Havertys Updates Second Quarter Sales and Share Repurchase Program

ATLANTA, June 15, 2016 (GLOBE NEWSWIRE) -- HAVERTYS (NYSE:HVT) and (NYSE:HVT.A) today reported members of the company's senior management are scheduled to meet on June 16th in New York City and June 21st in Boston with institutional investors and discuss the company’s operations. In anticipation of these meetings, Havertys released updated sales and share repurchase information.

Havertys sales for the second quarter to date of 2016 are up approximately 3.6% over the same period last year and comparable store sales are up 3.2%. Total written sales for the second quarter to date of 2016 are up approximately 7.0% and written comparable store sales rose 6.7% over the same period last year. Havertys' stores are closed for Easter and the positive impact on second quarter to date written sales from the holiday occurring in March this year versus April last year is estimated at 1.9%.

The company repurchased 1,149,042 shares of its common stock during the second quarter for approximately $21.0 million. The repurchases were made in accordance with announced authorizations approved by the company's board of directors. The company has a remaining authorization of less than $0.1 million for share repurchases.

"Our written comparable store sales in the second quarter reflect a very strong pace through the Memorial Day holiday sales period, partly offset by softer written business in early June," said Clarence Smith, chairman, president and chief executive officer. "We plan to continue returning value to our shareholders through opportunistic share repurchases, regular quarterly dividends and periodic special dividends," Smith concluded.

The Company plans to announce second quarter 2016 sales on Friday, July 8, 2016, before the market opens and second quarter financial results on Monday, August 1, 2016, after the market closes.

About Havertys

Havertys (NYSE:HVT) and (NYSE:HVT.A), established in 1885, is a full-service home furnishings retailer with 122 showrooms in 16 states in the Southern and Midwestern regions providing its customers with a wide selection of quality merchandise in middle to upper-middle price ranges. Additional information is available on the company’s website havertys.com.

News releases include forward-looking statements, which are subject to risk and uncertainties. Factors that might cause actual results to differ materially from future results expressed or implied by such forward-looking statements include, but are not limited to, general economic conditions, the consumer spending environment for large ticket items, competition in the retail furniture industry and other uncertainties detailed from time to time in the Company’s report filed with the SEC.

Contact: Haverty Furniture Companies, Inc., 404-443-2900 Dennis L. Fink EVP & CFO Jenny Hill Parker SVP, Finance, Secretary and Treasurer

Source:Haverty Furniture Companies, Inc.