Haverty Reports Net Loss for 3Q
Atlanta Haverty Furniture Cos. Thursday reported a net loss for the third quarter ended Sept. 30, of $1.5 million, as compared to third quarter 2007 net earnings of $643,000.
Net sales for the third quarter of 2008 were $175.6 million, down 12.5% from the year-ago period. Same-store sales declined 14.9% for the quarter.
“We have seen more deterioration in consumer spending for big-ticket purchases and the current outlook for the near term continues to be difficult,” said Clarence H. Smith, president and CEO.
Our strategy to maintain a strong balance sheet and contain costs has proven to be particularly prudent,” Smith continued. “Subsequent to the end of the third quarter, all of our borrowings were repaid and we are closely managing our inventories.”
For the nine months ended Sept. 30, the net loss was $2.8 million vs. net income of $123,000 for the same period in 2007.
Report: Target launches new fashion program
NEW YORK According to reports, Target is launching a new fashion program, Target Designer Collaborations, with an apparel line by Alexander McQueen.
The McQueen collection, called McQ Alexander McQueen for Target will be available in stores next spring.
Target’s fashion push comes shortly after the company announced that it would limit store openings and would consider a proposal for the spin-off of its real estate business.
Fresh & Easy to open stores in Bakersfield, Calif.
BAKERSFIELD, Calif. Fresh & Easy Neighborhood Market announced it will open its first two stores in Bakersfield, Calif. on Dec. 3. Fresh & Easy currently has five announced locations in Kern County.
“At Fresh & Easy, we offer fantastic products at incredible prices so you don’t have to compromise on what you feed your family,” said Fresh & Easy ceo Tim Mason. “We look forward to bringing great jobs and quality, affordable food to neighborhoods in Kern County.”