雅虎香港財經 Ethan Allen Interiors Inc (ETD) Reports Q1 Fiscal 2024 Results Amid Economic Challenges
Ethan Allen Interiors Inc (NYSE:ETD) reported a strong gross margin of 61.1% and an adjusted operating margin of 12.1% for Q1 Fiscal 2024.
Net sales were impacted by flooding at the Vermont manufacturing plant and a slowing economy, resulting in consolidated net sales of $163.9 million.
The company paid a special cash dividend of $0.50 per share in August 2023, in addition to the regular quarterly cash dividend of $0.36 per share.
As of September 30, 2023, the company had total cash and investments of $163.2 million and no debt.
On October 25, 2023, Ethan Allen Interiors Inc (NYSE:ETD) released its financial and operating results for the fiscal 2024 first quarter ended September 30, 2023. Despite challenges from major flooding at their Vermont manufacturing plant and a softening economy, the company was able to maintain strong operating margins.
Financial Performance
For the first quarter ended September 30, 2023, Ethan Allen reported consolidated net sales of $163.9 million, a decrease from the previous year due to the impact of flooding at their Vermont facility. Despite these challenges, the company maintained a strong gross margin of 61.1% and an adjusted operating margin of 12.1%. The company also continued to generate positive operating cash flow and reported total cash and investments of $163.2 million with no debt as of September 30, 2023.
We are pleased to report our financial and operating results for the fiscal 2024 first quarter ended September 30, 2023. Our first quarter consolidated net sales were impacted due to major flooding in our Vermont manufacturing plant and strong prior year results that benefited from delivery of pandemic related written order backlog. Also, as expected, the economy has slowed down. Despite these challenges, we were able to maintain a strong gross margin of 61.1% and an adjusted operating margin of 12.1%. We also continued to generate positive operating cash flow and as of September 30, 2023, we had total cash and investments of $163.2 million and no debt. We paid a special cash dividend of $0.50 per share during August 2023, in addition to our regular quarterly cash dividend of $0.36 per share. We are also pleased to announce that yesterday our Board approved our regular quarterly cash dividend of $0.36 per share, payable on November 22, 2023. - Farooq Kathwari, Ethan Allens Chairman, President and CEO
Company Initiatives and Dividends
During the quarter, Ethan Allen launched a major initiative of Interior Design Destination across its network of 174 design centers in North America. The company also paid a special cash dividend of $0.50 per share in August 2023, in addition to the regular quarterly cash dividend of $0.36 per share.
Balance Sheet and Cash Flow
The company's cash and investments totaled $163.2 million at September 30, 2023, compared with $172.7 million at June 30, 2023. The decrease of $9.5 million was primarily due to $21.9 million in cash dividends paid and capital expenditures of $3.7 million. These cash outflows were partially offset by $16.7 million in cash generated from operating activities.
Looking Ahead
Despite the challenges of a slower economy and the reduction of consumer focus on the home, Ethan Allen remains cautiously optimistic about the future. The company continues to focus on constant reinvention and is excited to start the next phase of its journey.
Explore the complete 8-K earnings release (here) from Ethan Allen Interiors Inc for further details.
This article first appeared on GuruFocus.
