Haverty Furniture Reports Sales for November

Furniture World Magazine

Haverty Furniture Companies, Inc. reported record sales activity for the month ended November 30, 2002. Havertys' November sales set an all-time record monthly high, increasing 0.9% to $66.3 million, compared with $65.6 million in November 2001. On a comparable-store basis, November sales decreased 4.3%. Comparable-store sales do not include locations opened, closed or otherwise non-comparable during the last 12 months. Sales for the first eleven months of 2002 totaled $640.7 million versus $613.0 million for 2001, representing an increase of 4.5%. On a comparable-store basis, sales increased 1.8% for the first eleven months. "Comparable-store sales for November were off 4.3%, modestly more than the low single-digit percent decrease we had anticipated," said John E. Slater, Jr., CEO. "Total November sales increased 0.9% as we achieved a new all-time monthly record of $66.3 million, surpassing the level set this same month a year ago in which total sales had increased 6.2%. "We were pleased that we did have a fairly normal seasonal pick up in total sales for November with a sequential increase of 12.4% over October. Also, gross margins for the month were once again ahead of plan. We remain encouraged about our strong position in the markets we serve as well as the recent rally in stock market values, which is often a precursor to better overall economic growth," Slater concluded. Havertys is a full-service home furnishings retailer with 111 showrooms in 14 southern and central states 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 at www.havertys.com.