Core Points - Havertys Furniture is hosting a Military Appreciation Event on May 3 across all 130 showrooms to honor local military families [1][5] - The company is partnering with Tempur-Pedic to donate 78 mattresses to The Joel Fund, a non-profit organization supporting military veterans and their families [3][4] - The event includes exclusive giveaways, refreshments, special financing, and a chance to win a $1,000 gift certificate [2] Company Overview - Havertys, established in 1885, operates 130 showrooms in 17 states, offering a wide selection of home furnishings in middle to upper-middle price ranges [6] - The company has a history of supporting military families, including ongoing military discounts [4] Non-Profit Partnership - The Joel Fund, founded in 2016, aims to reconnect veterans to life at home through community engagement and support programs [7] - The donation of mattresses will directly benefit military families identified by The Joel Fund as in need [3][4]

Financial Data and Key Metrics Changes - In Q1 2025, the company reported net sales of $181.6 million, a decrease of 1.3% compared to the prior year quarter, with comparable store sales down 4.8% [3][17] - Gross profit margin increased by 90 basis points to 61.2% from 60.3% due to product selection and merchandise mix [4][17] - SG&A expenses decreased by $2.2 million or 1.9% to $107.2 million, representing 59% of sales, down from 59.4% in the prior year quarter [18] - Net income for Q1 2025 was $3.8 million or $0.23 per diluted share, compared to $2.4 million or $0.14 per share in the comparable quarter last year [18] Business Line Data and Key Metrics Changes - The design business improved to approximately 33% of total business, with the designer average ticket growing over 9% to over $7,400 [6] - Average ticket rose by approximately 4% to just over $3,300, while written sales were down 2.6% with comps down 6.3% [3][6] Market Data and Key Metrics Changes - The housing market continues to operate at thirty-year lows, influenced by affordability issues, inflated interest rates, and declining consumer confidence [4][16] - Sales for the Presidents' Day event were disappointing, down roughly 10% over the two-week period [5] Company Strategy and Development Direction - The company plans to roll out a new point of purchase and tagging program to enhance the in-store customer experience by Labor Day [7] - The company aims to open five new stores a year but will be cautious based on current conditions, with plans for a third store in Houston and relocating an existing store [13][14] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating challenges such as housing affordability, high interest rates, and tariffs, citing a strong brand and debt-free balance sheet [16] - The company anticipates gross margins for 2025 to be between 60% and 60.5%, with fixed and discretionary SG&A expenses expected to increase due to store growth and inflation [21] Other Important Information - The company has halted most direct shipments from China due to tariffs, which could cause temporary supply disruptions [10] - Inventories increased by approximately $5 million or about 6% since year-end 2024, with expectations for further increases in Q2 [11][12] Q&A Session Summary Question: Impact of winter storms on business - Management noted that multiple winter storms impacted business, but did not quantify the exact impact [24][27] Question: Price increases due to tariffs - Management confirmed that targeted price increases will be implemented, but they expect minimal impact on consumers due to supplier support [30][31] Question: Changes in competition - Management observed aggressive promotions from competitors but did not believe it was affecting their promotional activity [33] Question: Reduction in CapEx guidance - The reduction in CapEx guidance was due to tariff uncertainty, prompting a cautious approach to store expansion [35][36] Question: Performance of new stores - Management reported positive performance from new stores, leveraging existing distribution networks, and expressed optimism for future openings [47][49]

