DANBURY, CT – Ethan Allen Interiors Inc., a home furniture retailer, saw a decline in fourth quarter profit, caused by lower sales and weakness in the economy, according to RTT News.
Net income for the fourth quarter was $11.1 million compared to $20.5 million in the prior-year period. Net delivered sales for the second quarter dropped to $235.9 million from $258.5 million in the same quarter last year. Net delivered sales for the company’s retail division declined 5.9% to $176.5 million, while wholesale sales fell 9.3% to $147.7 million from the prior year period. Comparable Ethan Allen design center delivered sales were down 11.1% over last year.
For the full-year 2008, net income was $58.1 million, down from $69.2 million in the previous year. Annual net delivered sales declined to $980 million from $1.0 billion in the preceding year.
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