The recovering U.S. economy restored the fiscal third quarter to profitability for Danbury home furnishings maker-retailer Ethan Allen Interiors Inc. and triggered a 40 percent boost in its dividend.
Ethan Allen earned $3.5 million or 12 cents a share, in the three months ended March 31. A year earlier, it lost $900,000, or 3 cents a share.
Third-quarter sales were $162.8 million, up 10.6 percent from $142.3 million a year ago.
“The economy is healing, and due to the many initiatives we have undertaken in the last three years, we remain cautiously optimistic,” Chairman and CEO Farooq Kathwari said. “Our plans are for continued investments in advertising and also adding qualified professionals in the retail division.”
Directors raised the quarterly cash dividend to 7 cents a share, payable July 25 to shareholders of record as of July 11.
