Company Snapshot: Haverty Furniture Companies, Inc.
Havertys is Tradition
780 Johnson Ferry Rd
Atlanta, GA 30342-4776
Total Annual Sales
Clarence H. Smith: Chairman of the Board, President, and CEO
Steven G. Burdette: Exec VP, Store Operations
As conveyed by the year of its founding by the first generation of Haverty entrepreneurs in 1885, and then by going public under the guidance of additional family members during the inauspicious year of 1929, four weeks prior to the stunning crash, Havertys is truly a traditional old-line purveyor of furniture, with a proud family-based history.
After struggling through the challenges of the recent recession, as was typical throughout the industry, Havertys seems to be entering a period of positive energy regarding corporate operations. Recently released annual financials revealed a three percent increase in net sales, backed by a healthy 3.6% increase in same-store sales.
Havertys had experienced continuous growth in annual sales throughout the decade of the 90’s. This continued for several years during the start of the new millennium. As was true for most of its competition, this solid progress stopped when the recession hit. An annual decline in sales continued for three years, then essentially plateaued and has displayed modest gains for the past three years.
Havertys recently announced its plan to grow its store count by four during the current fiscal year. This too is a sign of significant post-recessionary progress. When the recession hit, the company had just opened two locations which brought its total to 124. Since then, as with its annual financial numbers, the company essentially meandered through the industry’s recessionary obstacles.
During the recession, fiscal year-end store counts have been stifled between the aforementioned 124 and the current 119. If all goes according to plan, 2015 should see the greatest increase in store count since 2007, a most hopeful sign.