Danbury furniture seller Ethan Allen reported a steeper fourth-quarter loss Thursday than a year earlier, saying an 18 percent revenue increase was offset by costs for restructuring and other charges, The Associated Press reports.
Its shares fell 61 cents, or 3.8 percent, to $15.43 in afternoon trading Thursday.
Competitor Furniture Brands International’s shares fell more than 12 percent on Thursday on investors’ concerns it wasn’t improving as much as other furniture makers.
Ethan Allen lost $26.5 million, or 91 cents per share, in the three months that ended June 30. That compares with a loss of $16.9 million, or 58 cents per share, a year earlier.
Excluding one-time items, the company earned $4.6 million, or 16 cents per share.
Analysts surveyed by Thomson Reuters, who typical exclude one-time items, on average expected it to report earning 15 cents per share.
Revenue rose to $163.3 million from $138.7 million last year.
For the year, the company’s loss narrowed to $44.3 million, or $1.53 per share, compared with a loss of $52.7 million, or $1.83 per share, for fiscal 2009.
Raymond James analyst Budd Bugatch said Ethan Allen’s operating margins were better than he expected for the quarter. He noted that growth in orders at stores open at least a year was strong, up 31.3 percent in the quarter compared to last year.
He rates the stock a “strong buy.”
