Havertys Furniture Reports Operating Results for Second Quarter 2026
ATLANTA, Aug. 4, 2026 /PRNewswire/ -- Haverty Furniture Companies, Inc. (NYSE: HVT and HVT.A), today reported operating results for the second quarter ended June 30, 2026.
Second Quarter 2026 versus Second Quarter 2025:
Steven G. Burdette, President and CEO said, "Our second quarter results reflect the sustained momentum in our business, marked by a fourth consecutive quarter of written, delivered and comp-store sales growth. We posted a strong Memorial Day weekend performance, with average tickets up double-digits. Gross margins expanded to 61.4%, which included the benefit of approximately $1.5 million in IEEPA tariff refunds.
We also advanced our strategic growth initiatives with the openings of two stores, Fenton, Missouri and Mt. Juliet, Tennessee. We are on track to open five additional stores and complete one relocation, increasing our store count to 133 at year-end. Our upcoming entry into Pittsburgh, Pennsylvania will extend our footprint to 18 states, consistent with our long-term growth strategy.
This quarter's results underscore our commitment to an exceptional customer experience and disciplined execution across the business. Our strong balance sheet and gross margins, strengthening design business, average-ticket growth, and investments in new markets give us confidence entering the second half of the year."
Second Quarter ended June 30, 2026 Compared to Same Period of 2025
Balance Sheet and Cash Flow for the Six Months Ended June 30, 2026
Expectations and Other
Key Results
(amounts in millions, except per share amounts)
Results of Operations
Three Months Ended June 30,
Six Months Ended June 30,
2026
2025
2026
2025
Sales
$ 194.9
$ 181.0
$ 384.0
$ 362.6
Gross Profit
119.7
110.1
235.9
221.2
Gross profit as a % of sales
61.4
%
60.8
%
61.4
%
61.0
%
SGA
Variable
37.6
33.3
73.9
67.0
Fixed
75.6
74.0
150.6
147.5
Total
113.2
107.3
224.4
214.5
SGA as a % of sales
Variable
19.3
%
18.4
%
19.2
%
18.5
%
Fixed
38.7
%
40.9
%
39.2
%
40.7
%
Total
58.0
%
59.3
%
58.4
%
59.2
%
Pre-tax income
7.4
4.3
13.4
9.6
Pre-tax income as a % of sales
3.8
%
2.4
%
3.5
%
2.7
%
Net income
5.3
2.7
9.6
6.5
Net income as a % of sales
2.7
%
1.5
%
2.5
%
1.8
%
Diluted earnings per share ("EPS")
$ 0.32
$ 0.16
$ 0.58
$ 0.39
Other Financial and Operations Data
Six Months Ended June 30,
2026
2025
EBITDA (in millions) (1)
$ 23.8
$ 18.7
Sales per square foot
$ 170
$ 161
Average ticket
$ 3,786
$ 3,350
Liquidity Measures
Six Months Ended
June 30,
Six Months Ended
June 30,
Free Cash Flow
2026
2025
Cash Returns to
2026
2025
Operating cash flow
$ 21.4
$ 13.4
Share repurchases
$ 16.6
$ 2.0
Dividends
10.6
10.4
Capital expenditures
(13.1)
(11.7)
Cash returns to
shareholders
$ 27.2
$ 12.4
Free cash flow
$ 8.3
$ 1.7
Cash at period end
$ 111.0
$ 113.8
(1)
See the reconciliation of the non-GAAP metrics at the end of the release.
