UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K

Current Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of Earliest Event Reported): February 24, 2025 (February 24, 2025)


graphic

Haverty Furniture Companies, Inc.
(Exact Name of Registrant as Specified in Its Charter)

1-14445
(Commission File Number)

Maryland
58-0281900
(State or Other Jurisdiction of Incorporation)
(I.R.S. Employer Identification No.)

780 Johnson Ferry Road, NE, Suite 800
Atlanta, Georgia 30342
(Address of principal executive offices, including zip code)

(404) 443-2900
(Registrant’s telephone number, including area code)

NOT APPLICABLE
(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class
  
Trading
Symbol(s)
  
Name of each exchange on which registered
Common Stock
HVT
NYSE
Class A Common Stock
HVTA
NYSE

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter):

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐


Item 2.02   Results of Operations and Financial Condition

On February 24, 2025, Havertys issued a press release regarding its results of operations for the quarter and year ended December 31, 2024. A copy of the press release is furnished as Exhibit 99.1. The attached Exhibit 99.1 is not filed but is furnished to comply with Regulation FD. The information disclosed in this Item 2.02 Current Report on Form 8-K is not considered to be “filed” for purposes of Section 18 of the Securities and Exchange Act of 1934 and is not subject to the liabilities of that section.


Item 9.01   Financial Statements and Exhibits

(d)  Exhibits.  The following exhibit is furnished as part of this Report:


Exhibit Number
  
 
Description of Exhibit (Commission File No. 1-14445)
 
Press Release dated February 24, 2025 issued by Registrant.
104
  
Cover Page Interactive Data File (Embedded within the Inline XBRL document).






SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

   
HAVERTY FURNITURE COMPANIES, INC.
 
February 24, 2025
 
By:
 
graphic
   
Richard B. Hare
Executive Vice President, Chief Financial Officer and Corporate Secretary



EXHIBIT 99.1


Havertys Reports Operating Results for Fourth Quarter 2024

ATLANTA, GA / ACCESSWIRE / February 24, 2025 / HAVERTYS (NYSE: HVT) and (NYSE: HVT.A), today reported its operating results for the fourth quarter ended December 31, 2024.

Fourth quarter 2024 versus fourth quarter 2023:

•
Diluted earnings per common share (“EPS”) of $0.49 versus $0.90.
•
Consolidated sales decreased 12.5% to $184.4 million. Comparable store sales decreased 13.7%.
•
Gross profit margin of 61.9% versus 62.4%.

FY 2024 versus FY 2023:

•
Diluted earnings per common share (“EPS”) of $1.19 versus $3.36.
•
Consolidated sales decreased 16.1% to $722.9 million. Comparable store sales decreased 16.7%.
•
Gross profit margin was 60.7% for 2024 and 2023
•
Pre-tax income of $26.2 million versus $72.7 million.

Steven G. Burdette, President and CEO, said, "Our team remained disciplined in managing our operations and executing our growth strategies, even amidst the housing slowdown. We achieved our goal of opening five net new stores in 2024, with a notable return to the Houston, TX market after approximately 40 years, where we now have two stores.

In 2024, we returned $25.5 million of capital to our shareholders. We purchased $5.0 million in common shares and paid quarterly dividends of $20.5 million, marking another year of annual dividend payouts. Our prudent capital management underscores our dedication to delivering value to our shareholders.

As we celebrate our 140th year, we remain focused on our strategies for store growth, merchandising, and marketing, which are key to Havertys' long-term success. Our strong balance sheet and financial stability provide a solid foundation for continued growth investment, positioning us to benefit when the economic cycle improves."




