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2022-02-13 00:42 FINANCIAL NEWS RELEASE View printer - friendly version ● Havertys Reports Third Quarter 2021 Results ATLANTA , Oct. 28 , 2021 ( GLOBE NEWSWIRE ) -- HAVERTYS ( NYSE : HVT and HVT.A ) , today reported its operating results for the third quarter ended September 30 , 2021 . Third quarter 2021 versus third quarter 2020 : Diluted earnings per common share ( " EPS " ) of $ 1.31 versus $ 0.97 . Sales increased 19.7 % to $ 260.4 million for 2021 compared to $ 217.5 million for 2020. Comparable store sales increased 17.7 % . Sales for 2021 increased 24.4 % compared to $ 209.3 million for 2019 . ● Clarence H. Smith , chairman and CEO , said , " We are pleased to report another quarter of outstanding results of both top line growth and operating margin expansion . The fluctuations in product and freight costs , supply chain disruptions , and staffing in key areas has challenged our teams . This quarter's performance was hard earned and I'm proud of our people as they continue to exemplify our key values of dedication to serving the customer , integrity , and teamwork . " Merchandise availability and costs remain a key issue across the industry . Our domestic vendors are beginning to return to normal production levels as flow of their raw materials improves . The factories in Vietnam which closed in July are beginning to reopen at varying levels of capacity . We had product in transit and awaiting shipment prior to the closures which will provide some relief but the shutdown will likely impact availability in the latter part of the fourth quarter and into the first quarter of 2022 . Key Results ( amounts in millions , except per share amounts ) " Our ability to let customers shop on their terms , either in store or online , and our free in - home design services are a part of our success and helps set us apart from our competition . We believe the home will remain a high priority for people , and buoyed by the macro environment , our position in strong markets and strategies for growth will provide momentum into the future . " Sales Gross Profit SG & A Variable Fixed Total SG & A Pre - tax earnings ( adjusted for gain on · ● Balance Sheet and YTD Cash Flow ● ● ● LA LA 2021 $ 260.4 148.0 $ $ Havertys Reports Third Quarter 2021 Results | Haverty Furniture Companies , Inc. LA CA $ $ $ $ Three months ended September 30 , 43.7 72.4 116.1 https://www.havertys.com/furniture/financial-news % of Net Sales 100.0 % $ 56.8 % $ 31.9 1.31 16.8 % $ 27.8 % $ 44.6 % $ 2020 217.5 122.2 37.7 62.4 100.1 % of Net 24.5 0.97 Sales 100.0 % $ 56.2 % $ 17.3 % $ 28.7 % $ 46.0 % $ 11.3 % $ $ Nine months ended September 30 , 2021 746.9 424.5 sale - leaseback * ) 12.3 % $ Adjusted EPS $ Third Quarter ended September 30 , 2021 Compared to Same Period of 2020 Total sales up 19.7 % , comp - store sales up 17.7 % for the quarter . Total written business was up 2.0 % for the quarter . Gross profit margins increased 60 basis points to 56.8 % in 2021 from 56.2 % for the same period of 2020 due to pricing discipline partially offset by a larger charge for our LIFO reserve . SG & A expenses decreased to 44.6 % of sales from 46.0 % and SG & A dollars increased approximately $ 16.0 million . The primary drivers of this change are : O Sales growth in 2021 and leveraging of expenses and the measures taken as part of our business continuity plan . 126.4 211.9 338.3 O Increase of $ 2.7 million in selling expenses due to sales growth . • Increase of $ 1.7 million in advertising and marketing spend . • Increase in delivery costs of $ 2.2 million due to sales growth . O Increase in warehousing costs of $ 4.3 million due to higher salaries and demurrage fees . 86.4 3.55 % of Net Sales 100.0 % $ 56.8 % $ 16.9 % $ 28.4 % 45.3 % $ << Back 2020 11.6 % $ $ 506.9 281.4 93.7 176.6 270.3 13.9 * 0.53 * % of Net Sales 100.0 % 55.5 % 18.5 % 34.8 % 53.3 % 2.7 % Cash and cash equivalents at September 30 , 2021 are $ 232.4 million . Generated $ 89.0 million in cash from operating activities driven by a solid performance , a $ 34.0 million increase in customer deposits from written orders , offset by funding of a $ 29.1 million increase in inventories . Capital expenditures of $ 28.1 million which included purchase of leased Virginia home delivery center which was part of May 2020 sale leaseback . Paid $ 13.0 million in quarterly cash dividends . 1/5