Ethan Allen Still Feeling The Pain Of The Housing Slump

  • April 25, 2007
Still pressured by weaker real-estate sales and a sagging interest in redecorating, furniture retailer Ethan Allen said third-quarter sales declined to $246.5 million, from $267.1 million in the prior year quarter. Wholesale sales decreased 10.6%, to $171.9 million during that same period, and same-store sales at Ethan Allen design centers fell 8.6%.

"While we recognize that the home furnishings retail environment remains uncertain, some positive trends have emerged in recent weeks," the company said, and "we continue to believe that our strategic initiatives provide us stronger positioning as conditions improve."

The company said its next quarter's results should be in line with expectations.

--Sarah Mahoney

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