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Havertys

Haverty Furniture Companies, Inc. (Havertys) is an American specialty retailer of residential furniture and home accessories, founded in 1885 in , , by J.J. Haverty. The company operates 129 stores across 17 states, primarily in the southeastern and central United States, offering customizable furniture options, in-home design services, and a focus on quality craftsmanship at competitive prices. As a publicly traded company on the under the HVT, Havertys emphasizes customer satisfaction and has grown into one of the leading full-service home furnishings retailers in its markets. Established as a single store in , Havertys expanded steadily over the decades, adapting to changing consumer preferences while maintaining family-oriented values. By the early , the company had opened additional locations across the South, and today it serves millions of customers through its network of retail showrooms that range from 15,000 to 60,000 square feet each, with an average size of approximately 35,000 square feet. The retailer went public in 1929 and has since navigated economic cycles, including expansions in the post-World War II era and digital enhancements in recent years to support and virtual design consultations. Havertys' product assortment includes , , , and furniture, along with mattresses, rugs, lighting, and accessories in styles ranging from traditional to contemporary. Key offerings feature American-made and imported pieces, with customization available for , wood finishes, and configurations to suit individual home visions. The company reported net sales of $723 million for fiscal year 2024, reflecting its position as a stable player in the competitive furniture industry.

History

Founding and Early Development

Haverty Furniture Companies, Inc. was founded in 1885 by brothers James Joseph (J.J.) Haverty and Michael Haverty in , , with an initial capital of $1,200—$600 from J.J. and an equal amount borrowed. The brothers opened their first store amid Atlanta's ongoing reconstruction following the , targeting working-class customers by offering furniture on credit through an innovative installment sales model that made purchases more accessible during the era's economic challenges. This approach, which included liberal credit terms, free delivery, and sales via neighborhood canvassers using photographs of merchandise, marked a departure from traditional cash-only and contributed to early revenue of $6,000 in the first year. J.J. Haverty, the driving force behind the venture, was born in 1858 in to Irish immigrant parents Thomas and Margaret Cannon Haverty, who had arrived from that same year seeking opportunities in the growing rail hub. As a child, he witnessed the city's destruction by fire during the in 1864 and its subsequent rebuilding, experiences that instilled in him a deep optimism about Atlanta's potential and motivated his entry into business after working in various retail trades, including dry goods stores. By age 27, J.J. had saved enough from these roles to launch Havertys, focusing on a full line of residential furniture to serve the emerging in a post-war economy still recovering from devastation. The company's early growth accelerated in 1889 when J.J. and Michael partnered with local furniture retailer Amos G. Rhodes to form the Rhodes-Haverty Furniture Company, liquidating their inventories and issuing 200 shares of stock to expand operations across the . This collaboration enabled multiple new locations and broader market reach, but the partnership dissolved amicably in 1908 due to differing visions, with the Havertys retaining nine stores and reestablishing as Haverty Furniture Company. Throughout these formative years, the installment model proved resilient amid Atlanta's industrial fluctuations, supporting steady expansion in a city transforming from wartime ruins into a commercial center.

Expansion and Milestones

Following its independence from the Rhodes-Haverty partnership in 1908, Haverty Furniture Company pursued steady expansion across the Southeast, opening new stores in key markets such as , and and , by 1916. This growth built on an initial base of nine stores in , , and , reaching approximately 23 locations by the early amid the challenges of the . In 1929, Havertys went public through an initial offering of 100,000 shares on the under the ticker HVT, just weeks before the market crash, establishing it as one of the oldest publicly traded furniture retailers in the United States. The company navigated the ensuing economic downturn debt-free, continuing selective openings like those in , and , in 1930-1931. The mid-20th century marked significant expansions, fueled by the post-World War II housing boom, with sales surging from $6 million in 1945 to $11 million in 1946 and new stores added in ; ; and . Under leadership transitions, Clarence Haverty became president in 1938, followed by Rawson Haverty's appointment as president in 1955 and chairman in 1974, guiding growth into additional states including , , , and through acquisitions and builds. By 1955, the company operated 38 stores across 10 states, increasing to 42 by its 75th anniversary in 1960, with a notable 1961 acquisition of 10 Biederman stores in , . During the and , Havertys modernized its operations, revitalizing stores with enhanced lighting and expanded display areas while opening 5 to 10 locations annually, reaching 90 stores by 1994. Warehouse improvements included a new in , in 1990, supporting entry into Central U.S. markets, and the adoption of a "Just In Time" distribution system in 1994 for efficiency gains. Leadership shifted with Frank McGaughey, Jr., as president in 1984 and John E. Slater as president and CEO in 1994, culminating in the opening of the 100th store in 1999. In 2001, Clarence H. Smith, a great-grandson of founder J.J. Haverty, was appointed president, overseeing further strategic developments. In November 2024, Clarence H. Smith retired as CEO after serving since 2002, with Steven G. Burdette appointed as the new CEO. A pivotal digital milestone occurred in 2008 with the launch of e-commerce capabilities, enabling the first online sales and marking Havertys' adaptation to evolving retail dynamics. Recent expansions have sustained this trajectory, with the company operating 129 stores across 17 states as of September 2025.

