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Ethan Allen Interiors Inc. (ETD-1.21%) has submitted its 10-Q filing for the quarterly period ended December 31, 2024.
The filing includes financial statements for the quarter, showing a decrease in net sales to $157.3 million from $167.3 million in the same quarter the previous year. The decrease is attributed to lower delivered unit volume, fewer contract sales, and reduced designer floor sample sales.
Wholesale net sales decreased to $86.8 million from $90.6 million, while retail net sales decreased to $134.3 million from $139.2 million. The decline in wholesale sales was driven by lower contract sales and sales to independent dealers.
Gross profit for the quarter was $94.8 million, down from $100.6 million in the previous year, with a gross margin of 60.3%, slightly up from 60.2%. The margin improvement was due to lower raw material costs and a favorable sales mix.
Selling, general, and administrative expenses decreased to $76.7 million from $79.2 million, primarily due to lower selling expenses from reduced sales volume.
Net income for the quarter was $15.0 million, down from $17.4 million in the previous year. Diluted earnings per share were $0.59, compared to $0.68 in the previous year.
Cash provided by operating activities was $11.6 million, while cash used in investing and financing activities was $6.3 million and $32.5 million, respectively.
Ethan Allen had a working capital of $166.1 million as of December 31, 2024. The company continues to focus on maintaining a strong balance sheet and monitoring liquidity closely.
The filing also details the company's vertically integrated business model, which includes manufacturing facilities in North America and partnerships with suppliers in the U.S., Europe, and Asia.
Ethan Allen continues to invest in technology and manufacturing capabilities, with capital expenditures of $7.4 million during the quarter, up from $5.2 million in the previous year.
The company paid a regular quarterly cash dividend of $0.39 per share and a special dividend of $0.40 per share during the quarter.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Ethan Allen Interiors Inc. quarterly 10-Q report dated January 29, 2025. To report an error, please email earnings@qz.com.