Ethan Allen Interiors (ETH) Warns for Q1

October 10, 2013 6:05 PM EDT
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Ethan Allen Interiors Inc. (NYSE: ETH) expect to report net sales for the first quarter ended September 30, 2013 of between $180 to $182 million and adjusted earnings per diluted share in the range of $0.30 to $0.32. This compares to the consensus of $193.5 million and $0.40, respectively.

The company said results during the quarter were impacted by a number of factors- "We began the quarter with lower backlogs which limited our product deliveries during the quarter. We also undertook a major initiative during the quarter to sell off floor samples and inventory to prepare our design centers for the launch of The New Eclecticism. These clearance product sales are at substantial discounts which resulted in lower gross margins for the quarter. Our balance sheet continues to be strong with approximately $120 million of cash and securities."

The company will report results on Thursday, October 24, 2013.

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