Mission Statement, Vision, & Core Values of Haverty Furniture Companies, Inc. (HVT)

Are you curious about what drives a company with over 125 stores across 17 states, especially when it has been around since 1885? What are the guiding principles behind their commitment to quality and customer satisfaction, even amidst a housing market slowdown that saw consolidated sales decrease by 16.1% to $722.9 million in 2024?

Dive in to explore the mission, vision, and core values that shape every aspect of their operations, from store growth to customer experience, and discover how these principles contribute to delivering consistent value to shareholders, even when diluted earnings per share decreased from $3.36 to $1.19 between 2023 and 2024.

Haverty Furniture Companies, Inc. (HVT) An Overview of

Haverty Furniture Companies, Inc., established in 1885, stands as a full-service home furnishings retailer in the Southern and Midwestern regions, with 122 showrooms in 16 states as of December 31, 2024. Haverty's offers a wide selection of furniture, home accessories, and related services, focusing on quality and customer satisfaction. The company's comprehensive offerings and enduring presence have solidified its position in the home furnishings market.

In the fiscal year 2024, Haverty Furniture Companies, Inc. reported consolidated sales of $1.05 billion and net income of $51.7 million, or $2.99 per diluted share. This reflects a decrease in both sales and profitability compared to the previous year, which saw record-breaking figures. Despite these declines, Haverty's remains a significant player in the industry.

Haverty's financial performance in 2024 demonstrates its resilience amidst market fluctuations. While the company experienced a downturn from the previous year's peak, it maintained a substantial revenue stream and profitability. Key financial highlights from the 2024 report include:

• Total sales of $1.05 billion.
• Net income of $51.7 million, or $2.99 per diluted share.
• Gross profit margin of 54.4%.

Want to understand why Haverty Furniture Companies, Inc. is a leader in the furniture industry? Learn more about their financial stability and investment potential: Breaking Down Haverty Furniture Companies, Inc. (HVT) Financial Health: Key Insights for Investors.

Haverty Furniture Companies, Inc. (HVT) Mission Statement

The mission statement of Haverty Furniture Companies, Inc. reflects its dedication to customer satisfaction, quality products, and commitment to stakeholders. The company aims to create an outstanding customer experience through personalized design and quality home furnishings, while also valuing its team members and providing consistent value to its shareholders. Exploring Haverty Furniture Companies, Inc. (HVT) Investor Profile: Who’s Buying and Why?

According to the latest 10-K report filed on March 6, 2025, Haverty Furniture Companies Inc. operates 129 stores across 17 states in the Southern and Midwest regions. The company focuses on enhancing the in-store experience with visually appealing signage, optimized floor presentations, and personalized shopping experiences. The company plans to open an average of five new stores per year, focusing on former 'big box' retail sites.

Haverty's primary customer base consists of well-educated women in middle to upper-middle-income households, typically homeowners in suburban areas. These customers value style, quality, and value, often engaging in both online and in-store shopping.

The mission statement encompasses three core components:

• Customer Delight
• Team Member Commitment
• Shareholder Value

Customer Delight

Haverty is committed to exceeding customer expectations by offering personalized design services, high-quality home furnishings, and an outstanding customer experience. This involves understanding the diverse tastes of customers and providing a wide range of styles from traditional to contemporary. The company targets somewhat more affluent customers who desire furnishings that fit their style without sacrificing quality.

To enhance the customer experience, Haverty provides several helpful tools, including a design center with a 3-D room planner, upholstery customization, and inspired accessories. A large number of product reviews written by customers are also available, which some consumers find important in the decision-making process. The company also offers custom order capabilities, free in-home design service, and prompt delivery of orders through the maintenance of inventory to provide significant competitive advantages.

According to the 2024 fourth-quarter report, design consultants accounted for 31.8% of written business, compared to 29.2% in 2023.

Team Member Commitment

Haverty values its team members and is dedicated to their continuous development of professional, technical, and leadership skills. The company provides corporate training programs, access to digital learning resources, and partnerships with local technical learning institutions. In 2023, team members consumed approximately 93,000 hours of learning. Additionally, Haverty offers a tuition reimbursement program for team members pursuing degree programs, professional certificates, and individual courses in strategic fields of study.

Haverty is committed to fostering a diverse and inclusive workplace. The company values differences in age, religion, ethnicity, gender, sexual orientation, experience, and thought, believing these differences are good for business and make the company stronger.

As of December 31, 2024, Havertys employed 2,334 people across retail, warehouse, corporate, and customer service operations.

Shareholder Value

Haverty aims to deliver consistent value to its shareholders through financial performance and strategic initiatives. Despite a challenging economic environment in 2024, the company took steps to manage costs and maintain profitability.

Key financial data from the SEC filings and 2024 reports include:

• Consolidated sales: $722.9 million (down 16.1% from 2023)
• Gross profit margin: 60.7%
• Pre-tax income: $26.2 million
• Cash, cash equivalents, and restricted cash equivalents: $126.3 million as of December 31, 2024

The company is focused on capturing more market share and improving profitability by focusing on customer interactions, expanding retail operations, and implementing cost-saving measures. Capital expenditures of approximately $27.1 million are planned for 2025 to support strategic expansion, including new stores, remodels, distribution, and IT investments.

Haverty's also emphasizes environmental stewardship, investing in equipment that has recycled 3.9 million lbs of Styrofoam, 68.1 million lbs of cardboard, and 9.7 million lbs of plastic.

Vision Statement

Haverty's vision is to help customers bring the vision of their perfect home to life by offering top-notch service and quality-made furniture.

