Thu, Mar 6, 8:08 PM (52 days ago)
Haverty Furniture Companies, Inc. (HVT) reported a significant financial decline for the fiscal year ending December 31, 2024. Total net sales decreased by 16.1% to $722,899,000 compared to $862,133,000 in 2023, largely due to a housing recession and inflationary pressures affecting consumer spending. Gross profit remained stable at 60.7% of net sales, while selling, general and administrative expenses rose to 58.0% of net sales, leading to a net income of $19,956,000, down from $56,319,000 in 2023. The diluted earnings per share also fell to $1.19 from $3.36. Strategically, Havertys is focused on enhancing customer interactions and expanding its retail footprint, with plans to open five new stores annually. The company’s liquidity remains robust with $120 million in cash and no outstanding debt. However, risks include intense competition, fluctuating consumer preferences, and potential supply chain disruptions due to reliance on foreign imports. Looking forward, Havertys aims to leverage its strong brand recognition and improve digital capabilities to drive future growth amidst economic challenges.