Haverty Furniture Companies, Inc. (NYSE:HVT) Q1 2023 Earnings Conference Call May 3, 2023 10:00 AM ET
Company Participants
Richard Hare – Chief Financial Officer
Clarence Smith – Chairman and Chief Executive Officer
Steve Burdette – President
Conference Call Participants
Anthony Lebiedzinski – Sidoti & Company
Cristina Fernández – Telsey Advisory Group
Operator
Greetings and welcome to the Haverty First Quarter 2023 Earnings Call. [Operator Instructions]
As a reminder this conference is being recorded. It is now my pleasure to introduce your host, Mr. Richard Hare, Chief Financial Officer. Thank you, sir. You may begin.
Richard Hare
Thank you, operator.
During this call, we'll make forward-looking statements, which are subject to risks and uncertainties. Actual results may differ materially from those made or implied in such statements, which speak only of the date that they are made and which we undertake no obligation to publicly update or revise. Factors that could cause actual results to differ include economic and competitive conditions and other uncertainties detailed in the company's reports filed with the SEC.
Our Chairman and CEO, Clarence Smith, will now give you an update on our results and then our President, Steve Burdette, will provide additional commentary about our business.
Clarence Smith
Good morning. Thank you for joining our first quarter conference call.
Consolidated sales decreased 5.9% to $224.8 million, with comparable-store sales down 6.7%.
Our earnings per share came in at $0.74 versus a $1.11 last year.
In the face of difficult headwinds in the shift of consumer spending and inflationary pressures, I believe our teams delivered a strong performance. As we anniversary our business against the outsized demand generated by COVID, our incoming orders have declined.
For Q1, our written sales were down 11.7% and written comp-store sales declined 12.7% for the quarter. However, this year's written sales compared to Q1 of 2019, were up 10.9% with written comp-store sales up 6.9%.
We're building our reputation for quality, service and design. Our free design service continues to drive increases in average sales, and these services are helping grow our special order business. Our strong design service and excellent sales teams, along with a high quality further separates us from the more promotional players in our industry.
I share our team's enthusiasm for the new collections and merchandise hitting our floors. We've developed great values and exciting new styles, which we believe will be well accepted by our customers. We've added to our curated collections and online exclusives, which greatly broaden our breadth of products. This spring, we're bringing in several new collections of outdoor furniture and enhance new category for our stores.