Haverty sales growth falls short of guidance provided last week

Haverty sales growth falls short of guidance provided last week

Haverty Furniture Companies Inc. HVT, -1.02% reported Friday third-quarter sales growth that was below guidance provided a little over a week ago. The stock was still inactive in premarket trade. The home furnishings retailer said third-quarter sales rose 1.4% to $210.5 million, below the FactSet consensus of $212.4 million, while same-store sales rose 2.6% from a year ago. After the Sept. 26 close, the company said third-quarter sales were up 3.5% quarter to date and same-store sales were up 4.5%. Total written sales were up 1.8%, compared with the previous estimate of 1.4% growth, while written same-store sales increased 2.6% versus the previous projection of a 2.3% rise. The company noted sales are recognized upon delivery to the customer. The stock has lost 5.9% year to date, while the SPDR S&P Retail ETF XRT, -0.96% has gained 7.8% and the S&P 500 SPX, -0.82% has advanced 8.5%.

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