Core Viewpoint - Haverty Furniture is facing significant challenges in a contracting residential furniture market, with a notable decline in sales, but potential catalysts such as anticipated interest rate cuts could improve its outlook in the near future [2][4][8]. Company Overview - Haverty Furniture operates 120 stores across 17 states, focusing on premium products in the middle to upper-middle price ranges, and offers in-house designer services [2]. - The company has a dual-class share structure, with HVT holders receiving 105% of dividends compared to HVT.A holders, who have superior voting rights [3]. Financial Performance - Year-to-date, HVT and HVT.A shares have declined by -21% and -26% respectively, while the broader small-cap discretionary stocks have gained nearly 4% [3]. - Sales for Haverty have fallen by 16% in H1-24, compared to a 7% contraction in the overall furniture market [4]. - The SG&A margin has increased to 58.6% in H1-24, up from 53% in H1-23, indicating that cost reductions have not kept pace with declining sales [6]. Strategic Initiatives - Despite the downturn, Haverty is investing in new store openings and upgrades, aiming to open five new stores each in FY24 and FY25 [5]. - The company has maintained stable gross margins at 60.4%, with expectations to remain within the 60-60.5% range for FY24 [7]. Market Outlook - Anticipated interest rate cuts by the Federal Reserve could revive the housing market, benefiting premium retailers like Haverty as it approaches its strongest sales quarter [8]. - Comp-store sales declines have been easing, with Q1 at -18.5% and Q2 at -13.6%, suggesting potential for recovery [10]. Valuation and Investment Appeal - The expected EPS for FY25 is $2.75, reflecting a significant year-over-year growth of over 86%, with a forward P/E ratio of 9.83, indicating a 17% discount to its long-term average [10][11]. - Institutional investors have been increasing their stakes in Haverty, suggesting growing confidence in the company's future [13]. - The current dividend yield of 4.58% provides an attractive income stream for investors [15][16]. Technical Analysis - The stock has shown a strong uptrend from pandemic lows, with current support levels around $23-$24 and resistance at sub $35 levels, indicating a favorable risk-reward scenario [17]. Conclusion - Given the stable gross margin, potential earnings growth, attractive valuations, and institutional support, the recommendation for Haverty has been revised from HOLD to BUY [18].

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ___ to ___ Commission file number: 1-14445 HAVERTY FURNITURE COMPANIES, INC. (Exact name of registrant as specified in its charter) Maryland 58-0281900 (State ...

Haverty Furniture Companies, Inc. (NYSE:HVT) Q2 2024 Results Conference Call August 1, 2024 10:00 AM ET Company Participants Richard Hare - Chief Financial Officer Clarence Smith - Chairman, Chief Executive Officer Steve Burdette - President Conference Call Participants Anthony Lebiedzinski - Sidoti Cristina Fernandez - Telsey Advisory Group Budd Bugatch - Water Tower Research Mickey Legg - The Benchmark Company Operator Greetings, and welcome to the Haverty's Second Quarter 2024 Earnings Call. At this time ...

Haverty Furniture (HVT) came out with quarterly earnings of $0.27 per share, beating the Zacks Consensus Estimate of $0.18 per share. This compares to earnings of $0.70 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of 50%. A quarter ago, it was expected that this residential furniture and accessories retailer would post earnings of $0.33 per share when it actually produced earnings of $0.14, delivering a surprise of -57.58%. O ...

