Haverty Furniture Companies, Inc. (NYSE:HVT) Q2 2024 Results Conference Call August 1, 2024 10:00 AM ET
Company Participants
Richard Hare - Chief Financial Officer
Clarence Smith - Chairman, Chief Executive Officer
Steve Burdette - President
Conference Call Participants
Anthony Lebiedzinski - Sidoti
Cristina Fernandez - Telsey Advisory Group
Budd Bugatch - Water Tower Research
Mickey Legg - The Benchmark Company
Operator
Greetings, and welcome to the Haverty's Second Quarter 2024 Earnings Call. At this time, all participants are in a listen-only mode. A brief question-and-answer session will follow the formal presentation. [Operator Instructions] As a reminder, this conference is being recorded.
It is now my pleasure to introduce your host, Richard Hare, Chief Financial Officer. Thank you, Mr. Hare, you may begin.
Richard Hare
Thank you, operator. During this conference call, we'll make forward-looking statements, which are subject to risks and uncertainties. Actual results may differ materially from those made or implied in such statements, which speak only as of the date they are made, in which we undertake no obligation to publicly update or revise. Factors that could cause actual results to differ include economic and competitive conditions and other uncertainties detailed in the company's reports filed with the Securities and Exchange Commission.
Our Chairman and CEO, Clarence Smith, will now give you an update on our results and our President, Steve Burdette, will provide additional commentary.
Clarence Smith
Thank you for joining our second quarter conference call. Total sales were $178.6 million, down 13.4% from last year, but an improvement over the 18.1% decline in the first quarter. We've been proactive in reducing costs where appropriate, and that has helped us produce a pretax profit of $6.5 million. Gross margins continue to be strong at 60.4%.
Our cash position of over $100 million remains solid and continues to be
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