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HAVERTY FURNITURE COMPANIES REPORTS 1992 SECOND QUARTER RESULTS

 HAVERTY FURNITURE COMPANIES REPORTS 1992 SECOND QUARTER RESULTS
 ATLANTA, July 23 /PRNewswire/ -- Haverty Furniture Companies, Inc. (NASDAQ-NMS: HAVT, HAVTA) today reported increased sales but lower earnings for the second quarter and six months ended June 30.
 Net sales for the second quarter totaled $63.4 million compared with $57.8 million in the year-earlier period. Net income for the three months was $132,000, or $0.02 per share, vs. $286,000, or $0.05 per share, a year ago. For the first half of 1992, net sales amounted to $129.4 million vs. $119.7 million in the year-earlier period. Net income for the first six months totaled $854,000, or $0.15 per share, compared with $883,000, or $0.16 per share, in the first half of 1991.
 Commenting on the results, Frank S. McGaughey Jr., president and chief executive officer, said: "The company's performance so far in 1992 reflects that demand for home furnishings remains highly influenced by promotions at the retail level. During the second period we recorded a gain of 9.4 percent in same-store sales which actually represented an acceleration from the 5.8 percent increase in the first period. The higher same-store sales underscore an encouraging trend in customer traffic, but much of that growth was stimulated by credit and selected price promotions. The result was sharp pressure on operating margins and nominal profit for the quarter.
 "We have experienced more consistent growth geographically, but several regions are comparing against very sluggish results from a year ago. We continue to believe that the economic recession led to a considerable deferral of furniture purchases, and a more positive tone of consumer confidence will translate into significantly improved results for Haverty's."
 McGaughey noted that the company is continuing its selective expansion program. He said: "A new showroom was opened in the Port St. Lucie area of Florida as a replacement for a smaller showroom in Stuart, Florida. A new store is planned for the fourth quarter in Naples, Florida.
 "During the second quarter, six existing showrooms were refurbished with our new upscale interiors look and/or Thomasville Galleries and seven more are planned by the end of this year. We are experiencing sound sales gains from this refurbishing effort and are pleased with the initial results of the Thomasville Gallery program."
 Haverty's currently operates 86 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 6/30/92 6/30/91 Pct. chg.
 Net sales $63,415 $57,775 9.8
 Other customer revenues,
 principally credit
 service charges 2,639 2,852 (7.5)
 Income before income taxes $ 209 $ 453 (53.9)
 Provision for income taxes 77 167 (53.9)
 Net income $ 132 $ 286 (53.8)
 Earnings per share $ .02 $ .05 (60.0)
 Avg. shares outstanding 5,657 5,665 (0.1)
 Cash dividends per share:
 Common stock $ .095 $ .095 ---
 Class A common stock .09 .09 ---
 6 mos. ended 6/30/92 6/30/91 Pct. chg.
 Net sales $129,406 $119,714 8.1
 Other customer revenues,
 principally credit
 service charges 5,465 5,660 (3.4)
 Income before income taxes $ 1,355 $ 1,401 (3.3)
 Provision for income taxes 501 518 (3.3)
 Net income $ 854 $ 883 (3.3)
 Earnings per share $ .15 $ .16 (6.3)
 Avg. shares outstanding 5,651 5,671 (0.4)
 Cash dividends per share:
 Common stock $ .19 $ .19 ---
 Class A common stock .18 .18 ---
 -0- 7/23/92
 /CONTACT: Roger P. Whitaker, senior vice president and CFO of Haverty Furniture Companies, 404-881-1911/
 (HAVT HAVTA) CO: Haverty Furniture Companies, Inc. ST: Georgia IN: REA SU: ERN


EA-BN -- AT012 -- 2564 07/23/92 13:10 EDT
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Date:Jul 23, 1992
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