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Dec 31, 2020
Haverty Furniture Q4 2020 Earnings Report
Reported strong operating results for the fourth quarter and year ended December 31, 2020.
Key Takeaways
Havertys reported a strong fourth quarter with a 12.9% increase in consolidated sales, reaching $241.3 million, and diluted EPS of $1.37. Comparable store sales increased by 13.7%.
Diluted earnings per share was $1.37, up from $0.31 in Q4 2019.
Adjusted EPS was $1.37 compared to $0.40 in Q4 2019.
Consolidated sales increased by 12.9% to $241.3 million.
Comparable store sales increased 13.7%.
Forward Guidance
Havertys provided guidance for 2021, including gross profit margins between 55.3% and 55.8% and fixed and discretionary expenses within SG&A expected to be in the $261.0 to $263.0 million range. The effective tax rate for 2021 is expected to be 24.0%. Planned capital expenditures are approximately $23.0 million.
Positive Outlook
- Expect gross profit margins for 2021 will be between 55.3% to 55.8%.
- Capital expenditures include amounts for a store in Myrtle Beach, S.C., a new market for Havertys.
- Capital expenditures include a new store in The Villages, Fla.
- Capital expenditures include another location in an existing market.
- Retail square footage is expected to increase approximately 1% versus 2020.
Challenges Ahead
- Gross profit margins fluctuate quarter to quarter in relation to promotional cadence.
- Estimated gross profit margins are based on changes in product and freight costs and its impact on LIFO reserve.
- Fixed and discretionary expenses within SG&A are expected to be in the $261.0 to $263.0 million range.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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