Haverty Furniture Companies, Inc. (HVT) experiences a rise of 4.42% in the aftermarket. However, the last trading session closed at $32.32 with an increase of 3.76%.
Third Quarter 2021 Results
HVT announced third quarter 2021 results on 28th October 2021. The sales grew 19.7% to $260.4 million, more than $217.5 million in 2020 wheres the sales at comparable stores climbed by 17.7%. In comparison to $209.3 million in 2019, sales for 2021 climbed by 24.4 percent. Moreover, written business is down around 3.5 percent compared to the same period last year, but 20.9 percent up as compared to 2019. As far as written business is concerned, it increased by 22.8 percent and 16.7 percent, respectively, over the previous year.
For 2021, the company anticipates gross profit margins of 56.5 percent to 56.8%. Furthermore, changes in product and freight prices, as well as their influence on our LIFO reserve, are used to calculate the expected gross profit margins. Due to growing warehousing, compensation, and benefit costs, SG&A fixed and discretionary expenses are estimated to be in the $278.0 to $281.0 million range for the full year of 2021. Lastly, variable SG&A expenditures are expected to be in the 17.0 percent to 17.3 percent range for the full year of 2021.
Third Quarter Sales Performance
HVT revealed updated sales figures on 20th September 2021. HVT’s sales in the third quarter of 2021 have increased by about 21.2 percent over the same period last year, with comparable-store sales up 19.5 percent. Written business is up 2.7 percent in the third quarter compared to the same period last year. This rate of business compared to revenue growth of 3.9 percent and written business growth of 22.8 percent in the third quarter of 2020 over the same time in 2019.
As the company works to fulfill customers’ orders and help them construct their idea of home, the business continues to be robust. Last but not least, Merchandise availability has an influence on our company, and supply chain interruptions are a problem.
Second Quarter 2021 Results
HVT reported second-quarter 2021 results on 27th July 2021. According to the report, the company shuttered the stores on March 19th, 2020, due to COVID-19, and 103 of them reopened on May 1st, with the remaining 17 locations reopening on June 20th. On March 21, deliveries were interrupted, and on May 5, they resumed with reduced capacity. Moreover, the total sales will be $250.0 million, up from $110.0 million in 2020. However, the sales jumped 46.9% in comparable stores.
The second quarter’s sales were excellent, and HVT made some headway in lowering the backlog. The company has witnessed that sales have migrated from special orders to inline merchandise. The mattress category saw a rise in sales this quarter as product availability improved. Furthermore, the marketing and supply-chain teams have done an outstanding job responding to the present climate of product shortages, price hikes, production delays, freight rises, and unstable cargo delivery. Lastly, despite these difficulties, the company was able to attain gross profit margins of 56.6 percent in the second quarter.