Havertys Net More than Triples in Q1
ATLANTA-Gains in sales and margins elevated Havertys to a 236.2 percent increase in net income, to $8.3 million, in its fiscal first quarter ending on March 31.
Net sales were up 13.8 percent to $186.1 million, including a gain in same-store sales of 11.5 percent. Gross margin rose 173 basis points to 53.9 percent. Clarence Smith, Havertys chairman, president and CEO, attributed the upward momentum to the home furnishings retailer's focus on the "on-trend" consumer with fashionable products "and a great shopping experience."
Selling, general and administrative expenses in the quarter increased 6.7 percent in dollars but shed 310 basis points as a percentage of sales, to 46.6 percent.
A Havertys statement said total delivered sales for the second quarter have risen about 14 percent to date over the same period of last year. Written business, which was flat in 2012 for the period to date, has trended up about 19 percent after adjusting for favorable calendar differences.