Ethan Allen: turnover down by half in fourth quarter

25.09.2020 − 

In the fourth quarter of the 2019/2020 financial year, turnover of Ethan Allen dropped by half to US$91.6m compared to the corresponding period in the preceding year. Rates of decline in the wholesale segment (-52.0% to US$51.6m) and the retail segment (-51.9% to US$76.4m) were more or less equal. The figures indicated for both segments also include internal turnover, which means their sum is higher than the figure indicated as total turnover. In the wholesale segment, turnover decreased by 52.5% in North America and by 41.7% in export business. Ethan Allen mainly attributes the decline in the retail segment, which includes activities with the current 144 company-owned design centres, to the two-month closure of retail stores in the USA and Canada.

In the 2019/2020 financial year as a whole, turnover declined by around one-fifth to US$589.8m. Decreases had also been recorded in the first (-7.4%), second (-11.5%) and third (-15.8%) quarters. Operating profit declined to US$14.6m, as did net profit, to US$8.9m. In the fourth quarter an operating loss of -US$12.4m was incurred. Net loss amounted to -US$12.1m.

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