Company Performance - Haverty Furniture (HVT) reported quarterly earnings of $0.23 per share, exceeding the Zacks Consensus Estimate of $0.14 per share, and up from $0.14 per share a year ago, representing an earnings surprise of 64.29% [1] - The company posted revenues of $181.57 million for the quarter ended March 2025, surpassing the Zacks Consensus Estimate by 2.18%, although this is a decrease from year-ago revenues of $184 million [2] - Over the last four quarters, Haverty Furniture has surpassed consensus EPS estimates three times and topped consensus revenue estimates two times [2] Stock Outlook - Haverty Furniture shares have declined approximately 17.4% since the beginning of the year, compared to a decline of 5.5% for the S&P 500 [3] - The current consensus EPS estimate for the coming quarter is $0.22 on revenues of $178.98 million, and for the current fiscal year, it is $1.28 on revenues of $751.92 million [7] Industry Context - The Retail - Home Furnishings industry, to which Haverty Furniture belongs, is currently ranked in the bottom 16% of over 250 Zacks industries, indicating potential challenges for stock performance [8] - Empirical research suggests a strong correlation between near-term stock movements and trends in earnings estimate revisions, which could impact Haverty's stock performance [5]

[Q1 2025 Operating Results](index=1&type=section&id=Havertys%20Reports%20Operating%20Results%20for%20First%20Quarter%202025) This section provides an overview of Havertys' financial performance and strategic initiatives for the first quarter of 2025 [First Quarter 2025 Highlights](index=1&type=section&id=First%20quarter%202025%20versus%20first%20quarter%202024) Havertys achieved improved gross margins and earnings per share in Q1 2025, despite a slight decline in sales amidst market headwinds - Management reported solid Q1 results with improved margins and earnings, despite headwinds from a weak housing market, adverse weather, low consumer confidence, and trade policy shifts[2](index=2&type=chunk) Q1 2025 vs Q1 2024 Key Financial Metrics | Metric | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Diluted EPS | $0.23 | $0.14 | | Consolidated Sales (millions) | $181.6 | $184.0 | | Gross Profit Margin | 61.2% | 60.3% | | Comparable Store Sales | -4.8% | N/A | - SG&A expenses decreased by **$2.2 million**, primarily due to lower variable selling expenses (**$2.0 million**), reduced warehouse and delivery costs (**$1.7 million**), and decreased advertising spend (**$1.1 million**), partially offset by higher occupancy and administrative costs[7](index=7&type=chunk) [Balance Sheet and Cash Flow](index=2&type=section&id=Balance%20Sheet%20and%20Cash%20Flow%20for%20the%20Three%20Months%20Ended%20March%2031%2C%202025) Havertys maintained a strong balance sheet with substantial cash and no debt, generating positive operating cash flow and deploying capital for investments and shareholder returns - The company holds **$118.3 million** in cash and cash equivalents with no debt outstanding and has **$80.0 million** available under its credit facility as of March 31, 2025[7](index=7&type=chunk) Q1 2025 Cash Flow & Shareholder Returns (in millions) | Metric | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Operating Cash Flow | $6.2 | $3.1 | | Capital Expenditures | ($6.1) | ($6.4) | | **Free Cash Flow** | **$0.1** | **($3.3)** | | Share Repurchases | $2.0 | $— | | Dividends Paid | $5.2 | $4.8 | | **Total Cash Returns** | **$7.2** | **$4.8** | - Cash from operating activities was **$6.2 million**, driven by earnings and working capital changes, including a **$5.3 million** increase in inventories and a **$2.0 million** increase in customer deposits[7](index=7&type=chunk) [2025 Outlook and Guidance](index=2&type=section&id=Expectations%20and%20Other) Havertys reaffirmed its gross profit margin and fixed SG&A guidance for 2025, while lowering variable SG&A and capital expenditure forecasts due to tariff uncertainty Full Year 2025 Guidance | Metric | Guidance | Note | | :--- | :--- | :--- | | Gross Profit Margins | 60.0% to 60.5% | Unchanged | | Fixed & Discretionary SG&A (millions) | $291.0 - $293.0 | Unchanged | | Variable SG&A (% of sales) | 18.6% to 19.0% | Decreased | | Effective Tax Rate | ~26.5% | Excludes discrete items | | Capital Expenditures (millions) | ~$24.0 | Decreased by $3M | - The company is actively monitoring tariff negotiations and evaluating potential impacts to mitigate effects on the business. Current guidance excludes proposed tariffs that have been paused[7](index=7&type=chunk) - The company expects to increase its retail square footage by approximately **2.0%** in 2025 compared to 2024[7](index=7&type=chunk) [Financial Statements](index=4&type=section&id=Financial%20Statements) This section presents the detailed consolidated financial statements, including income statements, balance sheets, and cash flow statements [Condensed Consolidated Statements of Income](index=4&type=section&id=CONDENSED%20CONSOLIDATED%20STATEMENTS%20OF%20INCOME) Despite a slight decrease in net sales, Q1 2025 saw improved gross profit and a significant increase in net income and diluted EPS due to effective cost management Q1 2025 