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Ethan Allen Profit Falls 13%

DANBURY, CT-A softening home-furnishing market sent second quarter sales and profits down for Ethan Allen Interiors.

By Beverly Ford | Updated on January 25, 2007

DANBURY, CT-Ethan Allen Interiors Inc. says profits dropped 13% in the second quarter, hurt by a softening home-furnishing market that sent sales down 6.7%. Net income for the quarter ended Dec. 31 declined to $22.8 million, or 70 cents per share, from $26.2 million, or 77 cents per share, in the year ago period while revenue fell to $257.4 million from $276 million last year.

The Danbury, CT-based furniture maker and retailer, which operates 307 design centers in the US and overseas, said sales for its retail division declined by 1.4%, dropping to $177.4 million, while wholesale sales dropped fell 11.7% to $165.7 million. Same-store sales were also off 8.5% over the prior year’s quarter, the company said.

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