Financial Performance - Total net sales for Q1 2024 decreased by $40.8 million, or 18.1%, compared to Q1 2023, with comp-store sales down 18.5% or $41.4 million[43] - Gross profit margin for Q1 2024 was 60.3%, an increase of 120 basis points from 59.1% in Q1 2023, attributed to product selection and merchandising mix[47] - SG&A expenses as a percentage of sales increased to 59.4% in Q1 2024 from 52.7% in Q1 2023, with total SG&A dollars decreasing by $9.0 million, or 7.6%[50] - Written business for Q1 2024 was down 12.6% compared to Q1 2023, with written comp-store sales down 13.0%[45] Future Projections - The company expects annual gross profit margins for 2024 to be between 60.0% and 60.5%, a 50 basis points increase from previous estimates[48] - Variable SG&A expenses for the full year of 2024 are anticipated to be between 19.9% and 20.2% of sales[54] Cash Flow and Capital Expenditures - Cash and cash equivalents at the end of Q1 2024 were $111.8 million, with an additional $6.0 million in restricted cash equivalents[55] - Net cash provided by operating activities was $3.1 million in Q1 2024, down from $11.1 million in Q1 2023, primarily due to changes in working capital[61] - Total capital expenditures for 2024 are estimated to be $32.0 million, depending on the timing of spending for capital projects[64] Expansion Plans - The company plans to open new stores in Memphis, Destin, Tampa, Miami, and Houston in 2024, which is expected to increase net selling space by approximately 3.4% by the end of 2024[63]
Haverty Furniture(HVT_A) - 2024 Q1 - Quarterly Report