ETH - Earnings call transcript Q4 2018 | Ethan Allen Interiors Inc.

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Operator

Good afternoon. My name is Carey and I will be your conference operator today. At this time, I would like to welcome everyone to the Ethan Allen's Earning Release Call. All lines have been placed on mute to prevent any background noise. [Operator Instructions] Thank you. the to turn now will call Mr. over I and Officer of Whitely, Executive Allen. Financial President Vice Corey Ethan Chief Sir, you may begin.

Corey Whitely

details, in fourth full Thank welcome you, is to release, where information year being our on webcast conference our press you to and non-GAAP and June supporting and fiscal release referred ethanallen.com Ethan Allen's recorded which XXXX. Carey. conference including call call Good This of quarter the on ended afternoon will reconciliations this live find XX, and for contains also call.

risks. today reminder, then our could and to obligation include a that, differ discussed Farooq results. are follow review our some during Farooq As lines details revise The that CEO, on or I With results for up for update our the those subject before Kathwari, Kathwari. telephone opening actual risks comments materially. is provides will forward-looking further company which our will call. uncertainties, financial assumes filings matters will After opening remarks, ongoing business forward-looking to refer with provide complete SEC and questions. no statements this any Please to the initiatives here updates to on a cause Chairman his Farooq of

Farooq Kathwari

Thank you, Corey.

quarters. about mentioned increasing business, vertically third our retail our spending our on our many our including over product well sales As initiatives, and XXXX, by in are we accelerated fourth major which grow in integrated focus our in press our innovation, reduced and to transformation and fiscal the positioned we release, EPS we earnings. In undertaking strengthening advertising, continuing X.XX leadership

approach discuss under a all will incorporated initiatives We financials, of socially in also of detail. Corey provides efforts investments. After a business. our these made the I to our infrastructure umbrella greater Corey? brief overview of We responsible

Corey Whitely

quarter and full increased year. the to X.X% net Thank increased for fiscal fourth Farooq. you, the for Consolidated X.X% sales XXX.X million

sales. quarter, the our international manufacturing XX.X% and are which normalized fiscal further government wholesale reflected network. increased XX strengthened the increase production in quarter strong and full manufacturing which wholesale to to and during sales increased increased million. percent retail the during strong helped Our shipments retail in totaled levels levels. order up contract caught The our in increase drive and increase capacity X.X% and shipments, place, production for backlogs back orders retail orders GSA our year, With continued levels the GSA X.X% the

sales. as for gross reflecting percent of XX.X%, the consolidated Our XX.X% a was consolidated primarily retail the of quarter sales, margin mix

XX% and in retail We will stay sales. as benefit from range to expect our XX% international XXXX, strong the our mix contract business to for wholesale fiscal continues

XX% sell current the surtax about assortment that Approximately our into to of approximately We and The of our china. subject we to to on our balance to continue product we currently is impact X. XX% that is to potential in from sales or of July sources gross monitor workshops of went sourced what export Canada consolidated related a throughout world. potential tariffs. make some Canada, XX% represent products regards upholstery in X% our In became American products effect North produced the We margins, US. the

margins. We impact a this our minor to expect have retail will

as which in was building started which brand the quarter were driven primarily The increase quarter, fourth an Our X.X%. during million, we our increased increase adjusted our XX.X% operating continued expenses expense, of by XX QX. advertising campaign,

fiscal increase of advertising X%. was million, Our full XX.X an year

X.X%, income adjusted margin the operating with of XX.X was quarter, For adjusted EPS of the adjusted million net $X.XX.

fiscal the EPS year, $X.XX. was For adjusted full

worth outstanding XX.X% the fiscal no and returned our through million of of company's and from debt XX increase activities generated the during stock. million million cash XX.X dividends, year it ended with to million securities cash had operating facility. a of the repayment XX.X we under Turning to We the the balance and of credit XX.X and shareholders year repurchased sheet, of

Our in capital for capital XXXX. and expenditures for expenditures the million about we XX were fiscal XX.X fiscal year million expect

rate for as the XX.X% Act. for tax XX% fiscal the of fourth Jobs was result Tax quarter effective a and Our and year, Cut the full

would XXXX our to will expect back to rate fiscal With We effective be a that, over XX.X% for XX.X%. range Farooq. the in year of it I turn

