Atlanta – Havertys reported declining year-over-year net income and sales during the first quarter of fiscal 2014, which the retailer attributed to a 0.9% drop in same-store sales and out-of-period gross profit adjustment in the first quarter of fiscal 2013. The company still plans to open three new stores in its largest markets.
Net income dropped 26% to $6.13 million, from $8.26 million. Net sales declined 2% to $181.7 million, from $186.1 million.
“Our store growth and repositioning is well underway as we work to open three new stores in our largest markets, including a smaller format designed for dense urban areas,” said Clarence H. Smith, chairman, president and CEO. “These combined with the three store relocations and two closures will increase our retail square footage about 1.8% by the end of 2014. We believe measured expansion and our ongoing focus on the customer and her Havertys shopping experience will provide growth in the near and long term."