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Haverty Furniture Approves $15M Stock Buyback
Haverty Furniture Companies said its board approved a new authorization under its stock repurchase program that permits the company to purchase up to $15M of its common stock and Class A common stock. Shares may be repurchased, at the company's discretion, from time to time in the open market or in privately negotiated transactions.
Company Expects 2026 Gross Profit Margin of 60.5%-61.0%
The company said, "On February 20, 2026, the Supreme Court invalidated the tariffs imposed by the administration under the International Emergency Economic Protection Act during 2025, and the administration announced its intention to impose new tariffs under different regulations. Our 2026 guidance includes the impact of the new tariffs announced by the administration. We continue to monitor tariff developments and assess their potential impact on our business as such changes could have a material impact on our results of operations. We expect gross profit margins for 2026 will be between 60.5% to 61.0%. Gross profit margins fluctuate quarter to quarter in relation to our promotional cadence. Our estimated gross profit margins for 2026 are based on anticipated product and freight costs and the impact on our LIFO reserve. Fixed and discretionary expenses within SG&A for the full year of 2026 are expected to be in the $307.0 to $309.0 million range. The increases over 2025 are primarily from store growth and inflation. Variable SG&A expenses for the full year of 2026 are anticipated to be in the 18.6% to 18.8% range. Our effective tax rate for 2026 is expected to be 26.0% excluding the impact of discrete items and any new tax legislation. Planned capital expenditures are approximately $33.5 million in 2026, an increase over 2025 due to our planned store growth for the year."
Board Approves Additional $15 Million Stock Repurchase
The Board of Directors approved an additional $15 million authorization for the Company's stock repurchase program.
Company Reports Q4 Revenue of $201.9M, Up 8.2% Year-over-Year
Reports Q4 revenue $201.9M vs. $184.4M last year. Comparable store sales increased 8.2%.Steven G. Burdette, President and CEO, said, "Our fourth quarter results were highlighted by our second consecutive quarter of growth in both written and delivered sales and comp-store sales. This sustained momentum reflects the effectiveness of our customer-first approach and strategic marketing investments, which continue to drive traffic and increase average tickets while maintaining strong gross margins, even as we navigate persistent industry headwinds. We are pleased to announce that we plan to enter our 18th state, in Pittsburgh, Pennsylvania, later this year, bringing our total planned store openings for 2026 to five locations. In 2025, we returned $25.6 million to our shareholders through $4.8 million in share repurchases and $20.8 million in quarterly dividends. Our disciplined capital management approach reflects our commitment to delivering long-term value while maintaining the financial strength needed to grow in a challenging environment. Our 2025 results demonstrate that our strategic initiatives and clear value proposition continue to resonate. We are encouraged by the positive momentum in our business and remain focused on delivering sustainable growth and long-term value for our customers and shareholders."
Havertys increases quarterly dividend to 33 cents per share, up from 32 cents.
Havertys announced that its Board of Directors declared a 1c increase in the quarterly dividend, from 32c per share to 33c per share on the company's common stock. The quarterly dividend for the company's Class A common stock is also being increased from 30c to 31c per share. The dividend is payable on December 11 to stockholders of record at the close of business on November 25. Havertys Furniture has paid a cash dividend in each year since 1935.
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