Ethan Allen Quarterly Profit Falls
Danbury, Conn., Ethan Allen Interiors Inc. said on Wednesday that quarterly profit fell 13% amid an industrywide sales slowdown. Earnings for the fiscal second quarter ended Dec. 31 came to $22.8 million, compared with $26.2 million a year earlier. Sales fell 6.7% to $257.4 million, falling short of analysts' average revenue expectation of $270.7 million.
The home-furnishings retail environment "as a whole, remains uncertain," chairman and CEO Farooq Kathwari said in a statement.
In December, Stanley Furniture Co. said it would cut about 200 jobs at a North Carolina plant in response to the industry sales slowdown. Additionally, Furniture Brands International Inc. forecast a fourth-quarter loss compared with previous expectations for a profit, citing lower sales.