Haverty Reports Net Loss for 3Q
Atlanta Haverty Furniture Cos. Thursday reported a net loss for the third quarter ended Sept. 30, of $1.5 million, as compared to third quarter 2007 net earnings of $643,000.
Net sales for the third quarter of 2008 were $175.6 million, down 12.5% from the year-ago period. Same-store sales declined 14.9% for the quarter.
"We have seen more deterioration in consumer spending for big-ticket purchases and the current outlook for the near term continues to be difficult,” said Clarence H. Smith, president and CEO.
Our strategy to maintain a strong balance sheet and contain costs has proven to be particularly prudent,” Smith continued. “Subsequent to the end of the third quarter, all of our borrowings were repaid and we are closely managing our inventories.”
For the nine months ended Sept. 30, the net loss was $2.8 million vs. net income of $123,000 for the same period in 2007.