Ethan Allen Quarterly Profit Falls
Danbury, Conn., Ethan Allen Interiors Inc. said on Wednesday that quarterly profit fell 13% amid an industrywide sales slowdown. Earnings for the fiscal second quarter ended Dec. 31 came to $22.8 million, compared with $26.2 million a year earlier. Sales fell 6.7% to $257.4 million, falling short of analysts’ average revenue expectation of $270.7 million.
The home-furnishings retail environment “as a whole, remains uncertain,” chairman and CEO Farooq Kathwari said in a statement.
In December, Stanley Furniture Co. said it would cut about 200 jobs at a North Carolina plant in response to the industry sales slowdown. Additionally, Furniture Brands International Inc. forecast a fourth-quarter loss compared with previous expectations for a profit, citing lower sales.
Survey: Wealthy Rank Harry Winston as Top Jewelry Brand
New York City, Ultra-wealthy consumers rate Harry Winston the leading brand of luxury jewelry by a wide margin, with Buccellati coming in second, slightly above third-place Cartier, according to the Luxury Institute’s 2007 Luxury Brand Status Index (LBSI) survey of Luxury Jewelry.
The 20 luxury jewelry brands surveyed in alphabetical order include: Asprey, Blue Nile, Boucheron, Buccellati, Bulgari, Carrera y Carrera, Cartier, Chanel, Chopard, David Yurman, DeBeers, Dior, FRED, Graff, Gucci, Harry Winston, Mikimoto, Piaget, Tiffany, and Van Cleef and Arpels.
A nationally representative sample of ultra-wealthy American consumers, with a minimum household income of $200,000 and a minimum household net worth of $5 million, was surveyed online.
Goody’s Hires Former Limited Executive
Knoxville, Tenn., Goody’s Family Clothing Inc. on Monday named a former Limited Brands executive as its new CEO. Chuck Turlinski, who for the past three years was the CEO of The Limited Brands Inc., spent the past 10 years as a senior manager in various divisions of Limited. He will assume the new job on Feb. 14.