Havertys sales drop in Q1

Atlanta – Havertys reported a 2.5% drop in sales during the first quarter of fiscal 2014 compared to the same period in the prior year, falling to $181.4 million from $186.1 million. Same-store sales declined 0.9%.

Clarence H. Smith, chairman, president and CEO of Havertys, said severe winter weather did not negatively impact all of Havertys locations.

"Our first quarter total sales were 2.5% below last year with comparable store sales down slightly,” said Smith. “Last year's first quarter comparable store sales were up 11.5%. The severe winter weather did not impact 30 of our more southern locations, which posted increased comparable store sales of 7.3% for the quarter. We have not altered our promotional stance and gross profit product margins should be in line with our previous guidance.”

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