1、2019 A N N U A L R E P O R T 2financial highlights statement of operations data Net salesAdjusted gross margin(a)Adjusted operating income(a)Adjusted net income(a)Adjusted diluted EPS(a)balance sheet data Cash and cash equivalentsTotal assetsLong-term debtTotal liabilitiesShareholders equityWorking
2、capital key metricsAdjusted return on equity(a)Current ratioLong-term debt to equity ratioCommon shares outstanding cash returned to shareholders Dividends paidDividend yieldCost of shares repurchasedNumber of shares repurchasedAmounts in thousands,except share and per share data.(a)See reconciliati
3、on of U.S.GAAP to adjusted key financial measures in the back of this annual report.expanded offerings&marketingWe have continued to expand our product selection with a focus on classic styles with a modern perspective.Over the past three years,we have refreshed about 70%of our entire product line a
4、nd further diversified our assortment to reach a vast and varied consumer base.Our marketing remains focused on our core messages of interior design service,style,quality,and value with an emphasis on personal service and the Design Center experience.In FY 2019,we enhanced our marketing initiatives
5、further,harnessing our CRM tools to implement targeted marketing strategies.We focused our advertising,utilizing multiple mediums including broadcast,direct mail,print,and bining technology with personal service In FY 2019,we continued to strengthen our exceptional personal service,combining state-o
6、f-the-art technology with our complimentary design service to deliver a dynamic brand experience.This year,we debuted our 3D room planner in all Design Centers to further enhance designer-client relationships and increase conversions by showing clients photo-realistic previews of their room designs.
7、We also continued to expand our EAinHome augmented reality app,adding thousands of products and enhancing search functionality.Additionally,we made major enhancements to our e-commerce sites,especially our mobile experience,and continue to support our successful Live Chat,which allows visitors to to
8、 experience personal service from our designers anywhere,anytime.customer experience that differentiates us The exceptional experience and design service found in our Design Centers remains a key focus of our business.In FY 2019,we continued to reposition our global network of about 185 Design Cente
9、rs in North America and about 120 internationally with modern projections and smaller footprints.Nineteen percent of our Design Centers have been relocated within the past five years,and 65 percent within the past fifteen years.Our new locations average less than 10,000 square feet and incorporate t
10、echnology to accelerate the design and selling processes.Our Premier In-Home Delivery service is another component of our business that sets us apart.Offered at one national price,it is a major competitive advantage,and ensures clients receive excellent service and value throughout the Ethan Allen b
11、rand experience.environmental&social responsibility Our vertically integrated business model allows us to maintain a steadfast commitment to environmental stewardship and social responsibility.We have increased emphasis on sustainability practices throughout all parts of our business.talent We conti
12、nued to strengthen our unwavering leadership in all facets of our business,particularly in our retail network,manufacturing,and logistics.Today,we have approximately 1,500 interior design professionals throughout our global network of 144 company-operated and 158 independently owned Design Centers.T
13、he commitment and achievements of all our talented associates have been instrumental in maintaining our foundational strengths.I would like to thank all of them,as well as our clients and shareholders,for their continued support as we look forward to a successful FY 2020.In FY 2019,we continued to f
14、ocus on strategic initiatives to reinforce our unique value and competitive advantage,including strengthening our vertically integrated business,innovating and expanding our product selection,continuing our retail transformation,and enhancing our advertising efforts with increased digital initiative
15、s and technology.We also made infrastructure investments to increase our supply chain efficiency and continued our commitment to social responsibility and sustainability.We achieved net sales for FY 2019 of$746.7 million and generated adjusted earnings per diluted share of$1.56,an increase of 15.6%.
16、We also returned$47.0 million to shareholders in regular and special dividends.Our strategic focus continues to center on creating an omnichannel experience that“wows”the customer,and we are well positioned to grow in FY 2020.dear fellow shareholders2019$746,68455.1%$55,051$41,632$1.56$20,824$510,35
17、1$516$146,422$363,929$93,46411.13%1.76 TO 10.1%26,586,945$46,9903.61%$00 2018 2017$766,784$763,385 54.2%55.8%$50,145$64,960$37,306$40,643$1.35$1.45$22,363$65,031$530,433$568,222$1,096$11,608$146,563$167,326$383,870$400,896$93,165$116,653 9.51%10.25%1.77 TO 1 1.92 TO 1 0.3%2.9%26,529,294 27,447,215$2
18、9,509$20,031 3.10%2.29%$22,019$10,246 950,484 357,363farooq kathwari Chairman,President and CEO Ethan Allen Interiors Inc.2financial highlights statement of operations data Net salesAdjusted gross margin(a)Adjusted operating income(a)Adjusted net income(a)Adjusted diluted EPS(a)balance sheet data Ca
19、sh and cash equivalentsTotal assetsLong-term debtTotal liabilitiesShareholders equityWorking capital key metricsAdjusted return on equity(a)Current ratioLong-term debt to equity ratioCommon shares outstanding cash returned to shareholders Dividends paidDividend yieldCost of shares repurchasedNumber
20、of shares repurchasedAmounts in thousands,except share and per share data.(a)See reconciliation of U.S.GAAP to adjusted key financial measures in the back of this annual report.expanded offerings&marketingWe have continued to expand our product selection with a focus on classic styles with a modern
21、perspective.Over the past three years,we have refreshed about 70%of our entire product line and further diversified our assortment to reach a vast and varied consumer base.Our marketing remains focused on our core messages of interior design service,style,quality,and value with an emphasis on person
22、al service and the Design Center experience.In FY 2019,we enhanced our marketing initiatives further,harnessing our CRM tools to implement targeted marketing strategies.We focused our advertising,utilizing multiple mediums including broadcast,direct mail,print,and bining technology with personal ser
23、vice In FY 2019,we continued to strengthen our exceptional personal service,combining state-of-the-art technology with our complimentary design service to deliver a dynamic brand experience.This year,we debuted our 3D room planner in all Design Centers to further enhance designer-client relationship
24、s and increase conversions by showing clients photo-realistic previews of their room designs.We also continued to expand our EAinHome augmented reality app,adding thousands of products and enhancing search functionality.Additionally,we made major enhancements to our e-commerce sites,especially our m
25、obile experience,and continue to support our successful Live Chat,which allows visitors to to experience personal service from our designers anywhere,anytime.customer experience that differentiates us The exceptional experience and design service found in our Design Centers remains a key focus of ou
26、r business.In FY 2019,we continued to reposition our global network of about 185 Design Centers in North America and about 120 internationally with modern projections and smaller footprints.Nineteen percent of our Design Centers have been relocated within the past five years,and 65 percent within th
27、e past fifteen years.Our new locations average less than 10,000 square feet and incorporate technology to accelerate the design and selling processes.Our Premier In-Home Delivery service is another component of our business that sets us apart.Offered at one national price,it is a major competitive a
28、dvantage,and ensures clients receive excellent service and value throughout the Ethan Allen brand experience.environmental&social responsibility Our vertically integrated business model allows us to maintain a steadfast commitment to environmental stewardship and social responsibility.We have increa
29、sed emphasis on sustainability practices throughout all parts of our business.talent We continued to strengthen our unwavering leadership in all facets of our business,particularly in our retail network,manufacturing,and logistics.Today,we have approximately 1,500 interior design professionals throu
30、ghout our global network of 144 company-operated and 158 independently owned Design Centers.The commitment and achievements of all our talented associates have been instrumental in maintaining our foundational strengths.I would like to thank all of them,as well as our clients and shareholders,for th
31、eir continued support as we look forward to a successful FY 2020.In FY 2019,we continued to focus on strategic initiatives to reinforce our unique value and competitive advantage,including strengthening our vertically integrated business,innovating and expanding our product selection,continuing our
32、retail transformation,and enhancing our advertising efforts with increased digital initiatives and technology.We also made infrastructure investments to increase our supply chain efficiency and continued our commitment to social responsibility and sustainability.We achieved net sales for FY 2019 of$
33、746.7 million and generated adjusted earnings per diluted share of$1.56,an increase of 15.6%.We also returned$47.0 million to shareholders in regular and special dividends.Our strategic focus continues to center on creating an omnichannel experience that“wows”the customer,and we are well positioned
34、to grow in FY 2020.dear fellow shareholders2019$746,68455.1%$55,051$41,632$1.56$20,824$510,351$516$146,422$363,929$93,46411.13%1.76 TO 10.1%26,586,945$46,9903.61%$00 2018 2017$766,784$763,385 54.2%55.8%$50,145$64,960$37,306$40,643$1.35$1.45$22,363$65,031$530,433$568,222$1,096$11,608$146,563$167,326$
35、383,870$400,896$93,165$116,653 9.51%10.25%1.77 TO 1 1.92 TO 1 0.3%2.9%26,529,294 27,447,215$29,509$20,031 3.10%2.29%$22,019$10,246 950,484 357,363farooq kathwari Chairman,President and CEO Ethan Allen Interiors Inc.232019Ethan Allen is a leader in the home furnishings industry,renowned for incompara
36、ble quality,exceptional craftsmanship,variety of style,and personal service.These values,and our longstanding commitment to a strong vertically integrated business model,continue to differentiate us and guide our growth.232019Ethan Allen is a leader in the home furnishings industry,renowned for inco
