Home / Knowledge / News / Textiles / Ethan Allen Retail division sales up by 3.7%
Ethan Allen Retail division sales up by 3.7%
23
Jul '08
Ethan Allen Interiors Inc reported operating results for the three and twelve months ended June 30, 2008.

Three Months Ended June 30, 2008:
Net delivered sales for the quarter ended June 30, 2008 amounted to $235.9 million as compared to $258.5 million in the prior year quarter. Net delivered sales for the Company's Retail division were $176.5 million, down 5.9% from the prior year quarter. Wholesale sales were $147.7 million, down 9.3% from the prior year quarter. Comparable Ethan Allen design center delivered sales were down 11.1% as compared to the prior year quarter.

For the quarter ended June 30, 2008, diluted earnings per share amounted to $0.39 on net income of $11.1 million, which includes a $2.8 million Retail division restructuring charge relating to the plan announced on January 10, 2008. Excluding the restructuring charge, diluted earnings per share amounted to $0.45. This compares to diluted earnings per share and net income of $0.65 and $20.5 million, respectively, in the prior year comparable period.

Year Ended June 30, 2008:
For the twelve months ended June 30, 2008, net delivered sales totaled $980 million as compared to $1.0 billion in the prior year comparable period. Net delivered sales for the Company's Retail division were $724.6 million, up 3.7% from the prior year. Wholesale sales were $616.2 million, down 6.1% from the prior year. Comparable Ethan Allen design center delivered sales were down 3.2% as compared to the prior year comparable period.

For the twelve months ended June 30, 2008, which includes a $6.8 million restructuring and impairment charge, diluted earnings per share amounted to $1.97 on net income of $58.1 million. This compares to diluted earnings per share and net income of $2.15 and $69.2 million respectively, for the prior year, which included a $13.4 million restructuring and impairment charge.

Excluding the impact of the impairment and restructuring charges in both periods, diluted earnings per share amounted to $2.12 in the current year period as compared to $2.41 in the prior year comparable period.

Farooq Kathwari, Chairman and CEO, commented, "We are pleased with the progress we have made during the fiscal year. We are gratified with our superior financial performance in a very challenging economic environment. More importantly, we have undertaken numerous initiatives to position us for growth as an interior design based enterprise.

In our Retail Division, initiatives include the implementation of the design team concept, the conversion of twelve design centers to design studios, the restructuring of the retail design service center network, closing of twelve Retail Division design centers in underperforming markets, and opening of a record number of eighteen new design centers, including relocations.

In other areas of our vertically integrated structure, we have improved our product offerings; launched a major national and regional advertising campaign relating to our interior design services; made major improvements to our information systems including development of a new website, and strengthened our manufacturing and logistics base."

Commenting on the outlook for fiscal 2009, Mr. Kathwari stated, "In these challenging times it makes sense to be prepared for further softening of the economy and also be ready for the next upturn. The initiatives we have taken position us well. As far as our financial performance is concerned, we expect to continue to do relatively well".

Ethan Allen Interiors Inc


Must ReadView All

Textiles | On 23rd Jun 2017

Ralph Lauren ex-president Tiger of Sweden's new CEO

Hans-Christian Meyer, former president of Ralph Lauren Corporation,...

Apparel/Garments | On 23rd Jun 2017

Uware Brands into licensing agreement with Polaroid

Uware Brands has entered into a licensing agreement with Polaroid for ...

Textiles | On 23rd Jun 2017

Casper raises total funding of $240 million

Casper, the global sleep company launched three years ago has...

Interviews View All

Giovanni Pizzamiglio, Paolo Crespi & Riccardo Robustelli
Epson, For.Tex & F.lli Robustelli

‘The percentage share of printing in the global textile market is pretty...

Jurgen Gauger
Spreadshirt

‘Buying crowdsourced or creative designs are much more appealing to the...

Awen Delaval
Samatoa

'Natural fibres are appreciated for traditional authenticity'

Urs Stalder
Sanitized AG

Urs Stalder, CEO, Sanitized AG, talks about the increasing use of hygiene...

Mark Paterson
Technical Absorbents Ltd

Mark Paterson, R&D manager of Technical Absorbents Ltd talks about Super...

Paolo Ocleppo
Sandvik Hyperion

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

Igor Chapurin
Chapurin

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

Tony Ward
Tony Ward

"You have to truly understand what your client wants, know her needs, what ...

Aditi Somani
Aditi Somani

Aditi Somani specialises in luxury fusion wear with international cuts 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

news category


Related Categories:
June 2017

June 2017

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

SUBSCRIBE


Browse Our Archives

GO


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