Consumer Discretionary › Retail-Furniture Stores
HVT Stock Price Correlated With Haverty Furniture Cos. Financials
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Income Statement
Cash Flow
Balance Sheet
HVT Income Statement
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Revenue, Net:
Cost of Goods & Services Sold:
Gross Profit:
Selling, General & Admin Expense:
Research & Development Expense:
Total Operating Expenses:
Operating Income:
Income Taxes:
Net Income:
HVT Cash Flow
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Operating Activities Net Income:
Depreciation, Depletion & Amortization:
Change in Accounts Receiveable:
Net Cash from Operations:
Repurchases/Buybacks Common Stock:
Issuance of Long-term Debt:
Cash Dividends Paid:
Net Cash from Financing Activities:
Property, Plant & Equipment Purchases:
Purchases of Businesses, Net of Cash:
Net Cash from Investing Activities:
Net Change in Cash & Equivalents:
HVT Balance Sheet
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Cash and Cash Equivalents:
Short-Term Investments:
Accounts Receivable, Net:
Inventories:
Total Current Assets:
Property, Plant & Equipment, Net:
Total Assets:
Accounts Payable:
Current Portion of Long-Term Debt:
Total Short-Term Liabilities:
Long Term Debt, Non-Current Portion:
Total Long-Term Liabilities:
Total Liabilities:
COMPANY PROFILE
Note 1, Description of Business and Summary of Significant Accounting Policies:
Business:
Haverty Furniture Companies, Inc. (“Havertys,” “we,” “our,” or “us”) is a retailer of a broad line of residential furniture in the middle to
upper-middle price ranges. We have 121 showrooms in 16 states at December 31, 2021. All of our stores are operated using the Havertys name and we do not franchise our stores. We also have an online presence through which our customers can make
purchases. We offer financing through third-party finance companies as well as an internal revolving charge credit plan.
COVID-19:
In an effort to mitigate the spread of COVID‑19 and protect our team members, customers, and communities, in 2020 Havertys closed all of its
stores on March 19 and halted deliveries on March 21, with the expectation at that time of reopening stores on April 2. Affected team members were paid during this period and most corporate personnel transitioned to working remotely. On April 1, we
extended our store closure for another 30 days and furloughed 3,033 team members or approximately 87% of our workforce. During this period,
we paid the cost of enrolled health benefits of those furloughed. Given the dramatic shock to the economy caused by the pandemic and uncertainty of the ongoing impact, we made a permanent reduction in our workforce of approximately 1,200 team members effective April 30 and extended the furlough of approximately 730 team members until June 1. We reopened 103 of our stores on May 1 and the
remaining 17 were opened by June 20 and deliveries restarted on May 5.
The pandemic continues to disrupt several segments of the economy. Although our stores and other businesses are open, some business sectors
are operating on a reduced scale. Our business has been very strong since reopening. Consumers not negatively impacted financially are spending on their homes. The COVID-19 pandemic is complex and continues to evolve
w ith sporadic resurgences, new virus variants, and the vaccine rollout. At this point, we cannot reasonably estimate the duration of the pandemic’s influence on consumers and the “nesting” economy. Accordingly, the estimates and
assumptions management made as of December 31, 2021 could change in subsequent interim reports, and it is reasonably possible that such changes could be significant (although the potential effects cannot be estimated at this time). The Company has
evaluated subsequent events through the date the consolidated financial statements covered by this annual report were issued.
Basis of Presentation:
The consolidated financial statements include the accounts of Havertys
and its wholly-owned subsidiary. All significant intercompany accounts and transactions have been eliminated in consolidation.
Use of Estimates:
The preparation of financial statements in conformity with United States of America generally accepted accounting principles (“U.S. GAAP”)
requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates.
Cash and Cash Equivalents:
Cash and cash equivalents include all liquid investments with a maturity date of less than
three months when purchased. Cash equivalents also include amounts due from third-party financial institutions for credit and debit card transactions which typically settle within five days.
Restricted Cash Equivalents:
Our insurance carrier requires us to collateralize a portion of our workers’ compensation obligations. These funds are investments in money
market funds held by an agent. The agreement with our carrier governing these funds is on an annual basis expiring on December 31.
Inventories:
Inventories are stated at the lower of cost or market. Cost is determined using the last-in, first-out (LIFO)
Business:
Haverty Furniture Companies, Inc. (“Havertys,” “we,” “our,” or “us”) is a retailer of a broad line of residential furniture in the middle to
upper-middle price ranges. We have 121 showrooms in 16 states at December 31, 2021. All of our stores are operated using the Havertys name and we do not franchise our stores. We also have an online presence through which our customers can make
purchases. We offer financing through third-party finance companies as well as an internal revolving charge credit plan.
COVID-19:
In an effort to mitigate the spread of COVID‑19 and protect our team members, customers, and communities, in 2020 Havertys closed all of its
stores on March 19 and halted deliveries on March 21, with the expectation at that time of reopening stores on April 2. Affected team members were paid during this period and most corporate personnel transitioned to working remotely. On April 1, we
extended our store closure for another 30 days and furloughed 3,033 team members or approximately 87% of our workforce. During this period,
we paid the cost of enrolled health benefits of those furloughed. Given the dramatic shock to the economy caused by the pandemic and uncertainty of the ongoing impact, we made a permanent reduction in our workforce of approximately 1,200 team members effective April 30 and extended the furlough of approximately 730 team members until June 1. We reopened 103 of our stores on May 1 and the
remaining 17 were opened by June 20 and deliveries restarted on May 5.
The pandemic continues to disrupt several segments of the economy. Although our stores and other businesses are open, some business sectors
are operating on a reduced scale. Our business has been very strong since reopening. Consumers not negatively impacted financially are spending on their homes. The COVID-19 pandemic is complex and continues to evolve
w ith sporadic resurgences, new virus variants, and the vaccine rollout. At this point, we cannot reasonably estimate the duration of the pandemic’s influence on consumers and the “nesting” economy. Accordingly, the estimates and
assumptions management made as of December 31, 2021 could change in subsequent interim reports, and it is reasonably possible that such changes could be significant (although the potential effects cannot be estimated at this time). The Company has
evaluated subsequent events through the date the consolidated financial statements covered by this annual report were issued.
Basis of Presentation:
The consolidated financial statements include the accounts of Havertys
and its wholly-owned subsidiary. All significant intercompany accounts and transactions have been eliminated in consolidation.
Use of Estimates:
The preparation of financial statements in conformity with United States of America generally accepted accounting principles (“U.S. GAAP”)
requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates.
Cash and Cash Equivalents:
Cash and cash equivalents include all liquid investments with a maturity date of less than
three months when purchased. Cash equivalents also include amounts due from third-party financial institutions for credit and debit card transactions which typically settle within five days.
Restricted Cash Equivalents:
Our insurance carrier requires us to collateralize a portion of our workers’ compensation obligations. These funds are investments in money
market funds held by an agent. The agreement with our carrier governing these funds is on an annual basis expiring on December 31.
Inventories:
Inventories are stated at the lower of cost or market. Cost is determined using the last-in, first-out (LIFO)
Free historical financial statements for Haverty Furniture Cos. Inc.. See how revenue, income, cash flow, and balance sheet financials have changed over 48 quarters since 2012. Compare with HVT stock chart to see long term trends.
Data imported from Haverty Furniture Cos. Inc. SEC filings. Check original filings before making any investment decision.