37、mparable quality,exceptional craftsmanship,variety of style,and personal service.These values,and our longstanding commitment to a strong vertically integrated business model,continue to differentiate us and guide our growth.45personalserviceCOMPLIMENTARY DESIGN SERVICEFor most clients,the Ethan All
38、en experience begins as a conversation with one of our talented designers.Many of our designers trained in the worlds finest institutes;many owned their own design firms before joining Ethan Allen.They lend us their talents and their extraordinary eyes for style,and in exchange,we provide them all t
39、he tools they need to succeed,including an extraordinary selection of products backed by our reputation for exceptional quality.As the primary ambassadors for our brand,our global network of 1,500 designers assists clients in Design Centers,during in-home appointments,and via online consultations.We
40、 help our designers connect with an expanded client base by featuring each designers bio and portfolio on our website.This year,weve strengthened our designers portfolio pages and made it easier for clients to connect with them online.Weve also made it possible for clients to contact designers direc
41、tly from the EAinHome app,and weve continued to offer online Live Chat with designers via .Exceptional service sets us apart;its an essential part of the Ethan Allen experience.With a global network of 1,500 designers and state-of-the-art design tools,we continue to find innovative ways to combine t
42、echnology with personal service.45personalserviceCOMPLIMENTARY DESIGN SERVICEFor most clients,the Ethan Allen experience begins as a conversation with one of our talented designers.Many of our designers trained in the worlds finest institutes;many owned their own design firms before joining Ethan Al
43、len.They lend us their talents and their extraordinary eyes for style,and in exchange,we provide them all the tools they need to succeed,including an extraordinary selection of products backed by our reputation for exceptional quality.As the primary ambassadors for our brand,our global network of 1,
44、500 designers assists clients in Design Centers,during in-home appointments,and via online consultations.We help our designers connect with an expanded client base by featuring each designers bio and portfolio on our website.This year,weve strengthened our designers portfolio pages and made it easie
45、r for clients to connect with them online.Weve also made it possible for clients to contact designers directly from the EAinHome app,and weve continued to offer online Live Chat with designers via .Exceptional service sets us apart;its an essential part of the Ethan Allen experience.With a global ne
46、twork of 1,500 designers and state-of-the-art design tools,we continue to find innovative ways to combine technology with personal service.67Our longstanding commitment to excellent craftsmanship continues to set us apart in the marketplace.As we carry on tried-and-true techniques that define us,wev
47、e also embraced state-of-the-art technologies and new ways of operating to strengthen our position and viability.Approximately 75%of our products are manufactured in our plants in North America.When we seek out partnerships with international suppliers and vendors,we look for artisans who use tradit
48、ional methods,source local materials,and have a reputation for being the best at what they do.Our manufacturing plant in Silao,Guanajuato,Mexico,for example,is located in an area with a rich historical tradition of leather craftsmanship.Our clients receive leather furnishings custom-made by people w
49、hove honed their skills over a lifetime,many from families who have passed those skills down through the generations.Over half of our domestic wood furniture production happens at our Vermont facilities,and 50%of the wood furniture we manufacture domestically is crafted from logs received in our Bee
50、cher Falls,Vermont,manufacturing plant and sawmill.More than 20%of our Vermont associates have invested over 30 years in their work for Ethan Allen.Many of those associates are from families with members from multiple generations whove worked for us.In addition to having exceptional wood-working ski
51、lls,many of our craftspeople harness their mathematics and computing skills to operate modern CNC machinery,which helps to increase productivity within our facilities.Our craftspeople are also on the front lines of our efforts to manufacture products in an environmentally sustainable way.Many of the
52、 initiatives weve developed to cut landfill waste,boost recycling,and use electricity more efficiently were created from the ground up by the talented people who work in our plants.exceptional craftsmanship67Our longstanding commitment to excellent craftsmanship continues to set us apart in the mark
53、etplace.As we carry on tried-and-true techniques that define us,weve also embraced state-of-the-art technologies and new ways of operating to strengthen our position and viability.Approximately 75%of our products are manufactured in our plants in North America.When we seek out partnerships with inte
54、rnational suppliers and vendors,we look for artisans who use traditional methods,source local materials,and have a reputation for being the best at what they do.Our manufacturing plant in Silao,Guanajuato,Mexico,for example,is located in an area with a rich historical tradition of leather craftsmans
55、hip.Our clients receive leather furnishings custom-made by people whove honed their skills over a lifetime,many from families who have passed those skills down through the generations.Over half of our domestic wood furniture production happens at our Vermont facilities,and 50%of the wood furniture w
56、e manufacture domestically is crafted from logs received in our Beecher Falls,Vermont,manufacturing plant and sawmill.More than 20%of our Vermont associates have invested over 30 years in their work for Ethan Allen.Many of those associates are from families with members from multiple generations who
57、ve worked for us.In addition to having exceptional wood-working skills,many of our craftspeople harness their mathematics and computing skills to operate modern CNC machinery,which helps to increase productivity within our facilities.Our craftspeople are also on the front lines of our efforts to man
58、ufacture products in an environmentally sustainable way.Many of the initiatives weve developed to cut landfill waste,boost recycling,and use electricity more efficiently were created from the ground up by the talented people who work in our plants.exceptional craftsmanship89Fiscal 2019 saw the debut
59、 of an expansive line of midcentury-inspired furnishings,updated with vibrant colors,sleek silhouettes,and an incredible mix of materials.Designed for maximum quality at an attractive price point,these pieces have a signature style that appeals to a new generation of clients.Although more modern in
60、aesthetic,the look gets incredible warmth and energy from a large selection of decorative accents in shades of citron,teal,and fire.The look also features a range of inventive lighting,including table lamps crafted from materials like Sukhothai clay and concrete,slender floor lamps with lustrous met
61、al finishes,and industrial-inspired chandeliers and pendants.In addition to a beautiful assortment of framed gicle art prints and photographs,we premiered a range of 3D wall art pieces in this introduction,including both wall sculptures and beautifully textured paper art crafted in the Philippines.A
62、 wide range of new bedcoverings,decorative pillows and throws,and eye-catching rugs add even more vivid color and touchable texture.To attract top design talent,and to keep up with the evolving tastes of consumers,Ethan Allen maintains an incredible portfolio of furnishings.In FY 2019,our product de
63、sign teams,drawing on our“classic design,modern perspective”ethos,developed two new projections and a selection of new outdoor looks designed to appeal to todays tastes and lifestyles.MIDCENTURY MODERN,REIMAGINEDstyleOUR NEW NOD HILL OUTDOOR COLLECTION:STYLISH,SCALED FOR COMFORT,AND DESIGNED TO LAST
64、.89Fiscal 2019 saw the debut of an expansive line of midcentury-inspired furnishings,updated with vibrant colors,sleek silhouettes,and an incredible mix of materials.Designed for maximum quality at an attractive price point,these pieces have a signature style that appeals to a new generation of clie
65、nts.Although more modern in aesthetic,the look gets incredible warmth and energy from a large selection of decorative accents in shades of citron,teal,and fire.The look also features a range of inventive lighting,including table lamps crafted from materials like Sukhothai clay and concrete,slender f
66、loor lamps with lustrous metal finishes,and industrial-inspired chandeliers and pendants.In addition to a beautiful assortment of framed gicle art prints and photographs,we premiered a range of 3D wall art pieces in this introduction,including both wall sculptures and beautifully textured paper art
67、crafted in the Philippines.A wide range of new bedcoverings,decorative pillows and throws,and eye-catching rugs add even more vivid color and touchable texture.To attract top design talent,and to keep up with the evolving tastes of consumers,Ethan Allen maintains an incredible portfolio of furnishin
68、gs.In FY 2019,our product design teams,drawing on our“classic design,modern perspective”ethos,developed two new projections and a selection of new outdoor looks designed to appeal to todays tastes and lifestyles.MIDCENTURY MODERN,REIMAGINEDstyleOUR NEW NOD HILL OUTDOOR COLLECTION:STYLISH,SCALED FOR
69、COMFORT,AND DESIGNED TO LAST.1011Hand-tailored seating is crafted with meticulous attention to detail yet communicates a look of casual couture.Wood furnishings crafted from oak,with finishes wire-brushed by hand to bring out the grain,combine chic silhouettes with welcoming textures.The mix of mate
70、rials oak,canvas,capiz shells,steel,seeded glass and moreadds drama to the minimalist contours of each piece.The look comes together in a beautiful array of pillows,throws,and bedcoverings,presented in a palette of sand and sky.Texture and dimension speak volumes,both in soft goods and across the li
71、ne,where an air of effortless elegance reigns.Breathtaking lighting drawn from multiple design eras,from midcentury to art deco to Old Hollywood,takes the most glamorous elements of each period and presents them with fresh,up-to-date sophistication.RELAXED MODERNOur relaxed modern styles,which debut
72、ed in 2019,are simple,elegant pieces made remarkable by beautiful hand-applied finishes and an innovative mix of materials.1011Hand-tailored seating is crafted with meticulous attention to detail yet communicates a look of casual couture.Wood furnishings crafted from oak,with finishes wire-brushed b
