Ethan Allen Q2 Net Jumps 17.4 Percent
January 23, 2014,
DANBURY, Conn.-A watchful eye on expenses helped Ethan Allen to a gain of 17.4 percent in second-quarter net income, which totaled $11.6 million.
Selling, general and administrative expenses dropped 0.5 percent in dollars and 67 basis points as a percentage of sales. Gross margin rose 53 basis points to 54.9 percent.
Net sales in the quarter, which ended on Dec. 31, rose 1 percent to $193.1 million. Farooq Kathwari, Ethan Allen chairman and CEO, said written sales were affected by the government shutdown, difficult weather in many parts of the country and an increase in back-ordered import products.