Ethan Allen Interiors Inc. (ETD) 2006年年度報告「NYSE」.pdf

1、?uxuryLthe new?annual report20062006 Ethan Allen Global,Inc.ETHAN ALLEN INTERIORS INC.ANNUAL REPORT 200620052004200320022006Net Income Per Diluted Share$2.19$2.08$1.93$2.05$2.51financial highlights?20052004200320022006Net Income(in millions)$85.7$79.3$79.5$74.6$81.920052004Amounts in thousands,excep

2、t per sharedata.Fiscal Years ended June 30Statement of Operations DataNet sales1,066,390949,012955,107Gross profit540,982461,054461,035Operating income(a)142,672128,978126,404Net income(a)85,68279,33879,478Per Share DataNet income per diluted share(a)2.512.192.08Diluted weighted averagecommon shares

3、 outstanding34,08636,19338,295Balance Sheet DataWorking capital278,038130,423161,772Current ratio2.911.972.18Total assets812,241628,386658,367Total debt,including capital lease obligations202,78712,5109,221Shareholders equity417,442434,068456,140Debt as%of equity48.6%2.9%2.0%(a)Includes the effects

4、of pre-tax restruc-turing and impairment charges totaling$4.2 million and$12.5 million in fiscalyears2006 and 2004 respectively.2006$949.0$1,066.4$907.3$955.1$892.320052004200320022006Net Sales(in millions)that in Fiscal 2006,our financial performance was strong and,more important,we continued to ta

5、kesteps to positively differentiate Ethan Allen.We achieved record sales of$1.1 billion and a strong net income of$85.7million in a challenging year for the retail industry,especially the homefurnishings segment.These strong results were due to the many changeswe have brought about during the last s

6、everal years.At Ethan Allen,ourmission is simple:While life can be overwhelming,decorating solutionsshould not be.As we approach our 75th birthday,our reach to consumerscontinues to expand.We make it easier for our clients to decorate theirhomes and create the lifestyles they want.This fiscal year,w

7、e focused on improving the professionalism of thedesign consultants in our retail network.The work of over 3,000 designconsultants was further strengthened by promoting more than 200 of ourqualified design consultants to the position of project manager;theseproject managers provide another level of

8、service to our clients and guid-ance to our design consultants.We have brought on 1,000 new designconsultants during the past year,as well,and we feel that this will continueto differentiate us in providing solutions and service to our clients.In Fiscal 2006,we expanded our training and solutions pr

9、ograms for thedesign consultants and the management teams in our Design Centers.(You will notice that we now refer to our stores as Design Centers,tobetter reflect our current strategies.)We also continued to strengthen the diversity of our products and programs.Our focus continues to be the develop

10、ment of stylish,high-quality products at good value.We introduced two new productcollectionsMaison by Ethan Allen,embodying the attitudes of FrenchCountry;and American Classics,reflecting eighteenth century English-influenced designs.Our retail network was further strengthened by the opening of twel

11、venew Design Centers in the U.S.and four new international locations.Our goal has been to relocate to prime,high-traffic locations.TheU.S.Design Centers were opened in important markets,includingChicago,Phoenix,Philadelphia,Los Angeles,and Nashville.The implementation of our“Mission Possible”initiat

12、ive took place thisfiscal year as well.I am pleased to say that we have substantially reducedthe delivery times of our products to our customers.By June 2006,we were shipping to our retail network,on the average,80%of ourproducts within 30 days,cutting our delivery time by about 30%fromthe previous

13、fiscal year.Precision targeting has made our marketing stronger and more efficient.By zeroing in on specific demographics,our direct mail magazine nowreaches more than six million well-qualified customers per quarter,andour marketing message reflects the inspirational/aspirational appeal ofEthan All

14、en.In support of this direct mail initiative,we have alsoexpanded our television presence by increasing the number of on-airweeks for our national campaign.At Ethan Allen we continue to strengthen the basics:motivated andknowledgeable associates;stylish and high-quality products;one-stopdecorating s

15、olutions;a national network of more than 300 DesignCenters;and a vertically integrated operating structure that takes ourprograms and products from their conception to their final delivery tothe customer.We look forward to maintaining our competitive edge and to furtherevolving the way we do busines

16、s to ensure the best possible returnclients for life.Dear FellowshareholdersFarooq KathwariChairman of the Board,President and CEO,Ethan Allen Interiors Inc.I am pleased to reportexcellence in servicethe new luxuryOur new project management teams have helped the retail division increase sales by 12%

17、Todays clients have more shopping choicesthan ever before,challenging retailers to become moreinventive in the way they do business.At Ethan Allen,we provide muchmore than just furniture.Our stores offer an individual approach todesign,and the luxury of superior service that clients crave.Our moreth

