Exhibit 99.1

 

Ethan Allen Reports Fiscal 2021 Second Quarter Results

 

 

DANBURY, CT – January 28, 2021 – Ethan Allen Interiors Inc. (“Ethan Allen” or the “Company”) (NYSE: ETH) today reported its business and financial results for the fiscal 2021 second quarter ended December 31, 2020.

 

Farooq Kathwari, Ethan Allen’s Chairman, President and CEO commented, “we performed very well during the second quarter despite the unsettled business environment from the ongoing COVID-19 pandemic. The increased consumer focus on the home has continued to generate a heightened level of demand for our product offerings and design services. Our fundamentals continue to be strong, with written orders and backlogs from both operating segments reporting double-digit growth. We ended the quarter with a strong balance sheet, including cash on hand of $80 million and no outstanding debt, and a major increase in earnings per share through disciplined cost and expense controls. We are also pleased that our January retail written orders continue the upward trend.”

 

FISCAL 2021 SECOND QUARTER HIGHLIGHTS*

 

 

Diluted earnings per share (“EPS”) of $0.67; adjusted EPS of $0.69 increased 155.6%

 

 

Consolidated operating margin of 12.6% compared with 5.3%; adjusted operating margin of 13.1% compared with 5.4%

 

 

Retail segment written order growth of 44.9%

 

 

Wholesale segment written orders increased 28.1%; excluding GSA and other government orders, wholesale segment orders grew 39.7%

 

 

Consolidated net sales increased 2.4% to $178.8 million

 

 

Consolidated gross margin of 56.7%; adjusted gross margin expanded 80 basis points to 56.9%

 

 

Strong cash flow helped end the quarter with cash on hand of $80.0 million, up 182.7% from a year ago, and no debt

 

 

Paid regular quarterly cash dividend of $5.3 million during the quarter

 

* See reconciliation of U.S. GAAP to adjusted key financial measures in the back of this press release. Comparisons are to the second quarter of fiscal 2020.

 

Mr. Kathwari continued, “with our well-known and desired Ethan Allen brand strongly resonating with consumers during these uncertain times, we were able to accelerate the pace of written orders, produce double-digit consolidated operating margin and generate cash. We continued to focus on prudent expense management as we navigate the challenging COVID-19 landscape and remain focused on providing a safe environment for employees and customers. In this stronger-than-expected demand environment, our supply chain team is demonstrating agility and flexibility to increase production capacity and receipt of inventory. Due to the impact of COVID-19 and its effects on production capacity and our supply chain, we believe it will take the March and June quarters to catch up to the increase in customer demand.”

 

“We believe we have an opportunity to continue our growth in sales and profitability due to our strong retail network, the personal service of our interior design professionals, our unique vertical integration whereby 75% of products are made in our North American manufacturing workshops, and our national distribution and home delivery centers delivering product with white glove service to our customer’s home. As we head into the 2021 calendar year, we will remain focused on employee safety, continue investing in digital design and interactive communication technologies, growing our business and generating strong cash flow, refining and repositioning our product offerings to reach a larger client base, and leveraging our vertical integration,” Mr. Kathwari concluded.

 

Page 1

The following information was filed by Ethan Allen Interiors Inc (ETH) on Thursday, January 28, 2021 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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