Haverty Furniture Companies Inc 10-Q for FY2025 Q3
Haverty Furniture Companies Inc (HVT)
10-Q
2025-10-31
For: 2025-09-30
View Original
Added on
April 06, 2026
About this 10-Q
Haverty Furniture Companies Inc filed this 10-Q on October 31, 2025, covering the quarter ended September 30, 2025 (FY2025 Q3).
Headline figures
Quarter ended September 30, 2025, as reported in this filing, compared with the same period a year earlier where the filing states it.
- Revenue
- $194.48M
- up 10.6% from $175.91M a year earlier
- Net income
- $4.73M
- down 4.0% from net income of $4.93M a year earlier
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 | |||||
OR
| 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
(Exact name of registrant as specified in its charter)
| (State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | ||||
| (Address of principal executive offices) | (Zip Code) | ||||
( | |||||
| (Registrant’s telephone number, including area code) | |||||
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
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.
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
| Large accelerated filer | o | x | Non-accelerated filer | o | |||||||||||||
| Smaller reporting company | Emerging growth company | ||||||||||||||||
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 October 30, 2025, were: Common Stock – 15,046,851 ; Class A Common Stock – 1,219,976 .
HAVERTY FURNITURE COMPANIES, INC.
INDEX
| Page No. | ||||||||
September 30, 2025 (unaudited) and December 31, 2024 | ||||||||
Condensed Consolidated Statements of Comprehensive Income – Three and Nine Months Ended September 30, 2025 and 2024 (unaudited) | ||||||||
Nine Months Ended September 30, 2025 and 2024 (unaudited) | ||||||||
Item 2. Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities | ||||||||
Item 5. Other Information | ||||||||
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
HAVERTY FURNITURE COMPANIES, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
| (In thousands) | September 30, 2025 | December 31, 2024 | |||||||||
| Assets | |||||||||||
| Current assets | |||||||||||
| Cash and cash equivalents | $ | $ | |||||||||
| Restricted cash and cash equivalents | |||||||||||
| Inventories | |||||||||||
| Prepaid expenses | |||||||||||
| Other current assets | |||||||||||
| Total current assets | |||||||||||
| Property and equipment, net | |||||||||||
| Right-of-use lease assets | |||||||||||
| Deferred income taxes | |||||||||||
| Other assets | |||||||||||
| Total assets | $ | $ | |||||||||
| Liabilities and Stockholders’ Equity | |||||||||||
| Current liabilities | |||||||||||
| Accounts payable | $ | $ | |||||||||
| Customer deposits | |||||||||||
| Accrued liabilities | |||||||||||
| Current lease liabilities | |||||||||||
| Total current liabilities | |||||||||||
| Noncurrent lease liabilities | |||||||||||
| Other liabilities | |||||||||||
| Total liabilities | |||||||||||
| Stockholders’ equity | |||||||||||
Capital Stock, par value $ | |||||||||||
Preferred Stock, Authorized – | |||||||||||
Common Stock, Authorized – | |||||||||||
Convertible Class A Common Stock, Authorized – | |||||||||||
| Additional paid-in capital | |||||||||||
| Retained earnings | |||||||||||
| Accumulated other comprehensive loss | ( | ( | |||||||||
Less treasury stock at cost – Common Stock (2025 – | ( | ( | |||||||||
| Total stockholders’ equity | |||||||||||
| Total liabilities and stockholders’ equity | $ | $ | |||||||||
See notes to these condensed consolidated financial statements.
1
HAVERTY FURNITURE COMPANIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited)
| (In thousands, except per share data) | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||||||||||
| Net sales | $ | $ | $ | $ | |||||||||||||||||||
| Cost of goods sold (exclusive of depreciation and amortization) | |||||||||||||||||||||||
| Gross profit | |||||||||||||||||||||||
| Expenses: | |||||||||||||||||||||||
| Selling, general and administrative | |||||||||||||||||||||||
| Other income, net | ( | ( | ( | ( | |||||||||||||||||||
| Total expenses | |||||||||||||||||||||||
| Income before interest and income taxes | |||||||||||||||||||||||
| Interest income, net | |||||||||||||||||||||||
| Income before income taxes | |||||||||||||||||||||||
| Income tax expense | |||||||||||||||||||||||
| Net income | $ | $ | $ | $ | |||||||||||||||||||
| Other comprehensive income | |||||||||||||||||||||||
| Comprehensive income | $ | $ | $ | $ | |||||||||||||||||||
| Basic earnings per share: | |||||||||||||||||||||||
| Common Stock | $ | $ | $ | $ | |||||||||||||||||||
| Class A Common Stock | $ | $ | $ | $ | |||||||||||||||||||
| Diluted earnings per share: | |||||||||||||||||||||||
| Common Stock | $ | $ | $ | $ | |||||||||||||||||||
| Class A Common Stock | $ | $ | $ | $ | |||||||||||||||||||
| Cash dividends per share: | |||||||||||||||||||||||
| Common Stock | $ | $ | $ | $ | |||||||||||||||||||
| Class A Common Stock | $ | $ | $ | $ | |||||||||||||||||||
See notes to these condensed consolidated financial statements.
