Home
Jump to Risk Factors
Jump to Industries
Jump to Exposures
Jump to Event Codes
Jump to Wiki Summary

Industries
Asset Management and Custody Banks
Consumer Discretionary
Home Furnishings
Independent Power Producers and Energy Traders
Specialty Stores
Oil and Gas Storage and Transportation
Oil and Gas Refining and Marketing and Transportation
Transportation
Health Care Distribution and Services
Computer Hardware
Telecommunications Equipment
Electronic Equipment and Instruments
General Merchandise Stores
Exposures
Provide
Military
Express intent
Regime
Leadership
Event Codes
Solicit support
Yield to order
Sports contest
Vote
Warn
Riot
Accident
Force
Acknowledge responsibility
Propose
Agree
Wiki Wiki Summary
Arithmetic Arithmetic (from Ancient Greek ἀριθμός (arithmós) 'number', and τική [τέχνη] (tikḗ [tékhnē]) 'art, craft') is an elementary part of mathematics that consists of the study of the properties of the traditional operations on numbers—addition, subtraction, multiplication, division, exponentiation, and extraction of roots. In the 19th century, Italian mathematician Giuseppe Peano formalized arithmetic with his Peano axioms, which are highly important to the field of mathematical logic today.
Special Activities Center The Special Activities Center (SAC) is a division of the Central Intelligence Agency responsible for covert operations and paramilitary operations. The unit was named Special Activities Division (SAD) prior to 2015.
Emergency operations center An emergency operations center (EOC) is a central command and control facility responsible for carrying out the principles of emergency preparedness and emergency management, or disaster management functions at a strategic level during an emergency, and ensuring the continuity of operation of a company, political subdivision or other organization.\nAn EOC is responsible for strategic direction and operational decisions and does not normally directly control field assets, instead leaving tactical decisions to lower commands.
Operations research Operations research (British English: operational research), often shortened to the initialism OR, is a discipline that deals with the development and application of advanced analytical methods to improve decision-making. It is sometimes considered to be a subfield of mathematical sciences.
Surgery Surgery is a medical or dental specialty that uses operative manual and instrumental techniques on a person to investigate or treat a pathological condition such as a disease or injury, to help improve bodily function, appearance, or to repair unwanted ruptured areas.\nThe act of performing surgery may be called a surgical procedure, operation, or simply "surgery".
Bitwise operation In computer programming, a bitwise operation operates on a bit string, a bit array or a binary numeral (considered as a bit string) at the level of its individual bits. It is a fast and simple action, basic to the higher-level arithmetic operations and directly supported by the processor.
Operation (mathematics) In mathematics, an operation is a function which takes zero or more input values (called operands) to a well-defined output value. The number of operands (also known as arguments) is the arity of the operation.
Yoda conditions In programming jargon, Yoda conditions (also called Yoda notation) is a programming style where the two parts of an expression are reversed from the typical order in a conditional statement. A Yoda condition places the constant portion of the expression on the left side of the conditional statement.
Twenty-one Conditions The Twenty-one Conditions, officially the Conditions of Admission to the Communist International, refer to the conditions, most of which were suggested by Vladimir Lenin, to the adhesion of the socialist parties to the Third International (Comintern) created in 1919. The conditions were formally adopted by the Second Congress of the Comintern in 1920.
Nervous Conditions Nervous Conditions is a novel by Zimbabwean author Tsitsi Dangarembga, first published in the United Kingdom in 1988. It was the first book published by a black woman from Zimbabwe in English.
