Ethan Allen Q3'14 net sales grow 2.9%

23 Apr '14

2 min read

Ethan Allen Interiors Inc. reported operating results for the three and nine months ended March 31, 2014.

Fiscal 2014 Third Quarter Highlights:

-Net sales of $173.1 million increased 2.9% compared to third quarter of fiscal 2013

-Adjusted diluted earnings per share (EPS) grew 4.8% to $0.22; GAAP EPS increased 20.0% to $0.18 compared to $0.15 in the prior year period

-Adjusted Operating Income of $12.0 million increased 1.7% compared to third quarter of fiscal 2013; GAAP Operating Income increased 10.3% compared to third quarter of fiscal 2013

-Cash and securities increased 6.5% to $124.8 million compared to period ended March 31, 2013

-Ending backlogs remain strong including a 10.1% increase in the retail segment backlog over the prior year

Farooq Kathwari, Chairman and CEO commented, "While we are pleased with the strong financial results, the severe winter weather negatively impacted sales for the third quarter, notably during the January and February months. January comparable written orders were down by 13.4% to prior year, February was down by 1.7%. We did see good order growth in March as the weather improved with a 15.6% increase in comparable written orders. We are positioned with stronger backlogs going into the fourth quarter."

Mr. Kathwari concluded, "Our competitive advantages include our variety of styles from contemporary to casual, a strong retail network, a focus on quality products with approximately 70% made in our own North American workshops and our major focus on adding technology. We remain cautiously optimistic about increasing our sales and profitability."

Click here to view full results.

ETHAN ALLEN

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