Haverty Furniture reported a decrease in sales and earnings for the third quarter of 2024, impacted by below-plan sales and a cautious consumer environment. Consolidated sales decreased by 20.2% to $175.9 million, and diluted earnings per share decreased to $0.29 from $1.02 in the same quarter of the previous year. The company opened one new store in the third quarter and expects to open three more in the fourth quarter, aiming to end the year with 129 locations.
Diluted earnings per share decreased to $0.29 compared to $1.02 in the third quarter of 2023.
Consolidated sales decreased by 20.2% to $175.9 million.
Comparable-store sales decreased by 20.5%.
Gross profit margin was 60.2%, a decrease from 60.8% in the same period last year.
Haverty expects gross profit margins for the full year 2024 to be between 60.0% and 60.5%. Fixed and discretionary expenses within SG&A are projected to be in the $279.0 to $281.0 million range. The effective tax rate for 2024 is expected to be 28.0%. Planned capital expenditures for the full year are approximately $33.0 million, with retail square footage expected to increase by approximately 3.4% over 2023.
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