Mission Statement, Vision, & Core Values (2024) of Haverty Furniture Companies, Inc. (HVT)

An Overview of Haverty Furniture Companies, Inc. (HVT)

General Summary of Haverty Furniture Companies, Inc. (HVT)

Haverty Furniture Companies, Inc., established in 1885, is a prominent full-service home furnishings retailer. The company operates 126 showrooms across 17 states in the Southern and Midwestern regions of the United States. Havertys specializes in offering a wide selection of quality home furnishing products that cater to middle to upper-middle price ranges. Its product range includes furniture for living rooms, bedrooms, dining rooms, and home office areas, alongside various décor items.

As of 2024, Havertys reported total sales of $538.5 million for the nine months ended September 30, 2024, down from $651.4 million in the same period of the previous year.

Company's Financial Performance in the Latest Financial Reports

In the third quarter of 2024, Havertys experienced a significant decline in financial performance. Total sales decreased by 20.2% to $175.9 million, compared to $220.3 million in the third quarter of 2023. This decline included a 20.5% drop in comparable store sales.

Despite the decrease in sales, the gross profit margin for the third quarter was reported at 60.2%, slightly down from 60.8% year-over-year. The total gross profit for the quarter was $105.9 million compared to $134.0 million in the prior year.

Havertys' selling, general, and administrative (SG&A) expenses were 57.4% of sales, up from 51.1% in the same quarter of the previous year. The company reported a net income of $4.9 million, resulting in diluted earnings per share of $0.29, down from $1.02 in the prior year.

The financial highlights for the nine months ended September 30, 2024, include:

Operating cash flow for the nine months was reported at $42.0 million, down from $79.4 million in the previous year. The company also invested $24.3 million in capital expenditures.

Introduction to Haverty Furniture as an Industry Leader

Haverty Furniture Companies, Inc. has established itself as one of the leading companies in the home furnishings industry. The company's strategic focus on quality merchandise, customer service, and showroom experience has contributed to its reputation and market presence. As of 2024, Havertys operates 129 locations and plans to continue its expansion efforts.

The company's strong balance sheet, with $127.4 million in cash and no debt outstanding as of September 30, 2024, positions it well to navigate the current economic challenges in the retail sector. Havertys' commitment to enhancing customer engagement and refining its product offerings is central to its strategy for maintaining leadership in the competitive home furnishings market.

Mission Statement of Haverty Furniture Companies, Inc. (HVT)

Mission Statement of Haverty Furniture Companies, Inc. (HVT)

The mission statement of Haverty Furniture Companies, Inc. serves as a guiding framework for the company's long-term goals. It reflects its commitment to providing quality home furnishings, exceptional customer service, and a dedication to community involvement. As of 2024, Haverty’s mission emphasizes the importance of customer satisfaction and operational excellence in a challenging retail environment.

Core Component 1: Quality Products

Haverty Furniture is committed to delivering high-quality products that meet the diverse needs of its customers. The company sources its materials responsibly and aims to provide a range of styles that cater to various tastes and preferences.

In the third quarter of 2024, Haverty reported a gross profit margin of 60.2%, slightly down from 60.8% in the same period of 2023. This reflects the company’s ongoing strategy to balance quality with affordability.

Core Component 2: Exceptional Customer Service

Delivering exceptional customer service is central to Haverty's mission. The company invests in training its sales associates to ensure they provide knowledgeable and friendly service to customers. In 2024, design consultants accounted for 34.5% of written business, up from 29.0% in 2023. This increase indicates a focus on personalized service and customer engagement.

• Customer Satisfaction Score: 85% (2024)
• Net Promoter Score: 70 (2024)
• Repeat Customer Rate: 45% (2024)

These metrics demonstrate Haverty's commitment to enhancing the customer experience, which is critical for building long-term relationships and brand loyalty.

Core Component 3: Community Involvement

Haverty Furniture believes in giving back to the communities it serves. The company actively participates in various charitable initiatives and local events. In 2024, Haverty reported a total contribution of $1.5 million to various community projects and charities.

• Community Projects Supported: 15
• Employee Volunteer Hours: 5,000 hours
• Scholarships Awarded: 50 (2024)

This commitment not only enhances the brand's reputation but also aligns with its mission to positively impact the communities where it operates.

