Comparable Ethan Allen design center Q2 sales fall

23 Jan '08

3 min read

Ethan Allen Interiors Inc reported operating results for the three and six months ended December 31, 2007.

Three Month Results:
Net delivered sales for the quarter ended December 31, 2007 increased 0.8% to $259.5 million as compared to $257.4 million in the prior year quarter. Net delivered sales for the Company's Retail division increased 8.6% to $192.6 million. Wholesale sales decreased 5.9% to $155.9 million during that same period. Comparable Ethan Allen design center delivered sales decreased 0.6% as compared to the prior year quarter.

For the quarter ended December 31, 2007, earnings per diluted share amounted to $0.70 on net income of $20.6 million. This compares to earnings per diluted share and net income of $0.70 and $22.8 million, respectively, in the prior year comparable period.

Six Month Results:
For the six months ended December 31, 2007, net delivered sales increased 1.6% to $508.2 million as compared to $500.2 million in the prior year comparable period. Net delivered sales for the Company's Retail division increased 9.3% to $375.3 million, while Wholesale sales decreased 2.8% to $312.3 million during that same period. Comparable Ethan Allen design center delivered sales were basically even with the prior year comparable period.

For the six months ended December 31, 2007, earnings per diluted share amounted to $1.27 on net income of $38.1 million. This compares to earnings per diluted share and net income of $0.96 and $31.2 million, respectively, in the prior year comparable period which included a September 2006 restructuring and impairment charge. Excluding the impact of this charge in the prior year period, earnings per diluted share amounted to $1.22 on net income of $39.8 million, respectively.

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