Wolfe conditions In the unconstrained minimization problem, the Wolfe conditions are a set of inequalities for performing inexact line search, especially in quasi-Newton methods, first published by Philip Wolfe in 1969.In these methods the idea is to find\n\n \n \n \n \n min\n \n x\n \n \n f\n (\n \n x\n \n )\n \n \n {\displaystyle \min _{x}f(\mathbf {x} )}\n for some smooth \n \n \n \n f\n :\n \n \n R\n \n \n n\n \n \n →\n \n R\n \n \n \n {\displaystyle f\colon \mathbb {R} ^{n}\to \mathbb {R} }\n . Each step often involves approximately solving the subproblem\n\n \n \n \n \n min\n \n α\n \n \n f\n (\n \n \n x\n \n \n k\n \n \n +\n α\n \n \n p\n \n \n k\n \n \n )\n \n \n {\displaystyle \min _{\alpha }f(\mathbf {x} _{k}+\alpha \mathbf {p} _{k})}\n where \n \n \n \n \n \n x\n \n \n k\n \n \n \n \n {\displaystyle \mathbf {x} _{k}}\n is the current best guess, \n \n \n \n \n \n p\n \n \n k\n \n \n ∈\n \n \n R\n \n \n n\n \n \n \n \n {\displaystyle \mathbf {p} _{k}\in \mathbb {R} ^{n}}\n is a search direction, and \n \n \n \n α\n ∈\n \n R\n \n \n \n {\displaystyle \alpha \in \mathbb {R} }\n is the step length.
Inflation An infection is the invasion of an organism's body tissues by pathogens, their multiplication, and the reaction of host tissues to the infectious agents and the toxins they produce. An infectious disease, also known as a transmissible disease or communicable disease, is an illness resulting from an infection.
Consumer behaviour Consumer behavior is the study of individuals, groups, or organizations and all the activities associated with the purchase, use and disposal of goods and services. Consumer behaviour consists of how the consumer's emotions, attitudes and preferences affect buying behaviour.
High-availability cluster High-availability clusters (also known as HA clusters, fail-over clusters) are groups of computers that support server applications that can be reliably utilized with a minimum amount of down-time. They operate by using high availability software to harness redundant computers in groups or clusters that provide continued service when system components fail.
Online shopping Online shopping is a form of electronic commerce which allows consumers to directly buy goods or services from a seller over the Internet using a web browser or a mobile app. Consumers find a product of interest by visiting the website of the retailer directly or by searching among alternative vendors using a shopping search engine, which displays the same product's availability and pricing at different e-retailers.
Furniture Furniture refers to movable objects intended to support various human activities such as seating (e.g., stools, chairs, and sofas), eating (tables), storing items, eating and/or working with an item, and sleeping (e.g., beds and hammocks). Furniture is also used to hold objects at a convenient height for work (as horizontal surfaces above the ground, such as tables and desks), or to store things (e.g., cupboards, shelves, and drawers).
Breuners Home Furnishings Breuners Home Furnishings was a chain of furniture stores in Southwestern United States for 148 years before declaring bankruptcy in 2004.\nFounded in California during the California Gold Rush in the mid-19th century, its stores served California and Nevada before expanding to the east coast in the late 20th century.
RC Willey Home Furnishings RC Willey Home Furnishings (RC Willey) is an American home furnishings company with stores in Utah, Idaho, Nevada and California. Founded in 1932 by Rufus Call Willey in Syracuse, Utah, RC, as he was known to friends, began selling Hotpoint Brand appliances door-to-door out of the back of his red pickup truck.
The Home Depot The Home Depot, Inc. is an American multinational home improvement retail corporation that sells tools, construction products, appliances, and services.
Gianni Versace Giovanni Maria "Gianni" Versace (Italian: [dʒoˈvanni maˈriːa verˈsaːtʃe]; 2 December 1946 – 15 July 1997) was an Italian fashion designer, socialite and businessman. He was the founder of Versace, an international luxury-fashion house that produces accessories, fragrances, make-up, home furnishings and clothes.
Williams-Sonoma, Inc. Williams-Sonoma, Inc. is an American publicly traded consumer retail company that sells kitchenware and home furnishings.
Competitors for the Crown of Scotland When the crown of Scotland became vacant in September 1290 on the death of the seven-year-old child Queen Margaret, 13 claimants to the throne came forward. Those with the most credible claims were John Balliol, Robert Bruce, John Hastings and Floris V, Count of Holland.
