Haverty Furniture(HVT) - 2025 Q3 - Quarterly Results

Financial Performance - Diluted earnings per share ("EPS") for Q3 2025 was $0.28, a decrease from $0.29 in Q3 2024[4] - Consolidated sales increased by 10.6% to $194.5 million compared to $175.9 million in the same quarter last year[4] - Comparable store sales rose by 7.1% for the quarter, with total written business increasing by 10.0%[8] - Gross profit margin improved to 60.3% in Q3 2025 from 60.2% in Q3 2024[8] - Net income for the nine months ended September 30, 2025, was $11,196,000, a decrease of 4.8% compared to $11,759,000 in 2024[14] - EBITDA for the nine months ended September 30, 2025, increased to $29,981,000, up 8.4% from $27,666,000 in 2024[16] Expenses and Cash Flow - Selling, general and administrative (SG&A) expenses were 57.8% of sales, up from 57.4%, with a total increase of $11.4 million[8] - The company generated $45.3 million in cash from operating activities, with a free cash flow of $30.0 million[11] - Net cash provided by operating activities was $45,285,000 for the nine months ended September 30, 2025, compared to $41,989,000 in 2024, reflecting a 7.9% increase[14] - Capital expenditures for the nine months ended September 30, 2025, were $15,277,000, a decrease of 37.1% from $24,285,000 in 2024[14] - Cash, cash equivalents, and restricted cash equivalents at the end of the period increased to $136,977,000 from $127,365,000, representing a growth of 7.3%[14] - Dividends paid increased slightly to $15,534,000 in 2025 from $15,295,000 in 2024, marking a 1.6% increase[14] Inventory and Customer Deposits - The company reported a significant change in inventories, with a decrease of $8,987,000 in 2025 compared to an increase of $5,268,000 in 2024[14] - Customer deposits decreased to $3,122,000 in 2025 from $8,103,000 in 2024, indicating a decline of 61.5%[14] Future Plans and Guidance - The company plans to open five net new stores in 2026, following the recent opening of a third location in Houston[3] - The guidance for gross profit margins in 2025 is between 60.4% to 60.7%, an increase from previous estimates[8] - Forward-looking statements indicate expectations for retail and operating margins, capital expenditures, and growth plans for 2025[23] Financial Position - Cash, cash equivalents, and restricted cash equivalents at September 30, 2025, totaled $137.0 million[8] - No debt was outstanding as of September 30, 2025, with credit availability of $80.0 million[8] - The company has 129 showrooms across 17 states, focusing on middle to upper-middle price ranges[21]