Ethan Allen, Albany, N.Y.
DANBURY, Conn. – Vertically built-in producer and retailer Ethan Allen Interiors reported fiscal 2021 third-quarter web delivered gross sales of $176.9 million, an 18.2% improve in contrast with the identical interval final yr.
For the three months ended March 31, the corporate reported GAAP web revenue of $15.6 million, 61 cents diluted earnings per share, in contrast with a lack of $223,000, or 1 cent per diluted share, throughout fiscal 2020’s third quarter.
Ethan Allen’s third-quarter retail section written orders recorded 51.8% third-quarter development. Wholesale orders rose 39%, and 48.3% excluding Common Service Administration and different authorities orders.
In an earnings launch, Chairman, President and CEO Farooq Kathwari mentioned, “Disaster creates alternative,” in enumerating the challenges Ethan Allen confronted final March and April together with furlough of 70% of the work power and short-term closure of about 250 manufacturing, logistics and retail design heart services in North America together with over 100 retail areas internationally. The corporate additionally borrowed $100 million as a precautionary measure and to maximise monetary flexibility in gentle of the uncertainty surrounding the affect of COVID-19.
“A yr later, our groups have carried out nicely, most of our retail workforce is again