Ethan Allen Net Jumps 21.9 Percent in Q2
January 23, 2013,
DANBURY, Conn.-Second-quarter net income for Ethan Allen Interiors rose by a healthy 21.9 percent to $9.8 million, as the company managed to record a solid quarter in spite of the effects of Hurricane Sandy.
Fueled by a 6.1 percent increase in net sales from the retail division, net sales for the company as a whole rose 4.4 percent to $191.3 million in the quarter, which ended on Dec. 31. Although sales made gains, the hurricane, which struck the Northeast in late October, did affect Ethan Allen's business. Farooq Kathwari, chairman and CEO, said the superstorm hit 28 of Ethan Allen's retail design centers and eight independent retail locations, and was a major factor in the company's deceleration in written orders, which increased by just 1.2 percent in the quarter.
The second quarter also saw Ethan Allen continuing to expand internationally. The company opened design centers in Brussels and Montreal. Kathwari also noted that, in spite of the storm and the still-challenging economic environment, Ethan Allen was able to boost adjusted earnings per share by 30 percent.
Other Articles By Author
Patti Carpenter Talks Color and its Importance in the Home
HFN's DIGITAL EDITION
2017 State of the Industry Report
Cautious Optimism, Mixed Results
Many expected 2016 would be a banner year, but the political and economic climate softened consumer confidence. It was also a year consumers spent more lavishly on home remodeling rather than decorating.
ALSO IN THIS ISSUE:
- TJX Unveils First U.S. Homesense Store - In a time when retailers are reducing store counts, TJX continues to get physical.
- Ikea’s Fluid Spaces - The retailer’s new intros reflect multifunctional rooms.
- N.Y. Home Fashions Market Preview - Textile textures get soft and cozy, colors warmer.