Shares of home furnishings retailer Haverty Furniture Companies Inc (HVT) reached a 52-week high of $29.87 on Dec 16 after the company reported improved performance in its fourth quarter 2013 business on Dec 2 and announced its store opening plans for 2014. Haverty’s shares closed at $29.82 on Dec 16, with share prices rising 80.6% year-to-date. Average volume of shares traded over the last three months came in at approximately 76K.
Haverty is a full-service home furnishings retailer with presence in 16 states in the Southern and Midwestern regions. It provides quality merchandise in middle to upper-middle price ranges.
On Dec 2, Haverty announced that its total written business for the fourth quarter 2013 through November was up approximately 7.9% over the 5.6% increase achieved in the third quarter of 2013 largely due to the housing market recovery. The company has also announced plans to increase its net selling square footage by 3.0% in 2014. In addition, this Zacks Rank #2 (Buy) company announced its store opening plans for 2014 in order to strengthen its presence in key markets with additional or repositioned stores.
Haverty will open a 19,000-selling-square-feet store in the Buckhead Square shopping center in Atlanta, GA in the third quarter of 2014. Another store will be opened in AllianceTexas and will cover 30,000-selling-square-feet. It will be located in Alliance Town Center and is scheduled to open in the fourth quarter of 2014.
Other than this, Haverty is relocating one of its four Orlando, Fla. stores, which will replace a location on S Orange Blossom Trail in Orlando. The new store will cover 30,000-selling-square-feet and is expected to open in the fourth quarter of 2014.
The company is encouraged about the positive customer response to its enhanced store displays and therefore investing heavily in adding and improving its stores to better serve customers.
Other Stocks to Consider
Other stocks worth considering in the home furnishing industry include Kirkland’s Inc (KIRK), Fortune Brands Home & Security, Inc. (FBHS) and Williams-Sonoma Inc. (WSM). While Kirkland sports a Zacks Rank #1 (Strong Buy), Fortune Brands and Williams- Sonoma hold a Zacks Rank #2.