Income Statement Summary (in thousands) | Account | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Net sales | $181,567 | $183,997 | | Gross profit | $111,083 | $111,019 | | Income before income taxes | $5,293 | $3,195 | | **Net income** | **$3,778** | **$2,393** | | Diluted EPS (Common) | $0.23 | $0.14 | [Condensed Consolidated Balance Sheets](index=5&type=section&id=CONDENSED%20CONSOLIDATED%20BALANCE%20SHEETS) As of March 31, 2025, the company maintained a strong financial position with total assets of $642.7 million, healthy liquidity, and solid stockholders' equity Balance Sheet Highlights (in thousands) | Account | Mar 31, 2025 | Mar 31, 2024 | | :--- | :--- | :--- | | Cash and cash equivalents | $111,941 | $111,818 | | Inventories | $88,704 | $92,078 | | **Total assets** | **$642,690** | **$640,529** | | Total current liabilities | $128,647 | $131,145 | | **Total liabilities** | **$337,329** | **$333,839** | | **Total stockholders' equity** | **$305,361** | **$306,690** | [Condensed Consolidated Statements of Cash Flows](index=6&type=section&id=CONDENSED%20CONSOLIDATED%20STATEMENTS%20OF%20CASH%20FLOWS) Q1 2025 saw a significant increase in net cash from operating activities, with stable investing outflows and financing primarily directed towards dividends and stock repurchases Q1 2025 Cash Flow Summary (in thousands) | Activity | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Net cash provided by operating activities | $6,154 | $3,135 | | Net cash used in investing activities | ($6,122) | ($6,351) | | Net cash used in financing activities | ($8,058) | ($6,698) | | **Decrease in cash** | **($8,026)** | **($9,914)** | | Cash at end of period | $118,288 | $117,863 | [Supplemental Information](index=7&type=section&id=Supplemental%20Information) This section provides additional financial details, including non-GAAP reconciliations and important definitions and disclosures [GAAP to Non-GAAP Reconciliation](index=7&type=section&id=GAAP%20to%20Non-GAAP%20Reconciliation) The company provides a reconciliation of EBITDA, a non-GAAP measure, which significantly increased in Q1 2025 primarily due to higher income before taxes EBITDA Reconciliation (in thousands) | Account | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Income before income taxes | $5,293 | $3,195 | | Interest income, net | ($1,254) | ($1,555) | | Depreciation and amortization | $5,895 | $4,946 | | **EBITDA** | **$9,934** | **$6,586** | [Definitions and Disclosures](index=7&type=section&id=Definitions%20and%20Disclosures) This section defines key metrics and clarifies accounting practices, noting potential impacts on gross profit comparability, and includes a standard Safe Harbor statement for forward-looking statements - The company includes nearly all occupancy and home delivery costs within SG&A, which means its gross profit figures may not be directly comparable to other retailers who might include these costs in Cost of Goods Sold[17](index=17&type=chunk) - SG&A expenses are classified as either variable (selling and delivery costs) or fixed/discretionary (rent, advertising, administrative costs)[18](index=18&type=chunk) - The release contains a Safe Harbor statement, cautioning that forward-looking statements regarding future performance are subject to numerous risks and uncertainties, such as economic conditions, competition, and supply chain issues[21](index=21&type=chunk)[23](index=23&type=chunk)

Store Operations and Expansion - As of December 31, 2024, Havertys operated 129 stores with approximately 4.5 million retail square feet, an increase from 124 stores and 4.387 million square feet in 2023[29]. - The company plans to open an average of five new stores per year, with the first store in Houston, TX, opened in 2024, targeting former "big box" retail sites[32]. - The company operates 129 retail stores totaling approximately 4.5 million square feet as of December 31, 2024[112]. - The number of stores increased to 129 in 2024, up from 124 in 2023[148]. Sales and Revenue - In 2024, approximately 33.6% of written sales resulted from consultations with in-home designers, with average sales tickets for designer visits being twice that of in-store sales[28]. - Total online sales for 2024 accounted for approximately 3.0% of Havertys' total business[36]. - Net sales for 2024 decreased by $139.2 million or 16.1% compared to 2023, attributed to the housing recession, inflationary pressures, and cautious consumer spending[148]. - Comparable store sales decreased by 16.7% in 2024, compared to a decrease of 18.4% in 2023[148]. - The average ticket value in 2024 was $3,371, reflecting a 3.0% increase over the previous