Third-quarter sales down 7.7% for Ethan Allen
Earnings dip 12.5% to $17.5 million
Larry Thomas -- Furniture Today, April 24, 2007
DANBURY, Conn. — Continuing softness at retail led to a 7.7% decline in sales during the most recent quarter at Ethan Allen.
The manufacturer and retailer also reported a 12.5% decline in net income for the third quarter of its fiscal year, ended March 31.
Net sales amounted to $246.5 million, down from $267.1 million for the comparable period in 2006. Net income was $17.5 million or 54 cents per share, compared with $20 million or 59 cents per share a year earlier.
“While we recognize that the home furnishings retail environment remains uncertain, some positive trends have emerged in recent weeks,” said Farooq Kathwari, chairman and CEO. “In addition, we continue to believe that our strategic initiatives provide us with stronger positioning as conditions improve.”
During the most recent quarter, net delivered sales at the company’s retail division decreased 0.3% to $167.7 million, while wholesale sales fell 10.6% to $171.9 million.
For the first nine months of its fiscal year, Ethan Allen had net sales of $746.8 million, a 6% decline from the first nine month of the previous fiscal year.
Nine-month net income totaled $48.7 million or $1.50 per fully diluted share. That’s a 23% decline from the comparable period the previous year, when earnings were $63.3 million or $1.85 per share.
Ethan Allen shows revamped Chicago store
06/19/2009Ethan Allen sales down 7.7%
04/29/2007Ethan Allen 1Q sales rise 2.4%
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