Farooq Kathwari

you, Corey. Thank

strengthening many our particularly should marketing, and grow retail sales the all in areas, They XXXX. and help XXXX us in in leadership manufacturing, Our initiatives logistics profitability fiscal in network. include

America about within We have design five XX centers have of and past and within incurious years. XX% our internationally. XXX continued to design XX% reposition design years network XXX in centers relocated of our North the been

several we markets, others past New opened in the Colorado under York; year, of in design Chicago new relocated currently construction. and Design centers Downtown area including Mirage, California Calgary Canada. Atlanta, and the are Rancho During Denver, Buckhead centers Albany, Alberta, in and key

centers. Philippines design international and among are the Bangkok, Taipei, our China, in centers Cambodia design New XXX

We than national with three have refresh and to XXXX, attitude to the quarters, about XXXX, expanded our the we will line. from XXXX but we initiatives. In revitalized have of modern, third fiscal In $XX continued In XX% classic. marketing products that we spent product million fall an second is television. on fall our more years our

national include are other helped to not message we invested is menu XXXX. We a build advertising our have quarter, will that initiatives. the lacked Starting at mail, should returning and print mediums. brand, in heavily to as urgency expense balanced this the traffic. television direct the it digital While Hindsight of

most and with blasts, live than Our designers combines reach which XXX digital more of refresh participating. with enthusiastic and technology banner service, website, our interior personal momentum marketing gains, chat e-mail via ads a

lets homes inHome, new clients Ethan enhance specifically augmented reality app designed to Allen in have see all that planner, which Allen act We an designers room introduced XD for are an also our customer their us, Ethan products using and experience.

service levels. are We wholesale by operated eight operate plants distribution major retail company retail the our invest and to and division. centers, and in at manufacturing continue logistics two We infrastructure, in manufacturing centers XX the national

We to guides fundamental our the continue strong the program, a important and social decisions. our to governance law associates, land respect business environmental is and have for and many

to open the comments. pleased and I'm call questions for Now,

Operator

Instructions] first James. with of [Operator comes Raymond question Budd the Bugatch Our from line

Budd Bugatch

The being in is comparable strikes hits dots, in and as being growth me and those face positioned And and written number understand you're that the jive the at what XX.X% you total big retail. orders for the me XX.X% quarter. down well with those connect in quarters. just Please those and upcoming me help the numbers, don't how because I are say year

Farooq Kathwari

good I is has -- traffic. it in the on second national And as I television. it lacked third in money the as resulting a is we Yes. the for our big impact and in said, a that but brand, to that a our and Budd. number this fourth spend down, said, quarters, And our of the lot that reason, was bring traffic urgency lower of been traffic and did

in Now, the good a this a is, and advertising we terms balanced June back program balanced very in news quarter. started strong more of

that but we and much So making believe sales. rebuild we an up. in expect get opportunity make that say, money, we started an sending now that opportunity we more with yes, written have help should up you the have program we have of to but balanced we us slightly fact advertising less stronger a that traffic The it and to have difference

Budd Bugatch

so And you've impact early us -- June, do June tell we're you started can are through June far? starting you least much late now now, we gone that, the if about or that it to see but in to What at started July.

Farooq Kathwari

are It’s – a little bit business that early sense our I so as September comes already going lot think some too. business we’re a lot August balanced XXXX. back but September -- of tell, but on our August July, for in people we're but we but It last in getting days a and were know, it, the of hindsight We look to we benefits stronger shouldn’t TV that's we and see we seeing and of a not the program. we’ll more campaign. you create of the was why that few in think positive spent liked stronger most I far, did better, in news it much do and prospects more I advertising it and will have course a well look that as they say July, and we’re and did back, looking time forward And of as urgency is

Budd Bugatch

the parse State GSA much normal Okay. or you much to of with others? the And talk is is about backlogs, from or you the can with kind as with backlog us and associated from backlog associated business dealers of how program Department that increased for how

Farooq Kathwari

side. as about represented business And you more however, at Well, great stage, contract, details, a GSA in major the to is international. the wholesale and Corey I give �� a which as said, backlog -- we're can is that, represents from degree, talking this

Budd Bugatch

me. can in said, think, a to quarter. had, One's of Okay. quarter? housekeeping actually XX.X got spent us XX And You two kind questions last the I what question, the me I you million, advertising XX% I the in dollars above think about give million from

So somewhere. right obviously don't have a number

Farooq Kathwari

advertising in Yeah. The quarter the million. was XX.X

Budd Bugatch

million. XX.X was It

I closed? That Where you were XX right. design centers, Okay. internationally. think, they closed is And

