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HAVERTY FURNITURE COMPANIES, INC. REPORTS 1993 THIRD QUARTER RESULTS

 ATLANTA, Oct. 19 /PRNewswire/ -- Haverty Furniture Companies, Inc. (NASDAQ-NMS: HAVT HAVTA) today reported a 14.9 percent gain in sales and sharply higher earnings for the third quarter ended Sept. 30 as compared to the same period last year.
 Net sales for the third quarter totaled $81.2 million, up 14.9 percent from $70.6 million in the year-earlier period. Net income for the quarter was $2.4 million, more than double the $1.1 million reported a year ago. Earnings per share increased to $.21 vs. $.13 per share in the third quarter of 1992.
 The third quarter results brought net sales for the first nine months to $230.8 million, up 15.4 percent from $200.0 million in the year-earlier period. Net income for the first nine months almost tripled to $5.8 million, or $.56 per share, compared with $2.0 million, or $.23 per share in the first nine months of 1992.
 Share and per share amounts for the third quarter and first nine months of 1992 have been adjusted to reflect the 3-for-2 stock split distributed in June 1993.
 "We achieved a 15.0 percent gain in comparable-store sales for the third quarter," remarked Frank S. McGaughey Jr., president and chief executive officer. "That brought comparable sales up 13.5 percent through the first nine months. We are pleased with this strong performance, considering the softness in the general economy and in overall consumer confidence thus far in 1993. Haverty's is clearly benefiting from the broad marketing initiatives we have implemented including offering upscale lines of furniture, enhancing the retail presentation of this merchandise through store remodelings and expanding the size of our showrooms in key markets."
 McGaughey said: "Our earnings through the first nine months of this year of $0.56 per share have already exceeded the earnings of $0.53 per share for the full year of 1992, and we are encouraged about the outlook for the remainder of 1993. Thirteen showrooms have been remodeled with our upscale interior look thus far this year and, by the end of 1993, approximately half of our showrooms will incorporate this upscale presentation. In addition, a promotionam?e for this fall season which is gaining positive publicity and favorable consumer response is the 'Haverty House' concept of fully decorated model houses that was advertised in the October issue of Southern Living magazine in a special 16-page section."
 Haverty's currently operates 87 retail furniture showrooms in 11 states throughout the Southeast and Southwest, including one store dedicated to the Thomasville line and 19 stores which feature Thomasville gallery displays. 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)(a)
 (Unaudited)
 3 mos. ended Sept. 30 1993 1992
 Net sales $81,179 $70,622
 Credit service charges 2,638 2,515
 Income before income taxes $ 3,849 $ 1,787
 Provision for income taxes 1,453 661
 Net income $ 2,396 $ 1,126
 Earnings per share $ .21 $ .13
 Weighted avg. shares
 outstanding(a) 11,397 8,508
 9 mos. ended Sept. 30 1993 1992
 Net sales $230,789 $200,028
 Credit service charges 7,805 7,980
 Income before income taxes $ 9,303 $ 3,142
 Provision for income taxes 3,471 1,162
 Net income $ 5,832 $ 1,980
 Earnings per share $ .56 $ .23
 Weighted avg. shares
 outstanding(a) 10,468 8,488
 (a) All share and per share amounts reflect retroactive adjustment for a 3-for-2 stock split in June 1993.
 -0- 10/19/93
 /CONTACT: Dennis L. Fink, senior vice president & CFO, Haverty Furniture Companies, 404-881-1911/
 (HAVT HAVTA)


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

RA-CF -- AT008 -- 3831 10/19/93 10:07 EDT
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Publication:PR Newswire
Date:Oct 19, 1993
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