{
  "@context": "https://frontierpicks.com/schemas/dossier.v1.json",
  "ticker": "HVT",
  "name": "Haverty Furniture Companies, Inc.",
  "url": "https://frontierpicks.com/dossiers/HVT/",
  "json_url": "https://frontierpicks.com/dossiers/HVT.json",
  "status": "DORMANT",
  "current_conviction": "LOW",
  "archetype": {
    "code": "a7",
    "n": 7
  },
  "current_thesis": "Haverty Furniture Companies' shares are more likely to lag the S&P 500 over three months: order growth slowed to 2.3% in the third quarter from 12.3%, and adjusted EPS ex-refunds was $0.25. The early-2027 fourth-quarter report settles it.",
  "invalidation_trigger": "A daily close above $29.43, the close on 2026-11-03 before the third-quarter results, which would show the shares leading again. Fourth-quarter comparable-store written business growth above the 12.3% second-quarter rate would also show the shares leading.",
  "catalyst_date": null,
  "portfolio": null,
  "pick": null,
  "themes": [
    "consumer-discretionary-rotation",
    "housing-homebuilders-proptech"
  ],
  "tags": [],
  "sources": [],
  "caveats": [],
  "source_links": [
    {
      "title": "SEC EDGAR",
      "url": "https://www.sec.gov/Archives/edgar/data/0000216085/000162828026069778/ex991-hvtearningsreleasex3.htm",
      "date": null
    },
    {
      "title": "Finviz",
      "url": "https://finviz.com/news/416147/havertys-misses-badly-once-tariff-refunds-are-stripped-out-as-written-comps-slow-from-123-to-23",
      "date": null
    },
    {
      "title": "Havertys Furniture Fourth Quarter 2026 Cash Dividend",
      "url": "https://www.placera.se/pressmeddelanden/haverty-furniture-companies-havertys-furniture-fourth-quarter-2026-cash-dividend-20261106",
      "date": "2026-11-06"
    }
  ],
  "evidence": [
    {
      "claim": "Third-quarter 2026 sales rose 4.5% to $203.2 million; comparable-store sales rose 4.1%; total written business rose 2.8% and comparable-store written business rose 2.3%.",
      "source": "2026-11-04 earnings release, SEC Form 8-K exhibit 99.1",
      "as_of": "2026-11-04"
    },
    {
      "claim": "Third-quarter diluted EPS was $0.39 including about $3.2 million of IEEPA tariff refunds; adjusted diluted EPS excluding the refunds was $0.25.",
      "source": "2026-11-04 earnings release, SEC Form 8-K exhibit 99.1",
      "as_of": "2026-11-04"
    },
    {
      "claim": "Third-quarter gross margin was 62.3%, or 60.7% excluding refunds; SG&A was 58.6% of sales against 57.8% a year earlier.",
      "source": "2026-11-04 earnings release, SEC Form 8-K exhibit 99.1",
      "as_of": "2026-11-04"
    },
    {
      "claim": "Full-year 2026 gross margin guidance was raised to 61.3%–61.5% because of tariff refunds; variable SG&A guidance was raised to 19.2%–19.4% of sales.",
      "source": "2026-11-04 earnings release, SEC Form 8-K exhibit 99.1",
      "as_of": "2026-11-04"
    },
    {
      "claim": "Cash, cash equivalents and restricted cash were $127.0 million with no debt outstanding and $100 million of credit availability.",
      "source": "2026-11-04 earnings release, SEC Form 8-K exhibit 99.1",
      "as_of": "2026-09-30"
    },
    {
      "claim": "Board declared a fourth-quarter dividend of $0.33 per common share and $0.31 per Class A share, payable 2026-12-09 to holders of record 2026-11-23.",
      "source": "Havertys press release 2026-11-06",
      "as_of": "2026-11-06"
    },
    {
      "claim": "Comparable-store written business rose 12.3% in the second quarter of 2026.",
      "source": "2026-08-04 earnings release, SEC Form 8-K exhibit 99.1",
      "as_of": "2026-08-04"
    },
    {
      "claim": "Director Clarence H. Smith sold 20,991 shares at $28.16 on 2026-08-17.",
      "source": "SEC Form 4 filed 2026-08-19",
      "as_of": "2026-08-19"
    }
  ],
  "view_changes": [],
  "frame": null,
  "filed_numbers": {
    "as_of": "2026-11-13",
    "sector": "Consumer Cyclical",
    "financials": {
