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Mar 31, 2023
Haverty Furniture Q1 2023 Earnings Report
Havertys' first quarter performance in 2023 reflected a decrease in sales and EPS, but an increase in gross profit margin amidst challenging economic conditions.
Key Takeaways
Havertys reported a decrease in consolidated sales by 5.9% to $224.8 million and a decrease in EPS to $0.74 compared to $1.11 in the first quarter of 2022. However, the gross profit margin increased slightly to 59.1% from 59.0%.
Diluted earnings per share decreased to $0.74 from $1.11 year-over-year.
Consolidated sales decreased by 5.9% to $224.8 million.
Comparable-store sales decreased by 6.7%.
Gross profit margin increased slightly to 59.1% from 59.0%.
Forward Guidance
Havertys provided expectations for gross profit margins and SG&A expenses for the full year of 2023, along with planned capital expenditures and retail square footage increases.
Positive Outlook
- Gross profit margins for 2023 are expected to be between 58.5% to 59.0%.
- Retail square footage is expected to increase approximately 1.6% with the opening of four stores and the closing of one.
- Fixed and discretionary expenses within SG&A for the full year of 2023 are expected to be in the $289.0 to $292.0 million range.
- Variable SG&A expenses for the full year of 2023 are anticipated to be in the 19.5% to 19.7% range.
- Planned capital expenditures for 2023 are approximately $53.1 million.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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