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Mar 31, 2022
Haverty Furniture Q1 2022 Earnings Report
Reported a strong quarter with increased sales and earnings per share.
Key Takeaways
Havertys reported a 1.0% increase in consolidated sales, reaching $238.9 million. The company's diluted earnings per share increased to $1.11, driven by a gross profit margin of 59.0% due to merchandise mix and pricing strategies.
Consolidated sales increased by 1.0% to $238.9 million.
Comparable store sales increased by 0.2%.
Gross profit margin improved to 59.0% from 57.1% due to merchandise mix and pricing.
Diluted earnings per share increased to $1.11 from $1.04.
Forward Guidance
Havertys expects gross profit margins for 2022 to be between 57.7% to 58.0%. Fixed and discretionary expenses within SG&A for the full year of 2022 are expected to be in the $295.0 to $298.0 million range. Variable SG&A expenses for the full year of 2022 are anticipated to be in the 18.0% to 18.2% range. The effective tax rate for 2022 is expected to be 25%. Planned capital expenditures are approximately $37.0 million in 2022.
Positive Outlook
- Gross profit margins are expected to be between 57.7% and 58.0% for the year.
- The company plans to increase retail square footage by 1%.
- The company plans to open four stores.
- The company has $12.5 million remaining for purchases of common stock.
- Effective tax rate for 2022 is expected to be 25%.
Challenges Ahead
- Fixed and discretionary expenses within SG&A are expected to be in the $295.0 to $298.0 million range for the year.
- Variable SG&A expenses are anticipated to be in the 18.0% to 18.2% range for the year.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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