From Home Furnishing Business
Ethan Allen Posts 4Q Earnings
Ethan Allen Interiors reported net income of $8.2 million for the fourth quarter ended June 30, compared to net income of $7.3 million during the same quarter last year.
Fourth quarter sales for the company were $182.3 million, compared to $185.3 million for the same period last year.
Net income for the year ended June 30 was $32.5 million, a drop from the $49.7 million reported during the previous year. Annual sales were $729.1 million, compared to $729.4 million during the prior year.
The company's retail division net sales increased 3.4 percent to $578.3 million including comparable design center net sales growth of 3.3%
"We are gratified with our strong performance in earnings due to major improvements in all areas but especially in the operations of the retail division," said Farooq Kathwari , chairman and CEO. "This major increase took place despite flat sales. Written and delivered sales were impacted by several factors including significant reductions in clearance events, lower international shipments, and timing of events."
The complete earnings release can be found online.