Ethan Allen (ETH) Prelim. Q1 Results Light of Views
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Ethan Allen Interiors Inc. (NYSE: ETH) commented , in advance of its Fall Investor Meeting, on its financial results for the fiscal 2017 first quarter, which ended on September 30, 2016.
"We look forward to discussing our progress and initiatives at the forthcoming Investor Meeting," said Farooq Kathwari, Chairman and CEO of Ethan Allen. "Topics will include the repositioning of our offerings, our expanded marketing, investments in new Design Centers around the country, investments in technology, and the launch of the Ethan Allen | Disney magical home program in November 2016."
He added, "All of these initiatives coupled with a substantial expansion of our advertising have resulted in increased operating expenses compared to the prior year first quarter. Our retail comparable written sales increased 8% during the first quarter. We remain cautiously optimistic."
Based on preliminary financial information, the Company expects to report a retail comparable delivered sales increase of 5.7%, a consolidated net sales increase of 1.5% and an adjusted EPS in the range of $0.42 to $0.43, compared to $0.46 in the same period last year. Adjusted operating expenses for the quarter are expected to increase by $5.8 million. An advertising increase of 22.3% to $8.1 million, expenses associated with the Ethan Allen | Disney launch of $0.9 million and incremental new Design Center start-up losses of $0.9 million resulted in a $0.07 EPS impact.
(*** NOTE: The Street was looking for Q1 EPS of $0.51.)
The Company also announced today that it will release its fiscal 2017 first quarter financial results after the market closes on Tuesday, October 25, 2016.
The Company's Fall Investor Meeting is scheduled for Wednesday, October 26, 2016 at 9:00 AM ET. You will be able to access a live webcast of the Investor Meeting from the "Events & Presentations" page at http://ethanallen.com/investors. A replay will be archived on the company's website for at least 60 days. To access the conference call, dial 866-219-5894 (or 703-639-1125 for international callers), and provide conference ID 1676458.
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