Financial Performance - Diluted earnings per share (EPS) decreased to $0.27 from $0.70 year-over-year[2] - Consolidated sales fell by 13.4% to $178.6 million, with comparable-store sales down 13.6%[2] - Net income for the second quarter was $4.4 million, down from $11.8 million in the same period last year[2] - Net income for the six months ended June 30, 2024, was $6,831,000, a decrease from $24,164,000 for the same period in 2023, reflecting a decline of approximately 71.7%[11] - EBITDA for the six months ended June 30, 2024, was $16,773,000, down from $38,310,000 for the same period in 2023, a decrease of about 56.2%[13] Expenses and Margins - Gross profit margin slightly decreased to 60.4% from 60.5%[2] - Selling, general and administrative (SG&A) expenses as a percentage of sales increased to 57.7% from 53.3%[6] - Fixed and discretionary SG&A expenses for 2024 are projected to be in the range of $282.0 to $284.0 million, an $8.0 million reduction from previous guidance[8] Cash Flow and Assets - Cash generated from operating activities was $17.5 million, a decrease from $40.1 million year-over-year[5] - Cash flows from operating activities for the six months ended June 30, 2024, were $17,542,000, significantly lower than $40,128,000 for the same period in 2023, a decline of approximately 56.3%[11] - Total current assets decreased to $240,410,000 as of June 30, 2024, down from $257,472,000 as of December 31, 2023, representing a decline of about 6.6%[10] - The company reported a decrease in cash, cash equivalents, and restricted cash equivalents of $11,710,000 during the period, compared to a decrease of $13,828,000 for the same period in 2023[11] Liabilities and Customer Deposits - Total liabilities increased to $350,607,000 as of June 30, 2024, compared to $335,007,000 as of December 31, 2023, indicating an increase of approximately 4.7%[10] - Customer deposits increased to $45,589,000 as of June 30, 2024, compared to $38,731,000 as of December 31, 2023, representing an increase of approximately 17.7%[10] Capital Expenditures and Future Plans - Planned capital expenditures for 2024 are approximately $33.0 million, with a retail square footage increase of about 3.4% expected[8] - Capital expenditures for the six months ended June 30, 2024, were $15,952,000, a decrease from $40,482,000 for the same period in 2023, reflecting a reduction of about 60.6%[11] - The company announced the opening of a second store in the Indianapolis market, expected in Q4 2024[2] Tax and Forward-Looking Statements - The effective tax rate for 2024 is expected to be 27.5%, an increase from the previous guidance of 26.5%[8] - Forward-looking statements indicate expectations for retail and operating margins, capital expenditures, and liquidity position for 2024, subject to various risks and uncertainties[19] Company Overview - The company has 125 showrooms across 17 states, focusing on middle to upper-middle price ranges for home furnishings[17]

Havertys (HVT) continues to face headwinds as the housing market remains slow. This Zacks Rank #5 (Strong Sell) is expected to see earnings decline by the double digits in 2024.Havertys is a full-service home furnishings retailer with 124 showrooms in 17 Southern and Midwest states. It has been in business since 1885.Another Earnings Miss in the First QuarterOn May 1, 2024, Havertys reported its first quarter 2024 results and missed on the Zacks Consensus Estimate. It reported $0.14 versus the consensus of ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 (Mark One) FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2024 (Address of principal executive offices) (Zip Code) Maryland 58-0281900 (404) 443-2900 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ___ to ___ Commission file number: 1-14445 HAVERTY FURNITURE COMPANIES, ...

Haverty Furniture Companies, Inc. (NYSE:HVT) Q1 2024 Results Conference Call May 2, 2024 10:00 AM ET Company Participants Richard Hare - Executive Vice President and Chief Financial Officer Clarence Smith - Chairman and Chief Executive Officer Steve Burdette - President Conference Call Participants Mickey Legg - The Benchmark Company Anthony Lebiedzinski - Sidoti & Company Budd Bugatch - Water Tower Research Cristina Fernandez - Telsey Group Operator Good morning, ladies and gentlemen. Thank you for standin ...

Haverty Furniture (HVT) came out with quarterly earnings of $0.14 per share, missing the Zacks Consensus Estimate of $0.33 per share. This compares to earnings of $0.74 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of -57.58%. A quarter ago, it was expected that this residential furniture and accessories retailer would post earnings of $0.95 per share when it actually produced earnings of $0.89, delivering a surprise of -6.32%. ...

EXHIBIT 99.1 Havertys Announces Increase In Quarterly Dividend and First Quarter 2024 Results Atlanta, Georgia, May 1, 2024 – HAVERTYS (NYSE: HVT and HVT.A), today announced an increase to its quarterly dividend (the 12th consecutive annual increase) and reported operating results for the first quarter ended March 31, 2024. Dividend The board of directors declared a 6.7% increase in the quarterly dividend, from $0.30 per share to $0.32 per share on the company's common stock. The quarterly dividend for the ...