Ethan Allen, Albany, N.Y.
DANBURY, Conn. – Vertically built-in producer and retailer Ethan Allen Interiors reported fiscal 2021 third-quarter internet delivered gross sales of $176.9 million, an 18.2% improve in contrast with the identical interval final yr.
For the three months ended March 31, the corporate reported GAAP internet 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 section 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 power and momentary closure of about 250 manufacturing, logistics and retail design heart services 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 affect of COVID-19.
“A yr later, our groups have carried out properly, most of our retail workforce is again and our workforce in our manufacturing has surpassed pre-pandemic ranges, we have now 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. “We’ve got carried out properly attributable to our sturdy choices, a powerful community of retail design facilities, and our deal with inside design providers, that are more and more being mixed with expertise.
“Our business and plenty of others have been challenged on the provision facet. We’re comparatively in a a lot 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.”
Via fiscal 2021’s first 9 months, gross sales of $506.9 million have been 1.7% forward of final yr, and GAAP internet 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.