DANBURY, CT -- Ethan Allen Interiors Inc. (NYSE:ETH) posted a fourth quarter profit of $7.2 million on sales of $178.0 million compared to the same period of the prior year.
For the 12 months ended June 30, 2011, Ethan Allen recorded net sales of $679.0 million, up 15.1% from the prior year comparable period. Net income year to date was $29.3 million compared with a year to date net loss of $44.3 million the prior year.
Farooq Kathwari, chairman, president and CEO of Ethan Allen, said, âWe are pleased at the growth in sales and net income during the fourth quarter and fiscal year ended June 30, 2011. Our fourth quarter net sales increased 9.0% and net income, excluding special items, increased 32.7%. During the same period our written (booked) orders for the retail division increased by 14.6%. We ended the year with $107.8 million of cash and securities after reducing our debt during the 2011 fiscal year by $38.2 million.â
Kathwari added, âOur focus on our five priorities: projecting a relevant message, accelerating the development of stylish and attainable products, strengthening our retail network, investing in technology, and developing relevant sourcing and logistics, continues to position us well."
Posted by Rich Christianson
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