by Net income also rose to $6.3 million, compared with $4.7 million the same period last year
ATLANTA — Retailer Havertys reported an increase in net sales and comparable-store sales for its third quarter ended Sept. 30.
Along with its sales growth that occurred amid a slow housing market and increased competition for the consumer dollar, the company reported an increase in net income and gross profit margins.
Net sales totaled $203.2 million, up 4.5% from $194.5 million the same period last year. Same-store sales, meanwhile, rose 4.1% during the same period, while gross profit was $126.6 million, or 62.3% of sales, compared with $117.3 million, or 60.3% of sales last year.
Net income for the quarter totaled $6.3 million, or 39 cents per share, compared with $4.7 million, or 28 cents per share, last year. SG&A expenses totaled $119.1 million, or 58.6% of sales, compared with $112.3 million, or 57.8% of sales, last year.
The company noted that the primary drivers of this cost increase were a $1.8 million increase in selling expenses related to higher sales commissions and third-party credit costs and a $4.1 million increase in administrative expenses primarily driven “by stock-based compensation expense subject to accelerated recognition during the quarter and higher performance-based incentive compensation and group insurance costs.”
“Our team delivered another quarter of growth, extending our positive momentum in written and delivered comp-store sales against tougher year-over-year comparisons,” said Havertys President and CEO Steven G. Burdette. “We did so while navigating a soft housing market, higher fuel prices, higher interest rates, continued geopolitical issues, and rising input costs. Gross profit margin was 62.3%, including approximately $3.2 million of IEEPA tariff refunds, and remained strong at 60.7%, excluding those refunds.
He added that the company is energized by the planned opening of five stores in the fourth quarter including its entry into Pittsburgh, Pennsylvania, its 18th state.
“Growing to 133 stores by year end, while continuing to invest in our people, our products, our design service, and our customers’ experience, reflects both our financial strength and our team’s consistent execution of our long-term growth strategy,” Burdette said.
“As we close out the year, we remain focused on what matters most: executing with discipline and creating long-term value for our team members and shareholders.”
Other third-quarter highlights are as follows:
+ Design consultants accounted for 34.6% of written business in 2026 and 34.2% in 2025.
+ It also reported $127 million in cash, cash equivalents and restricted cash equivalents as of Sept. 30.
+ It reported investing $23 million in capital expenditures.
+ It paid $15.8 million in quarterly cash dividends.
+ Reported no debt outstanding as of Sept. 30 and the availability of $100 million in credit.
For the first nine months of the year, the company reported $587.1 million in net revenue, up 5.4% from $557.1 million the same period last year. Net income was $15.9 million, or 97 cents per share, compared with $11.2 million, or 68 cents per share, the same period last year.
For more details on the company’s Q3 and first nine months performance, click here.
