(Source: Furniture Today Author: Clint Engel)
Ethan Allen posts sales and profit gains in fourth quarter and fiscal year
Source:Furniture Today
Ethan Allen Interiors posted solid sales and profit gains for both the fiscal fourth quarter and full year, attributing the strength to various product, marketing and other initiatives that have reshaped the home furnishings manufacturer and retailer.
Ethan Allen Interiors posted solid sales and profit gains for both the fiscal fourth quarter and full year, attributing the strength to various product, marketing and other initiatives that have reshaped the home furnishings manufacturer and retailer.
Consolidated net sales for the quarter ended June 30, jumped 6.3% to $205.7 million from $193.6 million for the same period a year ago. Net income increased to $16.8 million, or 60 cents per share, compared to $12.7 million, or 44 cents per shares in the fourth quarter of the previous fiscal year.
Retail net sales increase 7.6% to $163.6 million for the quarter, and same-store sales were up 9.4%. In the wholesale segment, net sales were up 9.6% to $127.4 million.
For the full year, consolidated net sales jumped 5.2% to $794.2 million, while net income increased to $56.6 million, or $2 per share, from $37.1 million or $1.27 per share the previous year.
In a release, Ethan Allen Chairman, President and CEO Farooq Kathwari cited the company’s many initiatives over the past few years for the strong performance, including the repositioning of its product offering, strengthening its interior design network, marketing moves and technology enhancements.
“We remain cautiously optimistic due to the launch of many marketing initiatives includingthe launch of the Ethan Allen/Disney program in the latter part of our second quarter,” he said.