Ethan Allen Interiors Inc. Announces Dividend Increase and Strong Fiscal 2023 Results

Discover Ethan Allen Interiors Inc.'s Strong Fiscal Year 2023 Performance and Exciting Dividend Increase Announcement


Ethan Allen Interiors Inc. ("Ethan Allen" or the "Company") recently reported its financial and operating results for the fiscal year 2023, ending June 30, 2023. The company's Chairman, President, and CEO, Farooq Kathwari, expressed satisfaction with the results and highlighted key financial metrics, including a dividend increase announcement.

Strong Fiscal Year 2023 Performance

Ethan Allen achieved robust financial results during the fiscal year 2023. Consolidated net sales for the year amounted to $791.4 million, with a gross margin of 60.7% and adjusted operating margin of 16.9%. Adjusted diluted earnings per share (EPS) reached $4.03, reflecting a 2.5% increase compared to the previous year. Notably, the company generated strong operating cash flow and ended the fiscal year with a healthy cash and investment balance of $172.7 million, and it remains debt-free.

Dividend Increase Announcement

Ethan Allen is committed to rewarding its shareholders, and on August 1, 2023, the company's Board of Directors approved a special cash dividend of $0.50 per share, in addition to the regular quarterly cash dividend of $0.36 per share. Both dividends will be payable on August 31, 2023, to shareholders of record on August 15, 2023. This dividend increase demonstrates the company's confidence in its strong financial position and consistent performance.

Written Order Trends and Expansion Initiatives

Despite the challenges posed by the COVID-19 pandemic, Ethan Allen has seen positive trends in its retail segment, with written orders increasing by 0.8% compared to pre-pandemic fiscal 2019. The company continues to focus on growth and improvement across its vertically integrated structure.

Ethan Allen's next reinvention is underway, marked by the grand reopening of the Danbury Connecticut Design Center as an Interior Design Destination. The company also launched multiple new design centers that combine complimentary interior design services with technology, showcasing the unique vision of American style. Furthermore, Ethan Allen received recognition as one of America's Top 10 Retailers by Newsweek, solidifying its position as the #1 retailer of Premium Furniture.

Environmental and Social Responsibility

Ethan Allen remains committed to social responsibility, with its upholstery manufacturing operation in Mexico being named "Empresa Socialmente Responsable" (Environmentally and Socially Responsible) by the Mexican Center for Corporate Philanthropy and the Alliance for Corporate Social Responsibility for the fourth consecutive year.

Ethan Allen Interiors Inc. has achieved strong financial performance in fiscal year 2023, with notable increases in sales and earnings. The company's commitment to shareholders is evident through the dividend increase announcement, further solidifying its position as a reliable investment. As Ethan Allen continues to focus on growth and expansion, its dedication to environmental and social responsibility remains a cornerstone of its business operations.

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