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HAVERTY FURNITURE COMPANIES, INC. REPORTS 1991 RESULTS

HAVERTY FURNITURE COMPANIES, INC. REPORTS 1991 RESULTS
 ATLANTA, Feb. 14 /PRNewswire/ -- Haverty Furniture Companies, Inc. (NASDAQ-NMS: HAVT HAVTA) today reported lower sales and earnings for the fourth quarter and year ended Dec. 31, 1991.
 Net sales for the fourth quarter totaled $64.9 million compared with $70.3 million in the year-earlier period. Net income for the quarter was $958,000, or $0.17 per share, vs. $2.6 million, or $0.46 per share, a year ago.
 For the year, net sales amounted to $246.4 million compared with $250.4 million in 1990. Net income for 1991 totaled $2.2 million, or $0.40 per share, compared with $6.4 million, or $1.13 per share, in the prior year.
 Commenting on the results, Frank S. McGaughey Jr., president and chief executive officer, said: "We did receive a positive contribution during 1991 from showrooms open less than one year, but a decline of 4.5 percent in same-store sales more than offset that benefit. The overall trend in consumer spending on home furnishings remained very weak throughout the year, including the fourth quarter which is generally a seasonally strong period.
 "To counter this lower level of demand we have continued aggressive promotional programs, particularly credit promotions which were used extensively in the fourth quarter. There have been indications of greater demand since the beginning of 1992, but the pattern of gains is too tentative to conclude that this trend is sustainable. As a result, we remain very selective in evaluating opportunities for new showrooms. We plan to open one new unit in Raleigh, North Carolina, later this month and a replacement unit in Stuart, Florida, in May. Our capital spending remains focused primarily on refurbishing existing stores which includes installing the new upscale interiors program that has proven to be very successful. This merchandising approach is now in place in 13 showrooms, and initial plans are to expand that number to 23 by the close of this year."
 McGaughey concluded: "The difficulty of the current operating environment has clearly accelerated the consolidation which has been occurring within all sectors of the home furnishings industry.
 "Although this downturn is impacting our current earnings, Haverty's strong financial resources are supporting our efforts to strengthen the company's basic competitive position. Fundamental demographic trends favor rising expenditures for home furnishings over the next several years, and we believe our locations and enhanced operating systems will enable us to participate fully in an upturn in demand."
 Haverty currently operates 87 retail furniture showrooms in 11 states throughout the Southeast and Southwest. The company's two classes of common shares are traded on the NASDAQ National Market System under the symbols HAVT and HAVTA.
 HAVERTY FURNITURE COMPANIES, INC.
 FINANCIAL HIGHLIGHTS
 (In thousands, except per share data)
 3 mos. ended 12/31/91 12/31/90 Pct. chg.
 (unaudited)
 Net sales $64,914 $70,253 (7.6)
 Other customer revenues,
 principally credit
 service charges 2,860 2,465 16.0
 Income before income taxes $ 1,520 $ 3,475 (56.3)
 Provision for income taxes 562 848 (33.7)
 Net income $ 958 $ 2,627 (63.5)
 Earnings per share $ .17 $ .46 (63.0)
 Avg. shares outstanding 5,648 5,679 (0.5)
 Cash dividends per share:
 Common stock $ .095 $ .095 ---
 Class A common stock .09 .09 ---
 Year ended 12/31/91 12/31/90 Pct. chg.
 Net sales $246,390 $250,448 (1.6)
 Other customer revenues,
 principally credit
 service charges 11,566 10,351 11.7
 Income before income taxes $ 3,555 $ 8,795 (59.6)
 Provision for income taxes 1,315 2,364 (44.4)
 Net income $ 2,240 $ 6,431 (65.2)
 Earnings per share $ .40 $ 1.13 (64.6)
 Avg. shares outstanding 5,661 5,701 (0.7)
 Cash dividends per share:
 Common stock $ .38 $ .37 2.7
 Class A common stock .36 .35 2.9
 -0- 2/14/92
 CONTACT: Robert P. Whitaker, senior vice president - Finance of Haverty Furniture Companies, 404-881-1911
 (HAVT HAVTA)
CO: HAVERTY FURNITURE COMPANIES, INC.
IN: REA
SU: ERN
ST: GEORGIA (GA)


-- AT002 -- 9089 02/14/92
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Date:Feb 14, 1992
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/C O R R E C T I O N -- HAVERTY FURNITURE COMPANIES, INC./(Correction Notice)

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