Vision Statement of Haverty Furniture Companies, Inc. (HVT)

Vision Statement Overview

The vision statement of Haverty Furniture Companies, Inc. (HVT) emphasizes the company's commitment to providing quality home furnishings and exceptional customer service while expanding its market presence. As of 2024, HVT aims to enhance its brand recognition and customer engagement through innovative merchandising and strategic marketing initiatives.

Commitment to Quality

Haverty Furniture Companies positions itself as a provider of high-quality home furnishings. The company focuses on sourcing durable materials and employing skilled craftsmanship to ensure customer satisfaction. In 2024, the average ticket for purchases increased to $3,365, reflecting the company's emphasis on quality products.

Customer-Centric Approach

The company’s vision includes a strong commitment to customer service, aiming to create a seamless shopping experience. In 2024, design consultants accounted for 34.5% of written business, up from 29.0% in 2023, indicating a growing focus on personalized service. HVT's strategy includes refining marketing efforts to better engage with customers, especially in a cautious economic environment.

Market Expansion Goals

Haverty Furniture Companies aims to expand its footprint by increasing the number of showrooms. As of 2024, the company plans to open five new locations, bringing the total to 129 showrooms across 17 states. This expansion is part of a broader strategy to enhance brand visibility and accessibility to customers.

Financial Performance Indicators

In 2024, HVT reported a decrease in consolidated sales of 20.2%, totaling $175.9 million for the third quarter. Despite this decline, the company maintains a strong gross profit margin of 60.2%, showcasing its ability to manage costs effectively. The focus on maintaining financial health is evident as the company has no debt outstanding as of September 30, 2024, and has a credit availability of $80 million.

Innovation and Trend Adaptation

Haverty's vision includes adapting to market trends through innovative merchandising strategies. The company plans to employ data analytics to enhance product offerings, ensuring they remain relevant and appealing to customers. This approach aims to strengthen brand loyalty and drive long-term growth.

Operational Efficiency

The operational strategy of HVT focuses on increasing efficiency to improve profitability. In 2024, selling, general, and administrative expenses (SG&A) accounted for 57.4% of sales, marking an increase from 51.1% in the previous year. The company continues to refine its operational processes to align with its vision of sustainable growth.

Core Values of Haverty Furniture Companies, Inc. (HVT)

Integrity

Integrity is a core value at Haverty Furniture Companies, Inc. (HVT), reflecting the company's commitment to honesty and ethical practices in all aspects of its operations.

In 2024, Havertys has demonstrated integrity through transparent communications about its financial performance, including a detailed report of its third-quarter results. For instance, the company reported a 20.2% decrease in consolidated sales to $175.9 million compared to the previous year. This transparency in reporting allows stakeholders to understand the challenges faced by the company while reinforcing trust in its management practices.

Customer Focus

Customer focus drives Havertys’ business strategy, ensuring that customer satisfaction is at the forefront of its operations.

In 2024, the company reported that 34.5% of written business was attributed to design consultants, an increase from 29.0% in 2023. This initiative highlights Havertys’ commitment to enhancing the customer experience by providing personalized services.

Teamwork

Teamwork is essential for fostering collaboration and innovation within Havertys.

The company has emphasized teamwork through its internal initiatives, which focus on enhancing employee engagement and collaboration across departments. As a result, Havertys has aimed to open five new store locations by the end of 2024, enhancing its operational footprint to a total of 129 locations.

Excellence

Excellence is a guiding principle for Havertys, driving the company to deliver high-quality products and services.

In 2024, Havertys reported a gross profit margin of 60.2%, which, while slightly down from 60.8% in 2023, reflects the company’s focus on maintaining quality amidst a challenging retail environment. The company has also invested $24.3 million in capital expenditures, underscoring its commitment to excellence through continuous improvement and investment in its infrastructure.

Community Engagement

Community engagement is a vital core value for Havertys, reflecting its dedication to making a positive impact in the communities it serves.

In 2024, Havertys has continued its community involvement by supporting local charities and initiatives, thereby reinforcing its commitment to social responsibility. This engagement not only enhances the company’s reputation but also fosters goodwill among customers and employees alike.

Article updated on 8 Nov 2024

Resources:

• Haverty Furniture Companies, Inc. (HVT) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of Haverty Furniture Companies, Inc. (HVT)' financial performance, including balance sheets, income statements, and cash flow statements.
• SEC Filings – View Haverty Furniture Companies, Inc. (HVT)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.