Ethan Allen sales, earnings down in latest quarter
But gross margins improve with cost controls
Larry Thomas -- Furniture Today, July 25, 2007
DANBURY, Conn. — Manufacturer and retailer Ethan Allen said sales dropped 5% in its fourth fiscal quarter, while net income slipped 8.5%.
The company said the declines were due largely to the continuing industry-wide slump, but noted that its gross margins improved two percentage points because of a variety of cost-control efforts.
Sales for the quarter ended June 30 totaled $258.5 million, compared with $272 million for the same period last year.
Net income came to $20.5 million or 65 cents per fully diluted share, compared with $22.4 million or 66 cents per share in last year’s fourth fiscal quarter.
The company said comparable-store delivered sales from its Ethan Allen design centers decreased 5.9% compared with same period last year.
“Despite a challenging economic environment and tough period-over-period comparisons … our sales held up and gross margins improved,” said Farooq Kathwari, chairman and CEO.
Sales for the fiscal year ended June 30 totaled $1.01 billion, a 5.7% drop from the $1.07 billion in the previous fiscal year.
Net income for the year totaled $69.2 million or $2.15 per fully diluted share. That compares with $85.7 million or $2.51 per share the previous year.
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