hvt-20250630

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)


☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2025


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ___ to ___

Commission file number: 1-14445

HAVERTY FURNITURE COMPANIES, INC.

(Exact name of registrant as specified in its charter)


Maryland			58-0281900
(State or other jurisdiction of incorporation or organization)			(I.R.S. Employer Identification No.)
780 Johnson Ferry Road, Suite 800 Atlanta, Georgia			30342
(Address of principal executive offices)			(Zip Code)
(404) 443-2900
(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Securities Exchange Act of 1934


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock	HVT	NYSE
Class A Common Stock	HVTA	NYSE

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No o

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes x No o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non‑accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

Accelerated filer

Non-accelerated filer

Smaller reporting company

Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No x

The numbers of shares outstanding of the registrant’s two classes of $1 par value common stock as of August 4, 2025, were: Common Stock – 15,046,851; Class A Common Stock – 1,219,976.

HAVERTY FURNITURE COMPANIES, INC.

INDEX


		Page No.

PART I.	FINANCIAL INFORMATION

	Item 1. Financial Statements

	Condensed Consolidated Balance Sheets – June 30, 2025 (unaudited) and December 31, 2024	1

	Condensed Consolidated Statements of Comprehensive Income – Six Months Ended June 30, 2025 and 2024 (unaudited)	2

	Condensed Consolidated Statements of Cash Flows – Six Months Ended June 30, 2025 and 2024 (unaudited)	3

	Notes to Condensed Consolidated Financial Statements (unaudited)	4

	Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations	13

	Item 3. Quantitative and Qualitative Disclosures about Market Risk	17

	Item 4. Controls and Procedures	17

PART II.	OTHER INFORMATION

	Item 1. Legal Proceedings	18

	Item 1A. Risk Factors	18

	Item 2. Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities	18

	Item 5. Other Information	18

	Item 6. Exhibits	19


(In thousands)	June 30, 2025		December 31, 2024

Assets
Current assets
Cash and cash equivalents	$	107,357	$	120,034
Restricted cash and cash equivalents	6,414		6,280
Inventories	93,270		83,419
Prepaid expenses	15,775		14,576
Other current assets	13,332		14,587
Total current assets	236,148		238,896
Property and equipment, net	181,227		182,622
Right-of-use lease assets	192,265		194,411
Deferred income taxes	17,048		17,075
Other assets	15,984		15,743
Total assets	$	642,672	$	648,747
Liabilities and Stockholders’ Equity
Current liabilities
Accounts payable	$	16,464	$	14,914
Customer deposits	39,351		40,733
Accrued liabilities	37,436		39,635
Current lease liabilities	37,263		36,283
Total current liabilities	130,514		131,565
Noncurrent lease liabilities	180,045		182,096
Other liabilities	27,242		27,525
Total liabilities	337,801		341,186

Stockholders’ equity
Capital Stock, par value $1 per share
Preferred Stock, Authorized – 1,000 shares; Issued: None
Common Stock, Authorized – 50,000 shares; Issued: 2025 – 30,633; 2024 – 30,419	30,633		30,419
Convertible Class A Common Stock, Authorized – 15,000 shares; Issued: 2025 – 1,732; 2024 – 1,793	1,732		1,793
Additional paid-in capital	120,074		117,257
Retained earnings	415,074		418,960
Accumulated other comprehensive loss	(869)		(869)
Less treasury stock at cost – Common Stock (2025 – 15,576 and 2024 – 15,496 shares) and Convertible Class A Common Stock (2025 and 2024 – 522 shares)	(261,773)		(259,999)
Total stockholders’ equity	304,871		307,561
Total liabilities and stockholders’ equity	$	642,672	$	648,747


(In thousands, except per share data)	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024

Net sales	$	181,025	$	178,636	$	362,592	$	362,633
Cost of goods sold (exclusive of depreciation and amortization)	70,923		70,652		141,407		143,630
Gross profit	110,102		107,984		221,185		219,003

Expenses:
Selling, general and administrative	107,333		103,099		214,535		212,455
Other income, net	(65)		(101)		(223)		(78)
Total expenses	107,268		102,998		214,312		212,377

Income before interest and income taxes	2,834		4,986		6,873		6,626
Interest income, net	1,492		1,467		2,746		3,022

Income before income taxes	4,326		6,453		9,619		9,648
Income tax expense	1,637		2,015		3,152		2,817
Net income	$	2,689	$	4,438	$	6,467	$	6,831

