Top 100 retailer Havertys’ Greensboro, N.C. storefront.
ATLANTA — Top 100 retailer Havertys‘ sales in the first quarter of 2025 neared its marks from a year ago while its income and earnings per share topped its 2024 levels.
For the three months ended March 31, the Atlanta-based retailer posted net sales of $181.6 million, down 1.3% vs. $184 million in the first three months of 2024. Same store sales were 4.8% off the pace set a year ago.
Meanwhile, net income for the period totaled $3.8 million, or 23 cents per diluted share, an increase of 58.33% compared with net income of $2.4 million, or 14 cents per diluted share. Gross profit margin also rose to 61.2%, compared with last year’s 60.3%.
“We are pleased to report solid first quarter results with improved gross margins, earnings, and expense control, despite facing several headwinds, including a weak housing market, atypical winter weather in the South, low consumer confidence, and significant shifts in trade policy,” said Steve Burdette, president and CEO.
At the end of the quarter, Havertys had cash, cash equivalents and restricted cash equivalents of $118.3 million and no debt outstanding.
Havertys’ 2025 guidance includes tariffs currently in effect as of April 30 but excludes the effects of additional proposed tariffs that have been paused by the Trump administration. The company is closely monitoring the tariff negotiations and evaluating the impact to minimize the effects on business.
Additionally, the company has its eyes on growth, with planned capital expenditures of $24 million, down $3 million from previous guidance, but with an expectation that its retail square footage will increase by 2% in 2025.
“Throughout our 140-year history, we have consistently demonstrated resilience in navigating changes in U.S. economic policy,” Burdette said. “This experience, along with our solid balance sheet, has equipped us to effectively manage the dynamic U.S. trade policy environment while continuing to serve our customers and deliver value to our shareholders.”
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