      "status": "ok",
      "reason": null,
      "close_date": "2026-11-13",
      "latest_quarter": "2026-09-30",
      "figures": {
        "revenue": {
          "status": "ok",
          "quarters": [
            {
              "end": "2026-09-30",
              "filed": "2026-11-04",
              "restated": null,
              "value_musd": 203.2,
              "yoy_pct": 4.5
            },
            {
              "end": "2026-06-30",
              "filed": "2026-08-04",
              "restated": null,
              "value_musd": 194.9,
              "yoy_pct": 7.7
            },
            {
              "end": "2026-03-31",
              "filed": "2026-05-06",
              "restated": null,
              "value_musd": 189.1,
              "yoy_pct": 4.1
            },
            {
              "end": "2025-12-31",
              "filed": "2026-02-26",
              "restated": null,
              "value_musd": 201.9,
              "yoy_pct": 9.5
            },
            {
              "end": "2025-09-30",
              "filed": "2025-10-31",
              "restated": null,
              "value_musd": 194.5,
              "yoy_pct": 10.6
            },
            {
              "end": "2025-06-30",
              "filed": "2025-08-05",
              "restated": null,
              "value_musd": 181,
              "yoy_pct": 1.3
            }
          ]
        },
        "gross_margin": {
          "status": "ok",
          "quarters": [
            {
              "end": "2026-09-30",
              "filed": "2026-11-04",
              "restated": null,
              "pct": 62.3
            },
            {
              "end": "2026-06-30",
              "filed": "2026-08-04",
              "restated": null,
              "pct": 61.4
            },
            {
              "end": "2026-03-31",
              "filed": "2026-05-06",
              "restated": null,
              "pct": 61.5
            },
            {
              "end": "2025-12-31",
              "filed": "2026-02-26",
              "restated": null,
              "pct": 60.4
            },
            {
              "end": "2025-09-30",
              "filed": "2025-10-31",
              "restated": null,
              "pct": 60.3
            },
            {
              "end": "2025-06-30",
              "filed": "2025-08-05",
              "restated": null,
              "pct": 60.8
            }
          ]
        },
        "operating_margin": {
          "status": "not reported"
        },
        "pretax_income": {
          "status": "ok",
          "end": "2026-09-30",
          "filed": "2026-11-04",
          "value_musd": 8.6
        },
        "net_income": {
          "status": "ok",
          "end": "2026-09-30",
          "filed": "2026-11-04",
          "four_quarters_end": "2026-09-30",
          "value_musd": 6.3,
          "four_quarters_musd": 24.4
        },
        "operating_cash_flow": {
          "status": "ok",
          "end": "2026-09-30",
          "filed": "2026-11-04",
          "first_end": "2025-12-31",
          "value_musd": 59.7
        },
        "capital_spending": {
          "status": "ok",
          "end": "2026-09-30",
          "filed": "2026-11-04",
          "first_end": "2025-12-31",
          "value_musd": 27.3
        },
        "free_cash_flow": {
          "status": "ok",
          "end": "2026-09-30",
          "filed": "2026-11-04",
          "first_end": "2025-12-31",
          "value_musd": 32.4
        },
        "diluted_share_change": {
          "status": "not reported"
        },
        "cash": {
          "status": "ok",
          "end": "2026-09-30",
          "filed": "2026-11-04",
          "value_musd": 120.3
        },
        "debt": {
          "status": "not available"
        },
        "net_cash": {
          "status": "not available"
        },
        "deferred_revenue": {
          "status": "ok",
