Home / Knowledge / News / Textiles / Ethan Allen Q1 FY'14 sales down 3.2%
Ethan Allen Q1 FY'14 sales down 3.2%
24
Oct '13
Ethan Allen Interiors Inc. reported operating results for the three months ended September 30, 2013.

First Quarter Highlights:

- Net sales of $181.7 million with adjusted operating profit margin of 9.2%

- Retail division written orders increased 11.4% including an increase of 13.8% in comparable design center written orders on top of 9.1% comparable growth the prior year first quarter

- Cash and securities of $120 million, an increase of $20 million over the prior year

- Major focus on getting ready for the launch of our new initiative under the umbrella of “The New Eclecticism” starting in Fall 2013

Farooq Kathwari, Chairman and CEO commented, “We are pleased with our progress in re-positioning our brand from a leader in furniture to a leader in home fashion. Our written business by our retail division increased 11.4% with comparable written increasing 13.8% despite the uncertainty expressed by our clients as a result of the recent government shutdown.”

Mr. Kathwari continued, “Our net sales of $181.7 million compared to $187.4 million in the prior year reflected the lower backlogs we had at the beginning of the quarter this year, a comparison to a strong quarter the previous year, and higher clearance sales during this quarter to make room for new products for our October launch.”

Mr. Kathwari concluded, “We are very pleased with our progress of re-introducing Ethan Allen as a fashion brand and reaching a larger customer base. We have a strong marketing program that started in October.

"The “bickering” in Washington made consumers nervous otherwise we believe we would have had an opportunity to have even higher written business in the first quarter. We also saw continued hesitancy in the first two weeks of October. We now see our clients starting to get more focused on decorating their homes and as a result we remain cautiously optimistic as we move forward.”

Financial Results:

Net sales for the quarter ended September 30, 2013 decreased 3.1% over the prior year to $181.7 million. The Company’s Retail division net sales decreased 4.9% to $141.8 million including a comparable design center net sales decline of 3.0%.

Retail division written orders recorded during the fourth quarter increased 11.4% including an increase of 13.8% in comparable design center written orders. Net income for the quarter ended September 30, 2013 was $9.0 million or $0.31 per diluted share compared with $10.1 million or $0.35 per diluted share in the prior year quarter. Adjusted earnings for the quarter were $0.33 per diluted share or $9.5 million compared to $0.38 per diluted share or $11.1 million in the prior year quarter.

Ethan Allen


Must ReadView All

Textiles | On 21st Aug 2017

Telangana announces sops for textile, apparel sector

The Telangana government recently announced a string of incentives,...

Textiles | On 21st Aug 2017

India’s cotton production may grow by 3.76% in 2016-17

India’s cotton production is likely to rise by 3.76 per cent to 345...

Textiles | On 21st Aug 2017

Turkish apparel exports fall 6.11% in H1 2017

Apparel exports from Turkey declined by 6.11 per cent in the first...

Interviews View All

Nitin Bhatia
Trend Arrest

Setting up a brand for online selling is easy, but running the brand is not

Top executives
Textile industry

The foremost issue is bridging the skill gap

Headhonchos
Indian textile value chain

'One nation, one tax' is a great concept

Paolo Ocleppo
Sandvik Hyperion

Paolo Ocleppo, Rotary Cutting Segment manager, Sandvik Hyperion discusses...

Kevin Nelson
TissueGen

Kevin Nelson, Chief Scientific Officer, TissueGen discusses the growing...

Lynda Kelly
Suominen Corporation

Suominen Corporation is a manufacturer of nonwovens as roll goods for...

Aditi Somani
Aditi Somani

Aditi Somani specialises in luxury fusion wear with international cuts and ...

Igor Chapurin
Chapurin

"Now we can see the Russian trend in international fashion. And Russian...

Mike Hoffman
Gildan Activewear SRL

Gildan Activewear, a manufacturer and marketer of branded clothing and...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

August 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Active Poll

Do you see sustainability as a route to business growth?

Yes
67.7%
No
16.1%
Skip
16.1%

Total Votes: 31

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Active Poll

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes
45.2%
No
35.5%
Skip
19.4%

Total Votes: 31

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Active Poll

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes
83.9%
No
6.5%
Skip
9.7%

Total Votes: 31

Thanks for your valuable feedback. Claim your free latest sustainability e-book.

Active Poll

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes
61.3%
No
9.7%
Skip
29.0%

Total Votes: 31


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search