Ethan Allen, Albany, N.Y.
DANBURY, Conn. – Vertically built-in producer and retailer Ethan Allen Interiors reported fiscal 2021 third-quarter web delivered gross sales of $176.9 million, an 18.2% enhance in contrast with the identical interval final yr.
For the three months ended March 31, the corporate reported GAAP web revenue of $15.6 million, 61 cents diluted earnings per share, in contrast with a lack of $223,000, or 1 cent per diluted share, throughout fiscal 2020’s third quarter.
Ethan Allen’s third-quarter retail phase written orders recorded 51.8% third-quarter progress. Wholesale orders rose 39%, and 48.3% excluding Normal Service Administration and different authorities orders.
In an earnings launch, Chairman, President and CEO Farooq Kathwari stated, “Disaster creates alternative,” in enumerating the challenges Ethan Allen confronted final March and April together with furlough of 70% of the work pressure and short-term closure of about 250 manufacturing, logistics and retail design heart amenities in North America together with over 100 retail areas internationally. The corporate additionally borrowed $100 million as a precautionary measure and to maximise monetary flexibility in gentle of the uncertainty surrounding the impression of COVID-19.
“A yr later, our groups have carried out effectively, most of our retail workforce is again and our workforce in our manufacturing has surpassed pre-pandemic ranges, we now have paid again all of the borrowings, ended the quarter with over $100 million of money, and earlier this week declared a particular dividend of 75 cents along with the common quarterly dividend of 25 cents,” he stated. “Now we have carried out effectively attributable to our sturdy choices, a powerful community of retail design facilities, and our give attention to inside design providers, that are more and more being mixed with know-how.
“Our business and plenty of others have been challenged on the availability facet. We’re comparatively in a significantly better place of specializing in manufacturing in North America the place about 75% of our merchandise are made by our craftspeople. About 70% of the merchandise we make are custom-made when an order is obtained.”
By way of fiscal 2021’s first 9 months, gross sales of $506.9 million have been 1.7% forward of final yr, and GAAP web revenue of $41.8 million is 99.6% above the identical prior-year level.
Click on right here for the complete Ethan Allen quarterly launch.