Haverty Furniture 1Q revenue climbs about 14 percent
by Associated Press Wire
April 04, 2013 11:40 AM | 676 views | 0 0 comments | 3 3 recommendations | email to a friend | print
ATLANTA (AP) — Haverty Furniture Cos. said Thursday that first-quarter revenue rose about 14 percent as the housing market continues its recovery.

Revenue for the period ended March 31 climbed to $186.1 million from $163.6 million. Revenue at stores open at least a year increased 11.5 percent. This figure is a key gauge of a retailer’s health because it excludes results from stores recently opened or closed.

Earlier in the day mortgage buyer Freddie Mac said that the average rate for the 30-year fixed loan edged down to 3.54 percent from 3.57 percent last week. That’s near the 3.31 percent reached in November, which was the lowest on records dating to 1971.

The average rate on the 15-year fixed mortgage declined to 2.74 percent from 2.76 percent last week. The record low of 2.63 percent also was reached in November.

Low mortgage rates have contributed to a housing rebound more than six years after the bubble burst. Home sales and construction are up, prices are rising and more Americans are refinancing. That’s helped the broader economy. And if people are buying homes, it means they are also likely buying some furniture to fill them, benefiting companies like Haverty.

Haverty, which is based in Atlanta, has 121 locations in 17 states in the South and Midwest.

Its stock rose 36 cents, or 1.8 percent, to $20.47 in morning trading. They are near the high end of their 52-week range of $10.38 last June to $21 on March 28.

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