73、y hand to bring out the grain,combine chic silhouettes with welcoming textures.The mix of materials oak,canvas,capiz shells,steel,seeded glass and moreadds drama to the minimalist contours of each piece.The look comes together in a beautiful array of pillows,throws,and bedcoverings,presented in a pa
74、lette of sand and sky.Texture and dimension speak volumes,both in soft goods and across the line,where an air of effortless elegance reigns.Breathtaking lighting drawn from multiple design eras,from midcentury to art deco to Old Hollywood,takes the most glamorous elements of each period and presents
75、 them with fresh,up-to-date sophistication.RELAXED MODERNOur relaxed modern styles,which debuted in 2019,are simple,elegant pieces made remarkable by beautiful hand-applied finishes and an innovative mix of materials.1213EASTVIEW MALL TEXT 585.466.0196 FOR A COMPLIMENTARY DESIGN CONSULTATIONSale goi
76、ng on for a limited time.Exclusions apply.Ask a designer or visit for details.2019 Ethan Allen Global,Inc.S P E C I A L S A V I N G S G O I N G O N N O WV I S I T YO U R L O C A L D E S I G N C E N T E R T O E X P E R I E N C E T H E E T H A N A L L E N D I F F E R E N C E.MAKE IT PERSONALWATER MILL
77、 1054 MONTAUK HIGHWAY 631.726.4652BRING THIS AD TO RECEIVE A FREE GIFT WITH PURCHASE WHILE SUPPLIES LAST.make itPERSONALSAVE UP TO 20%STARTING TOMORROW*Discounts are taken off our Everyday Best Prices.Prior reductions may have been taken.Exclusions apply.Visit a Design Center or for details.Offer en
78、ds July 31,2019.2019 Ethan Allen Global,Inc.INTRODUCING NEW RELAXED MODERN STYLESIn FY 2019,we emphasized our personalized service and the details about our brand that set us apart:craftsmanship,quality,style,and sustainability.We introduced a “Make It Personal”campaign promoting the exclusive exper
79、ience you can only find in our Design Centers.Our tagline,“Every Detail Matters,”remained as part of our core branding message,reinforcing our exceptional attention to detail in every facet of our business model.Print advertising and direct mail magazines remain important mediums for reaching our co
80、re clients and building awareness among new target audiences.The“Make It Personal”message was reflected on the cover and pages of our direct mail pieces,as well as in local print and broadcast advertising.marketingINTRODUCING NEW RELAXED MODERN STYLESVISIT A DESIGN CENTER TO EXPERIENCE THE ETHAN ALL
81、EN DIFFERENCEmake itPERSONALSAVE UP TO 20%*PLUS,ENJOY SPECIAL FINANCING WITH THE NEW ETHAN ALLEN PLATINUM CARDRestrictions apply.See back cover for details.181043_June2019_DirectMail_Final.indd 14/30/19 1:59 PMAs the world changes,one thing remains the same at EthanAllen:We stand for quality,service
82、,craftsmanship,value,and classic design with a modern attitude.Our marketing efforts communicate our core brand messages and value propositions consistently and cohesively across all advertising platforms,from digital and broadcast to direct mail and print.MAKE IT PERSONALPROJECTIONS THROUGHOUT OUR
83、DIRECT MAIL MAGAZINES REINFORCED THE“MAKE IT PERSONAL”MESSAGE,SHOWCASING OUR PRODUCTS IN SETTINGS THAT APPEAL TO THE DISTINCT TASTES AND LIFESTYLES OF VARIOUS DEMOGRAPHICS.Disney1213EASTVIEW MALL TEXT 585.466.0196 FOR A COMPLIMENTARY DESIGN CONSULTATIONSale going on for a limited time.Exclusions app
84、ly.Ask a designer or visit for details.2019 Ethan Allen Global,Inc.S P E C I A L S A V I N G S G O I N G O N N O WV I S I T YO U R L O C A L D E S I G N C E N T E R T O E X P E R I E N C E T H E E T H A N A L L E N D I F F E R E N C E.MAKE IT PERSONALWATER MILL 1054 MONTAUK HIGHWAY 631.726.4652BRING
85、 THIS AD TO RECEIVE A FREE GIFT WITH PURCHASE WHILE SUPPLIES LAST.make itPERSONALSAVE UP TO 20%STARTING TOMORROW*Discounts are taken off our Everyday Best Prices.Prior reductions may have been taken.Exclusions apply.Visit a Design Center or for details.Offer ends July 31,2019.2019 Ethan Allen Global
86、,Inc.INTRODUCING NEW RELAXED MODERN STYLESIn FY 2019,we emphasized our personalized service and the details about our brand that set us apart:craftsmanship,quality,style,and sustainability.We introduced a “Make It Personal”campaign promoting the exclusive experience you can only find in our Design C
87、enters.Our tagline,“Every Detail Matters,”remained as part of our core branding message,reinforcing our exceptional attention to detail in every facet of our business model.Print advertising and direct mail magazines remain important mediums for reaching our core clients and building awareness among
88、 new target audiences.The“Make It Personal”message was reflected on the cover and pages of our direct mail pieces,as well as in local print and broadcast advertising.marketingINTRODUCING NEW RELAXED MODERN STYLESVISIT A DESIGN CENTER TO EXPERIENCE THE ETHAN ALLEN DIFFERENCEmake itPERSONALSAVE UP TO
89、20%*PLUS,ENJOY SPECIAL FINANCING WITH THE NEW ETHAN ALLEN PLATINUM CARDRestrictions apply.See back cover for details.181043_June2019_DirectMail_Final.indd 14/30/19 1:59 PMAs the world changes,one thing remains the same at EthanAllen:We stand for quality,service,craftsmanship,value,and classic design
90、 with a modern attitude.Our marketing efforts communicate our core brand messages and value propositions consistently and cohesively across all advertising platforms,from digital and broadcast to direct mail and print.MAKE IT PERSONALPROJECTIONS THROUGHOUT OUR DIRECT MAIL MAGAZINES REINFORCED THE“MA
91、KE IT PERSONAL”MESSAGE,SHOWCASING OUR PRODUCTS IN SETTINGS THAT APPEAL TO THE DISTINCT TASTES AND LIFESTYLES OF VARIOUS DEMOGRAPHICS.Disney1415Online and mobile shopping are increasingly critical components of the retail experience.Weve continued to improve our website user experience and to invest
92、in both paid and organic marketing strategies to build awareness.In FY 2019,weve enhanced our digital advertising efforts with a variety of strategies to build online awareness and retarget clients whove visited our website.We display personalized room projections and product assortments based on us
93、er demographics and prior activity on our site,and we use social advertising to drive awareness of both monthly promotions and periodic promotional drivers.Increased investment in our organic social media campaigns has broadened awareness of the Ethan Allen brand and introduced our products to a mor
94、e demographically diverse client base.We use these channels to showcase best-selling products,to reinforce our position as a leading interior design company,and to promote new product introductions and promotions that are relevant to our clients.Weve also worked to improve the visibility and experie
95、nce of to meet the expectations of the online shopper.We have expanded and refined our search engine optimization strategies to drive qualified traffic to our website.We have also continued to invest in our successful Live Chat in the U.S.,enabling clients to consult our designers online and reinfor
96、ce our exceptional service message.DIGITAL MARKETING/E-COMMERCE1415Online and mobile shopping are increasingly critical components of the retail experience.Weve continued to improve our website user experience and to invest in both paid and organic marketing strategies to build awareness.In FY 2019,
97、weve enhanced our digital advertising efforts with a variety of strategies to build online awareness and retarget clients whove visited our website.We display personalized room projections and product assortments based on user demographics and prior activity on our site,and we use social advertising
98、 to drive awareness of both monthly promotions and periodic promotional drivers.Increased investment in our organic social media campaigns has broadened awareness of the Ethan Allen brand and introduced our products to a more demographically diverse client base.We use these channels to showcase best
99、-selling products,to reinforce our position as a leading interior design company,and to promote new product introductions and promotions that are relevant to our clients.Weve also worked to improve the visibility and experience of to meet the expectations of the online shopper.We have expanded and r
100、efined our search engine optimization strategies to drive qualified traffic to our website.We have also continued to invest in our successful Live Chat in the U.S.,enabling clients to consult our designers online and reinforce our exceptional service message.DIGITAL MARKETING/E-COMMERCE1617MANUFACTU
101、RINGIn FY 2019,we made changes to our infrastructure to strengthen our supply chain and build a stronger,more efficient business model.Weve transformed our Old Fort,North Carolina,facility into a distribution center for our rapidly expanding U.S.government contract business.We are also investing in
102、the expansion of our Maiden,North Carolina,facility to accommodate increased manufacturing volume.Our production capabilities allow us to craft and deliver furnishings of superior quality at an extraordinary value.Many of our best-selling products are produced in our Vermont and Maiden workshops;the
103、y exemplify the exceptional handcrafted artistry and quality that define us.DISTRIBUTION&DELIVERYWith four national distribution centers and 27 retail division service centers,we ensure exceptional service to the very end of the purchase cycle.Our Premier In-Home Delivery service is integral to the
104、Ethan Allen experience.Our delivery specialists bring furnishings into each clients home,carefully remove protective wrappings,place the furnishings where clients want them to go,and perform assembly when needed.Once clients are happy with their furniture placement,our specialists remove all packagi
105、ng,ensuring the experience is satisfactory from start to finish.vertical integrationDESIGN&SOURCINGEthan Allens reputation for diversity of style and quality is rooted in our strategic design development.Our in-house design team develops product lines that appeal to a wide range of audiences.Our pro
106、duct designers are immersed in the Ethan Allen brand ethos of classic design,modern perspective,and continually draw on the past and present to develop home furnishings that are relevant and competitive in todays marketplace.We also work with artisans all over the world to enhance our exceptional pr
107、oduct offerings.We have exclusive partnerships with specialized vendors whose artistry and workmanship meet our exacting quality standards.Some of our partners include porcelain makers in the Jiangxi region of China,a woman-owned workshop that crafts Vietnamese lacquerware,and ceramicists in Venice
108、whove practiced their craft for generations.One of Ethan Allens greatest competitive strengths is our vertically integrated business structure.Because we design,source,and manufacture the majority of our products and then distribute,market,and deliver them,we are able to maintain quality,control cos
