said its second-quarter profit rose as the furniture retailer's turnaround plan took hold.
The Danbury, Conn., company made $26 million, or 77 cents a share, up from the year-ago $23 million, or 63 cents a share. Net delivered sales rose 13% from a year ago to $245 million, as retail written sales rose 10% and same-store written sales added 6%. Total sales rose to $276 million from $245 million a year earlier.
The numbers soared past the Wall Street analyst estimate, which going by a Thomson First Call survey was calling for a 64-cent profit on sales of $259 million.
Ethan Allen said its Mission Possible plan to reduce delivery time to consumers was responsible for much of the second quarter gains, and added that the company believes the plan enabled it to increase shipments.
"While it has not been our practice to provide specific comments regarding quarterly earnings estimates, we have made an exception for next quarter in light of the effect that our initiatives had on second quarter results," said CEO Farooq Kathwari. "For the fiscal third quarter ended March 31, 2006, we currently estimate that earnings per share will increase 8%-12% over the prior year comparable period. Further, at this time, we believe that the current range of analyst estimates for the fiscal fourth quarter ended June 30, 2006 is within reach."