Ethan Allen is much more than a retailer. We also design and build most of what we sell. Since 1932, we've specialized in creating icons of livable luxury.
We moved to our beautiful new Design Center in 2005, but we've been a proud part of the Grand Rapids community for more than fifty years. We're proud of our reputation for superb customer service, and just as proud of our experienced design pros--many have been with us for twenty years or more!
Well, Ethan Allen, we are watc Those shares down some 21 percent. Rising inflation, of course, has also caused customers to press pause on spending in some cases. Ethan Allen, Chairman, CEO and President, Furuq Khatwari joins us now to discuss, and he is at the New York Stock Exchange, where I believe you rang the bell celebrating what, the 80 years of Ethan Allen, Furuq. So congratulations on that. You in your latest business update, where are we now? How has that progressed or deteriorated since that point in time? Well, good to be on the program. Yes, we today participated in the opening bell of the New York Stock Exchange celebrating 90 years of innovation. And We had 12 percent increase in sales, 60 percent increase in earnings, and a strong backlog. But we said that the great tremendous amount of focus on the home in the last two years, it was just unbelievable. We said that most probably is not going to last, w T But we are positioned well. You talked about the supply chain. One of the t So we have done extremely well compared to our peers who are most of their product comes from overseas. So I t We are going to continue to service our clients. Now, as far as the demand is concerned, yes. As I mentioned after our t So about having said t We are a vertically integrated company. We have about 1500 interior designers that provide service today with technology and personal service is the key. So I t Paruk, is that demand diminis Or is it at a faster rate? Well, the demand is. But when you take a look at the demand relative to the base year of, let us say, 2019, I t But when you compare it to a year back, yes, it is decreasing based on the fact that it was just extremely Paruk, we mentioned that you're marking the anniversary of the company. I should mention you've got to be one of the longest tenured CEOs on Wall Street. I believe that you've been leading the company since 1988, if I'm not mistaken. So put t How do you t Yes, you're right. And even that before that I was president. So I have seen a n I've seen, I would t I t So that's what we're going to see. And I don't see us having a recession or a depression, but I t As retailers are trying to get a better handle on inventories that they hold and what they currently have and are trying to move through right now, have you noticed any kind of deterioration in or declining in the n Well, So w Most folks really have to buy a lot of inventory, especially if they're buying it offshore. We don't. So 75% of our products are made when we receive an order. So we've had to build inventory, let us say, in l For Rukhathwari, who is the Ethan Allen chairman and CEO and president joining us thanks so much for taking the time. Appreciate it.