HAVERTY FURNITURE COMPANIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(UNAUDITED)
(In thousands, except per share data)
Three Months Ended
June 30,
Six Months Ended
June 30,
2026
2025
2026
2025
Net sales
$ 194,941
$ 181,025
$ 383,991
$ 362,592
Cost of goods sold
(exclusive of depreciation and amortization)
75,210
70,923
148,043
141,407
Gross profit
119,731
110,102
235,948
221,185
Expenses:
Selling, general and administrative
113,163
107,333
224,439
214,535
Other (income) expense, net
74
(65)
21
(223)
Total expenses
113,237
107,268
224,460
214,312
Income before interest and income taxes
6,494
2,834
11,488
6,873
Interest income, net
923
1,492
1,889
2,746
Income before income taxes
7,417
4,326
13,377
9,619
Income tax expense
2,111
1,637
3,810
3,152
Net income
$ 5,306
$ 2,689
$ 9,567
$ 6,467
Basic earnings per share:
Common Stock
$ 0.33
$ 0.17
$ 0.60
$ 0.40
Class A Common Stock
$ 0.31
$ 0.15
$ 0.56
$ 0.37
Diluted earnings per share:
Common Stock
$ 0.32
$ 0.16
$ 0.58
$ 0.39
Class A Common Stock
$ 0.31
$ 0.15
$ 0.56
$ 0.37
Cash dividends per share:
Common Stock
$ 0.33
$ 0.32
$ 0.66
$ 0.64
Class A Common Stock
$ 0.31
$ 0.30
$ 0.62
$ 0.60
HAVERTY FURNITURE COMPANIES, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
(In thousands)
June 30,
2026
December 31,
2025
June 30,
2025
Assets
Current assets
Cash and cash equivalents
$ 104,295
$ 125,325
$ 107,357
Restricted cash and cash equivalents
6,665
6,547
6,414
Inventories
100,502
96,155
93,270
Prepaid expenses
17,393
10,236
15,775
Other current assets
8,448
11,064
13,332
Total current assets
237,303
249,327
236,148
Property and equipment, net
178,806
177,207
181,227
Right-of-use lease assets
205,422
190,586
192,265
Deferred income taxes
20,011
19,301
17,048
Other assets
14,514
12,631
15,984
Total assets
$ 656,056
$ 649,052
$ 642,672
Liabilities and Stockholders' Equity
Current liabilities
Accounts payable
$ 20,627
$ 15,447
$ 16,464
Customer deposits
43,337
35,504
39,351
Accrued liabilities
41,168
46,531
37,436
Current lease liabilities
35,220
35,967
37,263
Total current liabilities
140,352
133,449
130,514
Noncurrent lease liabilities
195,493
180,450
180,045
Other liabilities
26,139
27,224
27,242
Total liabilities
361,984
341,123
337,801
Stockholders' equity
294,072
307,929
304,871
Total liabilities and stockholders'
equity
$ 656,056
$ 649,052
$ 642,672
HAVERTY FURNITURE COMPANIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
(In thousands)
Six Months Ended
June 30,
2026
2025
Cash Flows from Operating Activities:
Net income
$ 9,567
$ 6,467
Adjustments to reconcile net income to net cash
provided by operating activities:
Depreciation and amortization
12,340
11,831
Share-based compensation expense
4,493
3,986
Other
585
1,156
Changes in operating assets and liabilities:
Inventories
(4,347)
(9,851)
Customer deposits
7,833
(1,382)
Other assets and liabilities
(8,050)
658
Accounts payable and accrued liabilities
(1,058)
512
Net cash provided by operating activities
21,363
13,377
Cash Flows from Investing Activities:
Capital expenditures
(13,148)
(11,702)
Proceeds from sale of land, property, and equipment
54
19
Net cash used in investing activities
(13,094)
(11,683)
Cash Flows from Financing Activities:
Dividends paid
(10,629)
(10,353)
Common stock repurchased
(16,568)
(2,000)
Taxes on vested restricted shares
(1,984)
(1,884)
Net cash used in financing activities
(29,181)
(14,237)
Decrease in cash, cash equivalents, and restricted cash
equivalents during the period
(20,912)
(12,543)
Cash, cash equivalents, and restricted cash equivalents at
beginning of period
131,872
126,314
Cash, cash equivalents, and restricted cash equivalents at
end of period
$ 110,960
$ 113,771
GAAP to Non-GAAP Reconciliation
We report our financial results in accordance with accounting principles generally accepted in the United States ("GAAP"). We supplement the reporting of our financial information under GAAP with certain non-GAAP financial information. The non-GAAP information presented provides additional useful information but should not be considered in isolation or as substitutes for the related GAAP measures. We believe that EBITDA is a meaningful measure to share with investors as useful information on our operating results and to provide additional information with respect to key metrics used by management in its financial and operational decision making.
Additionally, the company presents gross profit margin, excluding the impact of IEEPA tariff refunds and LIFO, consolidated adjusted net income, and adjusted diluted EPS. We believe these non-GAAP measures provide investors with useful supplemental information because they enhance the comparability of the Company's results across periods and more closely align with the metrics management uses to evaluate the performance of its core operations, to conduct internal planning and budgeting, and to make operating decisions. These measures are not intended to be considered in isolation or as a substitute for, or superior to, the most directly comparable GAAP measures, and the Company's presentation may differ from similarly titled measures used by other companies.
