About Haverty Furniture Companies

Haverty Furniture Companies, Inc. (Havertys) operates as a specialty retailer of residential furniture and accessories. All of the company’s retail locations are operated using the Havertys name. Customers Havertys customers are typically well-educated women in middle to upper-to-middle income households. They generally own homes in the suburbs, and their diverse personalities are reflected in their unique sense of style. These consumers research and shop online and in-store, often engaging friends or family members in the purchasing process. They are discerning buyers, desiring furnishings that fit their style, but never sacrificing quality. The company’s marketing, merchandising, stores, online presence, and customer service are targeted to attract and meet the needs of its distinctive customers. Merchandise and Revenues The company develops its merchandise selection with the diverse taste of its typical on trend customer in mind. A wide range of styles from traditional to contemporary are in its core assortment, and virtually all of the furniture merchandise the company carries bears the Havertys brand. The company also tailors its product offerings to the needs and tastes of the local markets it serves, emphasizing more coastal, western or urban looks as appropriate. The company’s custom upholstery programs and eclectic looks are an important part of its product mix and allow the on-trend consumer more self-expression. The company has avoided offering lower quality, promotional price-driven merchandise favored by many regional and national chains, which would devalue the Havertys brand with the consumer. The company carries nationally well-known mattress product lines such as Tempur-Pedic, Serta, Sealy and Stearns and Foster. The company’s customers use varying methods to purchase or finance their sales. As an added convenience to its customers, the company offers financing by third-party finance companies. Slightly less than one-third of the company’s sales are third-party-financed. The company has a seasoned, commissioned-based sales team serving its customers. The company also offers a free in-home design service to those customers seeking a more in-depth personalized shopping experience. Online Presence The company considers its website an extension of its brick-and-mortar locations and not a separate segment of its business. The company’s website features a variety of helpful tools including a design center with a 3-D room planner, upholstery customization, and inspired accessories. A large number of product reviews written by the company’s customers are also provided, which some consumers find important in the decision-making process. The company’s sales consultants also use online tools to further engage its customers while they are in the store. The company limits internet sales of its furniture to within its delivery network, and internet sales of its accessories to within the continental United States. Distribution The company’s distribution system uses a combination of three distribution centers (DCs) and four home delivery centers (HDCs). The DCs receive both domestic product and containers of imported merchandise. The company had announced the conversion of its Virginia HDC to a DC during 2022 but given the dramatic construction cost increases e have deferred that project. The company uses third parties to handle over-the-road delivery of product from the DCs to the HDCs and market areas. The company uses Havertys team members for executing home delivery, and have branded this service Top Drawer Delivery, an important function serving as the last contact with its customers in the purchase process. Seasonality The company’s business is affected by traditional retail seasonality, advertising and promotion programs, and general economic trends. The company historically achieve its smallest quarter by revenues in the second quarter and the largest in the fourth quarter (year ended December 31, 2022). The nesting response generated by COVID-19 created outsized demand beginning in the second quarter of 2020 and, when combined with the strong housing market contributed to the strong sales levels the company experienced through 2021. During 2022, the company’s business began reverting to its more historical patterns, with a return to increased shopping on weekends and during traditional extended holiday periods. Trademarks and Domain Names The company has registered and maintain numerous internet domain names, including havertys.com. History Haverty Furniture Companies, Inc. was founded in 1885. The company was incorporated in 1929.