Competitor analysis Competitive analysis in marketing and strategic management is an assessment of the strengths and weaknesses of current and potential competitors. This analysis provides both an offensive and defensive strategic context to identify opportunities and threats.
Privately held company A privately held company or private company is a company which does not offer or trade its company stock (shares) to the general public on the stock market exchanges, but rather the company's stock is offered, owned and traded or exchanged privately or over-the-counter. In the case of a close corporation, there are a relatively small number of shareholders or company members.
Porter's five forces analysis Porter's Five Forces Framework is a method of analysing the operating environment of a competition of a business. It draws from industrial organization (IO) economics to derive five forces that determine the competitive intensity and, therefore, the attractiveness (or lack thereof) of an industry in terms of its profitability.
New product development In business and engineering, new product development (NPD) covers the complete process of bringing a new product to market, renewing an existing product or introducing a product in a new market. A central aspect of NPD is product design, along with various business considerations.
Product design Product design as a verb is to create a new product to be sold by a business to its customers. A very broad coefficient and effective generation and development of ideas through a process that leads to new products.
Product innovation Product innovation is the creation and subsequent introduction of a good or service that is either new, or an improved version of previous goods or services. This is broader than the normally accepted definition of innovation that includes the invention of new products which, in this context, are still considered innovative.
Gross domestic product Gross domestic product (GDP) is a monetary measure of the market value of all the final goods and services produced in a specific time period by countries. GDP (nominal) per capita does not, however, reflect differences in the cost of living and the inflation rates of the countries; therefore, using a basis of GDP per capita at purchasing power parity (PPP) may be more useful when comparing living standards between nations, while nominal GDP is more useful comparing national economies on the international market.
Godrej Consumer Products Godrej Consumer Products Limited (GCPL) is an Indian consumer goods company based in Mumbai, India. GCPL's products include soap, hair colourants, toiletries and liquid detergents.
Product strategy Product strategy defines the high-level plan for developing and marketing a product, how the product supports the business strategy and goals, and is brought to life through product roadmaps. A product strategy describes a vision of the future with this product, the ideal customer profile and market to serve, go-to-market and positioning (marketing), thematic areas of investment, and measures of success.
Burger King products When the predecessor of international fast food restaurant chain Burger King (BK) first opened in 1953, its menu predominantly consisted of hamburgers, French fries, soft drinks, milkshakes, and desserts. After being acquired by its Miami, Florida franchisees and renamed in 1954, BK began expanding its menu by adding the Whopper sandwich in 1957, and has since added non-beef items such as chicken, fish, and vegetarian offerings, including salads and meatless sandwiches.
Net income In business and accounting, net income (also total comprehensive income, net earnings, net profit, bottom line, sales profit, or credit sales) is an entity's income minus cost of goods sold, expenses, depreciation and amortization, interest, and taxes for an accounting period.It is computed as the residual of all revenues and gains less all expenses and losses for the period, and has also been defined as the net increase in shareholders' equity that results from a company's operations. It is different from gross income, which only deducts the cost of goods sold from revenue.
Profitability analysis In cost accounting, profitability analysis is an analysis of the profitability of an organisation's output. Output of an organisation can be grouped into products, customers, locations, channels and/or transactions.
Customer profitability Customer profitability (CP) is the profit the firm makes from serving a customer or customer group over a specified period of time, specifically the difference between the revenues earned from and the costs associated with the customer relationship in a specified period. According to Philip Kotler,"a profitable customer is a person, household or a company that overtime, yields a revenue stream that exceeds by an acceptable amount the company's cost stream of attracting, selling and servicing the customer."\nCalculating customer profit is an important step in understanding which customer relationships are better than others.
SAP ERP SAP ERP is an enterprise resource planning software developed by the German company SAP SE. SAP ERP incorporates the key business functions of an organization. The latest version of SAP ERP (V.6.0) was made available in 2006.
