ATLANTA — Havertys stated its earnings for the second quarter, ended June 30, have been pushed by “stable gross margin enchancment and a focus to working prices.”
Internet gross sales for the interval have been $253.2 million, up 1.3% from the same period in 2021. Comp-store gross sales have been up 1.1%, and complete written gross sales have been down 13.3% for the quarter.
Gross revenue margins elevated 130 foundation factors to 57.9% for this yr’s second quarter, which the corporate attributed to pricing self-discipline and merchandise combine.
Internet earnings for the corporate was $21.7 million, down 5% yr over yr from final yr’s $22.9 million. Nonetheless, Havertys experiences earnings per share of $1.27, up from $1.21 final yr.
“These outcomes are notably gratifying as we’re evaluating with final yr’s record-setting progress,” stated Clarence H. Smith, chairman and CEO, within the earnings report. “Provide chains points are subsiding, and we’re restoring our working stock ranges and lowering our backlog of orders.”
Smith famous that Havertys is seeing customers return to their historical spending patterns, with concentrations round conventional vacation occasions. “Now we have had declines in in-store visitors and outdoors these peak durations, and our written enterprise was down 13.3% for the quarter in contrast with final yr,” he stated.
Whereas Smith stated Havertys believes customers are nonetheless investing of their residence, he famous that the second half of 2022 may see that spending impacted by rising inflation, market volatility and geopolitical issues.
The corporate tasks gross revenue margins for 2022 will likely be between 57.7% and 58%. It additionally famous that fastened and discretional bills inside SG&A for the yr are anticipated to be between $293 million and $295 million, reflecting modifications in earlier steerage for advertising spend and will increase in promoting and supply prices.
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