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HAVERTY FURNITURE COMPANIES, INC. REPORTS 1993 FIRST QUARTER RESULTS

 ATLANTA, April 19 /PRNewswire/ -- Haverty Furniture Companies, Inc. (NASDAQ-NMS: HAVT HAVTA) today reported a 17.8 percent gain in sales and more than a doubling in earnings for the first quarter ended March 31 as compared to the same period last year.
 Net sales for the first three months of 1993 totaled $77.7 million, up 17.8 percent from $66.0 million in the year-earlier period. Net income for the quarter was $1.9 million, up 163.4 percent from $722,000 a year ago; and earnings increased to $0.32 per share vs. $0.13 per share in the first quarter of 1992.
 "The favorable momentum in our sales that began during the second half of last year has carried over into 1993," remarked Frank S. McGaughey Jr., president and chief executive officer. "Comparable-store sales were up 15.7 percent for the first quarter. Demand was strong in each month of the quarter throughout the 11-state region in which we operate showrooms.
 "We are benefiting from key initiatives taken to enhance the company's competitive position including the remodeling and expansion of showrooms to incorporate Haverty's upscale interiors program and the introduction of the Thomasville line of products into more stores. These ongoing programs are proving to be very successful in raising our sales productivity. The improvement from a year ago in the overall level of consumer spending is also clearly reflected in our results."
 McGaughey concluded: "The completion of our common stock offering shortly after the close of the first quarter has provided Haverty's with approximately $25 million of additional equity capital. This offering of 1,391,200 shares included 141,200 overallotment shares purchased by the underwriters. The proceeds from the sale of these shares will provide more flexibility and enable us to fund the company's continuing long-term growth."
 Haverty's 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)
 (Unaudited)
 3 mos. ended March 31 1993 1992 Pct. chg.
 Net sales $77,734 $65,991 17.8
 Credit service charges 2,572 2,826 (9.0)
 Income before income taxes $ 3,019 $ 1,146 163.4
 Provision for income taxes 1,117 424 163.4
 Net income $ 1,902 $ 722 163.4
 Earnings per share $ .32 $ .13 146.2
 Avg. shares outstanding 6,025 5,646 6.7
 Cash dividends per share:
 Common stock $ .0975 $ .095 2.6
 Class A common stock .0925 .09 2.8
 -0- 4/19/93
 /CONTACT: Dennis L. Fink, senior vice president, Finance of Haverty Furniture Companies, 404-881-1911/
 (HAVT HAVTA)


CO: Haverty Furniture Companies, Inc. ST: Georgia IN: REA SU: ERN

BN-BR -- AT015 -- 7430 04/19/93 12:59 EDT
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Date:Apr 19, 1993
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