Havertys Furniture Reports Operating Results for Third Quarter 2026
ATLANTA, Nov. 4, 2026 /PRNewswire/ -- Haverty Furniture Companies, Inc. (NYSE: HVT) and (NYSE: HVT.A), today reported operating results for the third quarter ended September 30, 2026.
Third Quarter 2026 versus Third Quarter 2025:
Steven G. Burdette, President and CEO said, "Our team delivered another quarter of growth, extending our positive momentum in written and delivered comp-store sales against tougher year-over-year comparisons. We did so while navigating a soft housing market, higher fuel prices, higher interest rates, continued geopolitical issues, and rising input costs. Gross profit margin was 62.3%, including approximately $3.2 million of IEEPA tariff refunds, and remained strong at 60.7%, excluding those refunds.
We are energized by our five store openings in the fourth quarter, highlighted by our entry into Pittsburgh, Pennsylvania, our 18th state. Growing to 133 stores by year end, while continuing to invest in our people, our products, our design service, and our customers' experience, reflects both our financial strength and our team's consistent execution of our long-term growth strategy.
As we close out the year, we remain focused on what matters most: executing with discipline and creating long-term value for our team members and shareholders."
Third Quarter ended September 30, 2026 Compared to Same Period of 2025
Balance Sheet and Cash Flow for the Nine Months Ended September 30, 2026
Expectations and Other
Key Results
(amounts in millions, except per share amounts)
Results of Operations
Three Months Ended
September 30,
Nine Months Ended
September 30,
2026
2025
2026
2025
Sales
$
203.2
$
194.5
$
587.1
$
557.1
Gross Profit
126.6
117.3
362.5
338.4
Gross profit as a % of sales
62.3
%
60.3
%
61.7
%
60.8
%
SGA
Variable
39.3
36.4
113.2
103.5
Fixed
79.8
75.9
230.3
223.4
Total
119.1
112.3
343.5
326.9
SGA as a % of sales
Variable
19.3
%
18.7
%
19.3
%
18.6
%
Fixed
39.3
%
39.1
%
39.2
%
40.1
%
Total
58.6
%
57.8
%
58.5
%
58.7
%
Pre-tax income
8.6
6.4
21.9
16.0
Pre-tax income as a % of sales
4.2
%
3.3
%
3.7
%
2.9
%
Net income
6.3
4.7
15.9
11.2
Net income as a % of sales
3.1
%
2.4
%
2.7
%
2.0
%
Diluted earnings per share ("EPS")
$
0.39
$
0.28
$
0.97
$
0.68
Other Financial and Operations Data
Nine Months Ended September 30,
2026
2025
EBITDA (in millions) (1)
$
37.5
$
30.0
Sales per square foot
$
178
$
164
Average ticket
$
3,838
$
3,459
Liquidity Measures
Nine Months Ended
September 30,
Nine Months Ended
September 30,
Free Cash Flow (1)
2026
2025
Cash Returns to Shareholders
2026
2025
Operating cash flow
$
52.4
$
45.3
Share repurchases
$ 16.6
$
2.0
Dividends
15.8
15.5
Capital expenditures
(23.0)
(15.3)
Cash returns to shareholders
$ 32.4
$
17.5
Free cash flow
$
29.4
$
30.0
Cash at period end
$
127.0
$
137.0
(1) See the reconciliation of the non-GAAP metrics at the end of the release.
