NEW YORK, Oct 28 (Reuters) - Ethan Allen Interiors Inc reported a quarterly loss on Wednesday as the furniture maker and retailer's reluctance to offer deep discounts kept budget-conscious shoppers away.
The company posted a net loss of $13.6 million, or 47 cents a share, in the first quarter ended Sept. 30, compared with a net profit of $7.4 million, or 26 cents a share, a year earlier.
Excluding items, the loss was 20 cents a share.
Net delivered sales fell 34 percent to $136.2 million.
Furniture and home goods makers have seen sales crumble in the recession as U.S. consumers curb their appetite for non-essential or expensive items.
On Oct. 23, the upper-end retailer said it expected a first-quarter loss of of 21 cents to 23 cents per share on net sales of $136.2 million. At that time, analysts were expecting a loss of 8 cents a share on revenue of $150.4 million.
Ethan Allen's stock closed at $13.13 on the New York Stock Exchange.
(Reporting by Dhanya Skariachan; editing by Gunna Dickson)
((dhanya.skariachan @thomsonreuters.com; + 1 646 223 6191; Reuters Messaging:dhanya.skariachan.reuters.com@reuters.net;)) Keywords: ETHANALLEN (See http://blogs.reuters.com/shop-talk/ for Shop Talk -- Reuters' retail and consumer blog.) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
The company posted a net loss of $13.6 million, or 47 cents a share, in the first quarter ended Sept. 30, compared with a net profit of $7.4 million, or 26 cents a share, a year earlier.
Excluding items, the loss was 20 cents a share.
Net delivered sales fell 34 percent to $136.2 million.
Furniture and home goods makers have seen sales crumble in the recession as U.S. consumers curb their appetite for non-essential or expensive items.
On Oct. 23, the upper-end retailer said it expected a first-quarter loss of of 21 cents to 23 cents per share on net sales of $136.2 million. At that time, analysts were expecting a loss of 8 cents a share on revenue of $150.4 million.
Ethan Allen's stock closed at $13.13 on the New York Stock Exchange.
(Reporting by Dhanya Skariachan; editing by Gunna Dickson)
((dhanya.skariachan @thomsonreuters.com; + 1 646 223 6191; Reuters Messaging:dhanya.skariachan.reuters.com@reuters.net;)) Keywords: ETHANALLEN (See http://blogs.reuters.com/shop-talk/ for Shop Talk -- Reuters' retail and consumer blog.) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.