2
HAVERTY FURNITURE COMPANIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
| (In thousands) | Nine Months Ended September 30, | ||||||||||
| 2025 | 2024 | ||||||||||
| Cash Flows from Operating Activities: | |||||||||||
| Net income | $ | $ | |||||||||
| Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
| Depreciation and amortization | |||||||||||
| Share-based compensation expense | |||||||||||
| Other | |||||||||||
| Changes in operating assets and liabilities: | |||||||||||
| Inventories | ( | ||||||||||
| Customer deposits | |||||||||||
| Other assets and liabilities | |||||||||||
| Accounts payable and accrued liabilities | ( | ||||||||||
| Net cash provided by operating activities | |||||||||||
| Cash Flows from Investing Activities: | |||||||||||
| Capital expenditures | ( | ( | |||||||||
| Proceeds from sale of land, property, and equipment | |||||||||||
| Net cash used in investing activities | ( | ( | |||||||||
| Cash Flows from Financing Activities: | |||||||||||
| Dividends paid | ( | ( | |||||||||
| Common stock repurchased | ( | ||||||||||
| Taxes on vested restricted shares | ( | ( | |||||||||
| Net cash used in financing activities | ( | ( | |||||||||
| Change in cash, cash equivalents, and restricted cash equivalents during the period | ( | ||||||||||
| Cash, cash equivalents, and restricted cash equivalents at beginning of period | |||||||||||
| Cash, cash equivalents, and restricted cash equivalents at end of period | $ | $ | |||||||||
See notes to these condensed consolidated financial statements.
3
HAVERTY FURNITURE COMPANIES, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
Note A - Business and Basis of Presentation
Haverty Furniture Companies, Inc. (“Havertys,” “the Company,” “we,” “our,” or “us”) is a retailer of a broad line of residential furniture in the middle to upper-middle price ranges. We operate all of our stores using the Havertys brand and do not franchise our concept. The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and, therefore, do not include all information and footnotes required by United States of America generally accepted accounting principles (“U.S. GAAP”) for complete financial statements. The financial statements include the accounts of the Company and its wholly owned subsidiary. All significant intercompany accounts and transactions have been eliminated in consolidation. We believe all adjustments, normal and recurring in nature, considered necessary for a fair presentation have been included. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and accompanying footnotes included in our latest Annual Report on Form 10-K.
The preparation of interim condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosures of contingent assets and liabilities, and reported amounts of revenue and expenses. Actual results could differ from those estimates.
4
Note B – Stockholders’ Equity
The following outlines the changes in each caption of stockholders’ equity for the current and comparative period and the dividends per share for each class of shares.
For the three months ended September 30, 2025:
| (in thousands) | Common Stock | Class A Common Stock | Additional Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Loss | Treasury Stock | Total | ||||||||||||||||||||||||||||||||||
| Balances at June 30, 2025 | $ | $ | $ | $ | $ | ( | $ | ( | $ | ||||||||||||||||||||||||||||||||
| Net income | |||||||||||||||||||||||||||||||||||||||||
| Dividends declared: | |||||||||||||||||||||||||||||||||||||||||
Common Stock, $ | ( | ( | |||||||||||||||||||||||||||||||||||||||
Class A Common Stock, $ | ( | ( | |||||||||||||||||||||||||||||||||||||||
| Class A conversion | ( | ||||||||||||||||||||||||||||||||||||||||
| Amortization of restricted stock | |||||||||||||||||||||||||||||||||||||||||
| Balances at September 30, 2025 | $ | $ | $ | $ | $ | ( | $ | ( | $ | ||||||||||||||||||||||||||||||||
For the nine months ended September 30, 2025:
| (in thousands) | Common Stock | Class A Common Stock | Additional Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Loss | Treasury Stock | Total | ||||||||||||||||||||||||||||||||||
| Balances at December 31, 2024 | $ | $ | $ | $ | $ | ( | $ | ( | $ | ||||||||||||||||||||||||||||||||
| Net income | |||||||||||||||||||||||||||||||||||||||||
| Dividends declared: | |||||||||||||||||||||||||||||||||||||||||
Common Stock, $ | ( | ( | |||||||||||||||||||||||||||||||||||||||
Class A Common Stock, $ | ( | ( | |||||||||||||||||||||||||||||||||||||||
| Class A conversion | ( | ||||||||||||||||||||||||||||||||||||||||
| Acquisition of treasury stock | ( | ( | |||||||||||||||||||||||||||||||||||||||
| Restricted stock issuances | ( | ( | |||||||||||||||||||||||||||||||||||||||
| Amortization of restricted stock | |||||||||||||||||||||||||||||||||||||||||
| Directors' Compensation Plan | |||||||||||||||||||||||||||||||||||||||||
| Balances at September 30, 2025 | $ | $ | $ | $ | $ | ( | $ | ( | $ | ||||||||||||||||||||||||||||||||
5
For the three months ended September 30, 2024:
| (in thousands) | Common Stock | Class A Common Stock | Additional Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Loss | Treasury Stock | Total | ||||||||||||||||||||||||||||||||||
Balances at June 30, 2024 | $ | $ | $ | $ | $ | ( | $ | ( | $ | ||||||||||||||||||||||||||||||||
| Net income | |||||||||||||||||||||||||||||||||||||||||
| Dividends declared: | |||||||||||||||||||||||||||||||||||||||||
Common Stock, $ | ( | ( | |||||||||||||||||||||||||||||||||||||||
Class A Common Stock, $ | ( | ( | |||||||||||||||||||||||||||||||||||||||
| Amortization of restricted stock | |||||||||||||||||||||||||||||||||||||||||
Balances at September 30, 2024 | $ | $ | $ | $ | $ | ( | $ | ( | $ | ||||||||||||||||||||||||||||||||
For the nine months ended September 30, 2024:
| (in thousands) | Common Stock | Class A Common Stock | Additional Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Loss | Treasury Stock | Total | ||||||||||||||||||||||||||||||||||
Balances at December 31, 2023 | $ | $ | $ | $ | $ | ( | $ | ( | $ | ||||||||||||||||||||||||||||||||
| Net income | |||||||||||||||||||||||||||||||||||||||||
| Dividends declared: | |||||||||||||||||||||||||||||||||||||||||
Common Stock, $ | ( | ( | |||||||||||||||||||||||||||||||||||||||
Class A Common Stock, $ | ( | ( | |||||||||||||||||||||||||||||||||||||||
| Class A conversion | ( | ||||||||||||||||||||||||||||||||||||||||
| Restricted stock issuances | ( | ( | |||||||||||||||||||||||||||||||||||||||
| Amortization of restricted stock | |||||||||||||||||||||||||||||||||||||||||
| Directors' Compensation Plan | |||||||||||||||||||||||||||||||||||||||||
Balances at September 30, 2024 | $ | $ | $ | $ | $ | ( | $ | ( | $ | ||||||||||||||||||||||||||||||||
Note C – Interim LIFO Calculations
Inventories are measured using the last-in, first-out (LIFO) method of valuation using an annual LIFO index. Accordingly, interim LIFO calculations must necessarily be based on management’s estimates of the components of the calculation including year-end inventory levels and the expected rate of inflation or deflation for the year. Since these estimates may be affected by factors beyond management’s control, interim results are subject to change based upon the final year-end LIFO inventory valuation.