18、an 3,000 design consultants forge important relationships with theirclients,so this year we have been especially focused on ensuring thestrength and commitment of those relationships.The more expertiseour associates have,the better experience our clients will have.We began by creating teams led by S

19、enior Project Managers andProject Managers.With these team leaders as partners,our design con-sultants are able to focus on the design process and on providing thepersonal service for which we are known.These teams have increasedproductivity among ourdesign consultants andoverall,weve seen atwelve p

20、ercent increasein salesa notableaccomplishment duringsuch challenging economic times.Then,we established new recruiting standards for our design consult-ants.In addition to having a committee oversee this process,ourPresident and CEO,Farooq Kathwari,personally reviews all resumes.Potential candidate

21、s must possess a strong background in design,andto ensure that they are knowledgeable about Ethan Allen product andprograms,we have created an extensive training program for them toparticipate in once they are hired.These new initiatives have provensuccessfulour employee turnover has been reduced an

22、d the newhires“hit the ground running”with strong sales.However,our free design service is just one example of our commit-ment to providing exceptional service.Our in-house customer service department handles any post-delivery issues and our complimentarywhite glove delivery service inspects and pre

23、ps each piece of furniture,delivers it to the clients home,and places it in the room.These serviceswhich we provide with no charge to our clients,give us a competitiveadvantage in the marketplace.Giving clients what they want in a way that makes the shopping experience special and rewarding,and then

24、 ensuring their satisfaction,is simply smart business sense.When clients shop with us,they get a wide arrayof choices,including the hundreds of fabrics we offer.This ability to customize a look is what helps to differentiate Ethan Allen in the marketplace.this fiscal year saw the birth of twoexcitin

25、g new collections,american classics by ethan allen and maison byethan allen(shown here).our New Classics business,having redefined our casual side last year.Since 2002,more than 70%of our home furnishings are new.Our two latest collections,Maison by Ethan Allen and AmericanClassics by Ethan Allen,re

26、flect our commitment to providing designsthat appeal to a broad demographic.The popular European countrylook can be found in the charming silhouettes of Maison by Ethan Allen.American Classics by Ethan Allen pays homage to the rich history ofAmerican furniture design.The latter is a cross-generation

27、 collection,with appeal ranging from baby boomers to young clients seeking tomake their first serious furniture purchase.Both collections have coordi-nating upholstery and accent designs.In an effort to better serve our clients and increase the efficiency of ourmanufacturing and distribution system,

28、we instituted a 30-day“Mission:Possible”shipping initiative this year.The implementation of this planwas greatly aided by our vertical infrastructure:we oversee all aspects ofour business from concept through delivery,and we are able to monitorcosts and inventory levels more closely.In the past,lead

29、 times for deliverycould be as much as twelve weeks.By the close of this fiscal year,wewere shipping 85%of our case goods,75%of our upholstery,and 88%of our accents within 30 days.We currently manufacture and/or assemble approximately 60%of ourhome furnishings domestically.We have maintained a strat

30、egic balancebetween United States manufac-turing and foreign outsourcingthrough carefully selected vendors,and we continue toinvest in technology at all levelsof our infrastructure to improveour business and efficiency.new to marketenhancing our eciencyand eectivenessThis year we continued to streng

31、then More than 70%of our home furnishings are new within the last few years.As we continue our evolution from a furniture retailer to an“interiordesign center,”we reach out to more consumers to convey our simple yetpowerful message:Ethan Allen is a shopping experience like no other.Ethan Allen is an

32、 authority on style and we always strive to inspire ourclients.This year,we developed a new,three-tiered campaign thatexpresses Ethan Allens unique position as an aspirational yet attainablebrand.Our new magazine more effectively reflects our leadership in thehome fashion business and the tremendous

33、 value we offer.Publishedquarterly,it reaches approximately six million consumers and is our mostvisually evocative direct mail piece to date.In an effort to furtherimprove our return on investment,our magazine mailings are based on adatabase analysis of which consumers are most likely to purchase o

34、urbrand and of those who did make purchases following receipt of previ-ous magazines.Our email newsletter,Ethan Allen Inside Style,keepssubscribers aware of current style trends and whats new with the brand,and offers myriad designand decorating tips.Ournew national televisioncampaign,“Inspired bySu

35、mmer.Designed ByEthan Allen,”mirrors the magazine and firstaired during MemorialDay weekend.Our everyday pricing,“no sale”strategy,instituted two years ago,hasproven enormously successful.This year,our sales surpassed the$1 billionmark.Our clients appreciate that they no longer have to wait for a sa

36、leand they know they can shop with confidence at Ethan Allen because weoffer them our best prices everyday.As a companion to everyday pricing,we launched an everyday financing program during the first quarter of thisfiscal year.This offer is available to our clients any day of the week andgives them

