Danbury retailer Ethan Allen Interiors Inc. says home furnishings sales fell 41.5 percent in the fiscal fourth quarter, causing a loss for the quarter.
Despite the financial setback, Ethan Allen said it will pay a regular quarterly dividend of 5 cents a share on Oct. 26 to shareholders on record as of Oct. 9.
Chairman and CEO Farooq Kathwari said sales in the three months ended $138 million, nearly even with third-quarter sales.
For the year, Ethan Allen’s sales were off 31 percent, Kathwari said.
The retailer won’t report official fourth-quarter results until Aug. 12, but placed its estimated loss at 24 cents to 27 cents per share.
Kathwari said the company has resisted “joining the bandwagon” of deep discounts and liquidations to clear inventory from its stores. As a result, he said, Ethan Allen’s gross margins remain strong.
Ethan Allen also operates furniture-production plants in the U.S. and abroad.