Note D – Fair Value of Financial Instruments
6
Note E – Credit Agreement
We have an $80.0 million revolving credit facility (the “Credit Agreement”) secured primarily by our inventory and maturing on October 24, 2027 . Availability fluctuates based on a borrowing base calculation reduced by outstanding letters of credit.
At September 30, 2025 and December 31, 2024, there were no 133.9 million at September 30, 2025, and there were no outstanding letters of credit. Accordingly, the net availability was $80.0 million.
Note F – Segment Reporting
We operate within a single reportable segment. We use a market area approach for both financial and
operational decision making. Each of these market areas are considered individual operating segments. The
individual operating segments all have similar economic characteristics. The retail stores within the market
areas are similar in size and carry substantially identical products selected for the same target customer. We
also use the same distribution methods chain-wide.
Our chief operating decision maker (CODM) is an executive committee that includes the Chief Executive Officer, Executive Chairman, and Chief Financial Officer. Segment information is prepared on the same basis as our CODM manages our operating segments and evaluates results. The measure used by our CODM to assess performance and make operating decisions is income before income taxes as reported on our condensed consolidated statements of comprehensive income. Asset information is provided to the CODM on a consolidated basis.
The following table present significant segment expenses and other segment items regularly reviewed by our CODM:
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
| (in 000's) | 2025 | 2024 | 2025 | 2024 | |||||||||||||||||||
| Net Sales | $ | $ | $ | $ | |||||||||||||||||||
| Less: | |||||||||||||||||||||||
| Cost of goods sold (exclusive of depreciation and amortization) | |||||||||||||||||||||||
| Selling, general, and administrative | |||||||||||||||||||||||
| Advertising and marketing | |||||||||||||||||||||||
| Selling | |||||||||||||||||||||||
| Occupancy | |||||||||||||||||||||||
| Warehouse, delivery, and transportation | |||||||||||||||||||||||
| General and administrative | |||||||||||||||||||||||
Total selling, general and administrative(a) | |||||||||||||||||||||||
Other segment items(b) | |||||||||||||||||||||||
| Interest income | |||||||||||||||||||||||
| Interest expense | ( | ( | ( | ( | |||||||||||||||||||
| Income before income taxes | |||||||||||||||||||||||
| Income tax expense | |||||||||||||||||||||||
| Consolidated net income | $ | $ | $ | $ | |||||||||||||||||||
(a) Depreciation and amortization expense included in selling, general and administrative expense totaled $6.0 million and $5.6 million for the three months ended September 30, 2025 and 2024, respectively, and $17.8 million and $15.7 million for the nine months ended September 30, 2025 and 2024, respectively.
(b) Other segment items include gains (losses) on asset disposals and miscellaneous income (expense).
7
Note G – Revenues
We recognize revenue from merchandise sales and related service fees, net of expected returns and sales tax, at the time the merchandise is delivered to the customer. We record customer deposits when payments are received in advance of the delivery of merchandise. Such deposits totaled $43.9 million and $40.7 million at September 30, 2025 and December 31, 2024, respectively. Of the customer deposit liabilities at December 31, 2024, approximately $0.3 million have not been recognized through net sales in the nine months ended September 30, 2025.
The following table presents our revenues disaggregated by each major product category and service:
| (In thousands) | Three Months Ended September 30, | Nine Months Ended September 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 | $ | % | $ | % | $ | % | $ | % | |||||||||||||||||||||||||||||||||||||||
| Dining Room Furniture | |||||||||||||||||||||||||||||||||||||||||||||||
| Occasional | |||||||||||||||||||||||||||||||||||||||||||||||
| Upholstery | |||||||||||||||||||||||||||||||||||||||||||||||
| Mattresses | |||||||||||||||||||||||||||||||||||||||||||||||
| Accessories and Other (1) | |||||||||||||||||||||||||||||||||||||||||||||||
| $ | % | $ | % | $ | % | $ | % | ||||||||||||||||||||||||||||||||||||||||
| (1) | Includes delivery charges and product protection. | ||||
Note H – Leases
We have operating leases for retail stores, offices, warehouses, and certain equipment. Our leases have remaining lease terms of 1 year to 15 years, some of which include options to extend the leases for up to 20 years. We determine if an arrangement is or contains a lease at lease inception. Our leases do not have any residual value guarantees or any restrictions or covenants imposed by lessors. We have lease agreements for real estate with lease and non-lease components, which are accounted for separately.
