Havertys posts strong Dec. gains
By Furniture Today Staff -- Furniture Today, January 12, 2004
ATLANTA — Three home furnishings retailers reported mixed results for the holiday period, with Havertys posting its best month ever.
Same-store sales for 113-store Havertys increased 9.9% in December over a year ago, while total sales grew 14.2% to $72.2 million for the month. For the year, sales rose 5.8% to $744.6 million and same-store sales were up 1%.
In December, Havertys saw improved margins thanks to gains by its private-label brand — with sales up 116% over December a year ago — and "improved overall pricing discipline," said President and Chief Executive Officer Clarence Smith.
Meanwhile, The Bombay Company and Pier 1 Imports were either hurt by same-store sales declines or disappointed in their performance.
Bombay's same-store sales rose 3% in the five weeks ended Jan. 3, but heavy promoting hurt the bottom line. Through 48 weeks of its fiscal year, revenues grew 21% to $558.3 million while same-store sales rose 15%.
Pier 1 cited a 4.9% decrease in same-store sales for the five weeks ended Jan. 3. Total sales increased 4.5% to $300.2 million. Through 10 months of its fiscal year, sales are up 6% to $1.6 billion, and same-store sales are down 2.5%.
Like Bombay, Pier 1 said sales didn't pick up until the last two weeks of December.
| Retailers report December sales | |||
|---|---|---|---|
| Dollar amounts in millions | |||
| Company | Sales | Change | Same-store change |
| 1. For the five weeks ended Jan. 3, 2004. Source: Retailers |
|||
| Pier 1 Imports1 | $300.2 | 4.5% | -4.9% |
| Bombay1 | $111.1 | 12.0% | 3.0% |
| Havertys | $72.2 | 14.2% | 9.9% |