Operations

Retail Network and Locations

Havertys operates a network of 129 stores across 17 states in the United States, with a primary focus on the Southern and Central regions, including key markets such as Georgia, Florida, and Texas. The company's store distribution emphasizes concentrations in major metropolitan areas like the Atlanta metro region in Georgia and the Dallas-Fort Worth area in Texas, where it maintains multiple locations to serve dense customer bases. This geographic strategy targets mid-tier suburban and exurban markets, catering to middle- to upper-middle-income households while avoiding high-density urban saturation to optimize operational efficiency and customer accessibility. The company's headquarters is located in Atlanta, Georgia, supporting centralized management and strategic oversight for its regional operations. Havertys maintains a network of distribution centers to facilitate efficient logistics, including facilities in ; ; and , which handle warehousing, inventory management, and delivery coordination across its footprint. These centers enable timely fulfillment for both in-store and online orders, underpinning the company's supply chain reliability. Havertys' stores primarily feature full-line formats, averaging 30,000 to 40,000 square feet, designed to provide immersive shopping experiences with expansive displays of furniture and home décor. Many locations incorporate dedicated in-store galleries showcasing select brands, allowing customers to explore curated collections in styled settings that highlight craftsmanship and versatility. As part of its growth strategy, Havertys plans to open five new stores annually starting in 2026, targeting high-growth suburban markets such as those in the area and other Southern expansions to capitalize on regional demographic shifts. Recent additions, including a 41,500-square-foot showroom in , opened in fall 2025, exemplify this approach by entering underserved pockets within established markets. Complementing its physical presence, Havertys integrates channels through its website, havertys.com, which supports online browsing, purchasing, and delivery options as part of an model. This platform enables features like in-store pickup and seamless transitions between and physical , enhancing convenience for customers across its geographic reach.

Products and Customer Services

Havertys offers a curated assortment of home furnishings, focusing on core categories such as furniture including sofas, sectionals, recliners, and chairs; pieces like beds, dressers, nightstands, and storage options; sets comprising tables, chairs, buffets, and barstools; items such as desks, chairs, and bookcases; as well as mattresses, rugs, lighting, and accessories. The retailer partners with various brands, including nationally recognized names like Sealy, Serta, , Stearns & Foster, and Beautyrest for mattresses, alongside proprietary collections such as the Sandy line, which features eco-friendly materials and designs suited for smaller spaces. The merchandising strategy emphasizes mid-priced, quality-crafted furniture in a broad spectrum of styles ranging from traditional to contemporary, prioritizing durable construction and customizable elements to suit diverse customer preferences. In-house designers facilitate through options like fabric selections, wood finishes, and modular configurations, ensuring pieces align with individual home aesthetics. Havertys maintains partnerships with both domestic and international manufacturers, with a significant portion of its furniture produced in the United States to support quicker turnaround times. Customer services include complimentary design consultations provided by certified professionals, available in-store, in-home, or virtually, complemented by digital tools such as a 3D room planner for visualizing layouts and virtual previews of customized selections. The sales model integrates in-store experiences with via the Havertys website, enabling seamless browsing and purchases, while financing options through the Havertys offer promotional periods like 0% interest for up to 60 months on qualifying purchases. Delivery typically occurs within 2-4 weeks for in-stock items, handled by the company's white-glove service that includes setup and packaging removal. Unique offerings encompass exclusive collections with innovative features, such as eco-friendly lines incorporating sustainable materials like reclaimed woods and low-VOC finishes, alongside seasonal promotions tied to holidays that provide discounts on coordinated room packages. These elements underscore Havertys' commitment to enhancing the home furnishing process with value-added support and accessible quality.