Certain of our lease agreements for retail stores include variable lease payments, generally based on sales volume. The variable portions of payments are not included in the initial measurement of the right-of-use asset or lease liability due to uncertainty of the payment amount and are recorded as lease expense in the period incurred. Certain of our equipment lease agreements include variable lease costs, generally based on usage of the underlying asset (mileage, fuel, etc.).
The variable portions of payments are not included in the initial measurement of the right-of-use asset or lease liability due to uncertainty of the payment amount and are recorded in the period incurred.
At September 30, 2025, we had entered into four leases for additional retail locations, which had not yet commenced.
8
Lease expense is charged to selling, general and administrative expenses. Components of lease expense were as follows (in thousands):
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||||||||||
| Operating lease cost | $ | $ | $ | $ | |||||||||||||||||||
| Variable lease cost | |||||||||||||||||||||||
| Total lease expense | $ | $ | $ | $ | |||||||||||||||||||
Supplemental cash flow information related to leases is as follows (in thousands):
| Nine Months Ended September 30, | |||||||||||
| 2025 | 2024 | ||||||||||
| Cash paid for amounts included in the measurement of lease liabilities: | |||||||||||
| Operating cash flows from operating leases | $ | $ | |||||||||
| Right-of-use assets obtained in exchange for lease obligations: | |||||||||||
| Operating leases | $ | $ | |||||||||
Note I – Income Taxes
Our effective tax rate for the nine months ended September 30, 2025 and 2024 was 30.2 % and 28.8 %, respectively. The primary difference in the effective rate and the statutory rate was due to nondeductible items and additional tax expense from vested stock awards.
On July 4, 2025, the One Big Beautiful Bill Act ("OBBBA") was enacted in the U.S. We are evaluating the impacts of this tax law change; however, it is not expected to result in a material impact to our consolidated financial statements.
9
Note J – Stock-Based Compensation Plans
As more fully discussed in Note 12 of the notes to the consolidated financial statements in our 2024 Annual Report on Form 10-K, we have awards outstanding for Common Stock under stock-based employee compensation plans.
The following table summarizes our award activity during the nine months ended September 30, 2025:
| 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 | $ | $ | |||||||||||||||||||||
| Granted/Issued | |||||||||||||||||||||||
Awards vested or rights exercised(1) | ( | ( | |||||||||||||||||||||
| Forfeited | ( | ( | |||||||||||||||||||||
| Adjustment of units based on performance | ( | ||||||||||||||||||||||
| Outstanding at September 30, 2025 | $ | $ | |||||||||||||||||||||
| Restricted units expected to vest | $ | $ | |||||||||||||||||||||
| (1) | Includes shares repurchased from employees for employee’s tax liability. | ||||
The total fair value of service-based restricted stock awards that vested during the nine months ended September 30, 2025 was approximately $2.9 million. The aggregate intrinsic value of outstanding service-based restricted stock awards was approximately $6.6 million at September 30, 2025. The restrictions on the service-based awards generally lapse or vest annually, primarily over one-year and three-year periods.
The total fair value of performance-based restricted stock awards that vested during the nine months ended September 30, 2025 was approximately $2.1 million. The aggregate intrinsic value of outstanding performance awards at September 30, 2025 expected to vest was approximately $6.2 million. The performance awards are based on one-year performance periods but cliff vest in approximately three years from grant date.
The compensation for all awards is charged to selling, general and administrative expenses over the respective grants’ vesting periods, primarily on a straight-line basis. The amount charged was approximately $5.6 and $5.1 million for the nine months ended September 30, 2025 and 2024, respectively. Forfeitures are recognized as they occur. As of September 30, 2025, the total compensation cost related to unvested equity awards was approximately $8.3 million and is expected to be recognized over a weighted-average period of two years .
10
Note K – Earnings Per Share
We report our earnings per share using the two-class method. The income per share for each class of common stock is calculated assuming 100 % of our earnings are distributed as dividends to each class of common stock based on the contractual rights of the classes.
The Common Stock of the Company has a preferential dividend rate of at least 105 % of the dividend paid on the Class A Common Stock. Holders of the Class A Common Stock have greater voting rights which include voting as a separate class for the election of up to 75 % of the total number of directors whereas holders of the Common Stock vote as a separate class for the election of at least 25 % of the total number of directors. On all other matters subject to shareholder vote, holders of the Class A Common Stock have ten votes per share as opposed to holders of the Common Stock receiving one vote per share. Class A Common Stock may be converted at any time on a one -for-one basis into Common Stock at the option of the holder of the Class A Common Stock.
