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Ethan Allen

(ETH) - Get Ethan Allen Interiors Inc. Report

posted a drop in fiscal first-quarter earnings, hurt by restructuring charges and weaker retail sales.

For the period ended Sept. 30, the furniture seller earned $8.5 million, or 26 cents a share, down from $17.1 million, or 49 cents a share, a year earlier.

Excluding restructuring and impairment charges in both periods, the company's earnings fell to $17.2 million, or 53 cents a share, from $19.7 million, or 57 cents a share, during the year-earlier period.

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Analysts had an average estimate for earnings of 55 cents a share, before items, according to Thomson First Call.

Revenue slid to $242.8 million from $251.3 million last year. Wall Street expected a top line of $246.6 million.

Last month, Ethan Allen forecast first-quarter revenue of $240 million to $245 million, which as well below analysts' average estimate at the time of $264 million.

"As previously stated, we saw positive trends in September. However, as has been reported by many, the retail environment remains difficult," said Farooq Kathwari, chairman and CEO, in a statement. "In addition, sales in the prior year quarter benefited from our initiative to reduce delivery times. While this initiative has been very positive for our clients, it has reduced our forward visibility and made comparisons to the prior year more challenging."

Shares of Ethan Allen were down 77 cents, or 2.2%, to $34.78.