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Financial, Retail

Havertys Reports Operating Results for Fourth Quarter 2024

2/24/2025
ATLANTA, Ga. -- HAVERTYS (NYSE:HVT) and (NYSE:HVT.A), today reported its operating results for the fourth quarter ended December 31, 2024.

Steven G. Burdette, President and CEO, said, "Our team remained disciplined in managing our operations and executing our growth strategies, even amidst the housing slowdown. We achieved our goal of opening five net new stores in 2024, with a notable return to the Houston, TX market after approximately 40 years, where we now have two stores.

"In 2024, we returned $25.5 million of capital to our shareholders. We purchased $5.0 million in common shares and paid quarterly dividends of $20.5 million, marking another year of annual dividend payouts. Our prudent capital management underscores our dedication to delivering value to our shareholders.

"As we celebrate our 140th year, we remain focused on our strategies for store growth, merchandising, and marketing, which are key to Havertys' long-term success. Our strong balance sheet and financial stability provide a solid foundation for continued growth investment, positioning us to benefit when the economic cycle improves."

Fourth quarter 2024 versus fourth quarter 2023:

• Diluted earnings per common share ("EPS") of $0.49 versus $0.90.

• Consolidated sales decreased 12.5% to $184.4 million. Comparable store sales decreased 13.7%.

• Gross profit margin of 61.9% versus 62.4%.

FY 2024 versus FY 2023:

• Diluted earnings per common share ("EPS") of $1.19 versus $3.36.

• Consolidated sales decreased 16.1% to $722.9 million. Comparable store sales decreased 16.7%.

• Gross profit margin was 60.7% for 2024 and 2023

• Pre-tax income of $26.2 million versus $72.7 million.

Fourth Quarter ended December 31, 2024 Compared to Same Period of 2023

• Total sales down 12.5%, comp-store sales down 13.7% for the quarter. Total written sales were down 6.7% and written comp-store sales declined 8.7% for the quarter.

• Design consultants accounted for 31.8% of written business in 2024 and 29.2% in 2023.

• Gross profit margins decreased 50 basis points to 61.9% in 2024 from 62.4% in 2023. In 2024, the positive impact generated by the change is LIFO reserve was $0.9 million compared to $2.8 million in 2023.

• SG&A expenses were 57.4% of sales versus 54.4% and decreased $8.9 million. The primary drivers of this change are:

• decrease of $4.3 million in selling expenses due to lower commissioned-based compensation and third-party credit costs.

• decrease in warehouse, transportation, and delivery costs of $3.3 million primarily from reduced labor and fuel costs.

• decrease of $1.7 million in administrative expenses due to lower incentive and stock based compensation costs.

• increase of $1.1 million in occupancy expenses primarily due to depreciation expense.

See the full release here.
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