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||||||||||
| Numerator: | |||||||||||||||||||||||
| Common: | |||||||||||||||||||||||
| Distributed earnings | $ | $ | $ | $ | |||||||||||||||||||
| Excess distributions | ( | ( | ( | ( | |||||||||||||||||||
| Basic | |||||||||||||||||||||||
| Class A Common earnings | |||||||||||||||||||||||
| Diluted | $ | $ | $ | $ | |||||||||||||||||||
| Class A Common: | |||||||||||||||||||||||
| Distributed earnings | $ | $ | $ | $ | |||||||||||||||||||
| Excess distributions | ( | ( | ( | ( | |||||||||||||||||||
| $ | $ | $ | $ | ||||||||||||||||||||
| Denominator: | |||||||||||||||||||||||
| Common: | |||||||||||||||||||||||
| Weighted average shares outstanding - basic | |||||||||||||||||||||||
| Assumed conversion of Class A Common Stock | |||||||||||||||||||||||
| Dilutive options, awards and common stock equivalents | |||||||||||||||||||||||
| Total weighted-average diluted Common Stock | |||||||||||||||||||||||
| Class A Common: | |||||||||||||||||||||||
| Weighted average shares outstanding | |||||||||||||||||||||||
| Basic earnings per share: | |||||||||||||||||||||||
| Common Stock | $ | $ | $ | $ | |||||||||||||||||||
| Class A Common Stock | $ | $ | $ | $ | |||||||||||||||||||
| Diluted earnings per share: | |||||||||||||||||||||||
| Common Stock | $ | $ | $ | $ | |||||||||||||||||||
| Class A Common Stock | $ | $ | $ | $ | |||||||||||||||||||
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Note L – Contingencies
The Company is subject to various claims and legal proceedings covering a wide range of matters, including with respect to product liability and personal injury claims that arise in the ordinary course of its business activities. We currently have no pending claims or legal proceedings that we believe would be reasonably likely to have a material adverse effect on our financial condition, results of operations or cash flows. However, there can be no assurance that either future litigation or an unfavorable outcome in existing claims will not have a material impact on our business, reputation, financial position, cash flows or results of operations.
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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
The following discussion should be read in conjunction with the unaudited condensed consolidated financial statements and accompanying notes contained herein and with the audited consolidated financial statements, accompanying notes, related information and Management’s Discussion and Analysis of Financial Condition and Results of Operations included in our Annual Report on Form 10-K for the year ended December 31, 2024 (“Form 10-K”).
Forward-Looking Statements and Risk Factors
Statements in this Quarterly Report on Form 10-Q (the "Form 10-Q") and the schedules hereto that are not purely historical facts or that necessarily depend on future events, including statements about our estimates, expectations, beliefs, intentions, projections or strategies for the future, may be "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements can generally be identified by the use of forward-looking terminology including “anticipate,” “believe,” “estimate,” “expect,” “intend,” “plan,” “project,” “target,” “can,” “could,” “may,” “should,” “will,” “would,” or similar expressions. Readers are cautioned not to place undue reliance on forward-looking statements. In addition, oral statements made by our directors, officers, and employees to the investor and analyst communities, media representatives and others, depending upon their nature, may also constitute forward-looking statements.
All forward-looking statements are based upon currently available information and the Company's current assumptions, expectations, and projections about future events. Past performance is not a guarantee of future results or returns and no representation or warranty is made regarding future performance. Forward-looking statements are by nature inherently uncertain and involve known and unknown risks and uncertainties that could cause actual results to differ materially from historical experience or our present expectations. These risks and uncertainties include, but are not limited to:
•competition from national, regional and local retailers of home furnishings;
•our ability to anticipate changes in consumer preferences;
•our ability to successfully implement our growth and other strategies;
•our ability to maintain and enhance our brand;
•importing merchandise from foreign sources (including the impact of tariffs);
•fluctuations and volatility in the cost of raw materials and components;
•our dependence on third-party producers to meet our requirements;
•our vendors' ability to meet our quality control standards or comply with changes to the legislative or regulatory framework regarding product safety;
•risks in our supply chain, including price, availability and quality of raw materials and components utilized in the products we sell and our ability to forecast our supply chain needs;
•our reliance on third-party transportation vendors for product shipments from our suppliers;
•the effects of labor disruptions or labor shortages; and our ability to attract and retain key employees;
•the rise of oil and gasoline prices;
•increased transportation costs;
•damage to one of our distribution centers;
•the vulnerability of our information technology infrastructure to cyber-attacks, breaches and other disruptions;
•changes in general domestic and international economic conditions such as inflation rates, interest rates, tax rates, unemployment rates, higher labor and healthcare costs, recessions, and changing government policies, laws and regulations;
•pending or unforeseen litigation;
•and other risks and uncertainties as may be detailed from time to time in our public announcements and Securities and Exchange Commission filings.
Further information on the risks and uncertainties that could cause our actual results to differ from these forward-looking statements are described in "Item 1A. Risk Factors" of our Form 10-K for 2024 and in the subsequent reports we file with the Securities and Exchange Commission. Consequently, all forward-looking statements in this report are qualified by the factors, risks and uncertainties contained therein. All forward‑looking statements speak only as of the date made, and we undertake no obligation to publicly update or revise any forward-looking statements to reflect events or circumstances that may arise after the date of this report except as required by law. We intend for any forward-looking statements to be covered by, and we claim the protection under, the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995.
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Impact of tariffs imposed by the U.S government
As disclosed in "Item 1A. Risk Factors" of our Annual Report on Form 10-K for the year ended December 31, 2024, we are subject to political and economic risks inherent in global sourcing, including tariffs and other import measures put in place by the United States ("U.S.").
In the first quarter of 2025, the U.S. government announced new tariffs on imported goods. A 90-day pause
on escalating tariffs (excluding China), was implemented in April 2025 and expired on August 1, 2025.
On July 31, 2025, the Trump administration announced significant modifications to the United States’ global tariff framework through a series of executive orders. Effective August 7, 2025, the U.S. imposed new tariff rates ranging from 10% to 41% on imports from over 67 countries. The baseline tariff of 10% remains in place for countries with which the U.S. maintains a trade surplus. Countries that have entered into recent trade agreements with the U.S.—including the European Union are subject to a negotiated 15% tariff rate. Other countries, including Cambodia, Indonesia and Vietnam, have agreed to rates between 19% and 20%. Tariffs for Chinese goods, currently set at 55%, are part of ongoing discussions with the U.S. administration. Countries that have not engaged in negotiations or failed to meet the administration’s expectations face significantly higher tariffs.
