Haverty Furniture Companies Inc Q3 2024 Earnings Call Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Michael Legg - The Benchmark Company - Analyst : I wanted to talk a little bit about the impact of the hurricanes and the damage to the housing and how you expect that to impact demand over the longer term as the housing is rebuilt. Could you just talk about any anticipated demand longer term from that?

Question: Michael Legg - The Benchmark Company - Analyst : Yes, I would expect it also. And then just on the store opening, I mean, you've announced a bunch of stores. But as you look at the weak consumer, what do you -- how does that position you now for continued five store growth annually longer term?

Question: Michael Legg - The Benchmark Company - Analyst : In tough times you guys are doing a great job. Company is well fundamentally positioned. I look forward to continued results.

Question: Anthony Lebiedzinski - Sidoti & Company - Analyst : So I guess, first, can you guys just share maybe some monthly trends that you saw, whether it's written sales or delivered sales? And also as far as -- other than the storm-related impact, did you see any notable regional differences in terms of sales trends?

Question: Anthony Lebiedzinski - Sidoti & Company - Analyst : Yes, understood okay. And then just in terms of -- just actually switching to the balance sheet. So nice job with inventory reduction and it was a very good cash flow quarter actually. Do you think you can further reduce inventories? Or do you think you're kind of more or less capped out? Obviously, you're adding stores, so there's going to be some inventory build for that. But just overall, how do we -- how should we think about that?

Question: Anthony Lebiedzinski - Sidoti & Company - Analyst : Understood, and also, a few months ago, you guys changed your media buyers. So just wondering if you could comment on that, like as far as what you've seen so far and whether or not you plan to make any other changes to your marketing strategy? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. OCTOBER 31, 2024 / 2:00PM, HVT.N - Q3 2024 Haverty Furniture Companies Inc Earnings Call

Question: Cristina Fernandez - Telsey Advisory Group - Analyst : I wanted to ask about the traffic trend that you're seeing in October. Clarence, you mentioned that you've seen some improvement. Can you talk about what the delta has been? And is that translating into improved demand? Or is it still too early?

Question: Cristina Fernandez - Telsey Advisory Group - Analyst : I also wanted to ask around the big weekends, Labor Day. I know you mentioned it was disappointing, but a little bit better than Memorial Day. So maybe, Steve, like what's working, what's the consumer responding to? I noticed you did a little bit of a bigger financing offer. And what learnings will you take to the upcoming big selling periods?

Question: Cristina Fernandez - Telsey Advisory Group - Analyst : And the last question I had was on the Houston market. How many stores do you think that market -- or how many Haverty store can that market ultimately hold? How many can you have longer term?