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HAVERTY FURNITURE COMPANIES, INC. REPORTS 1992 FIRST QUARTER RESULTS

HAVERTY FURNITURE COMPANIES, INC. REPORTS 1992 FIRST QUARTER RESULTS
 ATLANTA, April 22 /PRNewswire/ -- Haverty Furniture Companies, Inc. (NASDAQ-NMS: HAVT, HAVTA) today reported sales and earnings for the first quarter ended March 31.
 Net sales for the first three months of 1992 totaled $66.0 million, up 6.5 percent from $61.9 million in the year-earlier period. Net income for the quarter was $722,000, up 20.9 percent from $597,000 a year ago; and earnings amounted to $0.13 per share, an increase of 18.2 percent from $0.11 per share in the first quarter of 1991.
 Commenting on the results, Frank S. McGaughey Jr., president and chief executive officer, said: "During the first period we recorded a 5.8 percent gain in same-store sales. This is the first quarter since the fourth period of 1990 in which our same-store sales have increased over the year-earlier level. Although we are encouraged by this positive comparison, we have not found the pattern of gains thus far in 1992 to be consistent either from month to month or within the geographic regions in which we operate.
 "Our strategy remains to use this period of inconsistent demand for home furnishings to further position Haverty's for what should be a rising trend in consumer spending over the next several years. The opening of a showroom in Raleigh, North Carolina in February represents our ongoing intent to expand selectively into attractive new areas. We are also maintaining an active program to refurbish existing showrooms by installing an upscale interiors look that has proven successful in stimulating sales."
 McGaughey concluded: "Our planning for 1992 anticipates an environment, particularly in the first half, in which aggressive promotions are necessary to generate satisfactory sales growth. Results so far certainly bear out those expectations and add to our conviction that significantly improved results may be achieved with a sustained rise in consumer expenditures."
 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 months ended March 31 1992 1991 Pct. increase
 (decrease)
 Net sales $65,991 $61,939 6.5
 Other customer revenues,
 principally credit
 service charges 2,826 2,808 0.6
 Income before income taxes 1,146 948 20.9
 Provision for income taxes 424 351 20.8
 Net income 722 597 20.9
 Earnings per share $ .13 $ .11 18.2
 Average shares outstanding 5,646 5,676 ---
 Cash dividends per share:
 Common stock $ .095 $ .095 ---
 Class A common stock .09 .09 ---
 -0- 4/22/92
 /CONTACT: Roger P. Witaker, senior vice president, Finance of Haverty Furniture Companies, 404-881-1911/
 (HAVT HAVTA) CO: Haverty Furniture Companies, Inc. ST: Georgia IN: REA SU: ERN DIV


EA-BN -- AT009 -- 1239 04/22/92 11:58 EDT
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Publication:PR Newswire
Date:Apr 22, 1992
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