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Ethan Allen Interiors posts 7.4% sales growth in FY'12

26
Jul '12

Ethan Allen Interiors Inc. reported operating results for the three and twelve months ended June 30, 2012.

Three Months Ended June 30, 2012

Net sales for the quarter ended June 30, 2012 increased 4.1% over the prior year to $185.3 million. The Company’s Retail division net sales increased 5.0% to $143.7 million including comparable design center net sales growth of 3.6%. Retail division written orders recorded during the fourth quarter increased 2.3% over 14.6% growth the prior year’s fourth quarter. Comparable design center written orders grew 0.6% over 12.9% growth the prior year.

Net income for the quarter ended June 30, 2012 was $7.3 million or $0.25 per diluted share compared with the prior year of $7.2 million or $0.25 per diluted share. Excluding special items in both periods, net income for the quarter ended June 30, 2012 was $7.8 million or $0.27 per diluted share compared with $6.1 million or $0.21 per diluted share in the prior year period.

Farooq Kathwari, Chairman and CEO commented, “We are pleased with our results for the fiscal year ended June 30, 2012 and the continued progress to position us for growth. For the fiscal year ended June 30, net sales increased by 7.4% to $729.4 million.

“Our net income per diluted share excluding special items was $0.94 compared with $0.58 in the previous year; an increase of 62%. In addition, we absorbed costs associated with liquidation of inventory to make room for major new product introductions.”

Mr. Kathwari further stated, “For our fourth quarter ended June 30, 2012 net sales increased by 4.1% and our net income per diluted share excluding special items was $0.27 compared to $0.21 in the prior year quarter. As previously discussed, we completed the introduction of the final phase of new products during the quarter.

“We absorbed $0.03 per diluted share due to incremental impacts from display inventory liquidations to make room for new products. This impact is not adjusted from our non-GAAP numbers. This major initiative positions us well for growth going forward.”

Twelve Months Ended June 30, 2012

Net sales for the twelve months ended June 30, 2012 increased 7.4% over the prior year to $729.4 million. The Company’s Retail division net sales increased 10.6% to $559.4 million including comparable design center net sales growth of 8.4%. Written orders booked during the twelve month period by the Retail division were 8.9% greater than the prior year quarter including comparable design center order growth of 6.4%.

Net income for the twelve months ended June 30, 2012 was $49.7 million or $1.71 per diluted share compared with the prior year of $29.3 million or $1.01 per diluted share.


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