Softer environment for Ethan Allen home furnishings retail
24 Oct '07
3 min read
Ethan Allen Interiors Inc reported operating results for the three months ended September 30, 2007.
Net delivered sales for the quarter ended September 30, 2007 increased 2.4% to $248.7 million as compared to $242.8 million in the prior year quarter. Net delivered sales for the Company's Retail division increased 10.1% to $182.8 million.
Wholesale sales increased 0.4% to $156.3 million during that same period. Comparable Ethan Allen design center delivered sales increased 0.2% as compared to the prior year quarter.
For the quarter ended September 30, 2007, earnings per share amounted to $0.57 on net income of $17.5 million. This compares to earnings per share and net income of $0.26 and $8.5 million, respectively, in the prior year comparable period which included a September 2006 restructuring and impairment charge. Excluding the impact of this charge, prior period earnings per share amounted to $0.53 on net income of $17.2 million.
Farooq Kathwari, Chairman and CEO, commented: "We are pleased with our results for the first quarter ended September 30, 2007. Despite continued uncertainty with respect to the economy, concerns with respect to the consumer credit situation, and a softer overall environment for home furnishings retail, sales and net income for the quarter improved.
Our quarterly earnings per share increased 7.5% to $0.57 from $0.53, ex-restructuring, in the prior year period, reflecting a higher gross margin, continued cost containment efforts and the benefit of share repurchases.
marketing@alchempro.com
