Ethan Allen Provides Business Updates and Announces Earnings Release Date for Fiscal 2021 First Quarter Results

DANBURY, CT, Oct. 12, 2020 (GLOBE NEWSWIRE) -- Ethan Allen Interiors Inc. (“Ethan Allen” or the “Company”) (NYSE: ETH) today provided several updates on its business.

Preliminary Financial Results

The Company expects to report the following financial results for its first quarter ended September 30, 2020:

• Consolidated net sales of $151.1 million
• Retail segment written orders continued to accelerate with growth of 10.8% over the prior year
• Wholesale segment orders, while benefitting from the strong retail growth, were down 0.4% due to the timing of GSA and other government orders that were negatively impacted by COVID-19 pandemic related disruptions. Excluding GSA and other government orders, Wholesale segment orders booked were up 9.2% for the quarter. 
• Consolidated gross margin of 56.8%
• Adjusted diluted EPS in the range of $0.34 to $0.36
• Paid off all of the remaining $50 million in debt during the quarter using available cash
• Ended the quarter with cash on hand of $62.0 million as of September 30, 2020
• On August 4, 2020, the Company’s Board of Directors reinstated the regular quarterly cash dividend and declared a regular quarterly cash dividend of $0.21 per share, payable in October 2020

Farooq Kathwari, Ethan Allen’s Chairman, President and CEO commented, “Our fundamentals remain strong. Retail written orders and backlogs continue to grow, with significant growth both in our design centers and from our e-commerce business. With our manufacturing production now reaching pre-COVID-19 levels, we are increasing capacity and production. Our unique vertical structure, whereby we produce about 75% of what we sell, mostly on a custom made-to-order basis in our own North American manufacturing plants, allows us to maintain stronger service levels with greater control over inventory. We plan to continue our marketing efforts and are well positioned to grow with our relevant offerings as well as our complimentary personal interior design service combined with technology and in-home white-glove delivery.”

“Our teams remain focused on serving our clients and keeping our workplaces safe. I am personally proud of the incredible effort and positive attitude put forth by our associates under the most trying of circumstances,” concluded Mr. Kathwari.

Fiscal First Quarter Analyst Conference Call

The Company also announced today that it will release its financial and operating results for the fiscal 2021 first quarter ended September 30, 2020, after the market closes on Thursday, October 29, 2020.