Normal distribution In statistics, a normal distribution (also known as Gaussian, Gauss, or Laplace–Gauss distribution) is a type of continuous probability distribution for a real-valued random variable. The general form of its probability density function is\n\n \n \n \n f\n (\n x\n )\n =\n \n \n 1\n \n σ\n \n \n 2\n π\n \n \n \n \n \n \n e\n \n −\n \n \n 1\n 2\n \n \n \n \n (\n \n \n \n x\n −\n μ\n \n σ\n \n \n )\n \n \n 2\n \n \n \n \n \n \n {\displaystyle f(x)={\frac {1}{\sigma {\sqrt {2\pi }}}}e^{-{\frac {1}{2}}\left({\frac {x-\mu }{\sigma }}\right)^{2}}}\n The parameter \n \n \n \n μ\n \n \n {\displaystyle \mu }\n is the mean or expectation of the distribution (and also its median and mode), while the parameter \n \n \n \n σ\n \n \n {\displaystyle \sigma }\n is its standard deviation.
Risk Factors
HAVERTY FURNITURE COMPANIES INC ITEM 1A RISK FACTORS Set forth below are some of the risks and uncertainties that, if they were to occur, could materially and adversely affect our business, or that could cause our actual results to differ materially from the results contemplated by the forward-looking statements contained in this report and the other public statements we make
Forward-looking statements include, but are not limited to: • Projections of revenues, costs, earnings per share, capital expenditures, dividends or other financial measures; • Descriptions of anticipated plans or objectives of our management for operations or products; • Forecasts of performance; and • Assumptions regarding any of the foregoing
Forward-looking statements involve matters which are not historical facts
Because these statements involve anticipated events or conditions, forward-looking statements often include words such as “anticipate,” believe,” “estimate,” “expect,” “intend,” “plan,” “project,” “target,” “can,” “could,” “may,” “should,” “will,” “would,” or similar expressions
Do not unduly rely on forward-looking statements
They represent our expectations about the future and are not guarantees
Forward-looking statements are only as of the date they are made and they might not be updated to reflect changes as they occur after the forward-looking statements are made
9 _________________________________________________________________ [64]Table of Contents For example, forward-looking statements include expectations regarding: • sales or comparable store sales; • gross profit; • SG&A expenses; • capital expenditures; and • developments in accounting standards
A downturn in the economy may affect consumer purchases of discretionary items, which could reduce our net sales
A large portion of our sales represent discretionary spending by our customers
Many factors affect discretionary spending, including world events, war, conditions in financial markets, general business conditions, interest rates, inflation, consumer debt levels, the availability of consumer credit, taxation, unemployment trends and other matters that influence consumer confidence and spending
Our customers’ purchases of discretionary items, including our products, could decline during periods when disposable income is lower or periods of actual or perceived unfavorable economic conditions
If this occurs, our net sales and profitability could decline
We face significant competition from national, regional and local retailers of home furnishings
The retail market for home furnishings is highly fragmented and intensely competitive
We currently compete against a diverse group of retailers, including national department stores, regional or independent specialty stores, and dedicated franchises of furniture manufacturers
National mass merchants such as Wal-Mart, Sam’s Club and Costco also have limited product offerings
We also compete with retailers that market products through store catalogs and the Internet
In addition, there are few barriers to entry into our current and contemplated markets, and new competitors may enter our current or future markets at any time
We may not be able to compete successfully against existing and future competitors
Some of our competitors have financial resources that are substantially greater than ours and may be able to purchase inventory at lower costs and better sustain economic downturns
Our competitors may respond more quickly to new or emerging technologies and may have greater resources to devote to promotion and sale of products
Our existing competitors or new entrants into our industry may use a number of different strategies to compete against us, including: • aggressive advertising, pricing and marketing; • extension of credit to customers on terms more favorable than we offer; • larger store size, which may result in greater operational efficiencies, or innovative store formats; • adoption of improved retail sales methods; and • expansion by our existing competitors or entry by new competitors into markets where we currently operate
Competition from any of these sources could cause us to lose market share, revenues and customers, increase expenditures or reduce prices, any of which could have a material adverse effect on our results of operations
If new products are not introduced or consumers do not accept new products, our sales may decline
Our ability to maintain and increase revenues depends to a large extent on the periodic introduction and availability of new products
