9 % from $66.1 million for the same period a year earlier. Written orders for October declined 2.8 %, however, due in part to a recent spate of hurricanes in Florida.

The Atlanta home furnishings retailer reported a slight decline in net income for the third quarter with total net income for the period $3.8 million, or 17 cents per diluted share, compared to 2004′s third quarter net income of $4.2 million or 18 cents per diluted share. The drop was due in large part to rising transportation costs and markdowns. Net sales for the third quarter ending Sept. 30, 2005 were up, however, with the company posting $202 million in quarterly net sales, an increase of 2.3% compared to sales of $194.4 million in the third quarter of 2004.

Haverty, which operate 118 showrooms in 17 states, said its same-store sales and total sales for the first nine months of the year showed improvement with same-store sales climbing 1.8% while total sales increased 5.8% to $670.7 million, nearly $34 million more that the $633.4 million reported for the first 10 months of 2004. Net income for the same period declined by more than $5 million, however, to $8.3 million or 35 cents per diluted share compared to the first nine months of 2004 when net income was $13.9 million or 60 cents per diluted share.

Clarence H. Smith, Haverty’s president and chief executive officer, said an expansion of the company’s eastern distribution center, scheduled to be completed next year, should help improve delivery issues that have impacted the firm’s imported merchandise flow.

“This change should enable us to better handle the normal fluctuations in business and increase our peak throughput capacity,” he said.

The company also will expand its Haverty brand and work with designers to create more products directly from its Asian suppliers.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.