Farooq Kathwari

experimenting a lot in that But of small those in them were and Germany had been Germany. of studios most were

first And this, XX.X advertising, spent Now, Budd, mentioned, against as with compare also about million. previous as in $X.X we the spent the fiscal, to talking keep if what quarter is have of mind this last we're year. Corey also we in million we’re XX.X in million going

we’ve the So, we of have last year. XX.X and X.X in first million spent now, quarter

Budd Bugatch

of again the or to going quarter going you're think less you that Do year be much the is this X.X? in first it spend than to

Farooq Kathwari

third It’s running quarter. much be and fourth It's no. we about to in the be going level. less to than what going the that were No,

Budd Bugatch

But ran last not you year? less what than

Farooq Kathwari

don't I so. No. think

Operator

question with of next the Jeremy comes Co. line Hamblin Dougherty Your from &

Jeremy Hamblin

you So you think advertising X.X of XXXX. back a to can like in come that and for second to spent had QX, Corey, the confirm? million I I want just I

Corey Whitely

No. That’s ’XX QX of --

Jeremy Hamblin

Wasn’t X.X% of sales?

Corey Whitely

X.X% X.X, sales. was It of

Jeremy Hamblin

for you're And number this be? Okay. now the is to range? sorry, that Or year going I'm the expecting

Farooq Kathwari

range, mean, in Corey -- the I it be approximately same will Jeremy.

Jeremy Hamblin

Okay.

just million, And thinking to million. terms in orders. how So of X drive maybe your about X.X

-- with from TV, effective. the which national you're excuse not So that weren't you results happy expensive, me, and was

go to more going to back digital targeted more So spend, to you're you're back go going spending. to

balanced. I think you a used word

need orders? products, products you seems and of sales it that's acceleration when think terms you to out to seen more that order you there do is things been other have you've you in written be drive really crank resonate, an need to that to traction? that In because Do -- new when

Farooq Kathwari

Yes.

difference. the our did much spend not on or what we mail. could we spend direct terms have we less as when of much spend we national we advertising, as And balanced on we did was Jeremy, see did In the we -- television, much

receiving is customers hindsight direct not see could see direct difference. to mail the Our our mail, fact we not We our again, the prospects. could of XXXX, sending

advertising month So Ethan more in, artisans, line, be next our with will than did that marketing newest is doing the we we're In eclectic, but out Allen, centers umbrella immediately more it October that which our September June, direct strong that. will that it. August, it's and September, mail new digital a in introducing XXX of September including product we then some This also in and program, under sent a is September design went July, strong that's back product with and and program with and it more we going beautifully in a aggressively be strong go forward. and into start our is will very what and done, more be classic but very getting page a to marketing modern we shows

Jeremy Hamblin

that be there made contract Turning others. mix the strength was a that you comment to it a I the Corey little lower your of because GSA your continue of gross to expect bit business, margins, to believe of among retail

you said to XX%. XX% think I

expecting of you've it, been levels, we at Is in down be the, Corey? margins more sales that been let's seen gross XXXX, should in XX.X% what when to kind Now your those range. call have XX.X%

Corey Whitely

our that Well, this that bit what in new of all making a little the see through is a for has challenges of that gotten Department. manufacturing production first State we'll year benefit product

a So bit I of efficiency the little gain a on side. have

we'll where So, XX% that to XX.X%. of the XX.X% neighborhood margins, is still probably the see

Farooq Kathwari

a our fiscal state the as XX.X% margin Jeremy, gross our we quarter lower, the had margin quarter retail in take fourth And we and improvements we when internationally, you region in Corey in the because shipments impact from the department have up previous this strong a the and the the our as divisions XX.X% margin. and XX.X% overall look despite percentage fact if XX.X% quarter. that, -- our sales, as quarter with third a said, fourth at does gross presence Despite ended total that did well that a of ’XX, for reflected gross are manufacturing

be So [indiscernible] is something that looking we should at.

