DANBURY, Conn.–Ethan Allen recorded second quarter declines, hurt by the shaky economy.
Net sales declined 27 percent to $189.6 million from the prior year quarter. Net sales for the retail division dropped to $147.2 million from $192.6 million. Retail division comparable store sales sank 26.9 percent.
Net income tumbled 73 percent to $5.5 million from $20.6 million a year ago.
“Despite major economic challenges resulting in a decline in sales, we maintained profitability,” said Farooq Kathwari, chairman and chief executive officer, in a statement. “We are pleased that during this turbulent period we have also maintained a strong marketing program while reducing operating costs.”