On September 9, 2025, the U.S. Supreme Court agreed to hear a case challenging the legality of tariffs imposed under the International Emergency Economic Powers Act (“IEEPA”), which formed the basis for certain reciprocal and global tariffs announced earlier this year, including those referenced above. Oral arguments are scheduled for the week of November 3, 2025. The Supreme Court’s decision could have significant implications for the scope of presidential authority to impose tariffs under IEEPA. Tariffs imposed under other statutory authorities, such as Section 232 and Section 301, are not directly at issue in this case.
On September 26, 2025, the U.S. announced new tariffs under Section 232 of the Trade Expansion Act of 1962 on a range of wood-based products, citing national security concerns (referred to here as the IEEPA Tariffs). These tariffs include a 25% tariff on upholstered furniture with wooden components effective October 14, 2025, which increases to 30% on January 1, 2026. Certain countries, including the United Kingdom, the European Union, and Japan, have negotiated capped rates of 10%–15%, but most other countries, including Vietnam and Mexico, are subject to the full tariff rates. Effective October 14, 2025, tariffs on upholstered goods from China increased to 70%, and will increase to 75% on January 1, 2026. To the extent a product is subject to both the IEEPA Tariffs and the Upholstered Wood Tariffs, only the Upholstered Wood Tariffs apply.
The Company continues to assess the impact of these tariff changes on its supply chain and cost structure. While the full implications remain uncertain, management is actively monitoring developments and evaluating mitigation strategies.
Overview
Havertys is a leading specialty retailer of residential furniture and accessories, founded in 1885 in Atlanta, Georgia. We operate 129 stores in 17 states throughout the Southern and Midwestern regions of the U.S. Our products are selected to appeal to a middle to upper-middle income consumer across a variety of styles. We have a seasoned, commission-based sales team, and offer free design services to customers seeking a more in-depth personalized experience. Unlike many competitors, we do not outsource delivery; instead, our Havertys delivery team ensures a seamless and professional delivery experience. We are recognized as a provider of high-quality fashionable products and exceptional customer service in the markets we serve.
Net Sales
Our sales are generated by customer purchases of home furnishings. Revenue is recognized upon delivery to the customer. Comparable-store or “comp-store” sales is a measure which indicates the performance of our existing stores and website by comparing the growth in sales in store and online for a particular month over the corresponding month in the prior year. Stores are considered non-comparable if they were not open during the corresponding month in the prior year or if the selling square footage has been changed significantly. The method we use to compute comp-store sales may not be the same method used by other retailers. We record our sales when the merchandise is delivered to the customer. We also track “written sales” and “written comp-store sales,” which represent customer orders prior to delivery. As a retailer, comp-store sales and written comp-store sales are an indicator of relative customer spending and store performance. Comp-store sales, total written sales and written comp-store sales are intended only as supplemental information and none are substitutes for net sales presented in accordance with U.S. GAAP.
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The following table outlines the changes in our sales and comp-store sales for the periods indicated. (Amounts and percentages may not always add to totals due to rounding.)
| 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) | ||||||||||||||||||||||||||||||||||||||||||
| Q3 | $ | 194.5 | 10.6 | % | $ | 18.6 | 7.1 | % | $ | 12.5 | $ | 175.9 | (20.2) | % | $ | (44.4) | (20.5) | % | $ | (44.9) | ||||||||||||||||||||||||||||||||||||||||||
| YTD Q3 | $ | 557.1 | 3.4 | % | $ | 18.5 | (0.1) | % | $ | (0.2) | $ | 538.5 | (17.3) | % | $ | (112.8) | (17.7) | % | $ | (114.0) | ||||||||||||||||||||||||||||||||||||||||||
Net sales for the third quarter of 2025 increased $18.6 million, or 10.6%, compared to the same period in 2024. This growth was achieved despite continued pressure from a soft housing market which creates a challenging demand environment for the home furnishings industry. Our comp-store sales increased $12.5 million, or 7.1%, in the third quarter of 2025 compared to the same period in 2024. Written business for the third quarter of 2025 was up 10.0% compared to the third quarter of 2024, and comp-store written business was up 8.0%.
Net sales for the nine months ended September 30, 2025 increased $18.5 million, or 3.4% compared to the same period in 2024. Our comp-store sales decreased $0.2 million or 0.1%, in the first nine months ended September 30, 2025 compared to the same period in 2024. Written business for the first nine months of 2025 increased 2.6% compared to the same prior year period. Comp-store written business was down 0.2%.
Our free in-home design service continues to provide strong customer engagement. Design consultants helped drive 34.2% of our total written sales for the third quarter of 2025, compared to 34.5% of total written sales for the same period in 2024, with a higher average written ticket of $7,986, compared to $7,312 for the same period in 2024.
For the nine months ended September 30, 2025, design consultants contributed to 33.6% of our total written sales, with an average written ticket of $7,689, compared to 34.2% of our total written sales and an average written ticket of $7,194 for the same prior year period.
Gross Profit
Gross profit margin for the third quarter of 2025 was 60.3%, up 10 basis points compared to the prior year period of 60.2%. The increase is primarily due to product selection, merchandise pricing and mix.
