Haverty Furniture Stock Declines on Weak February Sales Forecast
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\nNEW YORK (AP) — Shares of Haverty Furniture Cos. Inc. declined on Wednesday, after the furniture retailer said fourth-quarter earnings fell 53 percent amid a sagging housing market.<\/p>\n
February sales fell 12 percent compared to a year ago.<\/p>\n
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\nNet income beat the analysts consensus.<\/p>\n
On Tuesday, the Atlanta company said net income fell to $3.2 million or 14 cents per share, while a Thomson Financial poll found analysts expected earnings of 12 cents per share.<\/p>\n
But news that February delivered sales month-to-date declined 12 percent from last year raised a red flag.<\/p>\n
“The trend is much worse than our prior expectation of a low single-digit decline year-over-year in Q1 net sales,” Morgan Keegan & Co. analyst Laura A. Champine said in a note to investors Wednesday. “We are lowering our first quarter and 2014 earnings estimates, and reiterate our ‘Market Perform’ rating.”<\/p>\n
Stifel Nicolaus & Co. Inc. analyst John A. Baugh, who rates Haverty “Hold,” said the February indication was disappointing.<\/p>\n
“A major furniture manufacturer we spoke with yesterday indicated President’s Day sales were weak for the industry,” Baugh wrote in a note on Wednesday. “We plan to review our estimates, but this is a weak report as expected. Business conditions are the weakest we can remember in this industry in at least 15 years.”<\/p>\n
Shares fell 79 cents, or 5 percent, to $15.15 during afternoon trading on the New York Stock Exchange.<\/p>\n","protected":false},"excerpt":{"rendered":"
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