Ethan Allen Posts Increased Sales, Income for 1Q

October 17, 2012  by in UnCategorized   

By Home Furnishings Business in Financial Reports on October 18, 2012

Vertically integrated furniture retailer Ethan Allen (NYSE:ETH) reported net income of $10.1 million for the first quarter ended Sept. 30, compared to net income of $6.8 million during the same quarter last year.

Net sales for the quarter increased 1.4 percent to $187.4 million from $184.9 million during the prior-year first quarter.

The company's retail division net sales increased 5.6 percent to $149.1 million compared to $141.2 reported in the same quarter last year.

"Our competitive advantages arise from providing high quality products of the finest craftsmanship, offering complimentary design service through our 2,000 motivated interior design professionals, giving free local delivery, enhancing our technology in all aspects of the business, and through leveraging our vertically integrated structure," said Farooq Kathwari, chairman and CEO. "While economic conditions continue to be challenging, we remain cautiously optimistic about our future prospects.

The entire earnings release can be read online.