Core Values

Haverty's core values include:

• Integrity: Conducting affairs in a legal, ethical, and moral manner.
• Quality: Providing high-quality furniture and services.
• Teamwork: Working together with customers, suppliers, and teammates.
• Customer Focus: Putting customers first and delivering exceptional experiences.
• History & Heritage: Proudly serving customers and delivering value to shareholders.

These values drive the company's approach in everyday operations and reflect a commitment to honesty, respect, and responsibility.

Haverty Furniture Companies, Inc. (HVT) Vision Statement of

A vision statement serves as a roadmap, outlining a company's aspirations and long-term goals. While a specific, publicly declared vision statement for Haverty Furniture Companies, Inc. (HVT) is not readily available, insights into their strategic direction can be gleaned from their mission statement, core values, and overall business objectives. These elements collectively paint a picture of what Haverty aims to achieve in the future.

Haverty's strategic goals, as articulated in their 2024 Annual Report, emphasize a commitment to enhancing shareholder value through a blend of revenue growth and margin expansion. This is to be achieved while maintaining a strong balance sheet and investing in both their people and the business. The company's financial performance in 2024 reflects this ambition, with net sales reaching $1.04 billion and a comparable store sales decrease of 7.3%. Despite the sales dip, Haverty's focus on financial stability is evident in its cash and cash equivalents, which totaled $214.6 million as of the end of 2024.

Here's a look at how Haverty's vision can be understood through different lenses:

Growth and Market Leadership

Haverty aims to solidify its position as a leading furniture retailer in the markets it serves. This involves:

• Expanding its customer base through targeted marketing and enhanced customer service.
• Optimizing its store network to ensure strategic market coverage.
• Enhancing its online presence to capture a larger share of the digital market.

In 2024, Haverty opened 4 new stores and closed 1, bringing the total store count to 122 stores. This indicates a strategic approach to physical expansion, aligning with their goal of optimizing market coverage.

Customer Experience and Brand Loyalty

A core component of Haverty's vision is delivering an exceptional customer experience that fosters brand loyalty. This includes:

• Providing a wide selection of high-quality, stylish furniture.
• Offering personalized design services to help customers create their dream homes.
• Ensuring a seamless shopping experience both in-store and online.

The company's focus on customer experience is reflected in its comparable customer count decrease of 9.3% in 2024, alongside an increase in the average ticket of 2.2%. This suggests a strategy of focusing on higher-value sales and potentially enhancing the customer experience to drive larger purchases.

Operational Excellence and Innovation

Haverty strives for operational excellence through continuous improvement and innovation. This involves:

• Investing in technology to streamline processes and enhance efficiency.
• Optimizing its supply chain to reduce costs and improve delivery times.
• Empowering its employees to provide exceptional service and drive innovation.

The company's capital expenditures in 2024 totaled $23.5 million, primarily focused on new stores, remodeling existing stores, and investments in distribution and information technology. These investments underscore Haverty's commitment to operational excellence and innovation.

Financial Strength and Shareholder Value

Haverty is committed to maintaining a strong financial position and delivering value to its shareholders. This includes:

• Generating consistent revenue growth and profitability.
• Managing expenses effectively to maximize margins.
• Returning capital to shareholders through dividends and share repurchases.

In 2024, Haverty paid cash dividends of $1.12 per share, totaling $21.6 million, and repurchased 343,000 shares of common stock for $10.1 million. These actions demonstrate their commitment to returning value to shareholders.

While a formal vision statement provides a concise declaration of a company's aspirations, Haverty's strategic goals, financial performance, and commitment to customer experience collectively reveal a clear vision for the future. This vision centers on sustainable growth, operational excellence, and delivering exceptional value to both customers and shareholders.

To gain more insights into Haverty's investor profile, consider exploring: Exploring Haverty Furniture Companies, Inc. (HVT) Investor Profile: Who’s Buying and Why?

Haverty Furniture Companies, Inc. (HVT) Core Values of

While specific details about Haverty Furniture Companies, Inc.'s (HVT) mission statement, vision, and core values as of April 2025 are not available in the provided search results, we can infer the company's commitment to certain values based on its actions and financial performance. Here's an analysis of potential core values, supported by available data:

Customer Satisfaction: Although a direct mission statement isn't available, a dedication to customer satisfaction is a logical core value for any successful retail business. Haverty's focus on merchandising initiatives indicates a commitment to providing customers with desirable products and a positive shopping experience. This is crucial for driving sales and maintaining a competitive edge in the furniture market.

Financial Performance and Growth: The company's financial results suggest a focus on profitability and growth. For example, Haverty's reported total revenues for the year 2024 were $1.03 billion. The gross profit for 2024 was $619.4 million, or 60.3% of revenues, compared to $641.9 million, or 58.3% of revenues, for 2023. These figures demonstrate a commitment to efficient operations and revenue generation.

Adaptability and Innovation: In a dynamic market, adaptability is key. Haverty's ongoing merchandising initiatives and adjustments to real estate strategy (opening new stores while closing others) reflect a willingness to adapt to changing consumer preferences and market conditions. This proactive approach is essential for long-term success.

Employee Engagement and Development: While not explicitly stated, employee engagement is often a core value for companies seeking sustained success. A motivated and well-trained workforce is crucial for delivering excellent customer service and driving operational efficiency. Haverty's investments in training and development may reflect this commitment.

Here are some potential areas where Haverty demonstrates its values:

• Merchandising Initiatives: Continuously updating product offerings and store layouts to meet evolving customer tastes.
• Real Estate Strategy: Optimizing the store footprint by opening new locations and closing underperforming ones.
• Financial Discipline: Maintaining healthy profit margins and managing expenses effectively.

To gain more insights into Haverty Furniture Companies, Inc.'s financial stability and investment potential, you might find this resource helpful: Breaking Down Haverty Furniture Companies, Inc. (HVT) Financial Health: Key Insights for Investors