Havertys reported a decrease in consolidated sales by 18.5% to $206.3 million, with comparable-store sales down 19.1%. Diluted earnings per share decreased to $0.70 from $1.27 year-over-year. However, gross profit margin increased to 60.5% from 57.9%. The company is also planning to open four new locations in the first half of 2024.
Diluted earnings per share decreased to $0.70 compared to $1.27 in the same quarter last year.
Consolidated sales decreased by 18.5% to $206.3 million.
Comparable-store sales declined by 19.1%.
Gross profit margin increased to 60.5% from 57.9%.
Havertys expects gross profit margins for 2023 to be between 59.5% and 60.0%. Fixed and discretionary expenses within SG&A for the full year are expected to be in the $286.0 to $289.0 million range. The effective tax rate for 2023 is expected to be 25%. Planned capital expenditures for the full year are approximately $57.0 million and retail square footage is expected to increase approximately 1.6% in 2023.
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