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From Home Furnishing Business

Ethan Allen More than Doubles Annual Income

Home furnishings retailer Ethan Allen  (NYSE: ETH) reported net income of $17.1 million for the fourth quarter ended June 30. That's more than double of the $8.2 million reported in the fourth quarter last year.

Net sales for the quarter were $198.8 million, a 9.1 percent increase from net sales of $182.3 million reported in the same period last year.

Net income for the fiscal year ended June 30 was $42.9 million, a 32 percent increase from $32.5 million reported last year. Net sales for the year were $746.7 million, a 2.4 percent increase from $729.1 million posted last year.

"We are pleased with our strong performance reflecting continued improvement to our vertically integrated enterprise and the performance of the Company's retail division," said Farooq Kathwari, chairman and CEO. "These results reflect the leverage of our vertical structure."

The company is in the midst of repositioning its brand with new products, improving its design centers and revamping its website. Kathwari said the company has a focus of expansion of our North American manufacturing.

The complete earnings release can be found online.

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