Ethan Allen sales, income up for fourth quarter and fiscal year

By Kevin Zimmerman

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Ethan Allen Interiors, headquartered in Danbury, reported net sales for its fourth quarter ending on June 30 of $205.7 million, a 6.3 percent increase over the fourth quarter of 2015.

Gross profit for the quarter was $115.8 million, up 9.1 percent over the previous fourth quarter, with net income of $16.8 million or $0.60 per diluted share, compared to $16.0 million or $0.57 per diluted share last year.

For the fiscal year, the company’s consolidated net sales were $794.2 million, a 5.2 percent increase from $754.6 million during fiscal year 2015. Gross margin, operating profit margin and adjusted operating profit margin were 55.7 percent, 11.2 percent and 10.9 percent respectively in fiscal 2016, compared with 54.5 percent, 8.7 percent and 9.3 percent during the same period in fiscal 2015.

Net income for the fiscal year ending June 30 was $56.6 million or $2.00 per diluted share compared to $37.1 million or $1.27 per diluted share in fiscal year 2015. Adjusted net income of $54.4 million for fiscal year 2016 was up 32.1 percent from fiscal year 2015’s $41.2 million. The company’s adjusted earnings per diluted share increased 36.2 percent for the 12 months to date at $1.92 compared with $1.41 for the same period in the prior year.

Ethan Allen chairman, president and CEO Farooq Kathwari said the company views the new fiscal year with cautious optimism, singling out its branded Disney line due out in the second quarter.

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