Corey Whitely

in April, it then Jeremy, through quarter, we didn't to also benefit in took we little that get the of this And while system. took price work increase the fourth the full that a

Jeremy Hamblin

on increase? that have impact orders, Did any the negative price your

Farooq Kathwari

I is know, the price on fact really. even of as price increases. our increase, not mean No, we you Corey though one Jeremy hand, take talks

the other do and values On much give customers. hand, even to we better the sales

our net-net, higher or priced. expensive are more the products not So,

So even. we breaking I close best, to think sort the at come of

Jeremy Hamblin

for a certainly ineffectiveness increase chunk your the you're look year. advertising, I of dollars the your SG&A, ahead at of As and on regret overall the some was the additional spent clearly, decent that expressing

or to I your and sales look business $X do project that million of $X.X SG&A think Do about a kinds million to there SG&A When $X at you it’s bit? the million, is now any a maybe comfortable of with of acceleration, it incremental opportunities down? Are you was tighten significant hard spend. little feel spend? that you that down level tighten need to think there

Farooq Kathwari

Well, fairly are do, based four, of look Jeremy, $XX We our look, And fiscal million at we SG&A increase our was to increased every million. we to a the spent quarter always. budgets you’re always need the last our SG&A, we Advertising on of quarter first it. a face. year, all right. take it based In important million what was this budgets, zero $XX $XX again, and was last year,

opportunity. take $XX think $XX So a that you million million the if that I at look we and somewhere, have

Jeremy Hamblin

Okay.

meaningful? but So, nothing

Farooq Kathwari

Yeah.

Jeremy Hamblin

Is want next clarify, then said? expect tax did you XX%? was to you number for that XX.X% the to it year, the And just Okay. rate Corey, I say to

Corey Whitely

to XX.X% XX.X%.

Jeremy Hamblin

Oh, XX.X.

Operator

Advisory line Cristina the Fernández Your next from with question of comes Telsey Group.

Cristina Fernández

and expectation expansion and So on takes, would margin fiscal I could following would is with Jeremy’s mean, come up flattish for question some operating from? be your the the or ’XX see all puts year that where you that

Farooq Kathwari

Well, our was the look special excluding our margins, in in operating a take X.X%. at last fiscal was And fiscal, in if quarter, any fourth ’XX, X.X%. operating margins items, our the you it --

X%. And so improvements to would made that I already terms say it in almost we of taking

at When had course, we a say we tremendous retail So I all to opportunity, that from levels the of manufacturing. would increased, have leverage. sales operating leverage

an it around be have – so would opportunity opportunity, that X% or we an So, an is we have.

Cristina Fernández

May. you back Uptown about a Okay. the quarter And to collection high launched stayed with offers, responding sales then and of progress, and in to just also customer the you going the the those is amount to promotions the how can talk that delivery fair on was how free reception

Farooq Kathwari

and teams our received the done to Well, which reaction has that all first, was next going Uptown passport I advertising And it extremely September, received, centers -- we has the month. to well start and extremely across own in the launch our artisan national, and mail country strong been nationally, start by believe the and as I into major been before our has getting design continue campaign very launching been said, the direct digital. that we're also new

As far as, was question on the –

Cristina Fernández

promotion, doing you're the the – promotional, On

Farooq Kathwari

like had the the help. close. we would the for celebration, perhaps, is, last, It's it help it helps gave month delivery. days end hard time, does What prime it are close but month, in it takes two about or time basically, weeks to does who holding people It of them to it in no next sense back, a from that we tell special day back, instance, just to with four was

what selectively, we that's out, it happened want because effectiveness. you use the to it make once available very all it its So loses time give it and that

Cristina Fernández

what XX.X one you program. and million last that's the clarify about the on you press over expanded one, And Can inventory and about release the about? stocking up was year supporting backlog year talked an

Farooq Kathwari

up inventory the was again, Well, yes.

an our that inventories in as objective contract. given level of forward, have half increase the the goods. we at move is State this, have news First increase have Department somewhat with centers, the what you than we And we our really distribution inventory is, the GSA manufacturing so now, increase see. the both lower created And and reflected consolidated, to the good finished of

Operator

next comes Your Instructions] with of from question [Operator the Justin line Bergner Gabelli Group.

Justin Bergner

My the first various have question relates to partnerships you just that in progress.

the meaningfully it look and estate agency other XX Disney million down rate deals for sort does we As meaningful deals, or basis, or still is contributing go drop on from XX that a so your forward sort million Disney. materially after some or excelling partnerships through are are real those of of Amazon, hotel of run

Farooq Kathwari

No.