37、 a 6 months no payment/deferred interest option.Clients alsostill have the option of our Simple Finance Plan,which lets them decorateon a budget with fixed monthly payments at a fixed interest rate for up to60 months.We continue to recognize and act on the importance of store location.We are always

38、on the lookout for the best,high-traffic locations for newstores and for the relocation of existing stores.We have been able tohelp retiring retailers by acquiring their stores and have been able to support independentretailers as they foster the growth of their stores,thereby ensuring the continued

39、 success of the Ethan Allen brand.What remains the same in the face of any changes we undertake is ourmission:to make decorating fun,easy,and affordable for our clients.our new voiceprecision marketing at its bestAt Ethan Allen we embrace change.This year,our sales surpassed 1 billiondollars.inspire

40、d bySUMMERdesigned byThis years magazine design confirms our position as experts in home decorating and showcasesall that we have to offer.Our emailnewsletter informs subscribers ofcurrent style trends.DIRECTORSM.Farooq KathwariCHAIRMAN OF THE BOARD,PRESIDENT,AND CHIEF EXECUTIVE OFFICERClinton A.Cla

41、rkPRESIDENT AND SOLE STOCKHOLDER OF CAC INVESTMENTS,INC.Kristin GamblePRESIDENT,FLOOD GAMBLE ASSOCIATES,INC.Horace G.McDonellFORMER CHAIRMAN AND CHIEF EXECUTIVE OFFICER,PERKIN ELMER CORPORATIONEdward H.MeyerCHAIRMAN OF THE BOARD AND CHIEF EXECUTIVEOFFICER,GREY GLOBAL GROUP,INC.Richard A.SandbergCHIE

42、F FINANCIAL OFFICER,MATRITECHAmbassador Frank G.WisnerVICE CHAIRMAN,EXTERNAL AFFAIRS,AMERICAN INTERNATIONAL GROUP,INC.OFFICERSM.Farooq KathwariCHAIRMAN OF THE BOARD,PRESIDENT AND CHIEF EXECUTIVE OFFICERPamela A.Banks VICE PRESIDENT,GENERAL COUNSEL AND SECRETARYKelly A.Bean VICE PRESIDENT,ADVERTISING

43、Jack DeKorneVICE PRESIDENT,RETAILER RELATIONSCharles J.FarfagliaVICE PRESIDENT,HUMAN RESOURCESDon GarrettVICE PRESIDENT,CASE GOODS MANUFACTURINGJeffrey HoytVICE PRESIDENT,FINANCE AND TREASURERHenry KapteinaDIRECTOR,INTERNAL AUDITSandra LamenzaGENERAL MANAGER,ETHAN ALLEN HOTELMargaret W.LuptonDIRECTO

44、R,INVESTOR RELATIONS AND ASSISTANT SECRETARYJames D.McCrearyVICE PRESIDENT,PRODUCT SOURCINGJack MollGENERAL MANAGER,PHYSICAL DISTRIBUTIONNora MurphyVICE PRESIDENT,STYLEKenneth MusanteMANUFACTURING CONTROLLERTracy PaccioneVICE PRESIDENT,MERCHANDISING,UPHOLSTERY AND ACCENTS PROGRAMSCraig StoutVICE PRE

45、SIDENT,CASE GOODS MERCHANDISINGEdward TeplitzVICE PRESIDENT,RETAIL DIVISIONEXECUTIVE VICE PRESIDENT,ETHAN ALLEN RETAIL,INC.Clifford ThornVICE PRESIDENT,UPHOLSTERY MANUFACTURINGCorey WhitelyVICE PRESIDENT,OPERATIONSEXECUTIVE VICE PRESIDENT,ETHAN ALLEN OPERATIONS,INC.Ann M.ZaccariaVICE PRESIDENT,BUSIN

46、ESS DEVELOPMENT ETHAN ALLEN BOARD OF DIRECTORSTop row from left:Clinton A.Clark Richard A.SandbergHorace G.McDonell Frank G.Wisner Bottom row from left:Farooq KathwariKristin GambleEdward H.Meyer?CORPORATE DATACorporate HeadquartersEthan Allen Interiors Inc.Ethan Allen DriveDanbury,CT Transfer Agent

47、Computershare Investor Services,LLC2 North LaSalle StreetP.O.Box A3504Chicago,IL 60690-3504312.360.5196 Independent Certified Public Accountants KPMG LLP3001 Summer StreetStamford,CT 06905203.356.9800Stock Exchange ListingNew York Stock ExchangeEthan Allen Interiors Inc.Trading Symbol:(ETH)Investor RDesignEthan Allen Global,Inc.officers an?cor?orate data?form 10-k?E T H A N A L L E N?uxuryLthe new?annual report20062006 Ethan Allen Global,Inc.ETHAN ALLEN INTERIORS INC.ANNUAL REPORT 2006