Second-quarter swoon for Ethan Allen

By Kevin Zimmerman

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Ethan Allen Interiors Inc. reported fiscal second-quarter net income of $10.7 million, or 38 cents per share, compared with $16.5 million or 58 cents per share in the prior year’s second quarter. Revenue for the period ending Dec. 31, 2016 was $194.7 million, a 6.2 percent year over year decline.

Farooq Kathwari. Photo by Bob Rozycki

The Danbury company’s board of directors declared a regular quarterly cash dividend of 19 cents per share, which will be payable to shareholders of record as of April 11 and will be paid on April 25.

In the face of previous-year comparisons and what he called a “challenging retail environment,” Ethan Allen Chairman and CEO Farooq Kathwari said the latest figures represented “decent results.” 

“We strongly believe that our excellence in customer experience is the most important differentiating factor,” he said. “We are now ready to invest in expanding our marketing, effective the third quarter, as many of our initiatives are in place. These include a major refresh of our product offerings; expansion of our manufacturing capacities; relocation and renovation of our design centers; and adding technology at all levels of our enterprise to improve the customer experience.”

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