Ethan Allen (ETH) Reports In-Line Q3 EPS

Ethan Allen (NYSE: ETH) reported Q3 EPS of $0.18, in-line with the analyst estimate of $0.18. Revenue for the quarter came in at $173.3 million versus the consensus estimate of $174 million.

Farooq Kathwari, Chairman and CEO commented, “During the third quarter we began phase two of our new product launch as planned and continued implementing many initiatives. We are freshening up our design centers and adding to our professional staff of retail management and over 1,500 interior designers in North America. Technology is being added at all levels with a major emphasis on our website. We are very focused on increasing our manufacturing in the United States and North America. Importantly, we are strengthening our merchandising programs with changing since last fall to this fall about 70% of our offerings.” Mr. Kathwari concluded, “As we have discussed, these initiatives are very important for the long-term, but there will be some disruption in the short-term due to continued sell off of floor samples, implementing new product through our manufacturing and increasing our operating expenses. We expect another six months of some disruption as we continue to strengthen our teams and invest in our marketing and manufacturing. Our focus is to position us to grow our sales, both in our design centers and by ecommerce.”

For earnings history and earnings-related data on Ethan Allen (ETH) click here.

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