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Dec 31, 2023
Haverty Furniture Q4 2023 Earnings Report
Havertys' Q4 2023 results reflected a decrease in sales but an increase in gross profit margin.
Key Takeaways
Havertys reported a decrease in consolidated sales and comparable store sales for Q4 2023 compared to Q4 2022. However, the company saw an increase in gross profit margin. The company's strong balance sheet is enabling them to execute strategic store growth plans and invest in their business.
Diluted earnings per share decreased to $0.90 compared to $1.42 in Q4 2022.
Consolidated sales decreased by 24.9% to $210.7 million.
Comparable store sales decreased by 25.5%.
Gross profit margin increased to 62.4% compared to 57.0% in Q4 2022.
Forward Guidance
Havertys provided expectations for gross profit margins, SG&A expenses, tax rate, and capital expenditures for the full year of 2024.
Positive Outlook
- Gross profit margins for 2024 are expected to be between 59.5% to 60.0%.
- Retail square footage will increase 2.8% as five stores open and one closes.
- Company has no funded debt.
- Strong balance sheet allows execution of strategic store growth plans.
- Company remains focused on business objectives.
Challenges Ahead
- Fixed and discretionary expenses within SG&A for the full year of 2024 are expected to be in the $295.0 to $297.0 million range.
- Variable SG&A expenses for the full year of 2024 are anticipated to be in the 19.9% to 20.2% range.
- Effective tax rate for 2024 is expected to be 26.5%.
- Consolidated sales decreased 24.9%.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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