In This Story
Haverty Furniture Companies Inc. (HVT-1.76%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing indicates that Havertys operates 129 stores across 17 states, focusing on residential furniture and accessories. The company reported net sales of $722.9 million for 2024, a decrease from $862.1 million in 2023, attributed to a housing recession and economic uncertainty.
Gross profit remained at 60.7% of net sales, consistent with the previous year. The cost of goods sold was $283.8 million, down from $339.0 million in 2023.
Selling, general, and administrative expenses were reported at $419.2 million, representing 58.0% of net sales, up from 52.9% in 2023. The increase in percentage was due to lower sales and less leveraging of fixed costs.
Net income for the year was $19.96 million, compared to $56.3 million in 2023. Diluted earnings per share were $1.19, down from $3.36 in the previous year.
Havertys reported no long-term debt as of December 31, 2024, with $120.0 million in cash and cash equivalents. The company has an $80 million revolving credit facility, with no outstanding borrowings.
The company continues to focus on expanding its retail footprint and improving its digital presence. It plans to open new stores and enhance in-store experiences over the next few years.
Havertys emphasizes its commitment to maintaining a strong brand and customer service, with a significant portion of sales coming from design consultant engagements.
The filing also details the company's lease obligations, with operating lease liabilities totaling $218.4 million.
Havertys maintains a supplemental executive retirement plan and a 401(k) plan, with total employer contributions to the 401(k) plan amounting to $5.3 million in 2024.
The company has identified various risks, including competition from other retailers, changes in consumer preferences, and reliance on third-party suppliers, which could impact future performance.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Haverty Furniture Companies Inc. annual 10-K report dated March 6, 2025. To report an error, please email earnings@qz.com.