109、ts,and develop an assortment of home furnishings for diverse demographics.1617MANUFACTURINGIn FY 2019,we made changes to our infrastructure to strengthen our supply chain and build a stronger,more efficient business model.Weve transformed our Old Fort,North Carolina,facility into a distribution cent
110、er for our rapidly expanding U.S.government contract business.We are also investing in the expansion of our Maiden,North Carolina,facility to accommodate increased manufacturing volume.Our production capabilities allow us to craft and deliver furnishings of superior quality at an extraordinary value
111、.Many of our best-selling products are produced in our Vermont and Maiden workshops;they exemplify the exceptional handcrafted artistry and quality that define us.DISTRIBUTION&DELIVERYWith four national distribution centers and 27 retail division service centers,we ensure exceptional service to the
112、very end of the purchase cycle.Our Premier In-Home Delivery service is integral to the Ethan Allen experience.Our delivery specialists bring furnishings into each clients home,carefully remove protective wrappings,place the furnishings where clients want them to go,and perform assembly when needed.O
113、nce clients are happy with their furniture placement,our specialists remove all packaging,ensuring the experience is satisfactory from start to finish.vertical integrationDESIGN&SOURCINGEthan Allens reputation for diversity of style and quality is rooted in our strategic design development.Our in-ho
114、use design team develops product lines that appeal to a wide range of audiences.Our product designers are immersed in the Ethan Allen brand ethos of classic design,modern perspective,and continually draw on the past and present to develop home furnishings that are relevant and competitive in todays
115、marketplace.We also work with artisans all over the world to enhance our exceptional product offerings.We have exclusive partnerships with specialized vendors whose artistry and workmanship meet our exacting quality standards.Some of our partners include porcelain makers in the Jiangxi region of Chi
116、na,a woman-owned workshop that crafts Vietnamese lacquerware,and ceramicists in Venice whove practiced their craft for generations.One of Ethan Allens greatest competitive strengths is our vertically integrated business structure.Because we design,source,and manufacture the majority of our products
117、and then distribute,market,and deliver them,we are able to maintain quality,control costs,and develop an assortment of home furnishings for diverse demographics.181939%INTERNATIONALCONTRACT GROWTHIn FY 2019,we continued to build our thriving contract business,which includes a growing number of proje
118、cts with the U.S.government.We also launched our EA+Hospitality brand to strengthen our unique competitive advantage,drawing on our custom capabilities and our vertically integrated infrastructure to offer start-to-finish design and project management solutions.In FY 2019,we modernized and strengthe
119、ned our retail network.Our Design Centers have state-of-the-art technology and smaller footprints that enhance our projections and our in-store experience.This fiscal year,we have relocated several Design Centers in key markets,with stronger demographic profiles and greater visibility.These include
120、Albany,New York;Superior,Colorado;Ann Arbor,Michigan;and Kenwood,Ohio,a major shopping destination in the Cincinnati area.These Design Centers now exist in thriving communities and lifestyle centers,enabling them to prosper in todays retail environment.2%CANADA59%UNITEDSTATES302 DESIGN CENTERS144 CO
121、MPANY OPERATED158 INDEPENDENTLY OPERATEDretailWhile e-commerce is an important facet of our business,our global network of approximately 300 Design Centers sets us apart and continues to be a focal point of our brand.Our retail showrooms offer a highly personalized level of service,where clients can
122、 experience firsthand the quality and breadth of products we offer.IntroducingEthan Allen+:HospitalityYOUR ONE SOURCE FOR TOP-QUALITY,ON-BRAND,ON-TIME FURNISHINGS FULFILLMENT.A STREAMLINED,SUPPORTIVE,AND AGILE DESIGN PROCESS.FULL ACCOUNTABILITY,FROM THE MATERIALS USED,TO DELIVERY AND INSTALLATION,AN
123、D BEYOND.EA+HospitalityAt a glance QUALITYCUSTOMIZATIONCOMPETITIVE PRICINGCONCIERGE-LEVEL SERVICEADAPTABILITY NIMBLE AND RESPONSIVEDEPTH OF RESOURCESSTART-TO-FINISH PROJECT MANAGEMENTETHAN ALLEN PLUS:HOSPITALITYCASE GOODSCASE GOODSCONTEMPORARY COLLECTION 3332STACKING CABINET BASE CLIN:EA-0281,EA-028
124、2 ITEM:289070Levelers;may be paired with Stacking Cabinets 289071,and 289072 32w x 17d x 5.75h(81cm w x 43cm d x 15cm h)Finishes:Khaki(light),Cocoa(dark)CORNER MEDIA CONSOLE CLIN:EA-0276,EA-0277 ITEM:289065One fixed shelf,wire access,levelers 43.25w x 20d x 20h(110cm w x 51cm d x 51cm h)Finishes:Kha
125、ki(light),Cocoa(dark)WOOD FRAME GILT MIRROR CLIN:EA-0275 ITEM:289061Beveled glass 24w x 14d x 72h(61cm w x 36cm d x 183cm h)Finish:Vegas WOOD FRAME MIRROR CLIN:ACC-0070,ACC-0071 ITEM:289060 Beveled glass 24w x 14d x 72h(61cm w x 36cm d x 183cm h)Finishes:Khaki(light),Cocoa(dark)MEDIA CREDENZA CLIN:5
126、105,5505,6108,6606,7108,7606 ITEM:289045Open shelf with wire access,two drawers,levelers,two adjustable shelves behind each door 52w x 22d x 31h(132cm w x 56cm d x 79cm h)Finishes:Khaki(light),Cocoa(dark)COMPUTER DESK CLIN:5506,6607 ITEM:289040Two storage drawers,one file drawer,one keyboard drawer,
127、saber legs 44w x 25d x 30h(112cm w x 64cm d x 76cm h)Finishes:Khaki(light),Cocoa(dark)SOFA TABLE CLIN:7607 ITEM:288067Tapered legs 56w x 21d x 30.25h(142cm w x 53cm d x 77cm h)Finishes:Khaki(light),Cocoa(dark)SMALL END TABLE/NIGHT TABLE CLIN:7304,7404,7504 ITEM:288066One drawer,tapered legs 16w x 18
128、d x 24h(41cm w x 46cm d x 61cm h)Finishes:Khaki(light),Cocoa(dark)TABLE DESK CLIN:EA-0278,EA-0279 ITEM:288065One keyboard drawer 40w x 21d x 30h(102cm w x 53cm d x 76cm h)Finishes:Khaki(light),Cocoa(dark)NESTING END TABLES CLIN:7105,7604 ITEM:288063Two tables 18w x 14d x 22h(46cm w x 36cm d x 56cm h
129、)13.5w x 13.5d x 19h(34cm w x 34cm d x 48cm h)Finishes:Khaki(light),Cocoa(dark)ACCESSORY TABLE CLIN:6107,7106 ITEM:288046One shelf 20dia.x 24h(51cm dia.x 61cm h)Finishes:Khaki(light),Cocoa(dark)END TABLE CLIN:5103,5503,6105,6604 ITEM:288042One drawer,one shelf 20w x 25d x 24 h(51cm w x 64cm d x 61cm
130、 h)Finishes:Khaki(light),Cocoa(dark)COFFEE TABLE CLIN:5104,5504,6106,6605,7104,7605 ITEM:288040Saber legs 40w x 20d x 17h(102cm w x 51cm d x 43cm h)Finishes:Khaki(light),Cocoa(dark)STACKING DOOR CABINET CLIN:7204,EA-0285,EA-0286 ITEM:289072 Shown with Stacking Cabinet Base(289070)Two wood-framed gla
131、ss doors,one shelf 32w x 17d x 27.25h(81cm w x 43cm d x 69cm h)Finishes:Khaki(light),Cocoa(dark)BUFFET CHINA/BASE CLIN:7205 ITEM:289071GKit containing Stacking Cabinet Base(289070)&Stacking Drawer Cabinet(289071).One drawer,two doors,one shelf behind doors,levelers 32w x 17d x 33h(81cm w x 43cm d x
132、84cm h)Finishes:Khaki(light),Cocoa(dark)BOOKCASE CLIN:5106,5508,6109,6609,7107,7609 ITEM:289067Three adjustable shelves,one fixed center shelf,levelers 24w x 14d x 72h(61cm w x 36cm d x 183cm h)Finishes:Khaki(light),Cocoa(dark)STACKING OPEN-SHELF CABINET CLIN:EA-0287,EA-0288 ITEM:289073 Shown with S
133、tacking Cabinet Base(289070)One adjustable shelf 32w x 17d x 27.25h(81cm w x 43cm d x 69cm h)Finishes:Khaki(light),Cocoa(dark)STACKING DRAWER CABINET CLIN:EA-0283,EA-0284 ITEM:289071One drawer,two doors,one shelf behind doors,levelers 32w x 17d x 27.25h(81cm w x 43cm d x 69cm h)Finishes:Khaki(light)
134、,Cocoa(dark)CONTEMPORARY COLLECTION 5CLIN ITEM#QTY DESCRIPTION5101 902114 1 ARCATA 75 SOFA 5102 902111 2 ARCATA CHAIR5103 288042 2 END TABLE5104 288040 1 COFFEE TABLE5105 289045 1 MEDIA CREDENZA5106 289067 1 BOOKCASE5107 097040 2 JAGGER TABLE LAMP (SEE STUDENT,OUTDOOR&LIGHTING CATALOG)5108 092100 1
135、FIONA FLOOR LAMP (SEE STUDENT,OUTDOOR&LIGHTING CATALOG)CO N TE MP O R ARYLiving Room B4SHOWN IN COLOR SCHEME SOFT BLUEALSO AVAILABLE IN NEUTRAL BRONZE,CHARCOAL/RED,AND WARM WHEAT.Department of StateWORLDWIDE RESIDENTIAL FURNITURE PROGRAMContemporary CollectionWe also continued our focus on expanding
136、 Ethan Allens retail presence around the globe.In FY 2019,we opened new Design Centers in Cambodia,China,and Thailand.We have also made great strides in establishing new opportunities in viable,untapped global markets in Europe,Asia,and other regions where Ethan Allen is well positioned to thrive.18
137、1939%INTERNATIONALCONTRACT GROWTHIn FY 2019,we continued to build our thriving contract business,which includes a growing number of projects with the U.S.government.We also launched our EA+Hospitality brand to strengthen our unique competitive advantage,drawing on our custom capabilities and our ver
138、tically integrated infrastructure to offer start-to-finish design and project management solutions.In FY 2019,we modernized and strengthened our retail network.Our Design Centers have state-of-the-art technology and smaller footprints that enhance our projections and our in-store experience.This fis
139、cal year,we have relocated several Design Centers in key markets,with stronger demographic profiles and greater visibility.These include Albany,New York;Superior,Colorado;Ann Arbor,Michigan;and Kenwood,Ohio,a major shopping destination in the Cincinnati area.These Design Centers now exist in thrivin
140、g communities and lifestyle centers,enabling them to prosper in todays retail environment.2%CANADA59%UNITEDSTATES302 DESIGN CENTERS144 COMPANY OPERATED158 INDEPENDENTLY OPERATEDretailWhile e-commerce is an important facet of our business,our global network of approximately 300 Design Centers sets us
141、 apart and continues to be a focal point of our brand.Our retail showrooms offer a highly personalized level of service,where clients can experience firsthand the quality and breadth of products we offer.IntroducingEthan Allen+:HospitalityYOUR ONE SOURCE FOR TOP-QUALITY,ON-BRAND,ON-TIME FURNISHINGS
142、FULFILLMENT.A STREAMLINED,SUPPORTIVE,AND AGILE DESIGN PROCESS.FULL ACCOUNTABILITY,FROM THE MATERIALS USED,TO DELIVERY AND INSTALLATION,AND BEYOND.EA+HospitalityAt a glance QUALITYCUSTOMIZATIONCOMPETITIVE PRICINGCONCIERGE-LEVEL SERVICEADAPTABILITY NIMBLE AND RESPONSIVEDEPTH OF RESOURCESSTART-TO-FINIS
143、H PROJECT MANAGEMENTETHAN ALLEN PLUS:HOSPITALITYCASE GOODSCASE GOODSCONTEMPORARY COLLECTION 3332STACKING CABINET BASE CLIN:EA-0281,EA-0282 ITEM:289070Levelers;may be paired with Stacking Cabinets 289071,and 289072 32w x 17d x 5.75h(81cm w x 43cm d x 15cm h)Finishes:Khaki(light),Cocoa(dark)CORNER MED
144、IA CONSOLE CLIN:EA-0276,EA-0277 ITEM:289065One fixed shelf,wire access,levelers 43.25w x 20d x 20h(110cm w x 51cm d x 51cm h)Finishes:Khaki(light),Cocoa(dark)WOOD FRAME GILT MIRROR CLIN:EA-0275 ITEM:289061Beveled glass 24w x 14d x 72h(61cm w x 36cm d x 183cm h)Finish:Vegas WOOD FRAME MIRROR CLIN:ACC