HAVERTY FURNITURE COMPANIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(UNAUDITED)
(In thousands, except per share data)
Three Months Ended
September 30,
Nine Months Ended
September 30,
2026
2025
2026
2025
Net sales
$
203,153
$
194,484
$
587,144
$
557,076
Cost of goods sold
(exclusive of depreciation and amortization)
76,568
77,220
224,611
218,627
Gross profit
126,585
117,264
362,533
338,449
Expenses:
Selling, general and administrative
119,030
112,329
343,469
326,864
Other (income) expense, net
(20)
(348)
1
(571)
Total expenses
119,010
111,981
343,470
326,293
Income before interest and income taxes
7,575
5,283
19,063
12,156
Interest income, net
983
1,142
2,872
3,888
Income before income taxes
8,558
6,425
21,935
16,044
Income tax expense
2,222
1,696
6,032
4,848
Net income
$
6,336
$
4,729
$
15,903
$
11,196
Basic earnings per share:
Common Stock
$
0.41
$
0.29
$
1.00
$
0.69
Class A Common Stock
$
0.38
$
0.27
$
0.94
$
0.64
Diluted earnings per share:
Common Stock
$
0.39
$
0.28
$
0.97
$
0.68
Class A Common Stock
$
0.38
$
0.27
$
0.94
$
0.64
Cash dividends per share:
Common Stock
$
0.33
$
0.32
$
0.99
$
0.96
Class A Common Stock
$
0.31
$
0.30
$
0.93
$
0.90
HAVERTY FURNITURE COMPANIES, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
(In thousands)
September 30,
2026
December 31,
2025
September 30,
2025
Assets
Current assets
Cash and cash equivalents
$
120,321
$
125,325
$
130,495
Restricted cash and cash equivalents
6,724
6,547
6,482
Inventories
86,674
96,155
92,406
Prepaid expenses
13,399
10,236
12,469
Other current assets
11,236
11,064
8,935
Total current assets
238,354
249,327
250,787
Property and equipment, net
182,808
177,207
179,611
Right-of-use lease assets
205,809
190,586
186,811
Deferred income taxes
21,105
19,301
18,051
Other assets
13,756
12,631
16,449
Total assets
$
661,832
$
649,052
$
651,709
Liabilities and Stockholders' Equity
Current liabilities
Accounts payable
$
14,296
$
15,447
$
19,904
Customer deposits
46,232
35,504
43,855
Accrued liabilities
43,883
46,531
42,633
Current lease liabilities
36,330
35,967
36,938
Total current liabilities
140,741
133,449
143,330
Noncurrent lease liabilities
197,308
180,450
174,906
Other liabilities
25,146
27,224
27,446
Total liabilities
363,195
341,123
345,682
Stockholders' equity
298,637
307,929
306,027
Total liabilities and stockholders' equity
$
661,832
$
649,052
$
651,709
HAVERTY FURNITURE COMPANIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
(In thousands)
Nine Months Ended
September 30,
2026
2025
Cash Flows from Operating Activities:
Net income
$
15,903
$
11,196
Adjustments to reconcile net income to net cash
provided by operating activities:
Depreciation and amortization
18,403
17,825
Share-based compensation expense
7,843
5,594
Other
(476)
107
Changes in operating assets and liabilities:
Inventories
9,481
(8,987)
Customer deposits
10,728
3,122
Other assets and liabilities
(4,543)
8,087
Accounts payable and accrued liabilities
(4,979)
8,341
Net cash provided by operating activities
52,360
45,285
Cash Flows from Investing Activities:
Capital expenditures
(22,953)
(15,277)
Proceeds from sale of land, property, and equipment
68
73
Net cash used in investing activities
(22,885)
(15,204)
Cash Flows from Financing Activities:
Dividends paid
(15,750)
(15,534)
Common stock repurchased
(16,568)
(2,000)
Taxes on vested restricted shares
(1,984)
(1,884)
Net cash used in financing activities
(34,302)
(19,418)
Change in cash, cash equivalents, and restricted cash equivalents during the period
(4,827)
10,663
Cash, cash equivalents, and restricted cash equivalents at beginning of period
131,872
126,314
Cash, cash equivalents, and restricted cash equivalents at end of period
$
127,045
$
136,977
GAAP to Non-GAAP Reconciliation
We report our financial results in accordance with accounting principles generally accepted in the United States ("GAAP"). We supplement the reporting of our financial information under GAAP with certain non-GAAP financial information. The non-GAAP information presented provides additional useful information but should not be considered in isolation or as substitutes for the related GAAP measures. We believe that EBITDA and free cash flow (1) are meaningful measures to share with investors as useful information on our operating results and to provide additional information with respect to key metrics used by management in its financial and operational decision making.
Additionally, the company presents gross profit margin, excluding the impact of IEEPA tariff refunds and LIFO, consolidated adjusted net income, and adjusted diluted EPS. We believe these non-GAAP measures provide investors with useful supplemental information because they enhance the comparability of the Company's results across periods and more closely align with the metrics management uses to evaluate the performance of its core operations, to conduct internal planning and budgeting, and to make operating decisions. These measures are not intended to be considered in isolation or as a substitute for, or superior to, the most directly comparable GAAP measures, and the Company's presentation may differ from similarly titled measures used by other companies.
(1) See the reconciliation of free cash flow in the Key Results section of the release.
