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Marginal rise in Q2 FY'14 sales at Ethan Allen
23
Jan '14
Ethan Allen Interiors Inc. reported operating results for the three and six months ended December 31, 2013.

Highlights:

- Second quarter net sales of $193.1 million increased 1% over the prior year
- Adjusted EPS in the second quarter was $0.41, up 5% on improved gross margin and adjusted operating profit margin
- Year to date comparable retail written business is 6.6% higher than the prior year including a 1.8% decline in the seasonally slower second quarter
- Ending backlogs are strong including a 14% increase in the Retail backlog over the prior year
- Cash and securities increased 24% to $113 million from one year ago

Farooq Kathwari, Chairman and CEO commented, “While we are pleased with the strong financial results in what is our seasonally slower quarter, our greatest opportunity to leverage our vertically integrated structure is to increase our written sales. Written orders and deliveries were affected in the quarter by several external and internal factors including: the government shutdown, challenging weather in many parts of the US, and an increase in back ordered import products.”

Mr. Kathwari concluded, “We remain cautiously optimistic about increasing our sales and profitability. We continue to aggressively implement marketing programs to improve our competitive differentiation. Starting from February 2014, we are introducing an “On Demand” initiative reflecting a focus on greater in-stock products for faster delivery to our clients. This coupled with our strong custom order programs further expands our commitment to personal service.”

Financial Results:

Net sales for the quarter ended December 31, 2013 increased 1.0% over the prior year to $193.1 million. The Company’s Retail division net sales decreased 0.2% to $151.5 million including a comparable design center net sales increase of 3.4%.

Retail division written orders recorded during the second quarter decreased 4.0% including a decrease of 1.8% in comparable design center written orders. Net income for the quarter ended December 31, 2013 was $11.6 million or $0.39 per diluted share compared with $9.8 million or $0.34 per diluted share in the prior year quarter. Adjusted earnings for the quarter were $0.41 per diluted share or $11.9 million compared to $0.39 per diluted share or $11.4 million in the prior year quarter.

Year to date net sales were $374.8 million, down 1.0% from $378.7 million the prior year. Gross margin and adjusted operating profit margin were healthy at 54.6% and 10.0% respectively compared with 55.0% and 10.5% respectively the prior year. Adjusted net income year to date of $21.5 million compares with $22.5 million the prior year period and our adjusted earnings per diluted share for the six months to date is $0.73 compared with $0.77 the prior year to date period.

About Ethan Allen

Ethan Allen Interiors Inc. is a leading interior design company and manufacturer and retailer of quality home furnishings. The company offers free interior design service to its clients and sells a full range of furniture products and decorative accessories through ethanallen.com and a network of approximately 300 Design Centers in the United States and abroad.

Ethan Allen owns and operates eight manufacturing facilities including five manufacturing plants and one sawmill in the United States plus two plants in Mexico and Honduras. Approximately seventy percent of its products are made in its North American plants.

Ethan Allen

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