145、-0070,ACC-0071 ITEM:289060 Beveled glass 24w x 14d x 72h(61cm w x 36cm d x 183cm h)Finishes:Khaki(light),Cocoa(dark)MEDIA CREDENZA CLIN:5105,5505,6108,6606,7108,7606 ITEM:289045Open shelf with wire access,two drawers,levelers,two adjustable shelves behind each door 52w x 22d x 31h(132cm w x 56cm d x
146、 79cm h)Finishes:Khaki(light),Cocoa(dark)COMPUTER DESK CLIN:5506,6607 ITEM:289040Two storage drawers,one file drawer,one keyboard drawer,saber legs 44w x 25d x 30h(112cm w x 64cm d x 76cm h)Finishes:Khaki(light),Cocoa(dark)SOFA TABLE CLIN:7607 ITEM:288067Tapered legs 56w x 21d x 30.25h(142cm w x 53c
147、m d x 77cm h)Finishes:Khaki(light),Cocoa(dark)SMALL END TABLE/NIGHT TABLE CLIN:7304,7404,7504 ITEM:288066One drawer,tapered legs 16w x 18d x 24h(41cm w x 46cm d x 61cm h)Finishes:Khaki(light),Cocoa(dark)TABLE DESK CLIN:EA-0278,EA-0279 ITEM:288065One keyboard drawer 40w x 21d x 30h(102cm w x 53cm d x
148、 76cm h)Finishes:Khaki(light),Cocoa(dark)NESTING END TABLES CLIN:7105,7604 ITEM:288063Two tables 18w x 14d x 22h(46cm w x 36cm d x 56cm h)13.5w x 13.5d x 19h(34cm w x 34cm d x 48cm h)Finishes:Khaki(light),Cocoa(dark)ACCESSORY TABLE CLIN:6107,7106 ITEM:288046One shelf 20dia.x 24h(51cm dia.x 61cm h)Fi
149、nishes:Khaki(light),Cocoa(dark)END TABLE CLIN:5103,5503,6105,6604 ITEM:288042One drawer,one shelf 20w x 25d x 24 h(51cm w x 64cm d x 61cm h)Finishes:Khaki(light),Cocoa(dark)COFFEE TABLE CLIN:5104,5504,6106,6605,7104,7605 ITEM:288040Saber legs 40w x 20d x 17h(102cm w x 51cm d x 43cm h)Finishes:Khaki(
150、light),Cocoa(dark)STACKING DOOR CABINET CLIN:7204,EA-0285,EA-0286 ITEM:289072 Shown with Stacking Cabinet Base(289070)Two wood-framed glass doors,one shelf 32w x 17d x 27.25h(81cm w x 43cm d x 69cm h)Finishes:Khaki(light),Cocoa(dark)BUFFET CHINA/BASE CLIN:7205 ITEM:289071GKit containing Stacking Cab
151、inet Base(289070)&Stacking Drawer Cabinet(289071).One drawer,two doors,one shelf behind doors,levelers 32w x 17d x 33h(81cm w x 43cm d x 84cm h)Finishes:Khaki(light),Cocoa(dark)BOOKCASE CLIN:5106,5508,6109,6609,7107,7609 ITEM:289067Three adjustable shelves,one fixed center shelf,levelers 24w x 14d x
152、 72h(61cm w x 36cm d x 183cm h)Finishes:Khaki(light),Cocoa(dark)STACKING OPEN-SHELF CABINET CLIN:EA-0287,EA-0288 ITEM:289073 Shown with Stacking Cabinet Base(289070)One adjustable shelf 32w x 17d x 27.25h(81cm w x 43cm d x 69cm h)Finishes:Khaki(light),Cocoa(dark)STACKING DRAWER CABINET CLIN:EA-0283,
153、EA-0284 ITEM:289071One drawer,two doors,one shelf behind doors,levelers 32w x 17d x 27.25h(81cm w x 43cm d x 69cm h)Finishes:Khaki(light),Cocoa(dark)CONTEMPORARY COLLECTION 5CLIN ITEM#QTY DESCRIPTION5101 902114 1 ARCATA 75 SOFA 5102 902111 2 ARCATA CHAIR5103 288042 2 END TABLE5104 288040 1 COFFEE TA
154、BLE5105 289045 1 MEDIA CREDENZA5106 289067 1 BOOKCASE5107 097040 2 JAGGER TABLE LAMP (SEE STUDENT,OUTDOOR&LIGHTING CATALOG)5108 092100 1 FIONA FLOOR LAMP (SEE STUDENT,OUTDOOR&LIGHTING CATALOG)CO N T E M P O R A RYLiving Room B4SHOWN IN COLOR SCHEME SOFT BLUEALSO AVAILABLE IN NEUTRAL BRONZE,CHARCOAL/
155、RED,AND WARM WHEAT.Department of StateWORLDWIDE RESIDENTIAL FURNITURE PROGRAMContemporary CollectionWe also continued our focus on expanding Ethan Allens retail presence around the globe.In FY 2019,we opened new Design Centers in Cambodia,China,and Thailand.We have also made great strides in establi
156、shing new opportunities in viable,untapped global markets in Europe,Asia,and other regions where Ethan Allen is well positioned to thrive.Millions0%2%4%6%8%10%12%2019 20182017$680$700$720$740$760$780$800$766.8Consolidated Net SalesAdjusted Operating Margin(a)0%.5%1%1.5%2%2.5%3%3.5%$0$5$10$15$20$25$3
157、0$35$40$45$508.5%6.5%201920182017$20.0$47.03.6%2.3%$29.5consolidated sales&operating marginMillionsCash Dividends PaidTotalDividend Yieldtotal special®ular dividends paid$746.77.4%3.1%$763.4(a)See reconciliation of U.S.GAAP to adjusted key financial measures in the back of this annual report.G:CO
158、NSOLCorporate AccountingSEC FilingsForm 10-K201910-K 2019 FINAL for PRINT.docx 9/12/2019 7:09 PM UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington,D.C.20549 _ FORM 10-K(Mark One)X ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d)OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended
159、June 30,2019 OR TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 1-11692 _ Ethan Allen Interiors Inc.(Exact name of registrant as specified in its charter)Delaware 06-1275288(State or other jurisdiction o
160、f incorporation or organization)(I.R.S.Employer Identification No.)25 Lake Avenue Ext.,Danbury,Connecticut 06811-5286(Address of principal executive offices)(Zip Code)(203)743-8000(Registrants telephone number,including area code)Securities registered pursuant to Section 12(b)of the Act:Common stock
161、$0.01 par value ETH New York Stock Exchange(Title of each class)(Trading symbol)(Name of exchange on which registered)Securities registered pursuant to Section 12(g)of the Act:None Indicate by check mark if the registrant is a well-known seasoned issuer,as defined in Rule 405 of the Securities Act.Y
162、es X No Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d)of the Act.Yes X No Indicate by check mark whether the registrant(1)has filed all reports required to be filed by Section 13 or 15(d)of the Securities Exchange Act of 1934 during t
163、he preceding 12 months(or for such shorter period that the registrant was required to file such reports),and(2)has been subject to such filing requirements for the past 90 days.X Yes No Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to
164、 be submitted pursuant to Rule 405 of Regulation S-T(232.405 of this chapter)during the preceding 12 months(or for such shorter period that the registrant was required to submit such files).X Yes No Indicate by check mark whether the registrant is a large accelerated filer,an accelerated filer,a non
165、-accelerated filer,smaller reporting company or an emerging growth company.See the definitions of“large accelerated filer,”“accelerated filer,”“smaller reporting company,”and“emerging growth company”in Rule 12b-2 of the Exchange Act:Large accelerated filer Accelerated filer X Non-accelerated filer S
166、maller reporting company Emerging growth company If an emerging growth company,indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to section 13(a)of the Exchange Act.Ind
167、icate by check mark whether the registrant is a shell company(as defined in Rule 12b-2 of the Act).Yes X No Millions0%2%4%6%8%10%12%2019 20182017$680$700$720$740$760$780$800$766.8Consolidated Net SalesAdjusted Operating Margin(a)0%.5%1%1.5%2%2.5%3%3.5%$0$5$10$15$20$25$30$35$40$45$508.5%6.5%201920182
168、017$20.0$47.03.6%2.3%$29.5consolidated sales&operating marginMillionsCash Dividends PaidTotalDividend Yieldtotal special®ular dividends paid$746.77.4%3.1%$763.4(a)See reconciliation of U.S.GAAP to adjusted key financial measures in the back of this annual report.G:CONSOLCorporate AccountingSEC Fi
169、lingsForm 10-K201910-K 2019 FINAL for PRINT.docx 9/12/2019 7:09 PM UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington,D.C.20549 _ FORM 10-K(Mark One)X ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d)OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended June 30,2019 OR TRANSITION REP
170、ORT PURSUANT TO SECTION 13 OR 15(d)OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 1-11692 _ Ethan Allen Interiors Inc.(Exact name of registrant as specified in its charter)Delaware 06-1275288(State or other jurisdiction of incorporation or organizatio
171、n)(I.R.S.Employer Identification No.)25 Lake Avenue Ext.,Danbury,Connecticut 06811-5286(Address of principal executive offices)(Zip Code)(203)743-8000(Registrants telephone number,including area code)Securities registered pursuant to Section 12(b)of the Act:Common stock$0.01 par value ETH New York S
172、tock Exchange(Title of each class)(Trading symbol)(Name of exchange on which registered)Securities registered pursuant to Section 12(g)of the Act:None Indicate by check mark if the registrant is a well-known seasoned issuer,as defined in Rule 405 of the Securities Act.Yes X No Indicate by check mark
173、 if the registrant is not required to file reports pursuant to Section 13 or Section 15(d)of the Act.Yes X No Indicate by check mark whether the registrant(1)has filed all reports required to be filed by Section 13 or 15(d)of the Securities Exchange Act of 1934 during the preceding 12 months(or for
174、such shorter period that the registrant was required to file such reports),and(2)has been subject to such filing requirements for the past 90 days.X Yes No Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule
175、 405 of Regulation S-T(232.405 of this chapter)during the preceding 12 months(or for such shorter period that the registrant was required to submit such files).X Yes No Indicate by check mark whether the registrant is a large accelerated filer,an accelerated filer,a non-accelerated filer,smaller rep
176、orting company or an emerging growth company.See the definitions of“large accelerated filer,”“accelerated filer,”“smaller reporting company,”and“emerging growth company”in Rule 12b-2 of the Exchange Act:Large accelerated filer Accelerated filer X Non-accelerated filer Smaller reporting company Emerg
177、ing growth company If an emerging growth company,indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to section 13(a)of the Exchange Act.Indicate by check mark whether th
178、e registrant is a shell company(as defined in Rule 12b-2 of the Act).Yes X No 2 The aggregate market value of the voting and non-voting stock held by non-affiliates of the registrant on December 31,2018,the last business day of the registrants most recently completed second fiscal quarter,was approx
179、imately$419,386,567.The number of shares outstanding of the registrants common stock,$0.01 par value,as of July 25,2019 was 26,586,945.DOCUMENTS INCORPORATED BY REFERENCE Portions of the registrants definitive proxy statement to be filed with the Securities and Exchange Commission pursuant to Regula
180、tion 14A for its 2019 Annual Meeting of Stockholders are incorporated by reference into Part III of this Annual Report on Form 10-K where indicated.Such proxy statement will be filed with the Securities and Exchange Commission within 120 days of the registrants fiscal year ended June 30,2019.ETHAN A
181、LLEN INTERIORS INC.AND SUBSIDIARIES 3 TABLE OF CONTENTS PART I Item 1.Business.5 Item 1A.Risk Factors.11 Item 1B.Unresolved Staff Comments.17 Item 2.Properties.18 Item 3.Legal Proceedings.19 Item 4.Mine Safety Disclosures.19 PART II Item 5.Market for Registrants Common Equity,Related Stockholder Mat
182、ters and Issuer Purchases of Equity Securities.20 Item 6.Selected Financial Data.21 Item 7.Managements Discussion and Analysis of Financial Condition and Results of Operations.22 Item 7A.Quantitative and Qualitative Disclosures About Market Risk.34 Item 8.Financial Statements and Supplementary Data.
