Haverty Same-Store Sales Drop

Atlanta, GA, October 5, 2007--Haverty Furniture said on Thursday that its same-store sales fell 16.2% in September and 11.6% for the third quarter.

In a statement, Haverty said written business was off about 4% for September and 6% for the quarter. The slower U.S. housing market has hurt demand for furniture.

"With approximately 25% of Haverty's store base in Florida, we are not incredibly surprised by the double-digit negative" same-store sales, Morgan Keegan analyst Laura Champine said in a research note. She added that the monthly same-store sales result was "far below" consensus estimates of a 4% drop.

Home-goods companies have identified Florida and California as areas where sales have been especially weak in wake of the housing woes.

Atlanta-based Haverty said total sales fell 14.3% to $62.1 million in September, while third-quarter sales decreased 10% to $200.7 million.

Analysts had expected sales of $210 million for the third quarter.

Haverty shares were down $0.30, or 3.3 %, to $8.70 in morning New York Stock Exchange trading, below their year low of $8.77, as other furniture stocks fell.