NEWS RELEASE – February 24, 2025
Page 2


Fourth Quarter ended December 31, 2024 Compared to Same Period of 2023
•
Total sales down 12.5%, comp-store sales down 13.7% for the quarter. Total written sales were down 6.7% and written comp-store sales declined 8.7% for the quarter.
•
Design consultants accounted for 31.8% of written business in 2024 and 29.2% in 2023.
•
Gross profit margins decreased 50 basis points to 61.9% in 2024 from 62.4% in 2023. In 2024, the positive impact generated by the change is LIFO reserve was $0.9 million compared to $2.8 million in 2023.
•
SG&A expenses were 57.4% of sales versus 54.4% and decreased $8.9 million. The primary drivers of this change are:
•
decrease of $4.3 million in selling expenses due to lower commissioned-based compensation and third-party credit costs.
•
decrease in warehouse, transportation, and delivery costs of $3.3 million  primarily from reduced labor and fuel costs.
•
decrease of $1.7 million in administrative expenses due to lower incentive and stock based compensation costs.
•
increase of $1.1 million in occupancy expenses primarily due to depreciation expense.

Balance Sheet and Cash Flow

•
Cash, cash equivalents, and restricted cash equivalents at December 31, 2024 are $126.3 million.
•
Generated $58.9 million in cash from operating activities primarily from earnings and  changes in working capital, including a $10.5 million decrease in inventories, a $4.9 million increase in customer deposits, a $7.1 million decrease in other assets and liabilities and $11.4 million decrease in accrued liabilities and vendor repayments.
•
Invested $32.1 million in capital expenditures.
•
Purchased 214,500 shares of common stock for $5.0 million.
•
Paid $20.5 million in quarterly cash dividends in 2024.
•
No debt outstanding at December 31, 2024 and credit availability of $80.0 million.

Expectations and Other
•
We expect gross profit margins for 2025 will be between 60.0% to 60.5%. Gross profit margins fluctuate quarter to quarter in relation to our promotional cadence. Our estimated gross profit margins for 2025 are based on anticipated product and freight costs and the marginal impact on our LIFO reserve as compared to the prior years.
•
Fixed and discretionary expenses within SG&A for the full year of 2025 are expected to be in the $291.0 to $293.0 million range. The increases over 2024 are primarily from costs associated with our store growth and inflation. Variable SG&A expenses for the full year of 2025 are anticipated to be in the 19.0% to 19.3% range. Variable expense increases over 2025 are primarily inflationary driven.
•
Our effective tax rate for 2025 is expected to be 26.5% excluding the impact of discrete items and any new tax legislation.
•
Planned capital expenditures are approximately $27.1 million in 2025.




NEWS RELEASE – February 24, 2025
Page 3


Key Results
(amounts in millions, except per share amounts)

Results of Operations
                        
   
Three Months Ended
December 31,
    
Twelve Months Ended
December 31,
  
   
2024
    
2023
    
2024
    
2023
  
Sales
  
$
184.4
    
$
210.7
    
$
722.9
    
$
862.1
  
Gross Profit
    
114.2
      
131.4
      
439.1
      
523.1
  
Gross profit as a % of sales
    
61.9
%
    
62.4
%
    
60.7
%
    
60.7
%
                                 
SGA
                                
Variable
    
34.8
      
42.3
      
139.8
      
170.5
  
Fixed
    
71.0
      
72.4
      
279.4
      
285.3
  
Total
    
105.8
      
114.7
      
419.2
      
455.8
  
SGA as a % of sales
                                
Variable
    
18.9
%
    
20.0
%
    
19.4
%
    
19.8
%
Fixed
    
38.5
%
    
34.4
%
    
38.6
%
    
33.1
%
Total
    
57.4
%
    
54.4
%
    
58.0
%
    
52.9
%
                                 
Pre-tax income
    
9.6
      
18.5
      
26.2
      
72.7
  
Pre-tax income as a % of sales
    
5.2
%
    
8.8
%
    
3.6
%
    
8.4
%
Net income
    
8.2
      
15.0
      
20.0
      
56.3
  
Net income as a % of sales
    
4.4
%
    
7.1
%
    
2.8
%
    
6.5
%
                                 
Diluted earnings per share (“EPS”)
  
$
0.49
    
$
0.90
    
$
1.19
    
$
3.36
  

Other Financial and Operations Data
        
         
 
