Daily News
From Home Furnishing Business
Ethan Allen 3Q Income Climbs to $5.3 Million
April 23,
2014 by in Financial Reports, Furniture Retailing, Industry 
Home furnishings retailer and supplier Ethan Allen Inds. (NYSE: ETH) reported net income of $5.3 million for the third quarter ended March 31, compared to net income of $4.4 million reported in the same quarter last year.
The company's third quarter net sales were $173.1 million, a 2.9 percent increase from net sales of $168.1 million reported in the same quarter last year.
The furniture retailer's net sales for its retail division were $131.8 million in the quarter, down slightly from $132.1 million in the prior year third quarter. Net sales for the company's wholesale division were $111.1 million, compared to $108.1 million in the third quarter of last year.
Farooq Kathwari, chairman and CEO, said the harsh winter weather negatively impacted the company's sales in the quarter.
"January comparable written orders were down by 13.4 percent to prior year, February was down by 1.7 percent," he said. "We did see good order growth in March as the weather improved with a 15.6 percent increase in comparable written orders. We are positioned with stronger backlogs going into the fourth quarter."
The complete earnings release is available online.