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Haverty Furniture -15% after results disappoint
2019-10-31 15:02
Haverty Furniture (NYSE:HVT) sinks after posting a drop in Q3 revenue amid challenges with product flow disruption and merchandise pricing.
The retailer's gross profit rate fell 130 bps Y/Y to 53.5% vs. 53.9% consensus, due chiefly to merchandise pricing and mix as the company was slightly more aggressive with promotions and incurred higher product and freight costs.
Shares of HVT aredown 15.15%to land at their lowest level since August.
Previously: Haverty Furniture EPS misses by $0.08, misses on revenue (Oct. 30)
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