Other comprehensive income	—		—		—		—


Comprehensive income	$	2,689	$	4,438	$	6,467	$	6,831

Basic earnings per share:
Common Stock	$	0.17	$	0.27	$	0.40	$	0.42
Class A Common Stock	$	0.15	$	0.25	$	0.37	$	0.39

Diluted earnings per share:
Common Stock	$	0.16	$	0.27	$	0.39	$	0.41
Class A Common Stock	$	0.15	$	0.25	$	0.37	$	0.39

Cash dividends per share:
Common Stock	$	0.32	$	0.32	$	0.64	$	0.62
Class A Common Stock	$	0.30	$	0.30	$	0.60	$	0.58


(In thousands)	Six Months Ended June 30,
	2025		2024
Cash Flows from Operating Activities:
Net income	$	6,467	$	6,831
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	11,831		10,147
Share-based compensation expense	3,986		4,130
Other	1,156		1,314
Changes in operating assets and liabilities:
Inventories	(9,851)		1,555
Customer deposits	(1,382)		2,894
Other assets and liabilities	658		916
Accounts payable and accrued liabilities	512		(10,245)
Net cash provided by operating activities	13,377		17,542

Cash Flows from Investing Activities:
Capital expenditures	(11,702)		(15,952)
Proceeds from sale of land, property and equipment	19		52
Net cash used in investing activities	(11,683)		(15,900)

Cash Flows from Financing Activities:




Dividends paid	(10,353)		(10,070)
Common stock repurchased	(2,000)		—
Taxes on vested restricted shares	(1,884)		(3,282)
Net cash used in financing activities	(14,237)		(13,352)

Decrease in cash, cash equivalents, and restricted cash equivalents during the period	(12,543)		(11,710)
Cash, cash equivalents, and restricted cash equivalents at beginning of period	126,314		127,777
Cash, cash equivalents, and restricted cash equivalents at end of period	$	113,771	$	116,067


(in thousands)	Common Stock		Class A Common Stock		Additional Paid-In Capital		Retained Earnings		Accumulated Other Comprehensive Loss		Treasury Stock		Total
Balances at March 31, 2025	$	30,498	$	1,767	$	118,399	$	417,565	$	(869)	$	(261,999)	$	305,361
Net income							2,689						2,689
Dividends declared:
Common Stock, $0.32 per share							(4,807)						(4,807)
Class A Common Stock, $0.30 per share							(373)						(373)
Class A conversion	35		(35)										—

Restricted stock issuances	100				(1,099)								(999)
Amortization of restricted stock					1,906								1,906
Directors' Compensation Plan					868						226		1,094

Balances at June 30, 2025	$	30,633	$	1,732	$	120,074	$	415,074	$	(869)	$	(261,773)	$	304,871


(In thousands)	Three Months Ended June 30,								Six Months Ended June 30,
	2025				2024				2025				2024
	Net Sales		% of Net Sales		Net Sales		% of Net Sales		Net Sales		% of Net Sales		Net Sales		% of Net Sales
Merchandise:
Case Goods
Bedroom Furniture	$	26,885	14.9	%	$	25,772	14.4	%	$	54,061	14.9	%	$	51,634	14.2	%
Dining Room Furniture	17,686		9.8		19,453		10.9		35,643		9.8		38,469		10.6
Occasional	12,990		7.2		13,183		7.4		25,909		7.1		27,390		7.6
	57,561		31.9		58,408		32.7		115,613		31.8		117,493		32.4
Upholstery	80,884		44.7		78,273		43.8		162,300		44.8		161,208		44.5
Mattresses	16,525		9.1		16,640		9.3		32,329		8.9		33,240		9.2
Accessories and Other (1)	26,055		14.3		25,315		14.2		52,350		14.5		50,692		14.0
	$	181,025	100.0	%	$	178,636	100.0	%	$	362,592	100.0	%	$	362,633	100.0	%


	Three Months Ended June 30,				Six Months Ended June 30,
(in 000's)	2025		2024		2025		2024
Net Sales	$	181,025	$	178,636	$	362,592	$	362,633
Less:
Cost of goods sold (exclusive of depreciation and amortization)	70,923		70,652		141,407		143,630
Selling, general, and administrative
Advertising and marketing	12,108		11,028		23,184		23,202
Selling	25,953		26,585		51,666		54,323
Occupancy	25,868		24,412		51,340		48,255
Warehouse, delivery, and transportation	14,079		15,199		28,993		31,822
General and administrative	29,325		25,875		59,352		54,853
Total selling, general and administrative(a)	107,333		103,099		214,535		212,455

