Havertys Q3 sales rise 3%; plans four new stores

Atlanta - Havertys sales for the third quarter of fiscal 2014 increased 3% to $198.5 million, compared with $192.7 million for the third quarter of fiscal 2013. Same-store sales increased 3.5%.



Havertys plans to open four new stores by the end of the year. Clarence H. Smith, chairman, president and CEO of Havertys, said sales for the quarter did not meet expectations.



“Our delivered sales for the third quarter were not as strong as we planned,” said Smith. “As we reported midyear, supplier order fulfillment and sourcing of our case goods merchandise have been challenging. These issues resulted in lost business in this important category, especially of bedroom furniture, with case goods sales as a percentage of total sales off approximately 2% for both the quarter and the nine months. Our new and replenishment merchandise is arriving and stocking levels should be improving in the fourth quarter.”