hvt-20250930

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 September 30, 2025


☐			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

HAVERTY FURNITURE COMPANIES, INC.

(Exact name of registrant as specified in its charter)


Maryland			58-0281900
(State or other jurisdiction of incorporation or organization)			(I.R.S. Employer Identification No.)
780 Johnson Ferry Road, Suite 800 Atlanta, Georgia			30342
(Address of principal executive offices)			(Zip Code)
(404) 443-2900
(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Securities Exchange Act of 1934


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock	HVT	NYSE
Class A Common Stock	HVTA	NYSE

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.

Large accelerated filer

Accelerated filer

Non-accelerated filer

Smaller reporting company

Emerging growth company

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

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.

PART I.	FINANCIAL INFORMATION

	Item 1. Financial Statements

	Condensed Consolidated Balance Sheets – September 30, 2025 (unaudited) and December 31, 2024	1

	Condensed Consolidated Statements of Comprehensive Income – Three and Nine Months Ended September 30, 2025 and 2024 (unaudited)	2

	Condensed Consolidated Statements of Cash Flows – Three and Nine Months Ended September 30, 2025 and 2024 (unaudited)	3

	Notes to Condensed Consolidated Financial Statements (unaudited)	4

	Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations	13

	Item 3. Quantitative and Qualitative Disclosures about Market Risk	17

	Item 4. Controls and Procedures	18

PART II.	OTHER INFORMATION

	Item 1. Legal Proceedings	19

	Item 1A. Risk Factors	19

	Item 2. Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities	19

	Item 5. Other Information	19

	Item 6. Exhibits	20


(In thousands)	September 30, 2025		December 31, 2024

Assets
Current assets
Cash and cash equivalents	$	130,495	$	120,034
Restricted cash and cash equivalents	6,482		6,280
Inventories	92,406		83,419
Prepaid expenses	12,469		14,576
Other current assets	8,935		14,587
Total current assets	250,787		238,896
Property and equipment, net	179,611		182,622
Right-of-use lease assets	186,811		194,411
Deferred income taxes	18,051		17,075
Other assets	16,449		15,743
Total assets	$	651,709	$	648,747
Liabilities and Stockholders’ Equity
Current liabilities
Accounts payable	$	19,904	$	14,914
Customer deposits	43,855		40,733
Accrued liabilities	42,633		39,635
Current lease liabilities	36,938		36,283
Total current liabilities	143,330		131,565
Noncurrent lease liabilities	174,906		182,096
Other liabilities	27,446		27,525
Total liabilities	345,682		341,186

Stockholders’ equity
Capital Stock, par value $1 per share
Preferred Stock, Authorized – 1,000 shares; Issued: None
Common Stock, Authorized – 50,000 shares; Issued: 2025 – 30,623; 2024 – 30,419	30,623		30,419
Convertible Class A Common Stock, Authorized – 15,000 shares; Issued: 2025 – 1,742; 2024 – 1,793	1,742		1,793
Additional paid-in capital	121,682		117,257
Retained earnings	414,622		418,960
Accumulated other comprehensive loss	(869)		(869)
Less treasury stock at cost – Common Stock (2025 – 15,576 and 2024 – 15,496 shares) and Convertible Class A Common Stock (2025 and 2024 – 522 shares)	(261,773)		(259,999)
Total stockholders’ equity	306,027		307,561
Total liabilities and stockholders’ equity	$	651,709	$	648,747


(In thousands, except per share data)	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024

Net sales	$	194,484	$	175,913	$	557,076	$	538,546
Cost of goods sold (exclusive of depreciation and amortization)	77,220		69,995		218,627		213,625
Gross profit	117,264		105,918		338,449		324,921

Expenses:
Selling, general and administrative	112,329		100,940		326,864		313,395
Other income, net	(348)		(333)		(571)		(412)
Total expenses	111,981		100,607		326,293		312,983

Income before interest and income taxes	5,283		5,311		12,156		11,938
Interest income, net	1,142		1,560		3,888		4,581

Income before income taxes	6,425		6,871		16,044		16,519
Income tax expense	1,696		1,943		4,848		4,760
Net income	$	4,729	$	4,928	$	11,196	$	11,759

Other comprehensive income	—		—		—		—


Comprehensive income	$	4,729	$	4,928	$	11,196	$	11,759

Basic earnings per share:
Common Stock	$	0.29	$	0.30	$	0.69	$	0.73
Class A Common Stock	$	0.27	$	0.28	$	0.64	$	0.67

Diluted earnings per share:
Common Stock	$	0.28	$	0.29	$	0.68	$	0.70
Class A Common Stock	$	0.27	$	0.28	$	0.64	$	0.67

Cash dividends per share:
Common Stock	$	0.32	$	0.32	$	0.96	$	0.94
Class A Common Stock	$	0.30	$	0.30	$	0.90	$	0.88


