Havertys Furniture Companies Inc. (NASDAQ: HVT) stock declined by 0.39% at last close whereas the HVT stock price gains by 4.6% in the after-hours trading. Havertys, founded in 1885, is a full-service home furnishings company with 121 showrooms in 16 states in the Southern and Midwestern regions, offering a diverse assortment of high-quality products in the mid to upper price ranges to its consumers.
Financial Highlights of HVT stock
Havertys Furniture Companies has announced its second-quarter 2021 financial results. Given below is the summary.
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- Due to COVID-19 in 2020, they closed their stores on March 19, reopened 103 on May 1, and the remaining 17 on June 20. On March 21, deliveries were suspended and resumed on May 5 with reduced capacity.
- For the quarter, net sales increased by 127.3 percent, while comp-store sales increased by 46.9%. In the two-month period of May-June 2021, total written sales increased 18.8% over the same time in 2020.
- Due to price discipline, gross profit margins improved 240 basis points to 56.6 percent in 2021 from 54.2 percent in the same period of 2020, partially offset by a higher charge for our LIFO reserve.
- SG&A expenditures fell from 66.1 percent to 45.0 percent of sales, although SG&A dollars rose by $39.8 million.
- Operating activities generated $57.6 million in cash, owing to strong results, a $29.9 million rise in client payments from written orders, and the funding of a $25.1 million increase in inventory.
- At June 30, 2021, the company had $235.3 million in cash and cash equivalents.
Clarence H. Smith, chairman, and CEO commented,
The second quarter’s sales were excellent, and they have made some headway in decreasing their backlog. Customers are demonstrating a higher preference for in-stock purchases as “pandemic patience” appears to be wearing out. HVT has experienced this in their upholstery company, where bespoke goods lead times have increased dramatically and sales have switched from special order to inline merchandise. The mattress category saw a rise in sales this quarter as product availability strengthened.
The merchandising and supply-chain groups have worked tirelessly to adjust to the present climate of product shortages, price hikes, production delays, freight surges, and erratic cargo transportation. Despite these difficulties, they were able to attain gross profit margins of 56.6 percent in the second quarter.