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Haverty Furniture reports earnings for 2006

21
Feb '07
HAVERTY FURNITURE COMPANIES INC reported earnings for the fourth quarter and the year ended December 31, 2006. Earnings for the fourth quarter were $3.2 million, or $0.14 per diluted share, compared with $6.8 million, or $0.30 per diluted share in the fourth quarter of 2005, a 53.1% and 53.3% decrease, respectively. Earnings for the year ended December 31, 2006 were $16.0 million, or $0.70 per diluted share, compared with $15.1 million, or $0.66 per diluted share for 2005, a 6.3% and 6.1% increase, respectively.

As previously reported, sales for the fourth quarter were $216.0 million, or 4.2% less than the sales in the corresponding quarter in 2005. Sales for the year ended December 31, 2006 increased 3.8% to $859.1 million from $827.7 million in 2005. Comparable-store sales in 2006 decreased 6.7% for the fourth quarter and increased 1.8% for the year.

Clarence H. Smith, president and chief executive officer, said, "Our fourth quarter results were driven by lower sales along with the continuation of our fixed costs at planned levels. Gross profit margins for the quarter were better than the fourth quarter in the prior year and the highest of any 2006 quarter. We attribute this to the strength of our product line-up and our cautious approach to making changes in our pricing and promotional plans.

"SG&A costs increased 3% on a dollar basis over the prior year's quarter but were flat on a sequential basis with the third quarter of 2006. Our payroll costs were greater in the current quarter than in the prior year and advertising expense was also higher as we incurred costs associated with our new marketing campaign.


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