Haverty Furniture Cos Inc Stock Price, News & Analysis

Havertys (NYSE:HVT) announced a planned CEO transition effective January 1, 2025. Clarence H. Smith will retire as CEO and transition to executive chairman, while current president Steven G. Burdette will become president and CEO and join the board of directors. Burdette, who joined Havertys in 1983 and was appointed president in 2021, will become only the 7th CEO in the company's 139-year history. Under Smith's leadership since 2003, Havertys transformed from a retailer of other companies' merchandise into a specialty branded retailer selling exclusively Havertys brand furniture, successfully navigating through the 2007 financial crisis and COVID-19 pandemic.

Havertys (NYSE: HVT, HVT.A) has declared its fourth quarter cash dividend. The company will pay $0.32 per share on common stock and $0.30 per share on Class A common stock. The dividend will be paid on December 12, 2024, to stockholders of record as of November 26, 2024. Notably, Havertys has maintained its tradition of paying cash dividends consistently since 1935.

Havertys reported Q3 2024 results showing significant declines, with consolidated sales decreasing 20.2% to $175.9 million and comparable-store sales down 20.5%. Diluted earnings per share fell to $0.29 from $1.02 year-over-year. Gross profit margin slightly decreased to 60.2% from 60.8%. The company continued its expansion plans, aiming to end 2024 with 129 locations after opening one store in Q3 with three more planned for Q4. Despite challenging market conditions affecting big-ticket purchases, Havertys maintains a strong balance sheet with $127.4 million in cash and no debt, while focusing on store growth, merchandising, and marketing strategies.

Havertys (NYSE:HVT) announced it will release its third quarter 2024 financial results on Wednesday, October 30, 2024, after market close. The company will host a conference call with investors and analysts on Thursday, October 31, at 10:00 a.m. ET to discuss operational results. A live webcast will be available on the company's investor relations website, with a replay accessible from approximately 1:00 p.m. ET on October 31.

Havertys (NYSE: HVT, HVT.A) has announced its third quarter cash dividend for 2024. The board of directors declared dividends of $0.32 per share on common stock and $0.30 per share on Class A common stock. These dividends will be paid on September 11, 2024, to stockholders of record as of the close of business on August 26, 2024. This announcement continues Havertys' impressive streak of paying cash dividends every year since 1935, demonstrating the company's long-standing commitment to returning value to shareholders.

Havertys (NYSE: HVT) reported its Q2 2024 operating results, showing a 13.4% decrease in consolidated sales to $178.6 million and a 13.6% decline in comparable-store sales compared to Q2 2023. The company's diluted EPS dropped to $0.27 from $0.70 in the same period last year, while the gross profit margin slightly decreased to 60.4% from 60.5%.

Despite the challenging demand cycle, Havertys is focusing on top-line growth, operating efficiencies, and cost reductions. The company announced plans to open a second store in the Indianapolis market, located in Greenwood, Indiana, expected to launch in Q4 2024. Havertys aims to open a net of five new stores in 2024 and 2025, leveraging its strong financial position to invest during market downturns.

Havertys (NYSE: HVT and HVT.A) has announced it will release its second quarter 2024 financial results on Wednesday, July 31, 2024, after market close. The company will host a conference call with investors and analysts on Thursday, August 1, at 10:00 a.m. ET to discuss the operational results. Interested parties are invited to listen to the live webcast of the conference call on the company's website at http://ir.havertys.com. The webcast will be archived and available for replay beginning at approximately 1:00 p.m. ET on August 1.

Havertys (NYSE:HVT) announced the promotion of Greg Davis to senior vice president, information technology. Davis, who has been with Havertys since 1990, will now oversee the company's technology systems to support strategic goals. Previously, he served as vice president, information technology development, where he led the creation of unified operational systems and implemented a modern data warehouse and an Adobe-based replatforming of the website. Davis holds a computer science degree from the Georgia Institute of Technology. He will report to Clarence Smith, CEO. The announcement follows the planned retirement of Ed Clary, executive vice president and chief information officer, who will serve as a strategic advisor until his retirement in July 2024.

Havertys (NYSE:HVT and HVT.A) announced a 6.7% increase in quarterly dividend, with diluted EPS dropping to $0.14 from $0.74. Sales decreased by 18.1%, but gross profit margin rose to 60.3%. The company plans to open new stores and invest in business expansion.