Haverty sales slip at stores open more than a year

Haverty Furniture 3Q sales decline at stores open more than a year

• On 10:37 am EDT, Thursday October 8, 2009

ATLANTA (AP) -- Retailer Haverty Furniture Cos. said Thursday sales at stores open more than one year fell 11.9 percent for the third quarter as the housing downturn and soft consumer spending weighed on results.

Sales at stores open at least a year are a key indicator of retailer performance since they measure growth at existing stores rather than newly opened ones.

Total sales for the quarter ended Sept. 30 fell 13.5 percent to $151.9 million from $175.6 million in the prior-year period.

Clarence H. Smith, chief executive officer, said that the company is offering promotions to reach cost-conscious consumers.

Haverty Furniture is a home furnishings retailer with 121 showrooms in 17 states.

Haverty shares rose 29 cents, or 2.4 percent, to $12.30 in morning trading.