Haverty Furniture 1Q same-store sales slip

Retailer Haverty Furniture Cos. said Thursday same-store sales fell 22.9 percent for the quarter as the housing downturn continued to weigh on results.
Same-store sales, or sales at stores open at least a year, are a key indicator of retailer performance since they measure growth at existing stores rather than newly opened ones.
Total sales for the quarter ended March 31 fell 22.1 percent to $144.2 million from $185.3 million in the prior-year period.
"Retail sales for big-ticket home furnishings remain difficult as consumers look to conserve cash because of continued economic uncertainty," said Clarence H. Smith, chief executive officer.
Havertys is a home furnishings retailer with 121 showrooms in 17 states.