Financial Performance - First quarter 2024 consolidated sales decreased by 18.1% to $184.0 million compared to $224.8 million in Q1 2023, with comparable-store sales down 18.5%[5][6] - Gross profit margin improved to 60.3% in Q1 2024 from 59.1% in Q1 2023, despite a decline in sales[5][11] - Diluted earnings per share (EPS) fell to $0.14 in Q1 2024 from $0.74 in Q1 2023[5][12] - For the three months ended March 31, 2024, the company reported an EBITDA of $6,586,000, a decrease of 65.0% compared to $18,790,000 in the same period of 2023[16] - Income before income taxes for Q1 2024 was $3,195,000, down 79.3% from $15,438,000 in Q1 2023[16] Cash Flow and Expenditures - Operating cash flow generated was $3.1 million in Q1 2024, down from $11.1 million in Q1 2023[8][14] - Capital expenditures for Q1 2024 were $6.4 million, with planned total capital expenditures for the year expected to be approximately $32.0 million[11][14] - Cash, cash equivalents, and restricted cash equivalents at March 31, 2024, totaled $117.9 million, down from $127.0 million at the end of Q1 2023[8][13] - Fixed and discretionary SG&A expenses for the full year of 2024 are expected to be in the range of $290.0 to $292.0 million[11] Growth and Expansion Plans - The company plans to open five new stores in 2024 and five more in 2025, including a new store in Houston, TX[4][11] - The company operates 124 showrooms across 17 states, focusing on middle to upper-middle price ranges for home furnishings[21] Tax and Regulatory Considerations - The effective tax rate for 2024 is expected to be 26.5%, excluding the impact from discrete items and any new tax legislation[11] - The company has a commitment to quality control and compliance with legislative and regulatory frameworks affecting its operations[24] Forward-Looking Statements - Forward-looking statements indicate expectations for retail and operating margins, selling square footage, and capital expenditures for 2024[23] - The company cautions that forward-looking statements involve risks and uncertainties, including economic conditions and supply chain disruptions[24] - The company plans to continue funding its growth initiatives while managing liquidity effectively[23] Shareholder Returns - Quarterly dividend increased by 6.7% from $0.30 to $0.32 per share for common stock, and from $0.28 to $0.30 for Class A common stock[2] Conference Call Information - The conference call for Q1 2024 results is scheduled for May 2, 2024, at 10:00 a.m. ET[20] SG&A Expenses - The company classified its SG&A expenses into variable and fixed categories, with variable expenses primarily related to selling and delivery costs[19] - The company emphasizes the importance of EBITDA as a meaningful measure for investors, supplementing GAAP financial results[16]
Haverty Furniture(HVT_A) - 2024 Q1 - Quarterly Results