I good question. a think the main – it’s

the of been Our main Department contract. State -- major course, has the

Margaritaville that where our XXXX, is have our are and about contracts second launching are something important we we a program like business. furnishing outside we Orlando, in components programs of Those The hotel. that the in XXXX homes are

one we’ve a Third good fairly – our had a in increase international had we business. is,

you GSA business, the have business our bit some international logistics. Disney So The contract a business. than not lower has good little contract we we significantly. holding up is up started mentioned. business, that introduced grown Disney, have getting It numbers product line on our that

really also in not about last same business both cases, the as year it push. is of given tremendous amount Amazon we Our and a have advertising

Justin Bergner

just I this Amazon So off assume the you I pretty of then at material or after materially contribution drops is sequence it mentioned the mean relationships should that, Disney, point?

Farooq Kathwari

No.

I is other hotel I government think the contract business. the No. and as one, said, material

In is international. the first fact,

business and then GSA in is state China Margaritaville third contacts, second is and especially and the -- the even contract our and the like department Second Disney. is

Justin Bergner

the compare now XX can contracts, Department running sort operation? GSA and sort orders the we of to of a from that margin operation a little that did smoothly, In what million I how to bit more the is revenue of uptick State think smooth expect

Farooq Kathwari

competitive done is Justin, a This eBay. in bidding. is this almost like

get almost on on have win, we very product, competitive. So to we contract, been we have has this this which does an double and to we impact because very, to of are really had margins. aggressive, to -- a margins most very impact be have that It be

first Second, had product our make this we plants in to time.

gross it our we’ve in going but So system margins we Corey and the the make said, margins process $XX million bid. went up – the in fourth margins. have through it But of quarter, it we contributions, as said, overall went our gotten affected very and plant competitively plant the are now positive to up, as it’s I but is

Justin Bergner

Okay.

of So of operating the make exception seasonality a fourth fourth is to the normal sort revenue conditions then tends with quarter? quarter representative quarter the of that higher

Farooq Kathwari

say utilize. I from margins margin are and level those if would a think you're can Yeah. that that looking less, or numbers gross you I operating more

Justin Bergner

Okay. space. the trap with seemingly you're that mergers, the initiatives? years, there partnerships, fit is that difficulty that are finally we're bill of box the maybe I of little then sort and the of prior Allen there sort out be I of consider, retail might box given question/comment, Ethan furniture can things the seeing sort thinking mean about company, haven't beyond And category open I bit sort mean, above the this in moving and a of away discussed mean the the that the retail to that just take some able are sort of furniture consumer that -- versus dollar and in organic from out an of ended environment, things of

Farooq Kathwari

we’re open and looking always always we’re we must. at to all because options, Justin, options

of there much that at has right. yes, So change are retail you place retail, all been levels. taken so The in has

it do in leveraging which have of even this done. that that what we our have. we increase in our didn't We big great better, much, margins, we in so, And were increase as opportunity see, you have expenditures fourth gross quarter, did we sales, if had we a an need, been have have advertising good, an but have operating margins much you could

top the leverages need So we to well increase positioned are we line. and our that

did have not increase written go our we last We quarter. sales down to as

our our taking of that at. with that XXX So at be always said that, business. we look Having this, opportunity our is consistent centers opportunity we’re biggest to retail have looking business, leveraging network and of doing opportunities design and we’re philosophy that with and the and all always more will open

Operator

line have And the question we Budd James. with do Bugatch follow-up from a Raymond of

Budd Bugatch

more I’ve questions. few got a

the government talked $XXX If You – they about GSA it's five a $XX million your about I it year contract, XX% of penetration true, was underspend year. that around fact $XX million die State you the remember or number was like a because contract, was and that’s state If the year. Department a the did that on for spending.

Farooq Kathwari

good really bid. because but competitive It’s did was a that I’ll it on put Budd. they that bid, on certain was it a million, when with benefited competitive question, it the a not you When by tell start government a amount. it XX reduced

second in they will the the large discounts department, be we were the the government, the of most what is orders From the past. million the this than That's spending year of The end the that's portion have, orders is this do the last just $XX of course, very year, this lot or -- of fiscal everybody less orders so, as and money possible to government a weeks we’ve which the and the the we information come of But competitive impacted bidding giving. substantial got at and the year. rest of in give this, happened. state six yet, by that did fairly see October a going is does government, of was

Budd Bugatch

what the quarter? million, of XX business -- And government in the the quarter? the -- What how was number of fourth how much was state much the was the business during fourth or percentage the

Farooq Kathwari

and really take also look here, maybe to of see don't back gave it have much this normally, had number million that at he and we this at it said at that Budd. to don't mean, I how that. give I look out. information a we'll get it say. we Corey, have. Budd. we we out, look Corey want I'm Corey will Even Didn’t already X But surprised can

Budd Bugatch

back to tube in been I the that toothpaste It’s guess? hard put

Corey Whitely

[indiscernible].