(In thousands)	Nine Months Ended September 30,
	2025		2024
Cash Flows from Operating Activities:
Net income	$	11,196	$	11,759
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	17,825		15,728
Share-based compensation expense	5,594		5,128
Other	107		523
Changes in operating assets and liabilities:
Inventories	(8,987)		5,268
Customer deposits	3,122		8,103
Other assets and liabilities	8,087		2,569
Accounts payable and accrued liabilities	8,341		(7,089)
Net cash provided by operating activities	45,285		41,989

Cash Flows from Investing Activities:
Capital expenditures	(15,277)		(24,285)
Proceeds from sale of land, property, and equipment	73		461
Net cash used in investing activities	(15,204)		(23,824)

Cash Flows from Financing Activities:




Dividends paid	(15,534)		(15,295)
Common stock repurchased	(2,000)		—
Taxes on vested restricted shares	(1,884)		(3,282)
Net cash used in financing activities	(19,418)		(18,577)

Change in cash, cash equivalents, and restricted cash equivalents during the period	10,663		(412)
Cash, cash equivalents, and restricted cash equivalents at beginning of period	126,314		127,777
Cash, cash equivalents, and restricted cash equivalents at end of period	$	136,977	$	127,365


(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	$	30,633	$	1,732	$	120,074	$	415,074	$	(869)	$	(261,773)	$	304,871
Net income							4,729						4,729
Dividends declared:
Common Stock, $0.32 per share							(4,815)						(4,815)
Class A Common Stock, $0.30 per share							(366)						(366)
Class A conversion	(10)		10										—


Amortization of restricted stock					1,608								1,608


Balances at September 30, 2025	$	30,623	$	1,742	$	121,682	$	414,622	$	(869)	$	(261,773)	$	306,027


	Three Months Ended September 30,				Nine Months Ended September 30,
(in 000's)	2025		2024		2025		2024
Net Sales	$	194,484	$	175,913	$	557,076	$	538,546
Less:
Cost of goods sold (exclusive of depreciation and amortization)	77,220		69,995		218,627		213,625
Selling, general, and administrative
Advertising and marketing	13,634		10,799		36,818		34,000
Selling	28,607		25,888		80,273		80,211
Occupancy	25,688		24,270		77,028		72,525
Warehouse, delivery, and transportation	14,890		14,228		43,883		46,051
General and administrative	29,510		25,755		88,862		80,608
Total selling, general and administrative(a)	112,329		100,940		326,864		313,395

Other segment items(b)	348		333		571		412
Interest income	1,183		1,601		4,009		4,703
Interest expense	(41)		(41)		(121)		(122)
Income before income taxes	6,425		6,871		16,044		16,519
Income tax expense	1,696		1,943		4,848		4,760





Consolidated net income	$	4,729	$	4,928	$	11,196	$	11,759


	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	250,575	$	33.29	276,098	$	32.34
Granted/Issued	213,750	22.87		153,948	22.91
Awards vested or rights exercised(1)	(151,938)	32.82		(91,804)	28.86
Forfeited	(10,602)	29.01		(4,577)	33.71
Adjustment of units based on performance	—	—		(65,364)	34.73
Outstanding at September 30, 2025	301,785	$	26.29	268,301	$	27.52
Restricted units expected to vest	301,785	$	26.29	284,928	$	27.25


(1)			Includes shares repurchased from employees for employee’s tax liability.


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


Exhibit Number						Description of Exhibit (Commission File No. 1-14445)
3.1						Articles of Amendment and Restatement of the Charter of Haverty Furniture Companies, Inc. effective May 26, 2006 (Exhibit 3.1 to our Second Quarter 2006 Form 10-Q).
3.2						By-laws of Haverty Furniture Companies, Inc. as amended and restated effective February 24, 2023 (Exhibit 3.2 to our Annual Report on Form 10-K for the fiscal year ended December 31, 2022).
*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).


	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)


(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	$	29,959	15.4	%	$	26,083	14.8	%	$	84,020	15.1	%	$	77,717	14.4	%
Dining Room Furniture	19,591		10.1		19,187		10.9		55,234		9.9		57,656		10.7
Occasional	14,488		7.4		12,930		7.4		40,397		7.2		40,320		7.5
	64,038		32.9		58,200		33.1		179,651		32.2		175,693		32.6
Upholstery	84,217		43.3		77,745		44.2		246,517		44.3		238,953		44.4
Mattresses	18,626		9.6		17,086		9.7		50,956		9.1		50,326		9.3
Accessories and Other (1)	27,603		14.2		22,882		13.0		79,952		14.4		73,574		13.7
	$	194,484	100.0	%	$	175,913	100.0	%	$	557,076	100.0	%	$	538,546	100.0	%


(1)			Includes delivery charges and product protection.


	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)

SEC Form 10-Q filed by Haverty Furniture Companies Inc.