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Dec 31, 2021
Haverty Furniture Q4 2021 Earnings Report
Havertys reported record operating results.
Key Takeaways
Havertys reported a record-breaking quarter in sales with sales increasing by 10.2% to $265.9 million and pre-tax income of $32.1 million.
Diluted earnings per share was $1.35.
Consolidated sales increased 10.2% to $265.9 million.
Comparable store sales increased 9.2%.
Pre-tax income was $32.1 million.
Forward Guidance
Havertys provided expectations for gross profit margins, fixed and discretionary expenses, variable SG&A expenses, effective tax rate, planned capital expenditures and share repurchases for 2022.
Positive Outlook
- Gross profit margins for 2022 are expected to be between 56.7% to 57.0%.
- Increase retail square footage by 1%, opening four stores and closing two.
- Planned capital expenditures are approximately $37.0 million in 2022.
- We expect to repurchase $25.0 million of common stock during the first half of 2022 under a current share repurchase program authorization.
- Variable SG&A expenses are anticipated to be in the 17.2% to 17.4% range in 2022 based on potential increases in selling and delivery costs.
Challenges Ahead
- Gross profit margins fluctuate quarter to quarter in relation to our promotional cadence.
- Estimated gross profit margins are based on changes in product and freight costs and its impact on our LIFO reserve.
- Fixed and discretionary expenses within SG&A are expected to be in the $295.0 to $298.0 million range in 2022, an approximate 5.0% increase over the 2021 level of $282.5 million.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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