Twelve Months Ended December 31,
  
 
2024
  
2023
  
EBITDA (in millions)(1)
  
$
41.7
    
$
85.8
  
Sales per square foot
  
$
164
    
$
197
  
Average ticket
  
$
3,371
    
$
3,278
  

Liquidity Measures
                  
                   
 
Twelve Months Ended December 31,
    
Twelve Months Ended December 31,
  
Free Cash Flow
2024
  
2023
  
Cash Returns to Shareholders
2024
  
2023
  
Operating cash flow
  
$
58.9
    
$
97.2
  
Share repurchases
  
$
5.0
    
$
6.9
  
                 
Dividends
    
20.5
      
19.1
  
Capital expenditures
    
(32.1
)
    
(53.1
)
Special Dividends
    
0.0
      
16.1
  
Free cash flow
  
$
26.8
    
$
44.1
  
Cash return to shareholders
  
$
25.5
    
$
42.1
  

(1)
See the reconciliation of the non-GAAP metrics at the end of the release.


NEWS RELEASE – February 24, 2025
Page 4

HAVERTY FURNITURE COMPANIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)


  
Three Months Ended
December 31,
    
Twelve Months Ended
December 31,
  
(In thousands, except per share data)
  
2024
    
2023
    
2024
    
2023
  
                         
Net sales
  
$
184,353
    
$
210,744
    
$
722,899
    
$
862,133
  
Cost of goods sold
    
70,196
      
79,330
      
283,821
      
339,041
  
Gross profit
    
114,157
      
131,414
      
439,078
      
523,092
  
                                 
Expenses:
                                
Selling, general and administrative
    
105,826
      
114,706
      
419,221
      
455,812
  
Other expense (income), net
    
200
      
13
      
(214
)
    
77
  
Total expenses
    
106,026
      
114,719
      
419,007
      
455,889
  
                                 
Income before interest and income taxes
    
8,131
      
16,695
      
20,071
      
67,203
  
Interest income, net
    
1,501
      
1,807
      
6,082
      
5,508
  
                                 
Income before income taxes
    
9,632
      
18,502
      
26,153
      
72,711
  
Income tax expense
    
1,437
      
3,501
      
6,197
      
16,392
  
Net income
  
$
8,195
    
$
15,001
    
$
19,956
    
$
56,319
  
                                 
Basic earnings per share:
                                
Common Stock
  
$
0.50
    
$
0.93
    
$
1.23
    
$
3.48
  
Class A Common Stock
  
$
0.48
    
$
0.88
    
$
1.15
    
$
3.29
  
                                 
Diluted earnings per share:
                                
Common Stock
  
$
0.49
    
$
0.90
    
$
1.19
    
$
3.36
  
Class A Common Stock
  
$
0.47
    
$
0.89
    
$
1.15
    
$
3.25
  
                                 
Cash dividends per share:
                                
Common Stock
  
$
0.32
    
$
1.30
    
$
1.26
    
$
2.18
  
Class A Common Stock
  
$
0.30
    
$
1.23
    
$
1.18
    
$
2.05
  


NEWS RELEASE – February 24, 2025
Page 5
HAVERTY FURNITURE COMPANIES, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)

(In thousands)
  