Gross profit margin for the first nine months ended September 30, 2025 was 60.8%, up 50 basis points compared 60.3% for the same period in 2024, primarily due to product selection, merchandise pricing and mix.
Substantially all of our occupancy and home delivery costs are included in selling, general and administrative expenses (“SG&A”), as are a portion of our warehousing expenses. Accordingly, our gross profit may not be comparable to those entities that include these costs in cost of goods sold.
Selling, General and Administrative Expenses
Our SG&A expenses as a percentage of sales for the third quarter of 2025 were 57.8% compared to 57.4% for the same period in 2024. SG&A expenses increased $11.4 million, or 11.3%, primarily due to higher administrative, advertising and marketing, selling, and occupancy costs. Administrative expenses increased $3.8 million, driven by higher salaries, performance-based incentive compensation, and stock-based compensation. Advertising and marketing costs increased $2.8 million, due to increased costs for television and direct mail production. Selling expenses increased $2.7 million primarily due to sales commission and related benefit costs, consistent with the increase in net sales. Occupancy costs increased $1.4 million, largely due to costs associated with new store openings and the timing of repairs and maintenance.
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Our SG&A expenses as a percentage of sales for the first nine months of 2025 were 58.7% compared to 58.2% for the same period in 2024. SG&A expenses increased $13.5 million, or 4.3%, primarily due to higher administrative, advertising and marketing, and occupancy costs. Administrative expenses increased $8.3 million due to higher salaries, performance-based incentive compensation, and stock-based compensation. Advertising and marketing costs increased $2.8 million, due to increased costs for television and direct mail production. Occupancy costs increased $4.5 million, largely due to costs associated with new store openings.
We classify our SG&A expenses as either variable or fixed and discretionary. Our variable expenses include the costs in the selling and delivery categories and certain warehouse and distribution expenses, as these amounts will generally move in tandem with our level of sales. The remaining categories and expenses for occupancy, advertising, and administrative costs are classified as fixed and discretionary because these costs do not fluctuate with sales.
The following table outlines our SG&A expenses by classification:
| (In thousands) | Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||||||||||||||||||||||||||||||||||||
| $ | % of Net Sales | $ | % of Net Sales | $ | % of Net Sales | $ | % of Net Sales | |||||||||||||||||||||||||||||||||||||||||||
| Variable | $ | 36,458 | 18.7 | % | $ | 33,201 | 18.9 | % | $ | 103,457 | 18.6 | % | $ | 104,933 | 19.5 | % | ||||||||||||||||||||||||||||||||||
| Fixed and discretionary | 75,871 | 39.1 | % | 67,739 | 38.5 | % | 223,407 | 40.1 | % | 208,462 | 38.7 | % | ||||||||||||||||||||||||||||||||||||||
| $ | 112,329 | 57.8 | % | $ | 100,940 | 57.4 | % | $ | 326,864 | 58.7 | % | $ | 313,395 | 58.2 | % | |||||||||||||||||||||||||||||||||||
The variable expenses in dollars were higher in the third quarter of 2025 compared to the same period in 2024, primarily driven by higher commission expenses resulting from increased sales.
The variable expenses in dollars were lower in the first nine months of 2025 compared to the same period in 2024 primarily due to lower third-party credit costs offset by higher commission expense.
Fixed and discretionary expenses increased in the third quarter of 2025 and for the first nine months of 2025 primarily due to increases in occupancy costs, advertising, and administrative expenses compared to the prior year comparable periods.
Liquidity and Capital Resources
Cash and Cash Equivalents
At September 30, 2025, we had $130.5 million in cash and cash equivalents, and $6.5 million in restricted cash equivalents. We believe that our current cash position, cash flow generated from operations, funds available from our credit agreement, and access to the long-term debt capital markets should be sufficient for our operating requirements and enable us to fund our capital expenditures, dividend payments, and lease obligations through the next several years. In addition, we believe we have the ability to obtain alternative sources of financing, if needed.
Long-Term Debt
In October 2022, we entered into the Fourth Amendment to our Amended and Restated Credit Agreement (as amended, the “Credit Agreement”) with Truist Bank. The Credit Agreement, which matures October 24, 2027, provides for a $80.0 million revolving credit facility. The borrowing base at September 30, 2025 was $133.9 million and the net availability was $80.0 million.
Leases
We lease a portion of our real estate, including our stores, distribution centers, and store support space, pursuant to operating leases.
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Cash Flows Summary
Operating Activities. Cash flow generated from operations provides us with a significant source of liquidity. Our operating cash flows result primarily from cash received from our customers, offset by cash payments we make for products and services, employee compensation, operations, and occupancy costs.
Cash provided by or used in operating activities is also subject to changes in working capital. Working capital at any specific point in time is subject to many variables, including seasonality, inventory selection, the timing of cash receipts and payments, and vendor payment terms.
Net cash provided by operating activities was $45.3 million in the first nine months of 2025 compared to $42.0 million during the same period in 2024. This difference resulted primarily from changes in working capital. Working capital was primarily impacted by increased inventories in 2025 compared to a reduction in 2024, changes in operating lease assets and liabilities, and the timing of other payments and cash receipts.
Investing Activities. Cash used in investing activities decreased by $8.6 million in the first nine months of 2025 compared to the first nine months of 2024, due to lower capital expenditures.
Financing Activities. Cash used in financing activities increased $0.8 million in the first nine months of 2025 compared to the first nine months of 2024 due to common stock repurchases, offset by a decrease in taxes on vested shares. In the first nine months of 2025, common stock repurchases totaled $2.0 million. There were no repurchases in the first nine months of 2024. Dividends paid in 2025 were comparable to those distributed in 2024.
