DANBURY, CT - Concluding a fiscal year in which Ethan Allen Interiors saw profits climb 70%, Chairman and CEO Farooq Kathwari pronounced his company "well positioned to grow."
Ethan Allen's net sales for the fiscal year ended June 30 increased 7.4% to $729.4 million vs. $679.0 million in 2011. The company's net earnings for FY 2012 were $49.7 million compared to $29.3 million last year.
Kathwari said Ethan Allen will look to build on this momentum and new furniture products in its new fiscal year. The company completed the final phase introduction of new products under its 5 Signature Lifestyles collection - Elegance, Romance, Vintage, Explorer and Modern - during the final quarter of FY12.
Kathwari said Ethan Allen will leverage its evolved business model, which includes 300 Ethan Allen Design Center retail outlets in the U.S. and abroad that sell a blend of domestically made and imported furniture and accessories. The company owns and operates eight manufacturing facilities including five manufacturing plants and one sawmill in the United States plus two plants in Mexico and Honduras, purchased last October,. Ethan Allen said approximately seventy percent of its products are made in its North American plants.
"We have substantially strengthened the main areas of our vertically integrated structure including our product offerings, our advertising and communications, our interior design retail network, our manufacturing and logistics operations, and in the technology employed throughout our business," Kathwari said.
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