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Sep 30, 2023
Haverty Furniture Q3 2023 Earnings Report
Haverty Furniture's Q3 2023 earnings decreased compared to the same period last year, with sales declining but gross profit margin improving.
Key Takeaways
Haverty Furniture reported a decrease in sales for Q3 2023, with consolidated sales down by 19.7% and comparable-store sales decreasing by 20.7%. However, the gross profit margin increased to 60.8% from 57.1%. Diluted earnings per share also decreased to $1.02 compared to $1.46 in the same quarter of the previous year.
Diluted earnings per share decreased to $1.02 from $1.46 year-over-year.
Consolidated sales decreased by 19.7% to $220.3 million.
Comparable-store sales decreased by 20.7%.
Gross profit margin increased to 60.8% from 57.1%.
Forward Guidance
Haverty expects gross profit margins for 2023 to be between 60.0% and 60.2%. Fixed and discretionary expenses within SG&A for the full year of 2023 are expected to be in the $286.0 to $288.0 million range. Variable SG&A expenses for the full year of 2023 are anticipated to be in the 19.6% to 19.8% range. The effective tax rate for 2023 is expected to be 25% excluding certain impacts. Planned capital expenditures for the full year of 2023 are approximately $55.0 million. Retail square footage is expected to increase approximately 0.6% in 2023 over 2022.
Positive Outlook
- Gross profit margins are expected to be between 60.0% and 60.2% for 2023.
- Focus on maintaining gross margins.
- Focus on growing average ticket.
- Focus on expanding store base within distribution footprint.
- Reduction in previous guidance related to advertising and warehouse and delivery costs.
Challenges Ahead
- Macro-environment is challenging.
- Cautious near-term expectations.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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