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- **Revenue Growth**: Q3 2025 sales up 10.6% YoY to $194.5 million, driven by 13.6% Labor Day event growth and 7.1% upholstery special orders increase.
- **Margin Resilience**: Gross margin held steady at 60.3%, despite $624,000 LIFO expenses, with strategic price adjustments offsetting 25% tariffs on furniture imports.
- **Marketing Success**: $2.8 million in additional marketing (direct mail, digital) boosted e-commerce sales 13.6% and conversion rates.
- **Expansion Plans**: New Houston store (total 129) and 2026 goal of 5 new stores/year to drive $800+ million annual sales and margin expansion.
- **Tariff Management**: 30% tariffs set for January 2026, with ongoing collaboration with vendors to mitigate costs.

**【CEO Summary Section】**
- Q3 2025 revenue reached $194.5 million, up 10.6% YoY, with comparable store sales growing 7.1%. Key drivers included a successful Labor Day event (13.6% written sales increase) and a 7.1% rise in upholstery special orders.
- Gross margin remained stable at 60.3%, despite $624,000 in LIFO expenses. Average ticket increased 6.1% to $3,668, with design tickets up 11.9% to $7,986.
- The company opened a new store in Houston (New Caney) in mid-October, bringing total locations to 129, with plans to return to a 5-store/year growth rate in 2026.
- Tariffs on furniture from Mexico, Vietnam, Cambodia, Thailand, and Indonesia (25% effective October 14, escalating to 30% in January 2026) were partially offset by strategic price adjustments.
- Traffic growth in the mid-single digits and conversion rate improvement (low single-digit decline vs. Q2) highlighted operational progress.

**【CFO Financial Commentary】**
- Net income was $4.7 million ($0.28 EPS), down 4.1% YoY, due to a 11.3% increase in SG&A expenses ($112.3 million, 57.8% of sales) driven by $2.8 million in additional marketing (direct mail, digital campaigns) and higher administrative costs.
- Inventories rose $3.7 million YoY to $92.4 million, with LIFO expenses expected to continue impacting margins through Q4.
- 2025 guidance includes gross margins of 60.4-60.7%, SG&A expenses of $296-298 million, and CapEx of $24 million (19.6% for new stores, 2.6% for IT).

**【Q&A Highlights】**
- **Tariff Impact**: Price adjustments offset tariff effects; LIFO expenses will persist but margins remain stable.
- **Marketing Efficiency**: Direct mail campaign drove new customer acquisition, with e-commerce sales up 13.6%.
- **Growth Leverage**: CFO expects operating margin expansion when annual sales exceed $800 million, achievable with 2026's projected growth.
- **Regional Performance**: All regions showed positive comps, with Texas, Georgia, and Florida leading at 8-10% growth.
- **Tariff Outlook**: Monitoring U.S. trade talks and Supreme Court decisions for potential tariff reductions.


Haverty Furniture Companies, Inc. (HVT) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

HVT.A

HVT.A fundamentals

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