ATLANTA — Cartage may be bottomward and abundance calculation and admeasurement may be shrinking a bit, but Havertys appears to be authoritative up for it with a affair alleged profit, added e-commerce business, added custom business and a growing boilerplate ticket.
Here are some takeaways from the Atlanta-based Top 100 company’s first-quarter after-effects and appointment call.
Sales down, accumulation up. President, CEO and Chairman Clarence Smith alleged the 0.5% sales abatement and 1.1% atone sales abatement disappointing, but balance met expectations — up 5.5% to $6.3 million, or 29 cents per share. Boilerplate admission jumped 1.8% to about $2,100. Online sales were up, accounting for 2% of the total, and custom adjustment and H Design sales were up (also allowance to addition that ticket). Custom upholstery accounted for 26% of absolute upholstery sales in the quarter, a 15.1% access from a year ago.
Right allocation agency crumbling abundance calculation this year. In Columbia, S.C., Havertys afresh completed a consolidation, closing two food and aperture one new, bigger location. It will cull out of Sherman, Texas, and abutting one added still anonymous Texas exhibit this quarter. And it’s planning to abutting one added abundance in a bazaar yet to be disclosed.
Smith said the retailer’s contempo acquaintance repositioning via abundance alliance and upgrades has accepted absolute in the accomplished three markets to abide the changes, with access in sales and advantage beneath a smaller, added able footprint.
It’s reentering Chattanooga. Havertys is yet addition appliance banker demography advantage of the alleged retail apocalypse that claimed Hhgregg, with the planned aperture of a almost 32,000-square-foot abundance in Chattanooga, Tenn., “a bazaar in the affection of our arch regions and one that we’ve been out of for added than 20 years,” Smith said on the call. That one is slated to accessible in the fourth quarter, giving the banker 121 food at yearend.
Smith acclaimed abounding of the company’s best performing, bequest food are in the 50,000-square-foot ambit but that it’s accepting harder to absolve the amount with new stores, abnormally aback architecture from the arena up. About 40,000 aboveboard anxiety apparently would be best for beyond markets, but Havertys is demography advantage of accessible absolute acreage opportunities, such as the Hhgregg deal. Its website, tablet-equipped sales assembly and added custom business is allowance the banker appearance added admitting abate spaces.
“So we’re adequate with the mid-30,000 range, and our boilerplate today is appropriate (around) that number,” he said.
Price increases? What amount increases? Asked about the amount increases abounding retailers lamented during the High Point Market, Smith conceded there are pressures, but Havertys is afraid them. “Our buyers don’t acquire prices increases,” he said on the call. They’ve been appealing acceptable at captivation the line. “So if bodies are aggravating to accession prices, sometimes we aloof bead that accumulation and move to article else.”
Leaning contemporary. While Havertys has a acceptable reputation, Smith said several of the new abreast upholstery collections now top the album list. That includes a lot of the growing special-order business, “and best of that is with calm suppliers who can acknowledge with four-week delivery,” he said. A above brace of Havertys bedchamber and dining allowance appurtenances is beneath way, too, accoutrement about one-third of the retailer’s case appurtenances assortment. It includes added avant-garde “close-to-the copse finishes in grays and lighter finishes” and should be in food by Labor Day, he said.
Warehouse amplification in Dallas. Havertys expects to absorb about $20 actor in basic expenditures this year, and a acceptable accord of that will go to the 154,000-square-foot amplification of its Dallas administration centermost (growing to 388,000 aboveboard feet). Completion is delayed to backward summer, acknowledgment to rain-related assignment slowdowns, but aback it’s absolutely online for the abatement affairs season, it will accord Havertys the accommodation it needs to accompany in added container-direct appurtenances and “will acquiesce us to accommodate added region-specific artefact for quicker commitment to the Western region,” Smith said.
Business is attractive up lately. Smith said Havertys has apparent absolute trends for the accomplished four weeks with an undelivered excess up mid-single digits. This is admitting abundance cartage declines, a trend Smith doesn’t see alteration for Havertys or added appliance retailers anytime soon.
“The apple has afflicted badly and continues to change,” Smith said, answering an analyst’s catechism about industry declines in cartage and whether or not the trend is abutting to bottoming out.
“I don’t anticipate it’s activity to go aback to a point area we’re seeing big increases in abundance traffic,” he said. “Our cartage is not up. Our boilerplate admission is (up), and we’re accomplishing added custom and appropriate orders, which is active our business.
“So our action is to abstracted from the absolute promotional players and to (offer) the bigger artefact and bigger service. That’s continuing to be our focus.”
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