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Havertys net income dips in Q3, plans 5 new stores

10/30/2014

Atlanta -– Net income at Havertys dropped 17% to $7.82 million in the third quarter of fiscal 2014 from $9.49 million in the same period the previous fiscal year, with higher selling, general and administrative (SG&A) expenses dampening profits. Havertys plans to open one new store in the fourth quarter of fiscal 2014 and four in new stores in the first half of 2015, three in new markets.



Net sales climbed 3% to $198.5 million from $192.72 million. Same-store sales rose 1.9%.



"Our execution of store repositioning and expansion began to accelerate in the second half of this year,” said Clarence Smith, chairman, president and CEO. “Three store relocations and three new stores have opened or are slated to open by the end of 2014.
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