183、35 Item 9.Changes in and Disagreements with Accountants on Accounting and Financial Disclosure.66 Item 9A.Controls and Procedures.66 Item 9B.Other Information.66 PART III Item 10.Directors,Executive Officers and Corporate Governance.67 Item 11.Executive Compensation.67 Item 12.Security Ownership of
184、Certain Beneficial Owners and Management and Related Stockholder Matters.67 Item 13.Certain Relationships and Related Transactions,and Director Independence.68 Item 14.Principal Accounting Fees and Services.68 PART IV Item 15.Exhibits,Financial Statement Schedules.68 Item 16.Form 10-K Summary.71 SIG
185、NATURES.72 2 The aggregate market value of the voting and non-voting stock held by non-affiliates of the registrant on December 31,2018,the last business day of the registrants most recently completed second fiscal quarter,was approximately$419,386,567.The number of shares outstanding of the registr
186、ants common stock,$0.01 par value,as of July 25,2019 was 26,586,945.DOCUMENTS INCORPORATED BY REFERENCE Portions of the registrants definitive proxy statement to be filed with the Securities and Exchange Commission pursuant to Regulation 14A for its 2019 Annual Meeting of Stockholders are incorporat
187、ed by reference into Part III of this Annual Report on Form 10-K where indicated.Such proxy statement will be filed with the Securities and Exchange Commission within 120 days of the registrants fiscal year ended June 30,2019.ETHAN ALLEN INTERIORS INC.AND SUBSIDIARIES 3 TABLE OF CONTENTS PART I Item
188、 1.Business.5 Item 1A.Risk Factors.11 Item 1B.Unresolved Staff Comments.17 Item 2.Properties.18 Item 3.Legal Proceedings.19 Item 4.Mine Safety Disclosures.19 PART II Item 5.Market for Registrants Common Equity,Related Stockholder Matters and Issuer Purchases of Equity Securities.20 Item 6.Selected F
189、inancial Data.21 Item 7.Managements Discussion and Analysis of Financial Condition and Results of Operations.22 Item 7A.Quantitative and Qualitative Disclosures About Market Risk.34 Item 8.Financial Statements and Supplementary Data.35 Item 9.Changes in and Disagreements with Accountants on Accounti
190、ng and Financial Disclosure.66 Item 9A.Controls and Procedures.66 Item 9B.Other Information.66 PART III Item 10.Directors,Executive Officers and Corporate Governance.67 Item 11.Executive Compensation.67 Item 12.Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Ma
191、tters.67 Item 13.Certain Relationships and Related Transactions,and Director Independence.68 Item 14.Principal Accounting Fees and Services.68 PART IV Item 15.Exhibits,Financial Statement Schedules.68 Item 16.Form 10-K Summary.71 SIGNATURES.72 ETHAN ALLEN INTERIORS INC.AND SUBSIDIARIES 4 CAUTIONARY
192、NOTE REGARDING FORWARD-LOOKING STATEMENTS(SAFE-HARBOR)This Annual Report on Form 10-K contains certain statements which may constitute“forward-looking statements”within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934.Generally,forward-l
193、ooking statements give current expectations and projections relating to financial condition,results of operations,plans,objectives,future performance and business.A reader can identify forward-looking statements by the fact that they do not relate strictly to historical or current facts.These statem
194、ents may include words such as“anticipate,”“estimate,”“expect,”“project,”“plan,”“intend,”“believe,”“continue,”“may,”“will,”“short-term,”“target,”“outlook,”“forecast,”“guidance,”“non-recurring,”“one-time,”“unusual,”“should,”“likely”and other words and terms of similar meaning in connection with any d
195、iscussion of the timing or nature of future operating or financial performance or other events.Forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those that are expected.Ethan Allen Interiors Inc.and its subsidiaries(the“Company”
196、)derive many of its forward-looking statements from operating budgets and forecasts,which are based upon many detailed assumptions.While the Company believes that its assumptions are reasonable,it cautions that it is very difficult to predict the impact of known factors and it is impossible for the
197、Company to anticipate all factors that could affect actual results and matters that are identified as“short term,”“non-recurring,”“unusual,”“one-time,”or other words and terms of similar meaning may in fact recur in one or more future financial reporting periods.Important factors that could cause ac
198、tual results to differ materially from the Companys expectations,or cautionary statements,are disclosed in Item 1A,Risk Factors,Item 7,Managements Discussion and Analysis of Financial Condition and Results of Operations,and elsewhere in this Annual Report Form 10-K.All forward-looking statements att
199、ributable to the Company,or persons acting on its behalf,are expressly qualified in their entirety by these cautionary statements,as well as other cautionary statements.A reader should evaluate all forward-looking statements made in this Annual Report on Form 10-K in the context of these risks and u
200、ncertainties.Given the risks and uncertainties surrounding forward-looking statements,you should not place undue reliance on these statements.Many of these factors are beyond our ability to control or predict.The forward-looking statements included in this Annual Report on Form 10-K are made only as
201、 of the date hereof.The Company undertakes no obligation to publicly update or revise any forward-looking statement,whether as a result of new information,future events or otherwise,except as otherwise required by law.ETHAN ALLEN INTERIORS INC.AND SUBSIDIARIES 5 PART I ITEM 1.BUSINESS Overview Found
202、ed in 1932 and incorporated in Delaware in 1989,Ethan Allen Interiors Inc.,through its wholly-owned subsidiary,Ethan Allen Global,Inc.,and Ethan Allen Global,Inc.s subsidiaries(collectively,“we,”“us,”“our,”“Ethan Allen”or the“Company”),is a leading interior design company,manufacturer and retailer i
203、n the home furnishings marketplace.Today we are a global luxury international home fashion brand that is vertically integrated from design through delivery,which affords our clientele a value proposition of style,quality and price.We provide complimentary interior design service to our customers and
204、 sell a full range of furniture products and decorative accents through a retail network of approximately 300 design centers in the United States and abroad as well as online at .The design centers represent a mix of independent licensees and Company-owned and operated locations.We own and operate s
205、ix manufacturing facilities,including three manufacturing plants and one sawmill in the United States and one upholstery manufacturing plant in Mexico and one case goods manufacturing plant in Honduras.Business Strategy Our strategy has been to position Ethan Allen as a preferred brand offering comp
206、limentary design service together with products of superior style,quality and value to provide consumers with a comprehensive,one-stop shopping solution for their home furnishing and interior design needs.In carrying out our strategy,we continue to expand our reach to a broader consumer base through
207、 a diverse selection of attractively priced products,designed to complement one another,reflecting current fashion trends in home decorating.We continuously monitor changes in home fashion trends through attendance at international industry events and fashion shows,internal market research,and regul
208、ar communication with our retailers and design center design consultants who provide valuable input on consumer trends.We believe that the observations and input gathered enable us to incorporate appropriate style details into our products to react quickly to changing consumer tastes.Product The maj
209、ority of the products we sell are built by artisans in our North American plants.Most upholstery frames are hand-assembled and stitching is guided by hand.We select international partners who are as committed to quality and social responsibility as we are.All case goods frames are made with premium
210、lumber and veneers.We use best-in-class construction techniques,including mortise and tenon joinery and four-corner glued dovetail joinery on drawers.We combine technology with personal service and maintain an up-to-date broad range of styles and custom options in keeping with todays home decorating
211、 trends.These factors continue to define Ethan Allen,positioning us as a fashion leader in the home furnishing industry.The interior of our design centers,which have been substantially refreshed during the past three fiscal years,are organized to facilitate display of our product offerings,both in r
212、oom settings that project the category lifestyle and by product grouping to facilitate comparisons of the styles and tastes of our customers.To further enhance the experience,technology is used to expand the range of products viewed by including content from our website and 3-D digital images in app
213、lications used on large touch-screen flat panel displays.Product Development Using a combination of employees and designers,we design the majority of the products we sell.All of our products are Ethan Allen branded.This important facet of our vertically integrated business enables us to control the
214、design specifications and establish consistent levels of quality across all our product programs.In addition to our four United States manufacturing facilities,we have an upholstery manufacturing facility in Mexico and a case goods manufacturing facility in Honduras.Approximately 75%of our products
215、are manufactured or assembled in these North American facilities.We selectively outsource the remaining 25%of our products,primarily from Asia.We carefully select our sourcing partners and require strict compliance with our specifications and quality standards.We believe that strategic investments i
216、n our manufacturing facilities balanced with outsourcing from foreign and domestic suppliers would enable us to accommodate any significant future sales growth and allow us to maintain an appropriate degree of control over cost,quality and service to our customers.Raw Materials and Other Suppliers T
217、he most important raw materials we use in furniture manufacturing are lumber,veneers,plywood,hardware,glue,finishing materials,glass,laminates,steel,fabrics,foam,and filling material.The various types of wood used in our products include cherry,ash,oak,maple,prima vera,African mahogany,birch,rubber
218、wood and poplar.ETHAN ALLEN INTERIORS INC.AND SUBSIDIARIES 4 CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS(SAFE-HARBOR)This Annual Report on Form 10-K contains certain statements which may constitute“forward-looking statements”within the meaning of Section 27A of the Securities Act of 1933 an
219、d Section 21E of the Securities Exchange Act of 1934.Generally,forward-looking statements give current expectations and projections relating to financial condition,results of operations,plans,objectives,future performance and business.A reader can identify forward-looking statements by the fact that
220、 they do not relate strictly to historical or current facts.These statements may include words such as“anticipate,”“estimate,”“expect,”“project,”“plan,”“intend,”“believe,”“continue,”“may,”“will,”“short-term,”“target,”“outlook,”“forecast,”“guidance,”“non-recurring,”“one-time,”“unusual,”“should,”“like
221、ly”and other words and terms of similar meaning in connection with any discussion of the timing or nature of future operating or financial performance or other events.Forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those that
222、are expected.Ethan Allen Interiors Inc.and its subsidiaries(the“Company”)derive many of its forward-looking statements from operating budgets and forecasts,which are based upon many detailed assumptions.While the Company believes that its assumptions are reasonable,it cautions that it is very diffic
223、ult to predict the impact of known factors and it is impossible for the Company to anticipate all factors that could affect actual results and matters that are identified as“short term,”“non-recurring,”“unusual,”“one-time,”or other words and terms of similar meaning may in fact recur in one or more
224、future financial reporting periods.Important factors that could cause actual results to differ materially from the Companys expectations,or cautionary statements,are disclosed in Item 1A,Risk Factors,Item 7,Managements Discussion and Analysis of Financial Condition and Results of Operations,and else
225、where in this Annual Report Form 10-K.All forward-looking statements attributable to the Company,or persons acting on its behalf,are expressly qualified in their entirety by these cautionary statements,as well as other cautionary statements.A reader should evaluate all forward-looking statements mad
226、e in this Annual Report on Form 10-K in the context of these risks and uncertainties.Given the risks and uncertainties surrounding forward-looking statements,you should not place undue reliance on these statements.Many of these factors are beyond our ability to control or predict.The forward-looking
227、 statements included in this Annual Report on Form 10-K are made only as of the date hereof.The Company undertakes no obligation to publicly update or revise any forward-looking statement,whether as a result of new information,future events or otherwise,except as otherwise required by law.ETHAN ALLE
228、N INTERIORS INC.AND SUBSIDIARIES 5 PART I ITEM 1.BUSINESS Overview Founded in 1932 and incorporated in Delaware in 1989,Ethan Allen Interiors Inc.,through its wholly-owned subsidiary,Ethan Allen Global,Inc.,and Ethan Allen Global,Inc.s subsidiaries(collectively,“we,”“us,”“our,”“Ethan Allen”or the“Co
229、mpany”),is a leading interior design company,manufacturer and retailer in the home furnishings marketplace.Today we are a global luxury international home fashion brand that is vertically integrated from design through delivery,which affords our clientele a value proposition of style,quality and pri
230、ce.We provide complimentary interior design service to our customers and sell a full range of furniture products and decorative accents through a retail network of approximately 300 design centers in the United States and abroad as well as online at .The design centers represent a mix of independent
231、 licensees and Company-owned and operated locations.We own and operate six manufacturing facilities,including three manufacturing plants and one sawmill in the United States and one upholstery manufacturing plant in Mexico and one case goods manufacturing plant in Honduras.Business Strategy Our stra
232、tegy has been to position Ethan Allen as a preferred brand offering complimentary design service together with products of superior style,quality and value to provide consumers with a comprehensive,one-stop shopping solution for their home furnishing and interior design needs.In carrying out our str
233、ategy,we continue to expand our reach to a broader consumer base through a diverse selection of attractively priced products,designed to complement one another,reflecting current fashion trends in home decorating.We continuously monitor changes in home fashion trends through attendance at internatio