Budd Bugatch

And the you have delivered comparable when sales, be retail quarter X.X%, the doesn't to quarter? comparable number sale so Do if right, the did question expect retail recovery. be you was do it the numbers. think that math next sales I retail then the do is, I retail the for I order will can up in look expect a gave you first negative It you with that that, like a

So a quarter I up revenues don't think that see you commentary? fair would retail in one. Is

Farooq Kathwari

our Budd, It today July reduced of have is positive fair. faster, upon negative other issue our running products an running manufacturing which have weeks, one things manufacturing consistently. business, basis. or and delivered it A and also it side, depends few that in business, creates is it on a to also done, times, August XX was our for also our challenging, which opportunity on we because XX always an the creates back, our but consistent in when deliver us delivery our years the we we

orders when Now, we’re do manufacturing. don't have and our reduce come in to way we it our work we consistently, doing the

much to we're August we to how see of account, it looking but but somewhat and be to is up. So, have into taken this make challenge are a able a of to to be lot factors quarter, going forward July

Budd Bugatch

bad happens nothing running the more by efficient business Well, a on way.

come we to least rational with to a have – and at that do to we trying just have sure -- make wanted to to positive, so estimates job try basis, I I’m think but up trying So to I'm

Farooq Kathwari

that, fellow, your look that Budd, given advertising your that also are had I comments I a me said as you and at I comments. know you're think fair that, smart and you had

well beautifully but drive by traffic. all which is done, was, ovation, there it something we this, received very network, not did standing our got So missing

we have take extraordinary. of and fourth third we’ve what seen our in somewhat quarter, second the I impact it. happened and -- changed it, So would

as We’re said, to going believe amount that business, I but to be to able a fair we got build do where back it. the be of we'll be, rightly to we've need you to

caught on will that in the be deliveries side. the have a retail you Now, we can the we saw also deliver That as of because it quarter? in challenge, somewhat up

Budd Bugatch

And my be last question K is, issued? when the will

Farooq Kathwari

Expected in week so. next the or

Operator

have of Group. follow-up we Gabelli question Justin with a from the Bergner line And

Justin Bergner

that The tariffs, up competitors you'll China? that that import more tariffs sorry, X% have subject leg be to the China, import that will you a from from such on

Farooq Kathwari

at are other Having manufacturing worry advantages all when our It’s is you also fact Well, one this to variances if from, products China, stuff. it’s we product lot XX% also, and is them we're comes it have who overseas of North stage, we you're product as from buying products a folks on don't Vietnam, positive as come that countries from it just from that we not China an of of we comes in an challenges and America but leverage. all when about ourselves. the said not a doesn't from if this, do know, our have it have manufacture advantage, well. of keeping It’s to also, buying the relative margins, keeping manufacturing have impact we're we competitive that challenge busy, negative our busy, and

that an have do advantage we So from perspective.

Justin Bergner

X% But are part effect tariffs X%? or on in actually of that that

Farooq Kathwari

No. It’s not.

that proposed they I on as think based then I understand is this some then something is through determination will -- review review, final will it. make the they is and going and

Justin Bergner

hundred And then adjustment, couple of one to? there that of segments what did the add small in was in A think, back, relate thousand? I a

Farooq Kathwari

our purchase with the was cost That of associated related to in assets Yeah. retail. the

Operator

There at are Do no you this questions further have time. any closing remarks?

Farooq Kathwari

increase our use return put our leverage opportunity. operating been the we earnings. we and all had we No. of folks of a said, as retail good we Well, as we have sure the to on The us help questions, in deliveries, it and can good. that manufacturing know terms in do place know working side hard good as understand why that's quarter I side that programs we've and I make return are you into these the challenge terms was will well and that on

And So for other please much. thank let you you know. questions, thank and very participating, us any Carey,

Operator

You're This for welcome. today’s call. Thank conclude participating. very does you

You now may disconnect.

Ethan Allen Interiors (ETD) 25 Jul 182018 Q4 Earnings call transcript