From Home Furnishing Business
Ethan Allen 1Q Income Up, Sales Dip
Ethan Allen (NYSE: ETH) reported net income of $13.1 million for the first quarter ended Sept. 30 compared to net income of $11.9 million in the same quarter last year.
Net sales for the quarter were $190.4 million, a 0.2 percent dip compared with net sales of $190.7 million in the first quarter last year.
"Our strong operational performance during the quarter reflects the strength of our vertically integrated structure" said Farooq Kathwari, chairman and CEO. "As we previously announced, the timing of our marketing initiatives had a negative impact on our written orders during the quarter. However, we expect stronger written orders in the second quarter and moving forward as indicated by increased levels in October 2015."
The complete earnings release is available online.