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Haverty Furniture(HVT) - 2019 Q3 - Quarterly Report
2019-11-01 19:07
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) Commission file number: 1-14445 HAVERTY FURNITURE COMPANIES, INC. (Exact name of registrant as specified in its charter) Maryland 58-0281900 (State of incorporation) (I.R.S. Employer Identification No.) 780 Johnson Ferry Road, Suite 800 Atlanta, Georgia 30342 (Address of principal executive office) (Zip Code) (404) 443-2900 (Registrant's telephone number, including area code) Securities registered pursuant to Sectio ...
Haverty Furniture(HVT) - 2019 Q2 - Earnings Call Transcript
2019-08-03 11:36
Financial Data and Key Metrics Changes - In Q2 2019, sales were $191.9 million, a 3.5% decrease compared to the prior year quarter, with comparable store sales down 2.3% [18] - Q2 earnings per share were $0.29, unchanged from the previous year [6][22] - Gross profit margin decreased by 20 basis points to 54% due to merchandising, pricing, and mix, along with slightly higher product and freight costs [18] - Selling, general and administrative expenses decreased by $3 million to $95.8 million, primarily due to reduced selling and delivery costs [19] Business Line Data and Key Metrics Changes - Average sale increased by 5.3% over the previous year to $2,341, attributed to growth in H Design sales [10][11] - H Design sales reached the 25% target outlined at the program's inception, with growth continuing in several markets [11] Market Data and Key Metrics Changes - Positive written sales trend observed for the first time in many months, with written sales and undelivered backlog up in the high single digits [13] - Deliveries increased in the low single digits quarter-to-date [13] Company Strategy and Development Direction - The company is investing heavily in new systems and technology to enhance customer experience and reach target customers [9] - Plans to open new stores in St. Louis and Newnan, Georgia, with expectations of slight increases in selling square footage by the end of 2019 [15] - Focus on improving product quality, service levels, and timely delivery to meet customer expectations [12] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the second half of the year, citing better fashion-oriented products and improved in-stock positions [16] - Challenges remain due to tariffs and the transition of production from China to Vietnam, but management believes they are better positioned than competitors [35][36] - The company expects gross profit margin for the full year to be approximately 54.1% [26] Other Important Information - The company adopted a new lease accounting standard on January 1, 2019, which requires capitalization of lease obligations [25] - CapEx for 2019 is planned at $90 million, including the opening of three new locations [27] Q&A Session Summary Question: Insights on the solid start to Q3 and Fourth of July event performance - Management attributed improved sales to better coordination in media and marketing, resulting in clearer messaging [33][34] Question: Positioning in Vietnam compared to competitors - Management believes they have strong relationships with key suppliers in Vietnam, which positions them favorably despite infrastructure challenges [35][36] Question: Store growth strategy in markets with single locations - Management indicated that store growth will depend on demand, with a focus on significant locations rather than rapid expansion [37][39] Question: Changes in gross margin outlook - Management noted a 50 basis point decline in projected gross margin due to tariffs and increased freight costs [47][48] Question: Impact of stocking issues on same-store sales - Management acknowledged that improved stock levels on best sellers contributed to better sales performance [50][51] Question: Update on exposure to China and product transition to Vietnam - Management reported a reduction in imports from China, with ongoing challenges in shifting production to Vietnam [58][59] Question: Pricing changes on best-selling items due to tariffs - Management observed initial volume declines due to price increases, but noted recovery as products are perceived as better value [60] Question: Positioning for potential future tariffs - Management indicated that current cost structures already account for anticipated tariffs [61]
Haverty Furniture(HVT) - 2019 Q2 - Quarterly Report
2019-08-02 16:58
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, 2019 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period fromto Commission file number: 1-14445 HAVERTY FURNITURE COMPANIES, INC. | Title of each class | Trading Symbol(s) | Name of each exchange on which registered | | - ...
Haverty Furniture(HVT) - 2019 Q1 - Quarterly Report
2019-05-06 18:45
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 March 31, 2019 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. Maryland 58-0281900 780 Johnson Ferry Road, Suite 800 Atlanta, Georgia 30342 (Address of ...
Haverty Furniture(HVT) - 2019 Q1 - Earnings Call Transcript
2019-05-04 10:20
Haverty Furniture Companies, Inc. (NYSE:HVT) Q1 2019 Results Earnings Conference Call May 1, 2019 10:00 AM ET Company Participants Richard Hare - EVP and Chief Financial Officer Clarence Smith - President and Chief Executive Officer Conference Call Participants Anthony Lebiedzinski - Sidoti & Company Bobby Griffin - Raymond James Brad Thomas - KeyBanc Capital Markets Operator Good day, and welcome to Havertys' First Quarter 2019 Financial Results Conference Call. Today's conference is being recorded. At thi ...
Haverty Furniture(HVT) - 2018 Q4 - Annual Report
2019-03-04 21:43
Economic Factors - A significant portion of the company's sales is driven by discretionary spending, which is influenced by economic factors such as interest rates, consumer confidence, and retail trends[47]. - The company has exposure to floating interest rates through its Credit Agreement, but does not anticipate significant adverse impacts from a 100-basis point change in interest rates[141]. Supply Chain and Sourcing - Approximately 70% of the company's total furniture purchases in 2018 were for goods not produced domestically, with 35% sourced from China[53]. - The company imports a substantial portion of its merchandise, exposing it to risks related to tariffs and trade policies, particularly concerning goods manufactured in China[52]. - The company relies on third-party producers for product supply, which may lead to operational difficulties if these producers fail to meet quality or production standards[56][57]. Competition and Market Dynamics - The company faces competition from a diverse group of retailers, including national department stores and independent specialty stores, which may impact market share and revenues[49][50]. - The company must anticipate changes in consumer preferences to maintain sales, as failure to do so could lead to declines in revenue[51]. Cost Management - The company is vulnerable to fluctuations in raw material costs, which could adversely affect profits and may necessitate price increases[54][55]. - Transportation costs are critical to profitability, as the company relies on a limited number of distribution centers to deliver products across 21 states[63][64]. Cybersecurity - Cybersecurity threats are a growing concern, and the company invests in security technology to protect against data breaches and cyber-attacks[68][69].
Haverty Furniture(HVT) - 2018 Q4 - Earnings Call Transcript
2019-02-20 19:24
Haverty Furniture Companies Inc. (NYSE:HVT) Q4 2018 Results Conference Call February 20, 2019 10:00 AM ET Company Participants Richard Hare - EVP and Chief Financial Officer Clarence Smith - President and Chief Executive Officer Conference Call Participants Anthony Lebiedzinski - Sidoti & Company Brad Thomas - KeyBanc Capital Markets Operator Good day, and welcome to Havertys' Fourth Quarter and Year End 2018 Financial Results Conference Call. Today's conference is being recorded. At this time, I would like ...