Ethan Allen Beats EPS Estimate, Misses Sales

The furniture store earns a penny more than expected on weaker sales.

Author:: Michael Dunn
Publish date:: Apr 15, 2002 7:39 AM EDT

Ethan Allen

said it beat the consensus EPS estimate by a penny, but sales fell short due to weak economic conditions.

The furniture retailer posted third-quarter earnings of $23.0 million, or 58 cents a share, up from $20 million, or 50 cents a share, in the year ago quarter. Analysts polled by Thomson Financial/First Call had been expecting 57 cents a share.

Net sales for the quarter were $227.9 million, down from $233.8 million last year, missing the First Call consensus of $236.10 million. Comparable store sales dropped 8.7%.

The company said the strong earnings were due to higher gross and operating margins. For the fourth quarter, the company forecast earnings per share of 56 cents to 60 cents and a small increase in sales. Analysts are expecting 60 cents a share on sales of $235.5 million.

Shares of Ethan Allen closed at $39.36 Friday before the earnings release.