year[148]. Financial Performance - Gross profit as a percentage of net sales remained stable at 60.7% for both 2024 and 2023, with a 100 basis point increase in gross profit margins excluding LIFO impact[150]. - Selling, general and administrative (SG&A) expenses decreased by $36.6 million or 8.0% in 2024, with SG&A as a percentage of net sales rising to 58.0% from 52.9% in 2023[155]. - The effective tax rate increased to 23.7% in 2024 from 22.5% in 2023[157]. - The company had $120.0 million in cash and cash equivalents and $6.3 million in restricted cash equivalents as of December 31, 2024[158]. - Net cash provided by operating activities in 2024 was $58.9 million, driven primarily by net income of $20.0 million and non-cash adjustments of $27.9 million[167]. Supply Chain and Sourcing - In 2024, Havertys' merchandise purchases from the largest ten suppliers accounted for approximately 41.3% of total product purchases[43]. - Approximately 20.8% of case goods sales and 5.9% of upholstery sales in 2024 were generated by direct imports[44]. - Approximately 58% of total furniture purchases in 2024 were for goods not produced domestically, exposing the company to political and economic risks associated with global sourcing[72]. - The company relies on third-party producers for nearly all products, which may lead to operational difficulties and affect timely delivery and quality[73]. - The company’s ability to forecast supply chain needs is critical, as significant deviations from projected demand may negatively impact operations and financial condition[78]. Employee and Training - As of December 31, 2024, Havertys' total workforce was 2,334, with 1,480 in retail operations and 645 in warehouse and delivery[49]. - The company invested approximately 117,000 hours in employee training and development in 2024[54]. - High employee turnover in the retail industry may lead to increased hiring and training costs, impacting operational efficiency[90]. - The company emphasizes the importance of attracting and retaining key management personnel to support strategic growth plans[92]. Risk Factors - The company faces significant competition from various retailers, including internet-only retailers and national department stores, which may impact market share and profitability[64]. - Cyber threats are evolving, and the company invests in security technology to protect against data breaches and cyber-attacks[87]. - The company faces risks from cybersecurity threats, with processes in place to manage these risks as part of its enterprise risk management[103]. - Economic downturns could adversely affect consumer spending on discretionary items, impacting sales and profitability[94]. - Rising oil and gasoline prices may negatively impact profitability due to increased transportation costs[97]. - The company is subject to risks associated with tariffs and import measures, which could lead to increased costs and affect pricing strategies[75]. Financial Reporting and Compliance - The consolidated financial statements of Haverty Furniture Companies, Inc. for the year ended December 31, 2024, present a fair view of the company's financial position compared to 2023[218]. - The audit opinion expressed an unqualified view on the financial statements, indicating no material misstatements were found during the audit[219]. - The company has maintained compliance with the PCAOB standards, ensuring the integrity of its financial reporting[221]. - No critical audit matters were identified during the audit, suggesting a stable financial reporting environment[222]. - The company’s internal control over financial reporting was evaluated, confirming its effectiveness as of December 31, 2024[219]. Capital Expenditures and Investments - Capital expenditures are expected to be approximately $27.1 million in 2025 to support operations and strategic expansion[159]. - Cash used in investing activities in 2024 consisted primarily of $32.1 million of capital expenditures, compared to $53.1 million in 2023[170][171]. - Total capital expenditures for stores in 2024 were $27.3 million, with planned outlays for 2025 projected at $22.7 million[173]. Stock and Dividends - The company has paid a cash dividend every year since 1935 and plans to continue quarterly cash dividends for the foreseeable future[128]. - The stock repurchase program has authorized an additional $25.0 million as of August 5, 2022, with approximately $8,121,000 remaining for repurchase as of December 31, 2024[129][130]. - The company repurchased 214,500 shares of Common Stock for $5.0 million during 2024, with approximately $8.1 million remaining under the existing authorization[163].

