ATLANTA – Total written sales for retailer Havertys were up 22.8% for the third quarter 2020 which ended on Sept. 30.
The company also reported earnings per share of 97 cents compared with 31 cents in the third quarter of last year. Overall sales for Havertys rose 3.9%, while comparable-store sales increased by 4%, and written comparable store sales rose 22.6%.
“Our written business since reopening in May has been at a record pace,” said Clarence H. Smith, Havertys president and CEO. “We had increases in all sales and key financial metrics in the third quarter compared to last year.”
Smith said the surge in demand for home furnishings and the impact of coronavirus on production, when coupled with shipping complications, has generated supply chain challenges.
“We believe our vendor relationships and system capabilities are a competitive advantage in accelerating receipt of product and setting delivery dates with customers,” Smith added. “Increasing our staffing to appropriately serve our customer is a key near-term focus, and we continue to enhance our online shopping and buying experience.”
Smith added that the company cannot predict the duration of the dynamic business shift or its long-term impact on the home furnishings industry, but he believes that Havertys has the resources to capitalize on the changing retail landscape.
Havertys expects sales of $217.5 million for 2020 compared to $209.3 million for 2019. The company also expects gross profit margins for the fourth quarter of 2020 as a percent of sales will be comparable to the third quarter of 2020 based on current estimates of product and freight costs.
The Atlanta-based retailer also expects to open a location in a new market — Myrtle Beach, S.C. — in early March 2021.
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