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Dec 31, 2024
Haverty Furniture Q4 2024 Earnings Report
Havertys reported a decrease in diluted EPS and consolidated sales for the fourth quarter of 2024 compared to the same period in 2023.
Key Takeaways
Havertys experienced a decline in financial performance in Q4 2024, with diluted EPS falling to $0.49 from $0.90 and consolidated sales decreasing by 12.5% to $184.4 million. Despite the downturn, the company maintained discipline in operations, opened five new stores, and returned $25.5 million in capital to shareholders.
Diluted earnings per common share decreased to $0.49 in Q4 2024 from $0.90 in Q4 2023.
Consolidated sales for Q4 2024 were $184.4 million, a 12.5% decrease from $210.7 million in Q4 2023.
Gross profit margin slightly decreased to 61.9% in Q4 2024 from 62.4% in Q4 2023.
The company returned $25.5 million of capital to shareholders in 2024 through share repurchases and dividends.
Forward Guidance
Havertys anticipates gross profit margins for 2025 to be between 60.0% and 60.5%. Fixed and discretionary SG&A expenses are expected to be in the range of $291.0 million to $293.0 million, with variable SG&A expenses between 19.0% and 19.3% of sales. The effective tax rate is projected at 26.5%, and planned capital expenditures are approximately $27.1 million.
Positive Outlook
- Expected gross profit margins for 2025 are between 60.0% to 60.5%.
- Fixed and discretionary expenses within SG&A for 2025 are expected to be in the $291.0 to $293.0 million range.
- Variable SG&A expenses for 2025 are anticipated to be in the 19.0% to 19.3% range.
- Effective tax rate for 2025 is expected to be 26.5% excluding discrete items and new tax legislation.
- Planned capital expenditures are approximately $27.1 million in 2025, supporting continued growth investment.
Challenges Ahead
- Gross profit margins fluctuate quarter to quarter in relation to promotional cadence.
- Increases in fixed and discretionary SG&A expenses are primarily from costs associated with store growth and inflation.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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