Other segment items(b)	65		101		223		78
Interest income	1,532		1,507		2,826		3,103
Interest expense	(40)		(40)		(80)		(81)
Income before income taxes	4,326		6,453		9,619		9,648
Income tax expense	1,637		2,015		3,152		2,817





Consolidated net income	$	2,689	$	4,438	$	6,467	$	6,831


	Service-Based Restricted Stock Awards			Performance-Based Restricted Stock Awards
	Shares or Units (#)	Weighted-Average Award Price ($)		Shares or Units (#)	Weighted-Average Award Price ($)
Outstanding at December 31, 2024	250,575	$	33.29	276,098	$	32.34
Granted/Issued	213,750	22.87		153,948	22.91
Awards vested or rights exercised(1)	(151,938)	32.82		(91,804)	28.86
Forfeited	(10,102)	29.31		(4,577)	33.71
Adjustment of units based on performance	—	—		(65,364)	34.73
Outstanding at June 30, 2025	302,285	$	26.29	268,301	$	27.52
Restricted units expected to vest	302,285	$	26.29	279,694	$	27.33


(1)			Includes shares repurchased from employees for employee’s tax liability.


Location or Market	Opening Quarter Actual or Planned	Category
Houston, TX	Q-1-25	Open
Daytona, FL	Q-2-25	Relocation
Atlanta, GA	Q-2-25	Closure
Waco, TX	Q-3-25	Closure
Houston, TX	Q-4-25	Open
St. Louis, MO	Q-1-26	Open
Nashville, TN	Q-2-26	Open
Houston, TX	Q-3-26	Open
Houston, TX	Q-4-26	Open


Exhibit Number						Description of Exhibit (Commission File No. 1-14445)
3.1						Articles of Amendment and Restatement of the Charter of Haverty Furniture Companies, Inc. effective May 26, 2006 (Exhibit 3.1 to our Second Quarter 2006 Form 10-Q).
3.2						By-laws of Haverty Furniture Companies, Inc. as amended and restated effective February 24, 2023 (Exhibit 3.2 to our Annual Report on Form 10-K for the fiscal year ended December 31, 2022).
*10.1						Amendment and Waiver to the Amended and Restated Credit Agreement by and among Haverty Furniture Companies, Inc. and Havertys Credit Services, Inc., as the Borrowers, SunTrust Bank, as the Issuing Bank and Administrative Agent and SunTrust Robinson Humphrey, Inc. as Lead Arranger, dated September 1, 2011, as amended.
*31.1						Certification of Chief Executive Officer pursuant to Rules 13a-14(a) and 15d‑14(a) under the Securities Exchange Act of 1934, as amended.
*31.2						Certification of Chief Financial Officer pursuant to Rules 13a-14(a) and 15d‑14(a) under the Securities Exchange Act of 1934, as amended.
**32.1						Certification of Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. Section 1350.
101						The following financial statements from Haverty Furniture Companies, Inc.’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2025, formatted in inline XBRL, include: (i) Condensed Consolidated Balance Sheets, (ii) Condensed Consolidated Statements of Comprehensive Income, (iii) Condensed Consolidated Statements of Cash Flows and (iv) the Notes to Condensed Consolidated Financial Statements.
104						Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101).


(1)			Includes delivery charges and product protection.


	2025										2024
	Net Sales						Comp-Store Sales				Net Sales						Comp-Store Sales
Period	Total Dollars		% Change		$ Change		% Change		$ Change		Total Dollars		% Change		$ Change		% Change		$ Change
Q1	$	181.6	(1.3)	%	$	(2.4)	(4.8)	%	$	(8.8)	$	184.0	(18.1)	%	$	(40.8)	(18.5)	%	$	(41.4)
Q2	$	181.0	1.3	%	$	2.4	(2.3)	%	$	(4.0)	$	178.6	(13.4)	%	$	(27.7)	(13.6)	%	$	(27.7)

YTD Q2	$	362.6	—	%	$	—	(3.5)	%	$	(12.8)	$	362.6	(15.9)	%	$	(68.4)	(16.2)	%	$	(69.1)


	HAVERTY FURNITURE COMPANIES, INC. (Registrant)

Date: August 5, 2025	By:	/s/ Steven G. Burdette
		Steven G. Burdette President, Chief Executive Officer, and Director (principal executive officer)

	By:	/s/ Richard B. Hare
		Richard B. Hare Executive Vice President and Chief Financial Officer (principal financial and accounting officer)

SEC Form 10-Q filed by Haverty Furniture Companies Inc.