          "end": "2026-09-30",
          "filed": "2026-11-04",
          "value_musd": 46.2,
          "yoy_pct": 5.4
        },
        "backlog": {
          "status": "not reported"
        },
        "receivables": {
          "status": "not reported"
        },
        "inventory": {
          "status": "ok",
          "end": "2026-09-30",
          "filed": "2026-11-04",
          "value_musd": 86.7
        },
        "equity": {
          "status": "ok",
          "end": "2026-09-30",
          "filed": "2026-11-04",
          "value_musd": 298.6
        },
        "market_value": {
          "status": "not available"
        },
        "enterprise_value": {
          "status": "not available"
        },
        "ev_sales": {
          "status": "not available"
        },
        "ev_ebit": {
          "status": "not available"
        },
        "pe": {
          "status": "not available"
        },
        "pb": {
          "status": "not available"
        },
        "fcf_yield": {
          "status": "not available"
        }
      }
    },
    "short_interest": {
      "status": "ok",
      "settlement": "2026-10-15",
      "published": "2026-10-26",
      "short_pct_of_outstanding": null,
      "days_to_cover": 7.8,
      "change_pct": 16.8
    },
    "insiders": {
      "status": "ok",
      "as_of": "2026-11-15",
      "windows": [
        {
          "days": 90,
          "status": "ok",
          "from": "2026-08-18",
          "bought_usd": 0,
          "sold_usd": 0,
          "bought_unpriced": 0,
          "sold_unpriced": 0
        },
        {
          "days": 365,
          "status": "ok",
          "from": "2025-11-16",
          "bought_usd": 0,
          "sold_usd": 937004.12,
          "bought_unpriced": 0,
          "sold_unpriced": 0
        }
      ]
    }
  },
  "body_markdown": "## Current Thesis\n\nHaverty Furniture Companies' shares are more likely to lag the S&P 500 over the next three months. Order growth slowed sharply in the third quarter, and the earnings that remain lean on one-time tariff refunds. The fourth-quarter 2026 report, expected in early 2027, settles whether orders re-accelerate or keep fading.\n\nThe [2026-11-04 results](https://www.sec.gov/Archives/edgar/data/0000216085/000162828026069778/ex991-hvtearningsreleasex3.htm) showed third-quarter sales of $203.2 million, up 4.5% from $194.5 million a year earlier. Comparable-store sales rose 4.1%. Total written business (customer orders) rose 2.8% and comparable-store written business rose 2.3%, against 12.3% in the second quarter. Diluted earnings per share (EPS) were $0.39, including about $3.2 million of refunds of tariffs imposed under the International Emergency Economic Powers Act (IEEPA). Excluding the refunds, adjusted EPS was $0.25.\n\nA [Finviz summary](https://finviz.com/news/416147/havertys-misses-badly-once-tariff-refunds-are-stripped-out-as-written-comps-slow-from-123-to-23) put the consensus estimate at $0.42 and reported that the shares fell 11.15% on 2026-11-05. The shares closed at $25.99 on 2026-11-12, 15.1% below the $30.60 52-week high set on 2026-11-02, with a three-month price change of −8.6%.\n\n## Bull Case\n- **Orders are still growing.** Comparable-store written business rose 2.3% in the third quarter and total written business rose 2.8%, per the 2026-11-04 release.\n- **Delivered sales beat the year-ago level.** Third-quarter sales of $203.2 million compare with $194.5 million a year earlier, per the 2026-11-04 release. Comparable-store sales rose 4.1%.\n- **The balance sheet carries no debt.** Cash, cash equivalents and restricted cash were $127.0 million on 2026-09-30, with no debt and $100 million of credit availability, per the 2026-11-04 release. The company repurchased about 723,000 shares for $16.6 million in the first nine months.\n- **The dividend was kept.