234、nal industry events and fashion shows,internal market research,and regular communication with our retailers and design center design consultants who provide valuable input on consumer trends.We believe that the observations and input gathered enable us to incorporate appropriate style details into o
235、ur products to react quickly to changing consumer tastes.Product The majority of the products we sell are built by artisans in our North American plants.Most upholstery frames are hand-assembled and stitching is guided by hand.We select international partners who are as committed to quality and soci
236、al responsibility as we are.All case goods frames are made with premium lumber and veneers.We use best-in-class construction techniques,including mortise and tenon joinery and four-corner glued dovetail joinery on drawers.We combine technology with personal service and maintain an up-to-date broad r
237、ange of styles and custom options in keeping with todays home decorating trends.These factors continue to define Ethan Allen,positioning us as a fashion leader in the home furnishing industry.The interior of our design centers,which have been substantially refreshed during the past three fiscal year
238、s,are organized to facilitate display of our product offerings,both in room settings that project the category lifestyle and by product grouping to facilitate comparisons of the styles and tastes of our customers.To further enhance the experience,technology is used to expand the range of products vi
239、ewed by including content from our website and 3-D digital images in applications used on large touch-screen flat panel displays.Product Development Using a combination of employees and designers,we design the majority of the products we sell.All of our products are Ethan Allen branded.This importan
240、t facet of our vertically integrated business enables us to control the design specifications and establish consistent levels of quality across all our product programs.In addition to our four United States manufacturing facilities,we have an upholstery manufacturing facility in Mexico and a case go
241、ods manufacturing facility in Honduras.Approximately 75%of our products are manufactured or assembled in these North American facilities.We selectively outsource the remaining 25%of our products,primarily from Asia.We carefully select our sourcing partners and require strict compliance with our spec
242、ifications and quality standards.We believe that strategic investments in our manufacturing facilities balanced with outsourcing from foreign and domestic suppliers would enable us to accommodate any significant future sales growth and allow us to maintain an appropriate degree of control over cost,
243、quality and service to our customers.Raw Materials and Other Suppliers The most important raw materials we use in furniture manufacturing are lumber,veneers,plywood,hardware,glue,finishing materials,glass,laminates,steel,fabrics,foam,and filling material.The various types of wood used in our product
244、s include cherry,ash,oak,maple,prima vera,African mahogany,birch,rubber wood and poplar.ETHAN ALLEN INTERIORS INC.AND SUBSIDIARIES 6 Fabrics and other raw materials are purchased both domestically and outside the United States.We have no significant long-term supply contracts,and have sufficient alt
245、ernate sources of supply to prevent disruption in supplying our operations.We maintain a number of sources for our raw materials,which we believe contribute to our ability to obtain competitive pricing.Lumber prices and availability fluctuate over time based on factors such as weather and demand.The
246、 cost of some of our raw materials such as foam and shipping costs are dependent on petroleum cost.Higher material prices,cost of petroleum,and costs of sourced products could have an adverse effect on margins.Appropriate amounts of lumber and fabric inventory are typically stocked to maintain adequ
247、ate production levels.We believe that our sources of supply for these materials are sufficient and that we are not dependent on any one supplier.We enter into standard purchase agreements with foreign and domestic suppliers to source selected products.The terms of these arrangements are customary fo
248、r the industry and do not contain any long-term contractual obligations on our behalf.We believe we maintain good relationships with our suppliers.Segments We have strategically aligned our business into two reportable segments:Wholesale and Retail.These two segments represent strategic business are
249、as of our vertically integrated enterprise that operate separately and provide their own distinctive services.This vertical structure enables us to offer our complete line of home furnishings and accents while controlling quality and cost.We evaluate performance of the respective segments based upon
250、 net sales and operating income.Inter-segment transactions result,primarily,from the wholesale sale of inventory to the retail segment,including the related profit margin.Financial information,including sales,operating income and long-lived assets related to our segments are disclosed in Note 19,Seg
251、ment Information,of the notes to our consolidated financial statements included under Item 8 of this Annual Report on Form 10-K.As of June 30,2019,the Company operated 144 design centers(our retail segment)and our independent retailers operated 158 design centers.Our wholesale segment net sales incl
252、ude sales to our retail segment,which are eliminated in consolidation,sales to our independent retailers and unaffiliated third parties.The following charts depict net sales related to our reportable segments.We believe that the demand for furniture generally reflects sensitivity to overall economic
253、 conditions,including consumer confidence,housing market conditions and unemployment rates.For both our segments,the second and fourth quarters are historically the seasonally highest-volume sales quarters.However,during fiscal 2019,we experienced our largest sales volume quarter for our wholesale b
254、usiness during the first quarter while our retail segment had its highest sales volume during the second quarter.We believe this fiscal 2019 experience was not an indicator that our seasonal trends are changing.Retail Segment The retail segment,which accounted for 79%of net sales during fiscal 2019,
255、sells home furnishings and accents to consumers through a network of Company operated design centers.Retail revenue is generated upon the retail sale and delivery of our products to our retail customers through our network of service centers.Retail profitability reflects(i)the retail gross margin,wh
256、ich represents the difference between the retail net sales price and the cost of goods,purchased primarily from the wholesale segment,and(ii)other operating costs associated with retail segment activities.We measure the performance of our design centers based on net sales and written orders booked o
257、n a comparable period basis.Comparable design centers are those which have been operating for at least 15 months,including relocated design centers provided the original and relocated design center location had been operating for at least 15 months on a combined basis.During ETHAN ALLEN INTERIORS IN
258、C.AND SUBSIDIARIES 7 the first three months of operations of newly opened design centers,written orders are booked but minimal net sales are achieved through the delivery of products.Design centers we acquire from independent retailers are included in comparable design center sales in their 13th ful
259、l month of Ethan Allen-owned operations.The frequency of our promotional events as well as the timing of the end of those events can also affect the comparability of orders booked during a given period.Due to the nature of the business in which the retail segment operates,there are no customer conce
260、ntration risks.The retail segments product line revenue,expressed as a percentage of net sales,is comprised of approximately 48%in upholstered products,30%case goods and the remaining 22%in home accents and other.During fiscal 2019,we acquired two new design centers in the United States from indepen
261、dent retailers and closed six locations,which is net of three relocations.The geographic distribution of retail design center locations is disclosed under Item 2,Properties,contained in Part I of this Annual Report on Form 10-K.Wholesale Segment The wholesale segment,which accounted for 21%of net sa
262、les during fiscal 2019,is principally involved in the development of the Ethan Allen brand and encompasses all aspects of design,manufacture,sourcing,marketing,sale and distribution of our broad range of home furnishings and accents.Wholesale revenue is generated upon the sale and shipment of our pr
263、oducts to our retail network of independently operated design centers,Company operated design centers and other contract customers.Sales to ten of our largest customers accounted for 21%of revenues within our wholesale segment during fiscal 2019.Within the wholesale segment,we maintain revenue infor
264、mation according to each respective product line(i.e.case goods,upholstery,and home accents).Case goods include items such as beds,dressers,armoires,tables,chairs,buffets,entertainment units,home office furniture,and wooden accents.Upholstery items include sleepers,recliners and other motion furnitu
265、re,chairs,ottomans,custom pillows,sofas,loveseats,cut fabrics and leather.Skilled artisans cut,sew and upholster custom-designed upholstery items which are available in a variety of frame,fabric and trim options.Home accent items include window treatments and drapery hardware,wall decor,florals,ligh
266、ting,clocks,mattresses,bedspreads,throws,pillows,decorative accents,area rugs,wall coverings and home and garden furnishings.Wholesale profitability includes(i)the wholesale gross margin,which represents the difference between the wholesale net sales price and the cost associated with manufacturing
267、and/or sourcing the related product,and(ii)other operating costs associated with wholesale segment activities.The wholesale segments product line revenue,expressed as a percentage of net sales,is comprised of approximately 50%in upholstered products,33%case goods and the remaining 17%in home accents
268、 and other.As of June 30,2019,our wholesale backlog was$46.4 million(as compared to$56.5 million as of June 30,2018)which is anticipated to be serviced in the first quarter of fiscal 2020.Our backlog was down 18.0%as our manufacturing operations returned to normal throughput as compared to the prior
269、 years longer production lead-times primarily related to the GSA contract startup.Our wholesale backlog fluctuates based on the timing of net orders booked,manufacturing schedules and efficiency,the timing of sourced product receipts,the timing and volume of wholesale shipments,and the timing of var
270、ious promotional events.Because orders may be rescheduled and/or canceled and the sourcing timing may change,the measure of backlog at a point in time is not necessarily indicative of future sales performance.Our independent retailers are required to enter into license agreements with us,which(i)aut
271、horize the use of certain Ethan Allen trademarks and(ii)require adherence to certain standards of operation,including a requirement to fulfill related warranty service agreements.We are not subject to any territorial or exclusive retailer agreements in North America.The geographic distribution of ma
272、nufacturing and distribution locations is disclosed under Item 2,Properties,contained in Part I of this Annual Report on Form 10-K.Talent Since our founding,we have built a collaborative culture that recognizes and rewards innovation and offers employees a variety of opportunities and experiences.Ou
273、r employees are critical to our success and are one of the main reasons we continue to execute at a high level.We believe our continued focus on making employee engagement a top priority will help us provide high quality products and services to our customers.At June 30,2019 our employee count total
274、ed 4,700,a decrease from 5,200 a year ago,which reflects the impact of restructuring actions taken to further optimize our manufacturing and logistics operations.The majority of our employees are employed on a ETHAN ALLEN INTERIORS INC.AND SUBSIDIARIES 6 Fabrics and other raw materials are purchased
275、 both domestically and outside the United States.We have no significant long-term supply contracts,and have sufficient alternate sources of supply to prevent disruption in supplying our operations.We maintain a number of sources for our raw materials,which we believe contribute to our ability to obt
276、ain competitive pricing.Lumber prices and availability fluctuate over time based on factors such as weather and demand.The cost of some of our raw materials such as foam and shipping costs are dependent on petroleum cost.Higher material prices,cost of petroleum,and costs of sourced products could ha
277、ve an adverse effect on margins.Appropriate amounts of lumber and fabric inventory are typically stocked to maintain adequate production levels.We believe that our sources of supply for these materials are sufficient and that we are not dependent on any one supplier.We enter into standard purchase a
278、greements with foreign and domestic suppliers to source selected products.The terms of these arrangements are customary for the industry and do not contain any long-term contractual obligations on our behalf.We believe we maintain good relationships with our suppliers.Segments We have strategically
279、aligned our business into two reportable segments:Wholesale and Retail.These two segments represent strategic business areas of our vertically integrated enterprise that operate separately and provide their own distinctive services.This vertical structure enables us to offer our complete line of hom
280、e furnishings and accents while controlling quality and cost.We evaluate performance of the respective segments based upon net sales and operating income.Inter-segment transactions result,primarily,from the wholesale sale of inventory to the retail segment,including the related profit margin.Financi
281、al information,including sales,operating income and long-lived assets related to our segments are disclosed in Note 19,Segment Information,of the notes to our consolidated financial statements included under Item 8 of this Annual Report on Form 10-K.As of June 30,2019,the Company operated 144 design
282、 centers(our retail segment)and our independent retailers operated 158 design centers.Our wholesale segment net sales include sales to our retail segment,which are eliminated in consolidation,sales to our independent retailers and unaffiliated third parties.The following charts depict net sales rela
283、ted to our reportable segments.We believe that the demand for furniture generally reflects sensitivity to overall economic conditions,including consumer confidence,housing market conditions and unemployment rates.For both our segments,the second and fourth quarters are historically the seasonally hi
