Daily News Archive
Brought to you by Home Furnishings Business
Ethan Allen Posts Loss in 3Q
April 27,
2010 by in UnCategorized 
By Home Furnishings Business in Financial Reports on April 28, 2010
Ethan Allen (NYSE: ETH) reported net sales of $147.3 million for the quarter ended March 31, up 5 percent from the same quarter last year.
The
furniture retailer reported a net loss for the quarter of $900,000, compared with a loss of $48.7 million during the third quarter last year.
For the nine-month period, the company reported net sales of $426.8 million, as compared to $535.6 million during the same period last year. The year-to-date loss was $17.8 million, compared to a reported loss of $35.8 million during the first nine months of last year.
The Great Recession has provided us an opportunity to examine every aspect of our business and undertake major improvements to all aspects of our vertically integrated structure," said Farooq Kathwari, chairman, president and chief executive officer. "We have also focused on improving our liquidity. Our total cash, investments, and restricted cash at March 31, 2010 was $85 million; an increase of 61 percent since June 30, 2009.
While we are gratified with the increase in booked orders during the quarter, the major progress in our initiatives, and the positive news of consumer confidence, we remain cautious as the improvement in the economy is still at an early stage with many uncertainties on the horizon," he said.