The following is a summary of the Haverty Furniture Companies, Inc. (HVT) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Haverty Furniture posted Q1 sales of $184 million, down by 18.1% with comparable store sales also down by 18.5%.

• Company managed to produce a pre-tax profit of $3.2 million, a substantial decrease from $15.4 million compared to the same quarter last year.

• Gross profit margin increased by 120 basis points to 60.3% due to product selection and merchandising mix.

• SG&A expenses fell by $9 million or 7.6%, to $109.4 million.

• Net income for Q1 2024 was $2.4 million or $0.14 per share, versus a net income of $12.4 million or $0.74 per share during same period last year.

• Haverty's strong balance sheet demonstrated over $100 million in cash, allowing for a dividend increase of 6.7% marking the 12th year of consistent dividend raises.

Business Progress:

• Haverty Furniture continues to gain market share, despite a challenging economic environment, made important moves including zero funded debt and positioning in key growth markets.

• The company invested in store growth and critical upgrades to both store and operating systems in order to enhance customer service.

• Major remodel projects are underway in key markets, with completion expected next month.

• Five new stores will be opened each year in 2024 and 2025, expanding presence in multiple market areas.

• The company seeks to establish stronger foothold in Texas, planning stores in The Woodlands area and another at Baybrook Village.

• Haverty unveiled a marketing campaign, 'FURnishing Happiness,' to boost customer experience and store traffic, focusing on choices, quality, design, and service.

• Haverty Furniture has expanded into outdoor furniture, with positive early results.

• Baths and dining room sales remain sluggish, while bedding sales are stable. The company is preparing to release several new products.

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