by ATLANTA — Havertys posted a 10.2% jump in fourth quarter sales and a 9.2% increase in same-store sales as full-year results topped $1 billion for the Top 100 company for the first time in its nearly 140-year history.
Net income for the quarter ended Dec. 31, dipped to $24.3 million, or $1.35 per share, from $25.4 million, or $1.37 per share, for the same period a year ago, but pre-tax income increased to $32.1 million from $31.3 million.
Sales for the quarter were $265.9 million.
In a release, Chairman and CEO Clarence Smith said, “Our merchandising team carefully managed our product lineup and despite the impact from a $5.6 million LIFO charge, our gross profit margins in the fourth quarter were 56.4%.”
Havertys also experienced inflation pressure, he said, but still managed to record strong pre-tax income and a record quarter of operating income at 12.1% of sales.
“The impact of Covid has been challenging, but our agility, systems and financial strength provided tools to work around and through many obstacles,” he said before giving most of the credit to the retailer’s associates.
For the full year, Havertys sales increased 35.4% to a record $1.01 billion, and comparable store sales rose 17.9%. Net income increased to $90.8 million, or $4.90 per share, from $59.1 million, or $3.12 per share, in 2020.
The retailer, with 121 stores in 16 Southern and Midwestern states, plans to open four stores this year.
