Havertys (HVT) reported its operating results for the fourth quarter ended December 31, 2024, with diluted earnings per common share (EPS) of $0.49. This compares to $0.90 EPS in the fourth quarter of 2023. The company's net income for the quarter was $8.2 million, translating to $0.47 per share.
For the full fiscal year 2024, Havertys reported total revenue of $722.9 million, which represents a 16% decline from the prior year. Despite the revenue contraction, the company maintained strong gross margins and cash reserves, indicating operational discipline in a challenging market.
The company's strong cash position, with over $121 million in hand as of the end of the third quarter and no funded debt, provides financial flexibility. Havertys continues its store expansion plans, including three additional new stores in the fourth quarter, aiming to capitalize on its thriving design business.
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