by Written sales jump 23%
ATLANTA — Havertys’ third-quarter sales rose 3.9% as demand following pandemic-induced store closures continues to outpace supply.
Sales for the period ended Sept. 30 rose to $217.5 million from $209.3 million for the third quarter of 2019. Comparable store sales increased 4%. Havertys noted that revenue is recognized when merchandise is delivered to the customer.
The disparity between demand and supply is easy to see in the difference between that delivered business and written sales, the latter up 22.8% from the third quarter last year. Written comparable store sales rose 22.6%.
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The company’s stock traded up 7.7% on the day of the news, hitting a 52-week high and closing at $23.77 per share Wednesday. It tocuhed another 52-week high the following day and closed at $24.08 per share.
In the heat of the pandemic, Havertys stores closed on March 19 and deliveries were halted two days later. The retailer reopened 103 stores on May 1 and the remaining 17 by June 20 with reduced staff and operating hours. Deliveries resumed on May 5, also with reduced staff and capacity.
“We are experiencing very strong business after reopening in May,” said Clarence Smith, Havertys chairman, president and CEO. “Our delivery capacity is now reaching pre-closure levels, but demand is outpacing product availability in certain categories.
“We remain encouraged as customers continue to place orders in spite of the longer delivery time frames. Our teams remain focused on serving our customers and keeping our workplaces safe.”
Sales for the first nine months of 2020 totaled $506.9 million, down 13.9% from $588.5 million for the same period a year ago. The company said a comp-sales comparison for two nine-month periods isn’t meaningful because of the lengthy store closings this year.
The midpriced, Atlanta-based retailer operates 120 showrooms in 16 Southern and Midwestern states.
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