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

Danbury, CT, Jan. 13, 2021 (GLOBE NEWSWIRE) -- Ethan Allen Interiors Inc. (“Ethan Allen” or the “Company”) (NYSE: ETH) today provided several updates on its business.

Farooq Kathwari, Ethan Allen’s Chairman, President and CEO commented, “We are very pleased that despite many challenges due to the ongoing COVID-19 pandemic, we had a strong performance. The increased consumer focus on the home has continued a strong demand for our product offerings and design services. With our Retail segment written orders, including our e-commerce business, up 44.9%, it has led to a record high order backlog at quarter-end.”

Preliminary Financial Results

The Company expects to report the following financial results for its second quarter ended December 31, 2020:

• Retail segment written orders growth of 44.9% over the prior year
• Wholesale segment orders increased 28.1%. Excluding GSA and other government orders, wholesale segment orders grew 39.7%. 
• Consolidated net sales of $178.8 million
• Adjusted diluted EPS in the range of $0.67 to $0.69
• Strong cash flow generation, with cash provided by operating activities of $23.7 million
• Cash on hand of $80.0 million and no debt as of December 31, 2020
• Paid regular quarterly dividends of $5.3 million during the quarter
• On November 12, 2020, the Company’s Board of Directors increased the regular quarterly cash dividend by 19.0% and declared a regular quarterly cash dividend of $0.25 per share, payable on January 21, 2021

Mr. Kathwari continued, “We ended the quarter with a strong balance sheet, including cash on hand of $80.0 million while growing our consolidated gross and operating margins through disciplined cost and expense controls. 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 centers delivering product with white glove service to our client’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,” concluded Mr. Kathwari.