Corporate Governance

Leadership and Management

Havertys Furniture Companies, Inc. is led by President and Steven G. Burdette, who assumed the role effective January 1, 2025, after serving as President since 2021 and holding various positions in and operations since joining the company in 1983. Clarence H. Smith serves as Executive Chairman of the Board, having retired as CEO after leading the company from 2002 to 2024, during which he oversaw significant digital initiatives and store network growth. The executive team includes key roles focused on core retail functions, such as Executive Vice President of John L. Gill, who manages product sourcing and assortment strategy, and Executive Vice President of Finance and Chief Financial Officer Richard B. , responsible for financial planning and . Other C-suite positions, including those in operations, legal, and , support merchandising, , and customer experience priorities. The comprises eight members, blending family legacy with independent expertise, including Rawson Haverty, Jr., a great-grandson of founder J.J. Haverty. The board maintains standing committees for audit, compensation, and to oversee , executive pay, and strategic direction. Havertys' emphasizes internal talent development, as evidenced by the November 2024 announcement of Burdette's promotion, ensuring continuity amid the CEO transition. As a family-controlled enterprise, with the Haverty family holding a majority of voting shares through dual-class , the company's management philosophy prioritizes long-term stability and customer-focused growth over short-term financial pressures.

Financial Performance

Havertys Furniture Companies, Inc. has been publicly traded on the under the ticker symbol HVT since 1929. As of November 2025, the company's stands at approximately $368 million. In the third quarter of 2025, Havertys reported consolidated net of $194.5 million, marking a 10.6% increase year-over-year, with comparable store rising 7.1% and gross at 60.3%. For the full year 2025, the company guided to be flat to up 2%, with gross margins expected in the range of 60.4% to 60.7% and capital expenditures around $24 million. Historically, Havertys generated $802.3 million in in 2019 across 121 stores, but faced headwinds from retail challenges including , resulting in stabilizing around $750 million annually by 2025. Key financial metrics reflect prudent management, with nine-month 2025 EBITDA of $30.0 million (up from $27.7 million in the prior year), no outstanding , $130.5 million in , and strong supporting low . The company has maintained consistent payouts since the , with a current quarterly of $0.33 per share, yielding about 6% annually. Supply chain disruptions from 2020 to 2022 posed significant challenges, contributing to revenue volatility, but Havertys mitigated these through expansion—now comprising about 20% of with 13.6% in Q3 2025—and rigorous controls. emphasize transparency via filings, including annual 10-K reports, while prioritizing shareholder returns through dividends and occasional stock buybacks.

Corporate Social Responsibility

Community Engagement

Havertys has maintained a longstanding commitment to the , dating back to its role in founding the Community Chest in , which evolved into the United Way of Greater . The company conducts annual corporate and employee fundraising campaigns to support the organization's efforts in and across its operating regions. Since 2010, Havertys has served as a national sponsor for the , particularly through the Making Strides Against Breast Cancer walks, which raise funds for research and patient support. This includes employee participation in events and in-store initiatives to promote awareness and contributions. In housing initiatives, Havertys has provided substantial donations of furniture and resources to programs like Extreme Makeover: Home Edition during its run from 2004 to 2012, outfitting entire homes for families in need. The company also supports through contributions to local builds in communities where its stores operate, aiding efforts. Havertys encourages employee volunteerism by promoting participation in local service projects, fostering a culture of giving back through time and skills. The company has extended disaster relief in Southeastern states, including financial and furniture donations following in 2018 to assist recovery in affected areas like . Additionally, Havertys supports educational partnerships, such as the annual Havertys Cup scholarship awarded to outstanding interior design students at institutions like , including the 2025 award to Amanda Nicole Warren. and historical involvement in Atlanta's arts scene, including the founding of the .

Sustainability Efforts

Havertys has implemented robust programs as part of its HVTerra initiative, launched in 2010, focusing on diverting waste from landfills. Through HVTerra, the company has recycled over 68 million pounds of cardboard and 3.9 million pounds of , saving more than 578,000 trees. It has been recognized annually for these efforts since 2014. In terms of , Havertys has invested in modern technologies to reduce consumption in its facilities. The company has reduced electric energy use by 46% since 2008 (as of 2018) through LED lighting upgrades—extending lamp life from 1 to 12.5 years—and solar installations at distribution centers in Greenville (2015) and (2018). Havertys achieved a 22% reduction in energy use intensity by 2015 from a 2011 baseline and improved overall energy performance by 28% since 2011. The company emphasizes sustainable sourcing in its product offerings, integrating environmentally responsible materials into furniture lines. In 2010, as part of HVTerra, Havertys introduced an eco-collection featuring FSC-certified wood for select furniture pieces and low-VOC finishes to minimize emissions and promote healthier indoor environments. To further reduce waste, Havertys collaborates with suppliers on reusable packaging solutions and pursues zero-waste goals through its HVTerra program, including a $1 million investment in recycling equipment. Havertys tracks and reports its through participation in the (CDP). Additionally, Havertys joined the U.S. Department of Energy’s Better Buildings Challenge in 2014 to advance initiatives. As of 2024, the company's board oversees (ESG)-related initiatives, including efforts.

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