HVT - Haverty Furniture GAAP EPS of $0.70 misses by $0.08 revenue of $206.3M misses by $18.96M

2023-08-02 01:02:38 ET

• Haverty Furniture press release ( NYSE: HVT ): Q2 GAAP EPS of $0.70 misses by $0.08 .
• Revenue of $206.3M (-18.5% Y/Y) misses by $18.96M .
• Comparable-store sales decreased 19.1%.
• Gross profit margin increased to 60.5% from 57.9%.
• Outlook: We expect gross profit margins for 2023 will be between 59.5% to 60.0%.
• Fixed and discretionary expenses within SG&A for the full year of 2023 are expected to be in the $286.0 to $289.0 million range. Variable SG&A expenses for the full year of 2023 are anticipated to be in the 19.5% to 19.7% range.
• Our effective tax rate for 2023 is expected to be 25%.
• Planned capital expenditures for the full year of 2023 are approximately $57.0 million.
• We expect retail square footage will increase approximately 1.6% in 2023 over 2022 as we open four stores and close one during the year.

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