Ethan Allen sales rise 12.5%, income 13.4%
Same-store gain boosts fiscal second quarter
Larry Thomas -- Furniture Today, January 18, 2006
DANBURY, Conn. — Buoyed by a healthy same-store increase, manufacturer and retailer Ethan Allen said sales were up 12.5% in the second quarter of its fiscal year.
Net income for the period ended Dec. 31 was up 13.4% from the same quarter a year earlier.
“We are very pleased with our results for the quarter,” said Farooq Kathwari, chairman and CEO. “We believe that the structural changes undertaken within our business during the past three years … played an important role in our ability to increase sales, operating income and earnings per share.”
Net delivered sales for the three months ended Dec. 31 totaled $276 million, up from $245.3 million in last year’s second fiscal quarter. Net income came to $26.2 million or 77 cents per share, compared with $23.1 million or 63 cents per share a year ago.
The company said net delivered sales at the 313 dealer-owned and company-owned stores rose 15.5% to $180 million during the quarter. Same-store sales at stores open at least a year increased 6.3% in the quarter.
Kathwari said a company-wide effort to reduce the time it takes to deliver orders to consumers also played a key role in the sales growth.
“As a result of this initiative, we were able to substantially reduce our delivery time and backlog during the quarter,” he said.
For the six months ended Dec. 31, net delivered sales rose 10.9% to $527.3 million. Net income rose 3.3% to $43.3 million or $1.26 per share.
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Ethan Allen earnings up 13.4%
Feb 5, 2006
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