Atlanta Haverty Furniture Cos. reported an earnings plunge in 2007, hurt by weaker sales.
The Atlanta-based furniture retailer had a net income of $1.8 million on $784.6 million in sales, compared with a net income of $16 million on $859.1 million in sales in 2006.
"Early last month we announced that our fourth-quarter sales declined once again in an increasingly difficult macro environment," said Clarence H. Smith, president and CEO. "We face a continued challenge to review all aspects of our business operations and have made good progress in several areas. Good reductions were shown in delivery and administrative expenses for both the quarter and year. Occupancy costs have risen as four new stores were opened during the year and two were relocated to better sites. Expenses for third-party credit promotions have grown as we outsourced a larger portion of financed sales and used more appealing and costly credit offerings."
Havertys has 124 showrooms in 17 states in the South and Midwest.