Aslan Alphan/iStock via Getty Images Ethan Allen Interiors (NYSE:ETD) stock surged into the green after reporting stronger than expected quarterly profits on Wednesday. For its fiscal second quarter, the Connecticut-based home furnishings company notched $1.10 in adjusted EPS, cruising past the consensus estimate of $0.89 while $203.2M in revenue narrowly missed expectations. The company also lightened inventor levels to $159.9M, down $16.6M from the start of the fiscal year. Gross margins expanded to 61% for the quarter from 58.8% in the prior year quarter. “We are well-positioned with continued strengthening of our vertically integrated structure, which includes enhancing our product offerings, continued re-positioning of our retail network as a premier Interior Design Destination, investments in our North American manufacturing, which accounts for about 75% of our net sales, and investing in technology and logistics,” CEO Farooq Kathwari commented. “We remain cautiously optimistic.” Shares of Ethan Allen Interiors (ETD) rose 2.59% after hours on Wednesday. Dig into the details of the earnings release.
