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Ethan Allen plans to close 12 retail stores

Apr '08
During the quarter ended March 31, 2008, we opened four new Design Centers, all relocations. We expect to open an additional six or seven in our fourth quarter which will bring the total of new Design Centers opened during the fiscal year to about twenty, which is the largest number of new Design Centers opened in any recent year. All these initiatives have added costs to this fiscal year, especially in the third quarter ended March 31, 2008."

Mr. Kathwari further stated, "We expect that the added costs of all the above initiatives, which have impacted both gross margins and operating expenses, will be substantially reduced in our next fiscal year. In addition, starting from our next fiscal year we expect to have a substantial reduction in our capital expenditures related to the opening of new Design Centers.

We will discuss this in greater detail in our upcoming conference call on April 22nd at 8:30 a.m. During the quarter that will end June 30, 2008, we expect to consolidate the two remaining Design Centers located in New York City with the opening of the new flagship Design Center in Manhattan located at 3rd Avenue and 60th Street.

The company expects to take a $3 to $4 million pretax restructuring charge, or $1.9 to $2.5 million after tax, during the fourth quarter. The overall restructuring charges in the third and fourth fiscal quarters are anticipated to have diluted earnings per share impact of about $0.15 to $0.17 which is less thanthe previous estimate of $0.20 to $0.22 per diluted share."

Ethan Allen Interiors Inc

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