Nov 13, 2019 / 03:00PM GMT
M. Farooq Kathwari - Ethan Allen Interiors Inc. - Chairman of the Board, President & CEO
Good morning, and welcome to our fiscal 2019 annual meeting of our shareholders. I'm pleased to be joined by all of our Board of Directors: Jim Schmotter, John Dooner, Mary Garrett, Jim Carlson, Tara Stacom, and Dom Esposito. Also joining are a number of our team members including one of our very good friends, independent retailers for at least plus 50 years, I would say, Phil Esposito. I'm glad to have you here, Phil. He's also a shareholder.
We made major progress in positioning our business for continued growth in profitability and sales. All right. I just want to get these slides -- all right, here we go. Let me give a brief overview of our financial performance for fiscal year ended June 30, 2019. Despite many external challenges, in the retail industry and drop in sales to China by 48%, in the fiscal year due to China imposing tariffs on our products, we were able to substantially maintain our sales and increase gross margin to 55.7% from 54.2%. And adjusted operating income by 10% to $55 million and
Ethan Allen Interiors Inc Annual Shareholders Meeting Transcript
Nov 13, 2019
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