** On 2026-11-06 the board declared $0.33 per common share (HVT) and $0.31 per Class A share (HVT.A), payable 2026-12-09 to holders of record on 2026-11-23, per the [company announcement](https://www.placera.se/pressmeddelanden/haverty-furniture-companies-havertys-furniture-fourth-quarter-2026-cash-dividend-20261106).\n- **Store growth continues.** The release guides to five fourth-quarter openings, including Pittsburgh as an 18th state, for 133 stores at year-end.\n\n## Bear Case\n- **Order growth fell by more than four-fifths.** Comparable-store written business slowed to 2.3% from 12.3% between the second and third quarters, per the 2026-08-04 and 2026-11-04 releases. Finviz also reported mid-single-digit traffic declines and slower average-ticket growth.\n- **Earnings fell short without refunds.** Adjusted EPS of $0.25 compares with the $0.42 consensus Finviz cited on 2026-11-04. Excluding refunds, third-quarter gross margin was 60.7%, against 62.3% as reported.\n- **Costs are rising faster than guided.** Selling, general and administrative expense (SG&A) was 58.6% of sales against 57.8% a year earlier, per the 2026-11-04 release. The company raised its 2026 variable SG&A guide to 19.2%–19.4% of sales, citing delivery, transportation and third-party credit costs.\n- **The gross-margin raise comes from refunds.** Full-year gross margin guidance rose to 61.3%–61.5% from 60.5%–61.0%, which management attributed to the refunds, per the 2026-11-04 release. The guide excludes future refunds on indirectly sourced products.\n- **Adjusted earnings sit below the dividend.** Adjusted EPS of $0.25 is below the $0.33 quarterly common dividend declared 2026-11-06. Reported EPS of $0.39 covers it.\n\n## Setup & Price Structure\n\nThe shares closed at $25.99 on 2026-11-12, below the 50-day average of $27.85 and above the 200-day average of $24.71 (both from adjusted daily closes). The close on 2026-11-06 was $25.14, the lowest of the six sessions since the report, and the shares have since held between $25.99 and $26.22.\n\nThe 52-week high is $30.60, an intraday level set on 2026-11-02, two days before the results. The 52-week closing low is $20.25, set on 2026-05-05. The shares sit about 28% above that low and 15.1% below the high.\n\nDirector Clarence H. Smith sold 20,991 shares at $28.16 on 2026-08-17, per an SEC Form 4 filed 2026-08-19. No later insider transactions appear in SEC filings.\n\n## Catalyst Calendar\n\n- **2026-11-23:** Record date for the $0.33 common and $0.31 Class A dividend. Shows the board kept the payout even though adjusted third-quarter EPS of $0.25 was below it.\n- **2026-12-09:** Payment date for the fourth-quarter 2026 dividend. Confirms the cash payout continues while cash stands at $127.0 million with no debt.\n- **~2027-02 (est.):** Fourth-quarter 2026 earnings release; the company has not announced a date. Settles whether comparable-store written business re-accelerates from 2.3% and whether SG&A stays inside the raised guide.\n\n## What Would Change Our Mind\n\nA daily close above $29.43, the close on 2026-11-03 before the third-quarter results, which would show the shares leading again. Fourth-quarter comparable-store written business growth above the 12.3% second-quarter rate would also show the shares leading.\n\n## Correlation Notes\nHavertys sells mid-to-upper-priced home furnishings, so its orders follow housing turnover and consumer spending on big-ticket goods. Container freight rates and fuel costs affect its delivery and transportation expense directly, per the 2026-11-04 release. HVT and HVT.A are separate share classes with different dividends, and every price level here refers to HVT. Peers in home furnishings and housing-related retail move with the same demand and tariff conditions.",
  "first_seen": "2026-11-10",
  "last_analyzed": "2026-11-13T06:15:38+00:00",
  "last_synthesized": "2026-11-13",
  "date_modified": "2026-11-13",
  "license": "Content © FrontierPicks. Cite the canonical URL."
}