Danbury, CT, April 24, 2006--Ethan Allen Interiors Inc. said fiscal third-quarter profit grew 11 percent on rising same-store sales, and the company again said Wall Street expectations for the fourth quarter are "within reach."
For the quarter ended March 31, the company earned $20 million, or 59 cents per share, compared with $17.9 million, or 50 cents per share, during the same period last year. Revenue climbed nearly 16 percent to $267.1 million, from $231.2 million a year ago. The number of shares outstanding dropped to 34 million from 36.1 million last year.
Sales in stores open at least one year, a widely used retail industry gauge known as same store sales, grew 15.2 percent compared with the same period last year.
Analysts, on average, expected a profit of 56 cents per share on revenue of $246.4 million, according to a poll by Thomson Financial.
The company said profit was helped by relocating stores to larger and more prominent areas, new product offerings, more advertising and marketing and faster delivery.
"At this stage, we believe that the analyst estimates for the fourth quarter ended June 30, 2006 are within reach," said Chairman and Chief Executive Farooq Kathwari, echoing a similar statement made in January.