284、ghest-volume sales quarters.However,during fiscal 2019,we experienced our largest sales volume quarter for our wholesale business during the first quarter while our retail segment had its highest sales volume during the second quarter.We believe this fiscal 2019 experience was not an indicator that
285、our seasonal trends are changing.Retail Segment The retail segment,which accounted for 79%of net sales during fiscal 2019,sells home furnishings and accents to consumers through a network of Company operated design centers.Retail revenue is generated upon the retail sale and delivery of our products
286、 to our retail customers through our network of service centers.Retail profitability reflects(i)the retail gross margin,which represents the difference between the retail net sales price and the cost of goods,purchased primarily from the wholesale segment,and(ii)other operating costs associated with
287、 retail segment activities.We measure the performance of our design centers based on net sales and written orders booked on a comparable period basis.Comparable design centers are those which have been operating for at least 15 months,including relocated design centers provided the original and relo
288、cated design center location had been operating for at least 15 months on a combined basis.During ETHAN ALLEN INTERIORS INC.AND SUBSIDIARIES 7 the first three months of operations of newly opened design centers,written orders are booked but minimal net sales are achieved through the delivery of prod
289、ucts.Design centers we acquire from independent retailers are included in comparable design center sales in their 13th full month of Ethan Allen-owned operations.The frequency of our promotional events as well as the timing of the end of those events can also affect the comparability of orders booke
290、d during a given period.Due to the nature of the business in which the retail segment operates,there are no customer concentration risks.The retail segments product line revenue,expressed as a percentage of net sales,is comprised of approximately 48%in upholstered products,30%case goods and the rema
291、ining 22%in home accents and other.During fiscal 2019,we acquired two new design centers in the United States from independent retailers and closed six locations,which is net of three relocations.The geographic distribution of retail design center locations is disclosed under Item 2,Properties,conta
292、ined in Part I of this Annual Report on Form 10-K.Wholesale Segment The wholesale segment,which accounted for 21%of net sales during fiscal 2019,is principally involved in the development of the Ethan Allen brand and encompasses all aspects of design,manufacture,sourcing,marketing,sale and distribut
293、ion of our broad range of home furnishings and accents.Wholesale revenue is generated upon the sale and shipment of our products to our retail network of independently operated design centers,Company operated design centers and other contract customers.Sales to ten of our largest customers accounted
294、 for 21%of revenues within our wholesale segment during fiscal 2019.Within the wholesale segment,we maintain revenue information according to each respective product line(i.e.case goods,upholstery,and home accents).Case goods include items such as beds,dressers,armoires,tables,chairs,buffets,enterta
295、inment units,home office furniture,and wooden accents.Upholstery items include sleepers,recliners and other motion furniture,chairs,ottomans,custom pillows,sofas,loveseats,cut fabrics and leather.Skilled artisans cut,sew and upholster custom-designed upholstery items which are available in a variety
296、 of frame,fabric and trim options.Home accent items include window treatments and drapery hardware,wall decor,florals,lighting,clocks,mattresses,bedspreads,throws,pillows,decorative accents,area rugs,wall coverings and home and garden furnishings.Wholesale profitability includes(i)the wholesale gros
297、s margin,which represents the difference between the wholesale net sales price and the cost associated with manufacturing and/or sourcing the related product,and(ii)other operating costs associated with wholesale segment activities.The wholesale segments product line revenue,expressed as a percentag
298、e of net sales,is comprised of approximately 50%in upholstered products,33%case goods and the remaining 17%in home accents and other.As of June 30,2019,our wholesale backlog was$46.4 million(as compared to$56.5 million as of June 30,2018)which is anticipated to be serviced in the first quarter of fi
299、scal 2020.Our backlog was down 18.0%as our manufacturing operations returned to normal throughput as compared to the prior years longer production lead-times primarily related to the GSA contract startup.Our wholesale backlog fluctuates based on the timing of net orders booked,manufacturing schedule
300、s and efficiency,the timing of sourced product receipts,the timing and volume of wholesale shipments,and the timing of various promotional events.Because orders may be rescheduled and/or canceled and the sourcing timing may change,the measure of backlog at a point in time is not necessarily indicati
301、ve of future sales performance.Our independent retailers are required to enter into license agreements with us,which(i)authorize the use of certain Ethan Allen trademarks and(ii)require adherence to certain standards of operation,including a requirement to fulfill related warranty service agreements
302、.We are not subject to any territorial or exclusive retailer agreements in North America.The geographic distribution of manufacturing and distribution locations is disclosed under Item 2,Properties,contained in Part I of this Annual Report on Form 10-K.Talent Since our founding,we have built a colla
303、borative culture that recognizes and rewards innovation and offers employees a variety of opportunities and experiences.Our employees are critical to our success and are one of the main reasons we continue to execute at a high level.We believe our continued focus on making employee engagement a top
304、priority will help us provide high quality products and services to our customers.At June 30,2019 our employee count totaled 4,700,a decrease from 5,200 a year ago,which reflects the impact of restructuring actions taken to further optimize our manufacturing and logistics operations.The majority of
305、our employees are employed on a ETHAN ALLEN INTERIORS INC.AND SUBSIDIARIES 8 full time basis and we believe we maintain good relationships with our employees.None of our employees are represented by unions or collective bargaining agreements.Customer Service Offerings We offer numerous customer serv
306、ice programs,each of which has been developed and introduced to consumers in an effort to make their shopping experience easier and more enjoyable.Gift Card.This program allows customers to purchase and redeem gift cards through our website or at any participating retail design center,which can be u
307、sed for any of our products or services.Ethan Allen Consumer Credit.The Ethan Allen Platinum consumer credit program offers customers a menu of custom financing options.Financing offered through this program is administered by a third-party financial institution and is granted to our customers on a
308、non-recourse basis to the Company.Customers may apply for an Ethan Allen Platinum card at any participating design center or online at .Marketing Rooted in the five pillars of our brand diversity of style,quality and craftsmanship,sustainability,complimentary design service,and premier in-home deliv
309、ery Ethan Allens marketing programs are designed to drive traffic to our retail network of approximately 300 design centers as well as to our e-commerce and social sites.Our marketing approach begins with a customer experience that exemplifies the Ethan Allen difference.Through interactions in the d
310、esign center,monitoring and response to online reviews and social channels,and surveys,we work to incorporate the voices of our customers into every decision we make.By deploying customer relationship management tools,we are further segmenting our target markets,creating a more personalized shopping
311、 experience and developing more personalized content than ever before.Our new Ethan Allen Platinum consumer credit program,designed to make the Ethan Allen brand accessible to everyone,had a successful national launch and should continue to attract both new prospects and returning customers.Through
312、both paid and owned channels,we continue to position Ethan Allen as an aspirational yet approachable brand.We deliver these messages in a variety of ways locally,nationally,and globally to connect and engage with our target audience and drive sales.Direct mail continues to be a critical marketing me
313、dium for us.Our magazine,distributed to almost 22 million households,enables customers and prospects to immerse themselves in inspirational photos of our products;it is also a frequent starting point for conversations with our designers.We strive to be present at natural connection points with custo
314、mers,using targeted direct mail pieces like our new movers brochure.Along with our magazine,each direct mail piece is distributed to a targeted marketing segment based on data collected internally and through independent market research.In addition to newspapers and shelter magazines,local efforts c
315、omplement and strengthen our national marketing strategy with many markets increasing their reach through targeted broadcast,streaming radio,local digital and robust social initiatives.As online shopping takes on increasing importance,we have continued to improve both user experience and conversion
316、optimization on and ethanallen.ca.We invest in both paid and organic search engine marketing,and we work to improve the local search rankings of each design center location.We have also continued to improve our programs for collecting user-generated content,both from customers and designers,which sh
317、owcases the way our customers are living with Ethan Allen.Our new EA InHomeTM mobile app,which utilizes augmented reality,gives customers the ability to preview products in their space before they make a purchase;our 3-D room planner,available in design centers,offers an even more immersive experien
318、ce and helps move customers toward conversion.Significant growth in our organic social following,including a 25%increase in Instagram followers during the 2018 calendar year,and paid social campaigns help bring awareness of the Ethan Allen brand to every demographic.We utilize these channels to buil
319、d a sense of community,and by extension brand loyalty,among our current and prospective customers.Competition We believe the home furnishings industry competes primarily on the basis of product styling and quality,personal service,prompt delivery,product availability and price.We further believe tha
320、t we effectively compete on the basis of each of these factors and that,more specifically under our vertical structure,our complimentary interior design service,direct manufacturing,white glove delivery service,product presentations,and website create a competitive advantage,further supporting our m
321、ission of providing consumers with a complete home decorating and design solution.We also believe that ETHAN ALLEN INTERIORS INC.AND SUBSIDIARIES 9 we differentiate ourselves further with the quality of our interior design service through our intensive training and the caliber of our design consulta
322、nts.Our objective is to continue to develop and strengthen our retail network by(i)expanding the Company operated retail business through the repositioning and opening of new design centers,(ii)obtaining and retaining independent retailers,encouraging such retailers to expand their business through
323、the opening or relocation of new design centers with the objective of increasing the volume of their sales,(iii)further expanding our sales network through our independent design associates and realtor referral programs,and(iv)further expanding our ecommerce.At Ethan Allen,our internet strategy is t
324、o drive traffic into our design centers by combining technology with excellent personal service.Though our customers have the opportunity to buy our products online,we take the process further.With so much of our product customizable,we encourage our website customers to get personal help from our i
325、nterior design professionals either in person or by chatting online with one of our qualified design consultants.This complimentary direct contact with one of our knowledgeable interior designers creates a competitive advantage through our excellent personal service.This enhances the online experien
326、ce and regularly leads to internet customers becoming customers of our network of interior design centers.Retail Design Centers We continue to strengthen the Ethen Allen brand with many initiatives,including the opening of new design centers and relocating or consolidating certain existing design an
327、d service centers,regularly updating presentations and floor plans,and strengthening of the qualifications of our designers through training and certification.Ethan Allen design centers are typically located in busy retail settings as freestanding destinations or as part of town centers,lifestyle ce
328、nters,suburban strip malls or shopping malls,depending upon the real estate opportunities in a particular market.Our 144 Company operated retail design centers average approximately 15,300 square feet in size with 63%of them ranging between 10,000 and 20,000 square feet,while 21%being less than 10,0
329、00 square feet and the remaining 16%being greater than 20,000 square feet.During the past 10 years,37%of our design centers are new or have been relocated.Combining technology with personal service in our design centers has allowed us to reduce the size of our design centers.In the past five years,w
330、e have either opened or relocated a total of 24 new design centers that have an average size of approximately 9,000 square feet.These smaller footprint design centers reflect our direction as we move forward in repositioning our retail design centers.These new and relocated design centers also refle
331、ct our shift from destination and shopping mall locations to lifestyle centers that better project our brand and offer increased traffic opportunities.We strive to maintain consistency of presentation throughout our retail design centers through a comprehensive set of standards and display planning
332、assistance.These interior display design standards enable each design center to present a high quality image by using focused lifestyle settings and select product category groupings to display our products and information to facilitate design solutions and to educate consumers.We also create a cons
333、istent brand projection through our exterior facades and signage.Distribution and Logistics We distribute our products through four distribution centers,owned by the Company,strategically located in North Carolina,Oklahoma,and Virginia.These distribution centers provide efficient cross-dock operations to receive and ship product from our manufacturing facilities and third-party suppliers to our re
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