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Mar 31, 2021
Haverty Furniture Q1 2021 Earnings Report
Reported strong operating results.
Key Takeaways
Havertys reported a 31.8% increase in consolidated sales, reaching $236.5 million, and diluted earnings per share of $1.04, compared to $0.09 in the first quarter of 2020. Comparable store sales increased by 11.5%.
Consolidated sales increased 31.8% to $236.5 million.
Comparable store sales increased 11.5%.
Diluted earnings per share was $1.04 versus $0.09.
Gross profit margins increased to 57.1% from 55.5%.
Forward Guidance
Havertys provided guidance for gross profit margins and SG&A expenses for the full year of 2021.
Positive Outlook
- Gross profit margins for 2021 are expected to be between 56.5% to 57.0%.
- The company is opening a new store in The Villages, Fla., and another location in an existing market.
- Retail square footage is expected to increase approximately 1% versus 2020.
- Planned capital expenditures for 2021 are approximately $23.0 million.
- Effective tax rate for 2021 is expected to be 24.0% excluding the impact from the vesting of stock-based awards and potential new tax legislation.
Challenges Ahead
- Fixed and discretionary expenses within SG&A for the full year of 2021 are expected to be in the $265.0 to $268.0 million range.
- Variable SG&A expenses for the full year of 2021 are anticipated to be in the 17.5% to 17.8%.
- The current high level of demand is likely to be impacted as discretionary consumer spending shifts away from its current concentration on “nesting.”
Historical Earnings Impact
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Avg. Return Before/After Earnings
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