Financial Data and Key Metrics Changes - Fourth quarter sales were $184.4 million, down 12.5% year-over-year, with comparable store sales down 13.7% [5][20] - Total sales for the year decreased 16.1% to $722.9 million, with comparable sales down 16.7% [5] - Gross margins remained strong at 61.9% for the quarter and 60.7% for the year, despite a decrease of 50 basis points from the previous year [5][21] - Pre-tax profit for the quarter was $9.6 million, resulting in a 5.2% operating margin, while the annual pre-tax profit was $26.2 million with a 3.6% operating margin [6][21] - Net income for Q4 was $8.2 million or $0.49 per diluted share, compared to $15 million or $0.90 per share in the same quarter last year [24] Business Line Data and Key Metrics Changes - The design business accounted for approximately 32% of total business, with an average ticket of over $7,200, up over 8% [8] - Upholstery continued to perform well, with notable improvements in bedroom and mattress sales during the quarter [9] Market Data and Key Metrics Changes - Traffic improved slightly year-over-year in the low single digits for the quarter, with conversion rates stabilizing [7] - The average ticket rose by approximately 4% to just under $3,400 [8] Company Strategy and Development Direction - The company plans to roll out a new point of purchase and tagging program over the next two to three years to enhance customer experience [10] - Six new stores were opened in 2024, with plans for additional openings in Houston and other markets [12][13] - The supply chain team managed inventories effectively, reducing them by over 11% for the year, with expectations to increase inventories by 5% to 10% in the coming quarters [14][15] Management Comments on Operating Environment and Future Outlook - Management expressed concerns about the housing market due to rising mortgage rates, which could affect affordability [6][48] - The company anticipates a challenging demand environment in 2025, but hopes for improvements in the latter part of the year [51] - Management is committed to driving volume and maintaining stable margins despite potential tariff impacts [40][41] Other Important Information - The company ended the year with zero funded debt and over $120 million in cash [6][25] - Capital expenditures for 2024 were $32.1 million, with plans for $27.1 million in 2025 [25][28] Q&A Session Summary Question: Can you provide details on monthly trends for written or delivered sales? - Delivered sales were down in the low teens for October, November, and December, averaging 12.5% for the quarter, while written sales showed improvement towards the end of the quarter [32][33] Question: Has any positive momentum carried into the first quarter? - Management refrained from commenting on Q1 performance [35] Question: Were there regional differences in performance during Q4? - Florida and the central part of the country showed a bounce back, while the west and east were slightly weaker [37] Question: Can you elaborate on gross margin guidance and tariff impacts? - Management plans to mitigate tariff impacts through vendor relations and pricing adjustments, expecting stable margins in 2025 [39][40] Question: What is the demand environment expected in 2025? - Management anticipates a tough environment due to housing struggles and rising mortgage rates, but hopes for improvements later in the year [48][51] Question: What are the challenges in converting traffic to orders? - Conversion remains a key opportunity, with management testing strategies to improve this metric [52][53] Question: What is driving the increase in fixed SG&A guidance? - The increase is attributed to general inflation and occupancy costs related to new store openings [55]

Group 1: Earnings Performance - Haverty Furniture reported quarterly earnings of $0.47 per share, exceeding the Zacks Consensus Estimate of $0.17 per share, but down from $0.89 per share a year ago [1] - The earnings surprise was 176.47%, while the previous quarter saw a negative surprise of -39.58% [2] - The company posted revenues of $184.35 million for the quarter, surpassing the Zacks Consensus Estimate by 1.29%, but down from $210.74 million year-over-year [3] Group 2: Stock Performance and Outlook - Haverty Furniture shares have declined approximately 5% since the beginning of the year, contrasting with the S&P 500's gain of 2.2% [4] - The current consensus EPS estimate for the upcoming quarter is $0.17 on revenues of $176.33 million, and for the current fiscal year, it is $1.57 on revenues of $746.77 million [8] - The Zacks Rank for Haverty Furniture is currently 5 (Strong Sell), indicating expected underperformance in the near future [7] Group 3: Industry Context - The Retail - Home Furnishings industry, to which Haverty Furniture belongs, is currently ranked in the bottom 45% of over 250 Zacks industries, suggesting a challenging environment [9] - Empirical research indicates a strong correlation between near-term stock movements and trends in earnings estimate revisions, which could impact Haverty's stock performance [6]

