Ethan Allen Interiors Inc. (“Ethan Allen” or the “Company”) on Jan. 28 reported its business and financial results for the fiscal 2021 second quarter ended December 31, 2020.
Farooq Kathwari, Ethan Allen’s Chairman, President and CEO commented, “we performed very well during the second quarter despite the unsettled business environment from the ongoing COVID-19 pandemic. The increased consumer focus on the home has continued to generate a heightened level of demand for our product offerings and design services. Our fundamentals continue to be strong, with written orders and backlogs from both operating segments reporting double-digit growth. We ended the quarter with a strong balance sheet, including cash on hand of $80 million and no outstanding debt, and a major increase in earnings per share through disciplined cost and expense controls. We are also pleased that our January retail written orders continue the upward trend.”
FISCAL 2021 SECOND QUARTER HIGHLIGHTS
· Diluted earnings per share (“EPS”) of $0.67; adjusted EPS of $0.69 increased 155.6%
· Consolidated operating margin of 12.6% compared with 5.3%; adjusted operating margin of 13.1% compared with 5.4%
· Retail segment written order growth of 44.9%
· Wholesale segment written orders increased 28.1%; excluding GSA and other government orders, wholesale segment orders grew 39.7%
· Consolidated net sales increased 2.4% to $178.8 million
· Consolidated gross margin of 56.7%; adjusted gross margin expanded 80 basis points to 56.9%
· Strong cash flow helped end the quarter with cash on hand of $80.0 million, up 182.7% from a year ago, and no debt
· Paid regular quarterly cash dividend of $5.3 million during the quarter
