Exhibit 99.1

 

ETHAN ALLEN REPORTS FISCAL 2019 FIRST QUARTER RESULTS

 

 

 

DANBURY, CT – October 24, 2018

– Ethan Allen Interiors Inc. ("Ethan Allen" or the "Company") (NYSE: ETH) today reported operating results for its fiscal 2019 first quarter ended September 30, 2018. Please refer to the accompanying financial statements and reconciliation to non-GAAP measures discussed below.

 

 

Fiscal 2019 first quarter compared to fiscal 2018 first quarter:

 

 

Consolidated net sales of $187.8 million increased 3.6%

 

 

GAAP diluted earnings per share of $0.33 compared to $0.27 and adjusted diluted earnings per share of $0.33 compared to $0.28, an increase of 17.9%

 

 

Wholesale net sales of $118.1 increased 5.8%; Retail net sales of $145.2 increased 2.6%

 

 

GAAP Operating margin of 6.3% compared to 6.4% and adjusted operating margin of 6.3% compared to 6.8%

 

 

Paid $5.1 million in dividends

 

“We are pleased with our results, and most importantly with the company's current position for growth,” said Farooq Kathwari, Ethan Allen's Chairman, President, and CEO. “Our focus on positioning ourselves as a leading interior design company differentiates us in a rapidly changing retail environment. Our approximately 1,500 in-house interior designers provide complimentary design service to clients around the world through our roughly 300 Design Centers, 200 of which are in North America. We have also made significant product improvements, repositioning about 70% of our line in the last three years and strengthened our North American-based manufacturing and logistics divisions as about 75% of our products are made in our own workshops.”

 

Mr. Kathwari continued, “During the first quarter, we increased our advertising spend by 12.8% as we introduced a new assortment of artisan-inspired furnishings. In September, we mailed a 116-page magazine and supported it with aggressive advertising in digital, print, and other mediums. We will continue our strong marketing initiatives throughout Fiscal 2019.”

 

 

FISCAL 2019 FIRST QUARTER FINANCIAL RESULTS:

 

Consolidated

 

Net sales were $187.8 million for the three months ended September 30, 2018 compared to $181.3 million for the same period in the prior year, an increase of 3.6%.

 

Gross profit was $101.5 million for the three months ended September 30, 2018 compared to $100.3 million in the comparable prior year period. Consolidated gross margin for the quarter was 54.0% compared to 55.3%. Our consolidated gross margin decreased due to a reduction in the percentage of retail sales to total sales and increased raw materials costs. Retail sales as a percent of total consolidated sales was 77.3% for the quarter compared to 78.1% in the prior year quarter.

 

Page 1

The following information was filed by Ethan Allen Interiors Inc (ETH) on Wednesday, October 24, 2018 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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