Second quarter promising so far for Havertys

The second quarter of fiscal 2016 is not yet over for home furnishings retailer Havertys, but shareholders may have reason to be optimistic.



Havertys reported that sales for the quarter to date are up approximately 3.6% from the same period last year and comparable store sales are up 3.2%. Total written sales for the quarter to date are up approximately 7%, and written comparable store sales rose 6.7%.



The company’s stores are closed for Easter, and the positive impact on second quarter to date written sales from the holiday occurring in March 2016 as opposed to April the previous year is estimated at 1.9%.



In addition, Havertys repurchased 1,149,042 shares of its common stock during the second quarter for approximately $21 million. The repurchases were made in accordance with announced authorizations approved by the company's board of directors. The company has a remaining authorization of less than $100,000 for share repurchases.



"Our written comparable store sales in the second quarter reflect a very strong pace through the Memorial Day holiday sales period, partly offset by softer written business in early June," said Clarence Smith, chairman, president and CEO. "We plan to continue returning value to our shareholders through opportunistic share repurchases, regular quarterly dividends and periodic special dividends," Smith concluded.



Havertys plans to announce second quarter 2016 sales on July 8, before the market opens and second quarter financial results on Aug. 1, after the market closes.