December 31,
2024
    
December 31,
2023
  
             
Assets
            
Current assets
            
Cash and cash equivalents
  
$
120,034
    
$
120,635
  
Restricted cash and cash equivalents
    
6,280
      
7,142
  
Inventories
    
83,419
      
93,956
  
Prepaid expenses
    
14,576
      
17,067
  
Other current assets
    
14,587
      
12,793
  
Total current assets
    
238,896
      
251,593
  
Property and equipment, net
    
182,622
      
171,588
  
Right-of-use lease assets
    
194,411
      
202,306
  
Deferred income taxes
    
17,075
      
15,641
  
Other assets
    
15,743
      
13,005
  
Total assets
  
$
648,747
    
$
654,133
  
Liabilities and Stockholders’ Equity
                
Current liabilities
                
Accounts payable
  
$
14,914
    
$
18,781
  
Customer deposits
    
40,733
      
35,837
  
Accrued liabilities
    
39,635
      
46,289
  
Current lease liabilities
    
36,283
      
37,357
  
Total current liabilities
    
131,565
      
138,264
  
Noncurrent lease liabilities
    
182,096
      
180,397
  
Other liabilities
    
27,525
      
27,106
  
Total liabilities
    
341,186
      
345,767
  
Stockholders’ equity
    
307,561
      
308,366
  
Total liabilities and stockholders’ equity
  
$
648,747
    
$
654,133
  





NEWS RELEASE – February 24, 2025
Page 6


HAVERTY FURNITURE COMPANIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)

(In thousands)
  
Twelve Months Ended December 31,
  
   
2024
    
2023
  
Cash Flows from Operating Activities:
            
Net income
  
$
19,956
    
$
56,319
  
Adjustments to reconcile net income to net cash provided by operating activities:
                
Depreciation and amortization
    
21,611
      
18,603
  
Stock-based compensation
    
6,742
      
8,010
  
Deferred income taxes
    
(1,472
)
    
(1,171
)
Net gain on sale of land, property, and equipment
    
(153
)
    
71
  
Other
    
1,123
      
1,160
  
Changes in operating assets and liabilities:
                
Inventories
    
10,537
      
24,377
  
Customer deposits
    
4,896
      
(12,132
)
Other assets and liabilities
    
7,051
      
8,643
  
Accounts payable and accrued liabilities
    
(11,382
)
    
(6,677
)
Net cash provided by operating activities
    
58,909
      
97,203
  
                 
Cash Flows from Investing Activities:
                
Capital expenditures
    
(32,092
)
    
(53,115
)
Proceeds from sale of land, property and equipment
    
461
      
53
  
Net cash used in investing activities
    
(31,631
)
    
(53,062
)
                 
Cash Flows from Financing Activities:
                
Dividends paid
    
(20,468
)
    
(35,240
)
Common stock repurchased
    
(4,991
)
    
(6,895
)
Other
    
(3,282
)
    
(4,159
)
Net cash used in financing activities
    
(28,741
)
    
(46,294
)
                 
Change in cash, cash equivalents and restricted cash equivalents during the period
    
(1,463
)
    
(2,153
)
Cash, cash equivalents and restricted cash equivalents at beginning of period
    
127,777
      
129,930
  
Cash, cash equivalents and restricted cash equivalents at end of period
  
$
126,314
    
$
127,777
  





NEWS RELEASE – February 24, 2025
Page 7


GAAP to Non-GAAP Reconciliation
We report our financial results in accordance with accounting principles generally accepted in the United States ("GAAP"). We supplement the reporting of our financial information under GAAP with certain non-GAAP financial information. The non-GAAP information presented provides additional useful information but should not be considered in isolation or as substitutes for the related GAAP measures. We believe that EBITDA is a meaningful measure to share with investors. 

Reconciliation of GAAP measures to EBITDA
   
Twelve Months Ended December 31,
  
(in thousands)
  
2024
    
2023
  
Income before income taxes, as reported
  
$
26,153
    
$
72,710
  
Interest income, net
    
(6,082
)
    
(5,508
)
Depreciation
    
21,611
      
18,603
  
EBITDA
  
$
41,682
    
$
85,805
  

Comparable Store Sales  
Comparable-store or “comp-store” sales is a measure which indicates the performance of our existing stores and website by comparing the sales growth for stores and online for a particular month over the corresponding month in the prior year. Stores are considered non-comparable if they were not open during the corresponding month or if the selling square footage has been changed significantly.
 
Cost of Goods Sold and SG&A Expense  
We include substantially all our occupancy and home delivery costs in SG&A expense as well as a portion of our warehousing expenses.  Accordingly, our gross profit may not be comparable to those entities that include these costs in cost of goods sold.  
  
