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Haverty Furniture (HVT) Sees Soft Sales in Q2 on Weak Comps
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Shares of Haverty Furniture Companies Inc. (HVT - Free Report) eventually closed down 7.9% when the company reported dismal sales results for the second quarter fiscal 2017 (ending Jun 30, 2017) on Jul 7. The decline was attributed to lower written comparable sales, which were sluggish when compared with the preceding quarter.
If we look into the second-quarter fiscal 2017 sales report, we note that sales improved 1.1% year over year, compared with 1.6% growth witnessed on Jun 20, when the company reported its second sales to date results. Though growth was backed by higher average ticket and custom upholstery and accessories sales along with increased internet traffic, it was offset by the sluggish consumer traffic. Second-quarter sales growth was also much weaker than the preceding quarter’s recorded figure of 3%.
Comparable store sales were down 0.2% for the second quarter, weaker than the comparable store sales growth of 0.4% witnessed on Jun 20 and 1.6% in the first quarter. The company believes that the quarter’s sales were hurt due to a delay in Easter. Haverty stores remained closed for Easter, which was in April this year versus March last year.
Post the adjustment in Easter shift, written comparable store sales for the second quarter were down 0.7%, lower than the 0.3% growth witnessed on Jun 20 and 4.5% growth reported last year for the full second quarter of 2016. Written sales for the second quarter were up 0.6%, compared with preceding quarter’s written sales growth of 1.0%.
Haverty is scheduled to release its second-quarter results on Jul 31 after the market closes.
In fact, shares of this retailer of full-service home furnishings have been underperforming the Zacks categorized Retail-Home Furnishings industry and the broader Retail-Wholesale sector for the last three months. The stock has declined 5.23% against the industry’s growth of 0.4% and sector’s improvement of 4.6%.
Despite sluggish written comparable sales, the Zacks Rank #3 (Hold) company, remains encouraged by new merchandises that are expected to flourish stores over the coming weeks through summer. The company believes that business will benefit as housing strengthens in the region and the general economy improves. We also remain encouraged by the solid fundamentals of the company and its solid store expansion plans to strengthen its presence in key markets with additional or repositioned stores. Moreover, the company is making innovations with respect to its technology developments. Also, its shareholder-friendly moves are noteworthy.
Also, the stock exhibits a VGM Score of ‘A’, instilling confidence about its momentum. Moreover, the company has posted an average earnings surprise of 17.4% in the trailing four quarters.
Haverty Furniture Companies, Inc. Price, Consensus and EPS Surprise
Investors interested in the broader retail space may consider Burlington Stores Inc. (BURL - Free Report) , Canada Goose Holdings, Inc. (GOOS - Free Report) andThe Children's Place, Inc. (PLCE - Free Report) .
Burlington and Canada Goose, carrying a Zacks Rank #2 (Buy) each, have long-term growth rates of 15.9% and 47.0%, respectively.
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Haverty Furniture (HVT) Sees Soft Sales in Q2 on Weak Comps
Shares of Haverty Furniture Companies Inc. (HVT - Free Report) eventually closed down 7.9% when the company reported dismal sales results for the second quarter fiscal 2017 (ending Jun 30, 2017) on Jul 7. The decline was attributed to lower written comparable sales, which were sluggish when compared with the preceding quarter.
If we look into the second-quarter fiscal 2017 sales report, we note that sales improved 1.1% year over year, compared with 1.6% growth witnessed on Jun 20, when the company reported its second sales to date results. Though growth was backed by higher average ticket and custom upholstery and accessories sales along with increased internet traffic, it was offset by the sluggish consumer traffic. Second-quarter sales growth was also much weaker than the preceding quarter’s recorded figure of 3%.
Comparable store sales were down 0.2% for the second quarter, weaker than the comparable store sales growth of 0.4% witnessed on Jun 20 and 1.6% in the first quarter. The company believes that the quarter’s sales were hurt due to a delay in Easter. Haverty stores remained closed for Easter, which was in April this year versus March last year.
Post the adjustment in Easter shift, written comparable store sales for the second quarter were down 0.7%, lower than the 0.3% growth witnessed on Jun 20 and 4.5% growth reported last year for the full second quarter of 2016. Written sales for the second quarter were up 0.6%, compared with preceding quarter’s written sales growth of 1.0%.
Haverty is scheduled to release its second-quarter results on Jul 31 after the market closes.
In fact, shares of this retailer of full-service home furnishings have been underperforming the Zacks categorized Retail-Home Furnishings industry and the broader Retail-Wholesale sector for the last three months. The stock has declined 5.23% against the industry’s growth of 0.4% and sector’s improvement of 4.6%.
Despite sluggish written comparable sales, the Zacks Rank #3 (Hold) company, remains encouraged by new merchandises that are expected to flourish stores over the coming weeks through summer. The company believes that business will benefit as housing strengthens in the region and the general economy improves. We also remain encouraged by the solid fundamentals of the company and its solid store expansion plans to strengthen its presence in key markets with additional or repositioned stores. Moreover, the company is making innovations with respect to its technology developments. Also, its shareholder-friendly moves are noteworthy.
Also, the stock exhibits a VGM Score of ‘A’, instilling confidence about its momentum. Moreover, the company has posted an average earnings surprise of 17.4% in the trailing four quarters.
Haverty Furniture Companies, Inc. Price, Consensus and EPS Surprise
Haverty Furniture Companies, Inc. Price, Consensus and EPS Surprise | Haverty Furniture Companies, Inc. Quote
Key Picks
Investors interested in the broader retail space may consider Burlington Stores Inc. (BURL - Free Report) , Canada Goose Holdings, Inc. (GOOS - Free Report) andThe Children's Place, Inc. (PLCE - Free Report) .
Children’s Place sports a Zacks Rank #1 (Strong Buy) and has long-term earnings growth of 8.0%. You can see the complete list of today’s Zacks #1 Rank stocks here.
Burlington and Canada Goose, carrying a Zacks Rank #2 (Buy) each, have long-term growth rates of 15.9% and 47.0%, respectively.
Will You Make a Fortune on the Shift to Electric Cars?
Here's another stock idea to consider. Much like petroleum 150 years ago, lithium power may soon shake the world, creating millionaires and reshaping geo-politics. Soon electric vehicles (EVs) may be cheaper than gas guzzlers. Some are already reaching 265 miles on a single charge.
With battery prices plummeting and charging stations set to multiply, one company stands out as the #1 stock to buy according to Zacks research.
It's not the one you think.
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