Vermont Business Magazine Ethan Allen Interiors Inc (NYSE:ETH) has commented, in advance of its Fall Investor Meeting, on its financial results for the fiscal 2017 first quarter, which ended on September 30, 2016. Results will be reported October 25 and an investor meeting will be held on October 26. With expanded offerings and advertising, both expenses and sales have increased. Ethan Allen has a major manufacturing plant in Orleans.
Farooq Kathwari and Governor Shumlin in February 2015. vermontbiz.com file photo.
"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.
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.
About Ethan Allen
Ethan Allen Interiors Inc. (NYSE: ETH) is a leading interior design company and manufacturer and retailer of quality home furnishings. The company offers complimentary interior design service to its clients and sells a full range of furniture products and decorative accessories through ethanallen.com and a network of approximately 300 Design Centers in the United States and abroad. Ethan Allen owns and operates nine manufacturing facilities including six manufacturing plants and one sawmill in the United States plus one plant each in Mexico and Honduras. Approximately seventy percent of its products are made in its North American plants. For more information on Ethan Allen's products and services, visit www.ethanallen.com.
Source: DANBURY, CT (October 18, 2016) - Ethan Allen