Financial Performance - Diluted earnings per share (EPS) for Q4 2024 decreased to $0.49 from $0.90 in Q4 2023, while full-year EPS dropped to $1.19 from $3.36[5] - Consolidated sales for Q4 2024 decreased by 12.5% to $184.4 million, and full-year sales fell by 16.1% to $722.9 million[5] - Comparable store sales declined by 13.7% in Q4 2024 and 16.7% for the full year[9] - Net income for the twelve months ended December 31, 2024, was $19,956,000, a decrease of 64.5% compared to $56,319,000 in 2023[15] - EBITDA for the twelve months ended December 31, 2024, was $41,682,000, down 51.5% from $85,805,000 in 2023[17] Profitability and Margins - Gross profit margin for Q4 2024 was 61.9%, down from 62.4% in Q4 2023, and remained at 60.7% for the full year[5] - SG&A expenses as a percentage of sales increased to 57.4% in Q4 2024 from 54.4% in Q4 2023[9] Cash Flow and Capital Expenditures - Cash generated from operating activities was $58.9 million, with a decrease in inventories of $10.5 million[9] - Net cash provided by operating activities decreased to $58,909,000 in 2024 from $97,203,000 in 2023, reflecting a decline of 39.4%[15] - Capital expenditures for 2024 were $32,092,000, a reduction of 39.5% compared to $53,115,000 in 2023[15] - The company plans capital expenditures of approximately $27.1 million for 2025[9] Shareholder Returns - The company returned $25.5 million to shareholders in 2024, including $5.0 million in share repurchases and $20.5 million in dividends[4] - Dividends paid in 2024 totaled $20,468,000, down 42.1% from $35,240,000 in 2023[15] Store Operations - The company opened five net new stores in 2024, marking a return to the Houston, TX market after approximately 40 years[3] Tax and Financial Metrics - The effective tax rate for 2025 is expected to be 26.5%[9] - The company emphasizes the importance of EBITDA as a meaningful measure for investors, supplementing GAAP financial results[16] - Comparable-store sales metrics are used to assess the performance of existing stores and online sales, indicating growth trends[18] Asset Management - Cash, cash equivalents, and restricted cash equivalents at the end of the period were $126,314,000, a slight decrease from $127,777,000 at the beginning of the period[15] - The company reported a net gain on the sale of land, property, and equipment of $153,000 in 2024, compared to a gain of $71,000 in 2023[15] - Changes in inventories resulted in a cash inflow of $10,537,000 in 2024, significantly lower than the inflow of $24,377,000 in 2023[15]

Core Viewpoint - The market anticipates a year-over-year decline in earnings for Haverty Furniture (HVT) due to lower revenues, with actual results being crucial for stock price movement [1][2]. Earnings Expectations - Haverty Furniture is expected to report quarterly earnings of $0.17 per share, reflecting a significant year-over-year decrease of 80.9% [3]. - Projected revenues for the quarter are $182.02 million, which is a decline of 13.6% compared to the same quarter last year [3]. Estimate Revisions - The consensus EPS estimate has been revised down by 27.66% over the last 30 days, indicating a reassessment by analysts [4]. - The Most Accurate Estimate for Haverty Furniture is higher than the Zacks Consensus Estimate, resulting in a positive Earnings ESP of +9.09% [10][11]. Earnings Surprise Prediction - A positive Earnings ESP is generally a strong indicator of an earnings beat, especially when combined with a favorable Zacks Rank [8]. - However, Haverty Furniture currently holds a Zacks Rank of 5, complicating the prediction of an earnings beat despite the positive Earnings ESP [11]. Historical Performance - In the last reported quarter, Haverty Furniture was expected to earn $0.48 per share but only achieved $0.29, resulting in a surprise of -39.58% [12]. - Over the past four quarters, the company has only beaten consensus EPS estimates once [13]. Conclusion - While the potential for an earnings beat exists, Haverty Furniture does not appear to be a compelling candidate for such an outcome, and investors should consider other influencing factors before making decisions [16].

Group 1 - The stock of Haverty Furniture Companies, Inc. (HVT) is experiencing significant attention due to high implied volatility in the options market, particularly the Feb 21, 2025 $20 Call option [1] - Implied volatility indicates market expectations for future price movements, suggesting that investors anticipate a significant change in the stock's price, potentially due to an upcoming event [2] - Currently, Haverty Furniture holds a Zacks Rank of 5 (Strong Sell) in the Retail - Home Furnishings industry, with no analysts increasing earnings estimates for the current quarter and one analyst revising the estimate downward from 23 cents to 17 cents per share [3] Group 2 - The high implied volatility surrounding Haverty Furniture may indicate a developing trading opportunity, as options traders often seek to sell premium on options with high implied volatility to capture decay [4]