From Home Furnishing Business
Ethan Allen Comments On Earnings
By Home Furnishings Business in on March 2007
Danbury, Conn.-based Ethan Allen announced Monday that earnings for its current quarter will likely fall below the estimates of Wall Street analysts.
According to published reports, analysts had expected the companys quarterly earnings per share to be 59 cents per share when the company releases its earnings report on April 24. On Monday, Ethan Allen released a statement in advance of a planned presentation at an investor forum scheduled for Wednesday. As has been stated by others in our industry, the economic environment for home furnishings retail remains challenging, said Chairman and CEO Farooq Kathwari. In addition, in the prior year quarter ended March 2006, we experienced strong growth with sales increasing 15.5%, making prior-year comparisons very challenging. Despite these factors, at this stage, we believe we have the opportunity to generate quarterly earnings per share in the range of 53 cents to 56 cents as compared to 59 cents in the prior year quarter.
Ethan Allen sells a full range of furniture products and decorative accessories through a dedicated network of 307 design centers in the United States and abroad. The company also has nine manufacturing facilities in the United States.