We believe that the introduction and consumer acceptance of our proprietary Havertys 10 _________________________________________________________________ [65]Table of Contents brand will have a significant impact on our ability to increase revenues
These products are subject to fashion changes and pricing limitations which could affect the success of these and other new products
If we fail to anticipate changes in consumer preferences, our sales may decline
Our products must appeal to our target consumers whose preferences cannot be predicted with certainty and are subject to change
Our success depends upon our ability to anticipate and respond in a timely manner to fashion trends relating to home furnishings
If we fail to identify and respond to these changes, our sales of these products may decline
In addition, we often make commitments to purchase products from our vendors in advance of proposed delivery dates
Significant deviation from the projected demand for products that we sell may have a material adverse effect on our results of operations and financial condition, either from lost sales or lower margins due to the need to reduce prices to dispose of excess inventory
The Company imports a substantial portion of its merchandise from foreign sources
Changes in exchange rates could impact the price the Company pays for these goods, resulting in potentially higher retail prices and/or lower gross profit on these goods
During fiscal 2005 and 2004, approximately 70prca and 60prca, respectively of the Company’s purchases were for goods not produced domestically
All of these purchases were denominated in US dollars
As exchange rates between the US dollar and certain other currencies have become unfavorable, the likelihood of price increases from our vendors has increased
Such price increases, if they occur, could have one or more of the following impacts: • We could be forced to raise retail prices so high that we are unable to sell the products at current unit volumes; • If we are unable to raise retail prices commensurately with the costs increases, gross profit could be negatively impacted; or • We may be forced to find alternative sources of comparable product, which may be more expensive than the current product, of lower quality, or the vendor may be unable to meet our requirements for quality quantities, delivery schedules or other key terms
Our revenue could be adversely affected by a disruption in our supply chain
Disruptions to our supply chain could result in late arrivals of product
This could negatively affect sales due to increased levels of out-of-stock merchandise and loss of confidence by customers in our ability to deliver goods as promised
The continuing rise of oil and gasoline prices could affect our profitability
A continuing significant increase in oil and gasoline prices could adversely affect our profitability
Our distribution system which utilizes three distribution centers and multiple home delivery centers to reach our markets across 17 southern and Mid Western states is very transportation dependent
Additionally, we deliver substantially all of our customers’ purchases to their homes
If the transportation costs exceed those amounts that we are able to effectively pass on to the consumer, either by higher prices and/or higher delivery charges, then our profitability would suffer
11 _________________________________________________________________ [66]Table of Contents Our information technology infrastructure is vulnerable to damage that could harm our business
Our ability to operate our business from day to day, in particular our ability to manage our point-of-sale, credit operations and distribution system, largely depends on the efficient operation of our computer hardware and software systems
We use management information systems to communicate customer information, real-time inventory information, manage our credit portfolio and to handle all facets of our distribution system from receiving of goods in the DCs to delivery to our customers’ homes
These systems and our operations are vulnerable to damage or interruption from: • power loss, computer systems failures and Internet, telecommunications or data network failures; • operator negligence or improper operation by, or supervision of, employees; • physical and electronic loss of data or security breaches, misappropriation and similar events; • computer viruses; • intentional acts of vandalism and similar events; and • hurricanes, fires, floods and other natural disasters
Any failure due to any of these causes, if it is not supported by our disaster recovery plan and redundant systems, could cause an interruption in our operations and result in reduced net sales and profitability
Because of our limited number of distribution centers, should one become damaged, our operating results could suffer
We utilize three large distribution centers to flow our merchandise from the vendor to the consumer
This system is very efficient for reducing inventory requirements, but makes us operationally vulnerable should one of these facilities become damaged
Use of Estimates Our Consolidated Financial Statements and accompanying Notes include estimates and assumptions made by Management that affect reported amounts
Actual results could differ materially from those estimates