Ethan Allen's sales rise 4.1% in quarter
Larry Thomas -- Furniture Today, July 26, 2012
DANBURY, Conn. — Ethan Allen wrapped up its fiscal year with a 4.1% sales increase for the quarter ended June 30 as its network of design centers recorded a 5% jump in comparable-store sales.
The manufacturer and retailer said profits were 1.7% ahead of the same period a year ago, hampered slightly by inventory liquidations in advance of a new product rollout.
Total sales for the quarter were $185.3 million, up from $178 million in the comparable quarter last year. Net sales from its retail division increased 5% to $143.7 million.
Net income totaled $7.3 million or 25 cents per share. That compares with $7.18 million or 25 cents per share in the same quarter last year.
For the fiscal year ended June 30, sales were $729.4 million, up 7.4% from $679 million the previous fiscal year. Retail division sales increased 10.6% to $559.4 million, and comparable-store sales at its design centers were up 8.4%.
Net income for the year totaled $49.7 million or $4.71 per share. That's up from $29.3 million or $1.01 per share the previous year. The most recent fiscal year included a tax benefit of $8.46 million stemming from the reversal of deferred tax valuation allowances.
"We are well positioned to grow," said Farooq Kathwari, chairman and CEO. "We have substantially strengthened the main areas of our vertically integrated structure, including product offerings, our advertising and communications, our interior design retail network, our manufacturing and logistics operations, and in the technology employed throughout our business."
Ethan Allen has about 300 design centers and has five factories and one sawmill in the U.S. The company also owns one factory in Mexico and one in Honduras.
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