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Sep 30, 2022
Ethan Allen Q1 2023 Earnings Report
Reported strong first quarter results driven by sales growth and improved efficiencies.
Key Takeaways
Ethan Allen reported a strong first quarter with a 17.7% increase in sales to $214.5 million and a 48.1% increase in diluted earnings per share to $1.17. The company generated $38.4 million in operating cash flow and returned $20.9 million to shareholders through dividends.
Consolidated net sales increased by 17.7% to $214.5 million.
Retail net sales increased 18.5% to $183.7 million, while wholesale net sales increased 4.8% to $114.7 million.
Consolidated gross margin increased to 60.4% from 59.9% due to sales mix, product mix, pricing actions, and manufacturing efficiencies.
Diluted EPS increased to $1.17 compared to $0.79, and adjusted diluted EPS increased 38.8% to $1.11.
Ethan Allen
Ethan Allen
Forward Guidance
The company is well-positioned to manage challenging trends in the global economy by strengthening its vertically integrated structure, including its interior design network, relevant offerings, marketing, and North American manufacturing and logistics.
Positive Outlook
- Continued strengthening of vertically integrated structure.
- Advancements in technology within the interior design network.
- Accelerating introductions of relevant offerings.
- Expanding marketing efforts.
- Continued investment in North American manufacturing and logistics.