Ethan Allen Interiors Inc will be hosting investor meetings in the coming weeks.
In anticipation of being asked about business trends, CEO Farooq Kathwari commented, "As stated in our July 25, 2007 press release and conference call, our retail written sales on a comparable store basis were modestly up in June and that modest positive trend has continued in July."
"We remain cautiously aware of the fact that consumer confidence can be impacted by several factors that are beyond our control."
Mr Kathwari continued: "We continue to believe that the strong operating performance that we have been able to sustain during what have been very challenging times for our industry are the direct result of several initiatives that we've put in place that are focused on providing solutions and service."
"These initiatives have included the continued repositioning of our retail network; investments in recruiting and training to increase the professionalism of our retail management team; the development of stylish, high-quality products at good value; stronger advertising and marketing programs; and faster delivery of our products to our customers."
"We believe that our focus on providing service and solutions provides a distinct competitive advantage and an opportunity to grow our business."
On July 24, 2007 the Company's Board of Directors increased the authorization to repurchase shares of the Company's common stock to 2.5 million shares and increased the regular quarterly cash dividend by 10% to $0.22.
From July 1 through August 14 the Company has repurchased 1,075,800 shares and has a remaining authorization to purchase 2.1 million shares.
Ethan Allen Interiors Inc
marketing@alchempro.com
