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Havertys Furniture Companies Inc. (HVT) stock gains during after-hour trading, Here’s to know why?

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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.

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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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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.

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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.

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