7 Best Furniture Stocks To Invest In According to Analysts

3. Haverty Furniture Companies, Inc. (NYSE:HVT)

Number of Hedge Fund Holders: 10

Analysts Upside Potential: 41.93%

Haverty Furniture Companies, Inc. (NYSE:HVT) is a retail company that specializes in selling furniture and home accessories. Their product offering includes furniture for various parts of the home, decor and accessories, and mattresses and bedding. The company operates several showrooms across the United States and focuses on providing quality products that match the taste of the local people.

Management noted that the furniture market is going through a tough retail environment, which resulted in the company’s total sales for the second quarter of 2024 going down by 13.4% from the previous year. However, the total sales of $178.6 million showed improvement when compared to the first quarter results where it declined by 18.1% year-over-year.

Due to lower total sales, the net income of the company also suffered greatly coming down from $11.8 million during the second quarter of fiscal 2023 to $4.4 million in the second quarter of fiscal 2024.

On the bright side, the management of Haverty Furniture Companies, Inc. (NYSE:HVT) was able to maintain its profit margins strong at 60.4%, which represented only a slight decrease of 0.1% from the previous year.

Management is focusing on expanding the footprint of the company by opening new showrooms across various new locations including Indianapolis, Indiana, Pembroke Pines and St. Petersburg, Florida, and Woodlands and Baybrook, Texas.