|Over a week ago|
RH price target raised to $450 from $380 at UBS » 08:0711/2411/24/20
RH, WSM, ETH, HVT
UBS analyst Michael…
UBS analyst Michael Lasser raised the firm's price target on RH (RH) to $450 from $380 but keeps a Neutral rating on the shares ahead of its Q3 results. The analyst says that demand for Home Furnishing was very strong in the quarter as evidenced by results from Williams-Sonoma (WSM), Ethan Alllen (ETH), and Havertys (HVT). Lasser adds that he also sees RH as being "over-indexed" to products related to working from home.
Haverty Furniture trading resumes 14:4111/0611/06/20
Havertys increases quarterly cash dividend to 22c per common stock share » 14:2111/0611/06/20
Havertys announced that…
Havertys announced that its board of directors approved an increase in the quarterly cash dividend to 22c per share on the common stock and 20c per share on the Class A common stock. Havertys also announced that its board of directors authorized a special cash dividend to be paid on the outstanding shares of the two classes of $1 par value common stock of the company at a rate of $2.00 per share on the common stock and $1.90 per share on the Class A common stock. The special cash dividend and regular quarterly dividend will be paid together on December 9 to stockholders of record at the close of business on November 23.
Havertys authorizes special cash dividend of $2 per common stock share » 14:2011/0611/06/20
Havertys announced that…
Havertys announced that its board of directors authorized a special cash dividend to be paid on the outstanding shares of the two classes of $1 par value common stock of the company at a rate of $2.00 per share on the common stock and $1.90 per share on the Class A common stock. Clarence Smith, chairman, president and CEO, said, "Our board of directors authorized several steps taken earlier this year to ensure our liquidity due to the uncertainty facing the economy. Our operating results since reopening our stores in May have been very good. The board's decision today to pay a special dividend, provides returns to Havertys stockholders, maintains a safeguard against potential headwinds, and preserves capital for potential opportunities."
Haverty Furniture trading halted, news pending 14:1511/0611/06/20
|Over a month ago|
Havertys upgraded to Buy from Neutral at Sidoti » 11:2710/0710/07/20
Sidoti upgraded Havertys…
Sidoti upgraded Havertys to Buy from Neutral.
Havertys reports Q3 revenue $217.5M, consensus $230.03M » 06:1310/0710/07/20
Havertys sales for the…
Havertys sales for the third quarter increased 3.9% to $217.5M, compared with $209.3M for the third quarter of 2019. On a comparable store basis, sales for the quarter increased 4.0%. Comparable store sales include those made on the website and in stores, and excludes locations opened, closed or otherwise non-comparable during the last 12 months. Clarence Smith, chairman, president and CEO, said, "We are experiencing very strong business after reopening in May. Our delivery capacity is now reaching pre-closure levels, but demand is outpacing product availability in certain categories. We remain encouraged as customers continue to place orders in spite of the longer delivery time frames. Our teams remain focused on serving our customers and keeping our workplaces safe."
Furniture makers jump after Herman Miller earnings helped by 'home office' trend » 15:4309/1709/17/20
MLHR, SCS, LZB, KNL, HVT, ETH
Shares of furniture…
Shares of furniture makers are moving up on Thursday after manufacturer Herman Miller (MLHR) reported quarterly adjusted earnings per share of $1.24 on revenue of $626.8M, beating analyst expectations on the top and bottom lines. The company also reestablished its quarterly dividend. Sidoti analyst Gregory Burns raised his price target to $50 on shares as the retail furniture segment has "moved from laggard to leader" amid growth in home offices and increased spending on home improvements, the analyst told investors in a post-earnings recap note. ANNOUNCES STORE FOR HOME OFFICES: "We are excited to reveal our first retail destinations dedicated to offering customers the opportunity to explore the quality and breadth of Herman Miller's work from home solutions firsthand," says Debbie Propst, President of Herman Miller Retail. "We are currently seeing unprecedented sales across these categories. The stores are a direct response to our collective need, which has been building over time and heightened by the pandemic, for more versatile home environments and our customer's desire to test drive these highly-considered products in person." RETAIL TRENDS IMPROVING FOR INDUSTRY: In advance of investor meetings, Ethan Allen Interiors (ETH) provided several updates on its current business trends earlier this week. Retail segment written orders have continued to accelerate during the period for Ethan Allen Interiors with its written orders reflecting a 10% increase for the two-month quarter-to-date period ending August 31, 2020, including a 26% increase in written orders in the month of August. These numbers also reflect significant growth from its e-commerce business. PRICE ACTION: Shares of Herman Miller are up 33% heading into the close with peers including Steelcase (SCS), La-Z-Boy (LZB), Knoll (KNL) and Havertys (HVT) also seeing gains.
|Over a quarter ago|
Havertys reports Q2 revenue $110M, consensus $146.79M » 16:2607/0807/08/20
Havertys stores closed on…
Havertys stores closed on March 19 and deliveries were halted on March 21. Most stores reopened on May 1 and total written sales for the two months ended June 30, 2020 were up 13.9% and written comparable store sales were up 17.5% compared to the same period in 2019. Deliveries resumed on May 5 with reduced personnel and capacity and total sales from May 5 through June 30 were down 13.4% compared with the same period of 2019. Total sales for the second quarter 2020 were $110M compared with $191.9M for the second quarter of 2019. Sales for the first six months of 2020 totaled $289.4M, compared with $379.1M in 2019. Comparable store sales information for the quarter and six months is not meaningful due to the cessation of operations during the first and second quarter. Clarence Smith, chairman, president and CEO, said, "We are encouraged by the quarter's written business but remain cautious amid the continuing uncertain health and economic environment. We are analyzing our staffing needs and accelerating hiring in our delivery operations. I am immensely proud of our team members' hard work, dedication, and customer focus, which exemplifies Havertys' values."
Havertys rises 14.6% » 10:0005/2105/21/20
Havertys is up 14.6%, or…
Havertys is up 14.6%, or $2.25 to $17.61.