Reconciliation of GAAP measures to EBITDA
Nine Months Ended September 30,
(in thousands)
2026
2025
Income before income taxes, as reported
$
21,935
$
16,044
Interest income, net
(2,872)
(3,888)
Depreciation and amortization
18,403
17,825
EBITDA
$
37,466
$
29,981
Gross profit margin, excluding the impact of IEEPA tariff refunds
Three Months Ended
September 30,
Nine Months Ended
September 30,
(in thousands)
2026
2025
2026
2025
Net sales
$
203,153
$
194,484
$
587,144
$
557,076
Cost of goods sold
76,568
77,220
224,611
218,627
Gross profit
$
126,585
$
117,264
$
362,533
$
338,449
IEEPA Tariff Refund Adjustment
(3,188)
—
(4,684)
—
Gross Profit,
excluding the impact of tariff refunds
$
123,397
$
117,264
$
357,849
$
338,449
Gross Profit Margin,
excluding the impact of tariff refunds
60.7 %
60.3 %
60.9 %
60.8 %
Gross profit margin, excluding the impact of IEEPA tariff refunds and LIFO
Three Months Ended
September 30,
Nine Months Ended
September 30,
(in thousands)
2026
2025
2026
2025
Net sales
$
203,153
$
194,484
$
587,144
$
557,076
Cost of goods sold
76,568
77,220
224,611
218,627
Gross profit
$
126,585
$
117,264
$
362,533
$
338,449
IEEPA Tariff Refund Adjustment
(3,188)
—
(4,684)
—
LIFO Adjustment
1,038
624
2,058
754
Gross Profit, excluding the impact of tariff
refunds and LIFO
$
124,435
$
117,888
$
359,907
$
339,203
Gross Profit Margin, excluding the impact of
tariff refunds and LIFO
61.3 %
60.6 %
61.3 %
60.9 %
Consolidated Adjusted Net Income / Adjusted Diluted EPS
Three Months Ended
September 30,
Nine Months Ended
September 30,
(in thousands, except per share data)
2026
2026
Net income
$
6,336
$
15,903
IEEPA Tariff Refund Adjustment
(3,188)
(4,684)
Interest income on tariff refunds
—
(67)
Related income tax effects
877
1,307
Adjusted net income
$
4,025
$
12,459
Adjusted diluted EPS
$
0.25
$
0.76
Comparable Store Sales
Comparable-store or "comp-store" sales is a measure which indicates the performance of our existing stores and website by comparing the sales growth for stores and online for a particular month over the corresponding month in the prior year. Stores are considered non-comparable if they were not open during the corresponding month or if the selling square footage has been changed significantly.
Cost of Goods Sold and SG&A Expense
We include substantially all our occupancy and home delivery costs in SG&A expense as well as a portion of our warehousing expenses. Accordingly, our gross profit may not be comparable to those entities that include these costs in cost of goods sold.
We classify our SG&A expenses as either variable or fixed and discretionary. Our variable expenses are comprised of selling and delivery costs. Selling expenses are primarily compensation and related benefits for our commission-based sales associates, the discount we pay for third party financing of customer sales and transaction fees for credit card usage. We do not outsource delivery, so these costs include personnel, fuel, and other expenses related to this function. Fixed and discretionary expenses are comprised of rent, depreciation and amortization and other occupancy costs for stores, warehouses and offices, and all advertising and administrative costs.
Conference Call Information
The company invites interested parties to listen to the live webcast of the conference call on November 4, 2026 at 10:00 a.m. ET at its website, ir.havertys.com. If you cannot listen live, a replay will be available on the day of the conference call at the website at approximately 1:00 p.m. ET.
About Havertys Furniture
Haverty Furniture Companies, Inc. (NYSE: HVT and HVT.A), established in 1885, is a full-service home furnishings retailer with 130 showrooms in 17 states in the Southern and Midwestern regions providing its customers with a wide selection of quality merchandise in middle to upper-middle price ranges. Additional information is available on the Company's website www.havertys.com.
Safe Harbor
This press release contains, and the conference call may contain forward-looking statements subject to the safe harbor provisions of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements are subject to risks and uncertainties and change based on various important factors, many of which are beyond our control.
All statements in the future tense and all statements accompanied by words such as "expect," "likely," "outlook," "forecast," "preliminary," "would," "could," "should," "position," "will," "project," "intend," "plan," "on track," "anticipate," "to come," "may," "possible," "assume," and variations of such words and similar expressions are intended to identify such forward-looking statements. These forward-looking statements include, without limitation, our expectations for retail and operating margins, selling square footage and capital expenditures for 2026, our liquidity position to continue to fund our growth plans, and our efforts and initiatives to execute our strategic plan.
We caution that our forward-looking statements involve risks and uncertainties, and while we believe that our expectations for the future are reasonable in view of currently available information you are cautioned not to place undue reliance on our forward-looking statements, and they should not be relied upon as a prediction of actual results.
Factors that could cause actual results to differ materially from those expressed or implied in any forward-looking statements include but are not limited to:
Forward-looking statements describe our expectations only as of the date they are made, and the Company undertakes no duty to update its forward-looking statements except as required by law. You are advised, however, to review any further disclosures we make on related subjects in our subsequent Forms 10-K, 10-Q, 8-K, and other reports filed with the SEC.
SOURCE Haverty Furniture Companies, Inc.