Haverty Furniture CEO calls Q4 sales 'disappointing'
Clarence Smith, chairman, president and CEO, said, "The fourth quarter sales were disappointing. There was a heavy concentration of traffic and sales during the traditional shopping period around Thanksgiving and much softer business before and afterwards. We did see an increase in our conversion rate on traffic and the average ticket increased 2.2% over last year's quarter. We believe the recently enacted tax law changes will be beneficial to our customers and to Havertys. Our effective tax rate has historically included a 35% Federal rate and the lowering to 21% along with the immediate deductions for certain new investments instead of deductions for depreciation expense over time will be favorable to our financial results."