Ethan Allen Interiors Inc Stock Price, News & Analysis

Ethan Allen's distribution center in Old Fort, North Carolina, has been impacted by flooding from Hurricane Helene, causing a pause in daily shipping operations due to road access for tractor trailers. Recovery efforts have begun, including restoring electricity and internet connectivity. The company's major upholstery operations in central North Carolina were not significantly affected and are operating normally.

CEO Farooq Kathwari expressed concern for those impacted and reaffirmed Ethan Allen's commitment to supporting the western North Carolina community. The company is rerouting shipments through its logistics network to minimize service disruptions. Ethan Allen's vertically integrated structure and strong North American manufacturing base, producing 75% of its products, provides flexibility in managing operations during this challenging time.

Ethan Allen (NYSE: ETD) reported fiscal 2024 and Q4 results, declaring special and regular dividends. Despite lower demand, consolidated gross margin remained strong at 60.8%. Q4 highlights include:

- Net sales of $168.6 million, down 10.0%
- Operating margin of 13.4%; adjusted 13.1%
- Diluted EPS of $0.72; adjusted $0.70
- Cash and investments of $195.8 million, up from $172.7 million last year

Full year 2024 results:
- Net sales of $646.2 million, down 18.3%
- Diluted EPS of $2.49 vs $4.13 last year
- Generated $80.2 million cash from operations

The company announced a $0.40 per share special dividend and a $0.39 regular quarterly dividend, both payable August 29, 2024.

Ethan Allen Interiors has been named America's Best Premium Furniture Retailer for the second consecutive year by Newsweek and Statista Inc. The recognition, announced on July 17, 2024, is based on an independent survey of over 7,000 U.S. customers across 40 retail categories.

Customers evaluated retailers on prices, selection, atmosphere, customer service, and accessibility. Ethan Allen's top ranking reflects its commitment to exceptional quality and unique blend of technology and personal service. This achievement coincides with the company's 92nd year in business.

Farooq Kathwari, Ethan Allen's Chairman, President and CEO, attributed this success to the hard work of associates across their vertically integrated enterprise and their position as an interior design destination.

Ethan Allen announced that its financial and operating results for the fiscal 2024 fourth quarter and full year will be released after market close on July 31, 2024. Following the release, a conference call will be held at 5:00 PM ET to discuss these results.

The call will be webcast live on the company's Investor Relations website and will be available for replay for up to six months. Participants in the U.S. can dial 877-705-2976, while international participants can dial 201-689-8798. The meeting number is 13746761.

Ethan Allen will celebrate its annual Ethan Allen Day on June 21, 2024, at its headquarters and across North America. The event, which began in 2016 when Vermont declared June 23 as Ethan Allen Day, honors the company's 92-year heritage and commitment to American manufacturing. Founded in 1932, Ethan Allen produces 75% of its home furnishings in North America, including all upholstery. The celebration will also include partnerships with local charities to collect nonperishable goods for communities in need. Ethan Allen is recognized as America's #1 Premium Furniture Retailer and among America's Top 10 Retailers by Newsweek.

Ethan Allen has announced plans to relocate its Design Centers in Albuquerque, NM, and Watchung, NJ, to new locations by Fall 2024. A temporary site in Albuquerque is operational to ensure continued client service during the transition. Additionally, the Louisville, KY, Design Center has recently moved to The Paddock Shops. These new locations aim to improve visibility and accessibility for existing and new clients.

Each Design Center will feature workstations for clients to consult with professional interior designers, either at the center or in their homes. The centers will showcase a variety of furniture and décor styles, with most custom pieces handcrafted in North America. Services include advising on furniture, lighting, rugs, custom treatments, and providing 3D digital room layouts. All designer assistance is complimentary.

Chairman, President, and CEO Farooq Kathwari emphasized the company's vision of blending classic design with modern technology and maintaining a high reputation for quality and service.