Mr. Kathwari concluded, “Our many initiatives in fiscal 2013 positioned us for the opportunity to increase sales in fiscal 2014 and to continue improving our profitability. We are cautiously optimistic regarding our growth opportunities in fiscal 2014.”
Net sales for the twelve months ended June 30, 2013 remained stable at $729.1 million. The Company’s Retail division net sales increased 3.4% to $578.3 million including comparable design center net sales growth of 3.3%. Net income for the year ended June 30, 2013 was $32.5 million or $1.11 per diluted share compared with $49.7 million or $1.71 per diluted share in the prior year. The prior year results included $23.9 million in non-cash tax benefits. Adjusted net income for the year grew 39% to $1.31 per diluted share or $38.4 million from $0.94 per diluted share or $27.5 million in the prior year quarter.
Net sales for the quarter ended June 30, 2013 decreased 1.7% over the prior year to $182.3 million. The Company’s Retail division net sales increased 1.1% to $145.3 million including comparable design center net sales growth of 2.5%. Retail division written orders recorded during the fourth quarter decreased 1.9% including a decline of 0.9% in comparable design center written orders. Net income for the quarter ended June 30, 2013 was $8.2 million or $0.28 per diluted share compared with $7.3 million or $0.25 per diluted share in the prior year quarter. Adjusted earnings for the quarter grew 26% to $0.34 per diluted share or $9.9 million from $0.27 per diluted share or $7.8 million in the prior year quarter.Analyst Conference Call Ethan Allen will conduct a conference call at 11:00 AM (Eastern) on Thursday, July 25 th to discuss the financial results and its business initiatives. The live webcast and replay are accessible via the Company’s website at http://ethanallen.com/investors. To participate on the call, dial 866-835-8908 with conference ID# 1616313. About Ethan Allen Ethan Allen Interiors Inc. is a leading interior design company and manufacturer and retailer of quality home furnishings. The company offers free interior design service to its clients and sells a full range of furniture products and decorative accessories through ethanallen.com and a network of approximately 300 Design Centers in the United States and abroad. Ethan Allen owns and operates eight manufacturing facilities including five manufacturing plants and one sawmill in the United States plus two plants in Mexico and Honduras. Approximately seventy percent of its products are made in its North American plants. For more information on Ethan Allen's products and services, visit ethanallen.com.