DANBURY, CT – Furniture manufacturer and retailer Ethan Allen Interiors Inc. posted sales of $138.7 million for its fourth quarter ended June 30, a decline of 41.2% from the prior year's quarter.
For the 12 months ended June 30, the company’s net delivered sales totaled $674.3 million as compared to $980.0 million for the previous year.
Farooq Kathwari, chairman and CEO of Ethan Allen, said, “Fiscal 2009 while extremely challenging, provided us the opportunity to accelerate our process of reinvention. We focused on two major initiatives. First, to bring our expense and cost structure down. On an annualized basis we reduced about $120 million in operating expenses and about $30 million in manufacturing costs. We will see most of the reductions benefiting our fiscal 2010.
"Second, to implement many initiatives that will create a strong competitive difference and help grow our sales and profitability. Our move toward custom production in our case goods manufacturing and the launch of the new Interior Design Affiliate program are just the latest examples of these initiatives.”
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