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Mar 31, 2020
Haverty Furniture Q1 2020 Earnings Report
Reported earnings for the first quarter of 2020.
Key Takeaways
Havertys reported a decrease in sales by 4.2% to $179.4 million compared to $187.2 million in the same period of 2019. Earnings per share decreased to $0.09 compared to $0.17 for the same period of 2019. The company closed stores and halted deliveries in March due to the COVID-19 pandemic, but reopened most stores in May.
Sales decreased by 4.2% compared to the same quarter last year.
Earnings per share decreased from $0.17 to $0.09 year-over-year.
Gross profit margins increased by 40 basis points to 55.5%.
Completed a sale-leaseback transaction of three distribution facilities for $70 million to enhance liquidity.
Forward Guidance
Due to the uncertainty caused by the pandemic, Havertys is not providing guidance on gross margin and SG&A expense expectations for the remainder of 2020.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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