Ethan Allen Goes from Loss to Gain
October 28, 2010,
DANBURY, Conn.-Ethan Allen Interiors posted net income of $3.8 million in the third quarter, reversing a $13.6 million net loss from the third quarter of 2009.
The furniture retailer/manufacturer reaped the benefit of a 21 percent pickup in third-quarter sales, which totaled $164.8 million and which included a 17.3 percent sales increase in its retail division. The overall sales boost helped push gross margin up 720 basis points to 50 percent. Operating expenses were kept relatively in check, with an increase of 9.4 percent in selling expenses and a 0.5 percent drop in general and administrative expenses.