ATLANTA, GEORGIA, January 8, 2015 - HAVERTYS (NYSE:HVT and HVT.A) today reported sales for the quarter ended December 31, 2014.
Sales for the fourth quarter 2014 increased 8.6% to $213.0 million, compared with $196.2 million for the fourth quarter of 2013. On a comparable store basis, sales for the quarter increased 8.3%. Comparable store sales do not include locations opened, closed or otherwise non-comparable during the last 12 months. Sales for the twelve months of 2014 totaled $768.4 million, compared with $746.1 million in 2013, representing an increase of 3.0%. On a comparable store basis, sales increased 3.6% for the twelve months.
Total written sales for the fourth quarter of 2014 increased 6.7% and written comparable store sales increased 5.9% over the same quarter of 2013.
| Sales in Millions | Total | Comparable | |||
| 2014 | 2013 | ||||
| Fourth Quarter | $213.0 | $196.2 | 8.6% | 8.3% | |
| Twelve Months | $768.4 | $746.1 | 3.0% | 3.6% | |
Clarence H. Smith, chairman, president and CEO, said, "Our fourth quarter comparable sales were up 8.3% on top of the strong 9.5% increase in 2013. The vendor supply and import flow issues which plagued us during the year were mostly overcome in the fourth quarter. As expected, our delivered sales increase outpaced the growth in our written business for the quarter, but we still entered the new year with a healthy backlog. Our stores now display a fresh new product line up and our increased warehouse inventory levels provide better response to fulfill customers` orders. We are pleased to have many important merchandise availability matters and the additional costs we incurred to remediate them behind us.
Our custom order and free in-home design service continues to expand and drive sales as we address unmet customer needs and share a vision for a place called home. Since our founding 130 years ago, Havertys has been committed to providing excellent end-to-end customer experiences. Through innovation and making a personal connection we continue to differentiate ourselves from the competition and grow our business."
Havertys, established in 1885, is a full-service home furnishings retailer with 119 showrooms in 16 states in the Southern and Midwestern regions providing its customers with a wide selection of quality merchandise in middle to upper-middle price ranges. Additional information is available on the Company`s website at www.havertys.com.
News releases include forward-looking statements, which are subject to risk and uncertainties. Factors that might cause actual results to differ materially from future results expressed or implied by such forward-looking statements include, but are not limited to, general economic conditions, the consumer spending environment for large ticket items, competition in the retail furniture industry and other uncertainties detailed from time to time in the Company`s report filed with the SEC.