Store Plans and Capital Expenditures
| 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-4-26 | Open | ||||||
| Houston, TX | Q-4-26 | Open | ||||||
We opened our Houston, TX location in October and anticipate ending 2025 with 129 stores.
Critical Accounting Estimates
Critical accounting estimates are those that we believe are both significant and that require us to make difficult, subjective or complex judgments, often because we need to estimate the effect of inherently uncertain matters. We base our estimates and judgments on historical experiences and various other factors that we believe to be appropriate under the circumstances. Actual results may differ from these estimates, and we might obtain different estimates if we used different assumptions or conditions. We reviewed our accounting estimates, and none were deemed to be considered critical for the accounting periods presented in our Form 10-K. We had no significant changes in those accounting estimates since our last annual report.
Item 3. Quantitative and Qualitative Disclosures about Market Risk
For quantitative and qualitative disclosures about market risk, see "Item 7A. Quantitative and Qualitative Disclosures About Market Risk,” of our Form 10-K. Our exposure to market risk has not changed materially since December 31, 2024.
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Item 4. Controls and Procedures
As of the end of the period covered by this report, an evaluation was performed under the supervision and with the participation of our management, including the Chief Executive Officer (CEO) and Chief Financial Officer (CFO), of the effectiveness of the design and operation of the Company’s disclosure controls and procedures. Based on that evaluation, our management, including the CEO and CFO, concluded that the Company’s disclosure controls and procedures were effective as of the end of the period covered by this report and provide reasonable assurance that information required to be disclosed in the reports the Company files or submits under the Securities Exchange Act of 1934 is recorded, processed, summarized, and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms and that such information is accumulated and communicated to our management, including the CEO and CFO, as appropriate, to allow timely decisions regarding disclosure.
There have been no changes in the Company’s internal control over financial reporting identified in connection with the evaluation required by paragraph (d) of Exchange Act Rule 13a-15 that occurred during the Company’s fiscal quarter ended September 30, 2025 that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting. We have reviewed our financial reporting process to provide reasonable assurance that we could report our financial results accurately and timely, and we will continue to evaluate the impact of any related changes to our internal control over financial reporting.
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PART II. OTHER INFORMATION
Item 1. Legal Proceedings
Information regarding legal proceedings is provided in Note K - Contingencies of the Notes to the Condensed Consolidated Financial Statements set forth in this Form 10-Q.
Item 1A. Risk Factors
"Item 1A. Risk Factors” in our Form 10-K includes a discussion of our known material risk factors. There have been no material changes from the risk factors described in our Form 10-K.
Item 2. Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities
The Board of Directors has authorized management, at its discretion, to purchase and retire limited amounts of our Common Stock and Class A Common Stock. A program was initially approved by the Board on November 3, 1986. On August 5, 2022, the board authorized additional amounts under such stock repurchase program. The stock repurchase program has no expiration date but may be terminated by our Board at any time.
There were no repurchases of common stock during the third quarter of 2025. As of September 30, 2025, the approximate dollar value of shares that may yet be purchased under the program was $6.1 million.
Item 5. Other Information
During the three months ended September 30, 2025, none of our directors or officers adopted terminated
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Item 6. Exhibits
(a)Exhibits
The exhibits listed below are filed with or incorporated by reference into this report (those filed with this report are denoted by an asterisk). Unless otherwise indicated, the exhibit number of documents incorporated by reference corresponds to the exhibit number in the referenced documents.
| Exhibit Number | Description of Exhibit (Commission File No. 1-14445) | |||||||
*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 September 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). | |||||||
* Filed herewith.
** Furnished herewith.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized.
HAVERTY FURNITURE COMPANIES, INC. (Registrant) | ||||||||
Date: October 31, 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) | ||||||||
Exhibit 31.1
I, Steven G. Burdette, certify that:
1.I have reviewed this quarterly report on Form 10-Q for the quarter ended September 30, 2025 of Haverty Furniture Companies, Inc.;
2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
(d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5.The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
Date: October 31, 2025 | /s/ Steven G. Burdette | ||||
| Steven G. Burdette President, Chief Executive Officer, and Director (Principal Executive Officer) | |||||
Exhibit 31.2
I, Richard B. Hare, certify that:
1.I have reviewed this quarterly report on Form 10-Q for the quarter ended September 30, 2025 of Haverty Furniture Companies, Inc.;
2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
(d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5.The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
Date: October 31, 2025 | /s/ Richard B. Hare | ||||
| Richard B. Hare Executive Vice President and Chief Financial Officer (Principal Financial Officer) | |||||
Exhibit 32.1
CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
In connection with the Quarterly Report of Haverty Furniture Companies, Inc. (the “Company”) on Form 10-Q for the quarter ended September 30, 2025 (the “Report”), I, Steven G. Burdette, President, Chief Executive Officer, and Director of the Company, and I, Richard B. Hare, Executive Vice President and Chief Financial Officer of the Company, each certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to my knowledge:
(1)The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and
(2)The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
Date: October 31, 2025 | /s/ Steven G. Burdette | ||||
| Steven G. Burdette President, Chief Executive Officer, and Director (Principal Executive Officer) | |||||
| /s/ Richard B. Hare | |||||
| Richard B. Hare Executive Vice President and Chief Financial Officer (Principal Financial Officer) | |||||
A signed original of this written statement required by Section 906 has been provided to Haverty Furniture Companies, Inc. and will be retained by Haverty Furniture Companies, Inc. and furnished to the Securities and Exchange Commission or its staff upon request.