We classify our SG&A expenses as either variable or fixed and discretionary.  Our variable expenses are comprised of selling and delivery costs.  Selling expenses are primarily compensation and related benefits for our commission-based sales associates, the discount we pay for third party financing of customer sales and transaction fees for credit card usage.  We do not outsource delivery, so these costs include personnel, fuel, and other expenses related to this function.  Fixed and discretionary expenses are comprised of rent, depreciation and amortization and other occupancy costs for stores, warehouses and offices, and all advertising and administrative costs.  

Conference Call Information
The company invites interested parties to listen to the live webcast of the conference call on February 25, 2025 at 10:00 a.m. ET at its website, ir.havertys.com. If you cannot listen live, a replay will be available on the day of the conference call at the website at approximately 12:00 p.m. ET.

About Havertys  
Havertys (NYSE: HVT and HVT.A), established in 1885, is a full-service home furnishings retailer with 130 showrooms in 17 states in the Southern and Midwestern regions 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 havertys.com.  
 


NEWS RELEASE – February 24, 2025
Page 8


Safe Harbor  
This press release contains, and the conference call may contain forward-looking statements subject to the safe harbor provisions of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Act of 1934. These forward-looking statements are subject to risks and uncertainties and change based on various important factors, many of which are beyond our control.  
 
All statements in the future tense and all statements accompanied by words such as “expect,” “likely,” “outlook,” “forecast,” “preliminary,” “would,” “could,” “should,” “position,” “will,” “project,” “intend,” “plan,” “on track,” “anticipate,” “to come,” “may,” “possible,” “assume,” and variations of such words and similar expressions are intended to identify such forward-looking statements. These forward-looking statements include, without limitation, the execution and effect of our initiatives, our expectations for selling square footage and capital expenditures for 2025, and our liquidity position to continue to fund our growth plans.
 
We caution that our forward-looking statements involve risks and uncertainties, and while we believe that our expectations for the future are reasonable in view of currently available information you are cautioned not to place undue reliance on our forward-looking statements, and they should not be relied upon as a prediction of actual results. Factors that could cause actual results to differ materially from those expressed or implied in any forward-looking statements include, but are not limited to: the state of the economy; state of the residential construction and housing markets; the consumer spending environment for big ticket items; effects of competition; management of relationships with our associates, potential associates, suppliers and vendors; public health issues (including pandemics and quarantines, related shut-downs and other governmental orders, as well as subsequent re-openings); new regulations or taxation plans, as well as other risks and uncertainties discussed in our Annual Report on Form 10-K for 2023 and from time to time in our subsequent filings with the Securities and Exchange Commission (SEC).

Forward-looking statements describe our expectations only as of the date they are made, and the Company undertakes no duty to update its forward-looking statements except as required by law. You are advised, however, to review any further disclosures we make on related subjects in our subsequent Forms 10-K, 10-Q, 8-K, and other reports filed with the SEC. 

Contact: 
Havertys 404-443-2900 
Tiffany Hinkle
AVP, Financial Reporting 
 
SOURCE:  Havertys 


v3.25.0.1
Document and Entity Information
Feb. 24, 2025
Entity Listings [Line Items]  
Document Type 8-K
Amendment Flag false
Document Period End Date Feb. 24, 2025
Entity File Number 1-14445
Entity Registrant Name Haverty Furniture Companies, Inc.
Entity Central Index Key 0000216085
Entity Incorporation, State or Country Code MD
Entity Tax Identification Number 58-0281900
Entity Address, Address Line One 780 Johnson Ferry Road, NE
Entity Address, Address Line Two Suite 800
Entity Address, City or Town Atlanta
Entity Address, State or Province GA
Entity Address, Postal Zip Code 30342
City Area Code 404
Local Phone Number 443-2900
Entity Emerging Growth Company false
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Common Stock [Member]  
Entity Listings [Line Items]  
Title of 12(b) Security Common Stock
Trading Symbol HVT
Security Exchange Name NYSE
Common Class A [Member]  
Entity Listings [Line Items]  
Title of 12(b) Security Class A Common Stock
Trading Symbol HVTA
Security Exchange Name NYSE
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