Reconciliation of GAAP measures to EBITDA
Six Months Ended June 30,
(in thousands)
2026
2025
Income before income taxes, as reported
$ 13,377
$ 9,619
Interest income, net
(1,889)
(2,746)
Depreciation and amortization
12,340
11,831
EBITDA
$ 23,828
$ 18,704
Gross profit margin, excluding the impact of IEEPA tariff refunds
Three Months Ended June 30,
Six Months Ended June 30,
(in thousands)
2026
2025
2026
2025
Net sales
$ 194,941
$ 181,025
$ 383,991
$ 362,592
Cost of goods sold
75,210
70,923
148,043
141,407
Gross profit
$ 119,731
$ 110,102
$ 235,948
$ 221,185
IEEPA Tariff Refund Adjustment
(1,497)
—
(1,497)
—
Gross Profit,
excluding the impact of tariff refunds
$ 118,234
$ 110,102
$ 234,451
$ 221,185
Gross Profit Margin,
excluding the impact of tariff refunds
60.7 %
60.8 %
61.1 %
61.0 %
Gross profit margin, excluding the impact of IEEPA tariff refunds and LIFO
Three Months Ended June 30,
Six Months Ended June 30,
(in thousands)
2026
2025
2026
2025
Net sales
$ 194,941
$ 181,025
$ 383,991
$ 362,592
Cost of goods sold
75,210
70,923
148,043
141,407
Gross profit
$ 119,731
$ 110,102
$ 235,948
$ 221,185
IEEPA Tariff Refund Adjustment
(1,497)
—
(1,497)
—
LIFO Adjustment
496
106
1,020
130
Gross Profit, excluding the impact of tariff
refunds and LIFO
$ 118,730
$ 110,208
$ 235,471
$ 221,315
Gross Profit Margin, excluding the impact of
tariff refunds and LIFO
60.9 %
60.9 %
61.3 %
61.0 %
Consolidated Adjusted Net Income / Adjusted Diluted EPS
Three Months Ended
June 30,
Six Months Ended
June 30,
(in thousands, except per share data)
2026
2026
Net income
$ 5,306
$ 9,567
IEEPA Tariff Refund Adjustment
(1,497)
(1,497)
Interest income
(67)
(67)
Related income tax effects
446
446
Adjusted net income
$ 4,188
$ 8,449
Adjusted diluted EPS
$ 0.25
$ 0.51
Comparable Store Sales
Comparable-store or "comp-store" sales is a measure which indicates the performance of our existing stores and website by comparing the sales growth for stores and online for a particular month over the corresponding month in the prior year. Stores are considered non-comparable if they were not open during the corresponding month or if the selling square footage has been changed significantly.
Cost of Goods Sold and SG&A Expense
We include substantially all our occupancy and home delivery costs in SG&A expense as well as a portion of our warehousing expenses. Accordingly, our gross profit may not be comparable to those entities that include these costs in cost of goods sold.
We classify our SG&A expenses as either variable or fixed and discretionary. Our variable expenses are comprised of selling and delivery costs. Selling expenses are primarily compensation and related benefits for our commission-based sales associates, the discount we pay for third party financing of customer sales and transaction fees for credit card usage. We do not outsource delivery, so these costs include personnel, fuel, and other expenses related to this function. Fixed and discretionary expenses are comprised of rent, depreciation and amortization and other occupancy costs for stores, warehouses and offices, and all advertising and administrative costs.
Conference Call Information
The company invites interested parties to listen to the live webcast of the conference call on August 4, 2026 at 10:00 a.m. ET at its website, ir.havertys.com. If you cannot listen live, a replay will be available on the day of the conference call at the website at approximately 1:00 p.m. ET.
About Havertys Furniture
Haverty Furniture Companies, Inc. (NYSE: HVT and HVT.A), established in 1885, is a full-service home furnishings retailer with 129 showrooms in 17 states in the Southern and Midwestern regions providing its customers with a wide selection of quality merchandise in middle to upper-middle price ranges. Additional information is available on the Company's website www.havertys.com.
Safe Harbor
This press release contains, and the conference call may contain forward-looking statements subject to the safe harbor provisions of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Act of 1934. These forward-looking statements are subject to risks and uncertainties and change based on various important factors, many of which are beyond our control.
All statements in the future tense and all statements accompanied by words such as "expect," "likely," "outlook," "forecast," "preliminary," "would," "could," "should," "position," "will," "project," "intend," "plan," "on track," "anticipate," "to come," "may," "possible," "assume," and variations of such words and similar expressions are intended to identify such forward-looking statements. These forward-looking statements include, without limitation, our expectations for retail and operating margins, selling square footage and capital expenditures for 2026, our liquidity position to continue to fund our growth plans, and our efforts and initiatives to execute our strategic plan.
We caution that our forward-looking statements involve risks and uncertainties, and while we believe that our expectations for the future are reasonable in view of currently available information you are cautioned not to place undue reliance on our forward-looking statements, and they should not be relied upon as a prediction of actual results.
Factors that could cause actual results to differ materially from those expressed or implied in any forward-looking statements include but are not limited to:
Forward-looking statements describe our expectations only as of the date they are made, and the Company undertakes no duty to update its forward-looking statements except as required by law. You are advised, however, to review any further disclosures we make on related subjects in our subsequent Forms 10-K, 10-Q, 8-K, and other reports filed with the SEC.
SOURCE Haverty Furniture Companies, Inc.