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Retail

Ethan Allen Provides Business Updates and Announces Earnings Release Date for Fiscal 2021 Q3 Results

The retailer witnessed a record increase of 51.8 percent in written orders in its retail division, including ec-ommerce, compared to the prior year third quarter ending March 31, 2020.

4/15/2021
image of store exterior
Home furnishings retailer Ethan Allen Interiors records historic growth in written orders.

DANBURY, Conn. -- Ethan Allen Interiors Inc. (NYSE: ETH) today provided several updates on its business.

Farooq Kathwari, Ethan Allen’s Chairman, president and CEO commented, “We are pleased to provide a brief overview of our continued progress resulting in strong performance in the third quarter ending March 31. While last year results were impacted with the start of the COVID-19 pandemic, we had a record increase of 51.8% in written orders in our retail division, including ecommerce, compared to the prior year third quarter ending March 31, 2020. These strong written orders also reflected a 21.9% increase compared to the fiscal 2019 third quarter. We also realized a major increase in earnings compared to the fiscal 2020 and 2019 third quarter periods. Our focus remains on increasing our production to deliver the large backlog.”

Preliminary Financial Results

The Company expects to report the following financial results for its fiscal third quarter ended March 31, 2021:

-- Retail segment written orders increased 51.8% over the prior year quarter.
-- Wholesale segment orders increased 39.0%. Excluding GSA and other government orders, wholesale segment orders increased 48.3%
-- Consolidated net delivered sales of $177.0 million increased 18.2%
-- Adjusted diluted EPS in the range of $0.56 to $0.58 compared to $0.02 in the prior year quarter
-- Strong cash flow generation resulting in cash on hand of $109.0 million and no borrowings as of March 31, 2021
-- Paid regular quarterly dividends of $6.3 million during the quarter

Kathwari continued, “We ended the quarter with a strong balance sheet, including cash on hand of $109.0 million while growing our consolidated gross and operating margins through disciplined cost and expense controls. We have an opportunity to continue our growth in sales and profitability due to our strong retail network, the personal service of our interior design professionals, our unique vertical integration whereby 75% of products are made in our North American manufacturing workshops, and our national distribution centers delivering product with white glove service to our client’s home.”

“As we head into the 2021 calendar year, we will remain focused on employee safety, continue investing in digital design and interactive communication technologies, growing our business and generating strong cash flow, refining and repositioning our product offerings to reach a larger client base and leveraging our vertical integration to increase production” concluded Mr. Kathwari.

Fiscal Third Quarter Analyst Conference Call

The Company also announced today that it will release its financial and operating results for the fiscal 2021 third quarter ended March 31, 2021, after the market closes on Thursday, April 29, 2021.

Following the release, the Company will host an analyst conference call at 5:00 PM (Eastern Time) to discuss its results. The analyst conference call will be webcast live from the Company’s Investor Relations website at https://ir.ethanallen.com.

To access the conference call, dial 877-705-2976 (or 201-689-8798 for international participants), and enter Meeting Number 13718964. For those unable to listen live, an archived recording of the call will be made available on the Company's website for at least 60 days.

ABOUT ETHAN ALLEN

Ethan Allen Interiors Inc. (NYSE: ETH) is a leading interior design company, manufacturer and retailer in the home furnishings marketplace. The Company provides complimentary interior design service to its clients and sells a full range of furniture products and decorative home accents through a retail network of approximately 300 design centers in the United States and abroad as well as online at ethanallen.com. Ethan Allen owns and operates nine manufacturing facilities, including six manufacturing plants in the United States, two manufacturing plants in Mexico and one manufacturing plant in Honduras. Approximately 75% of its products are manufactured or assembled in these North American facilities.

For more information on Ethan Allen's products and services, visit www.ethanallen.com.
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