Haverty Furniture CEO: Q3 'one of our more challenging periods in recent years'
Clarence Smith, chairman, president and CEO, said, "The third quarter was one of our more challenging periods in recent years. Our sales results for the quarter as we entered September were slightly positive with written business running somewhat negative. Our markets were not directly impacted by Hurricane Harvey, but its devastation heightened the concern for the larger and more powerful Hurricane Irma. In advance of Irma's approach, we closed stores and readied them for possible severe weather and halted home deliveries. Given the anticipated path of the storm, 55 of our stores were closed for at least one day, including stores in metro Atlanta. We were fortunate to have only minor property damage to a few locations but 14 stores remained closed for three or more days due to power outages. We are working with our insurance provider on recovery claims. Hurricane Irma disrupted not only our retail operations but caused us to close our Florida and Eastern distribution centers and corporate offices. I was pleased by the excellent collaboration and communication to protect Havertys property and reschedule over 3,900 home deliveries; and very proud of the concern and assistance our team members demonstrated to those directly impacted by the storm."