Haverty Furniture’s May same-store sales fall
Haverty Furniture Cos. said Wednesday that same-store sales fell 6.3 percent last month as a weak home furnishing market persisted amid the continued housing slump.
Same-store sales, or sales in stores open at least one year, is a key gauge of retailers’ performance because it measures sales at existing stores rather than newly opened ones.
Home furnishing retailers are feeling pressure as consumers cut back on big-ticket items such as furniture amid rising cost of living, the housing slump and tightening credit markets.
Things may not turn around soon.
“Last year’s June delivered sales are a more difficult comparison than were April or May,” Chief Executive Clarence H. Smith said in a statement. “Based on this difference and given the current tenor of business, we currently expect that our total delivered sales for the full second quarter will be down by a high single-digit percentage compared to last year’s quarter.”
Tags: big ticket items, chief executive, clarence, consumers, credit markets, furnishing, furniture, furniture co, gauge, h smith, haverty furniture cos, home furnishing, home furnishing market, housing slump, measures, n store, perfo, second quarter, tenor, urnRelated posts
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