Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Mar. 31, 2024 | Apr. 17, 2024 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2024 | |
Document Transition Report | false | |
Entity File Number | 1-11692 | |
Entity Registrant Name | Ethan Allen Interiors Inc. | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 06-1275288 | |
Entity Address, Address Line One | 25 Lake Avenue Ext. | |
Entity Address, City or Town | Danbury | |
Entity Address, State or Province | CT | |
Entity Address, Postal Zip Code | 06811-5286 | |
City Area Code | 203 | |
Local Phone Number | 743-8000 | |
Title of 12(b) Security | Common Stock, $0.01 par value | |
Trading Symbol | ETD | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding (in shares) | 25,411,923 | |
Entity Central Index Key | 0000896156 | |
Current Fiscal Year End Date | --06-30 | |
Document Fiscal Year Focus | 2024 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false |
Consolidated Balance Sheets (Cu
Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Mar. 31, 2024 | Jun. 30, 2023 |
Current assets: | ||
Cash and cash equivalents | $ 63,862 | $ 62,130 |
Investments | 82,356 | 110,577 |
Accounts receivable, net | 7,991 | 11,577 |
Inventories, net | 144,474 | 149,195 |
Prepaid expenses and other current assets | 27,627 | 25,974 |
Total current assets | 326,310 | 359,453 |
Property, plant and equipment, net | 219,013 | 222,167 |
Goodwill | 25,388 | 25,388 |
Intangible assets | 19,740 | 19,740 |
Operating lease right-of-use assets | 114,023 | 115,861 |
Deferred income taxes | 929 | 640 |
Other assets | 36,813 | 2,204 |
TOTAL ASSETS | 742,216 | 745,453 |
Current liabilities: | ||
Accounts payable and accrued expenses | 24,774 | 28,565 |
Customer deposits | 80,526 | 77,765 |
Accrued compensation and benefits | 19,057 | 23,534 |
Current operating lease liabilities | 27,208 | 26,045 |
Other current liabilities | 4,544 | 7,188 |
Total current liabilities | 156,109 | 163,097 |
Operating lease liabilities, long-term | 100,974 | 104,301 |
Deferred income taxes | 3,032 | 3,056 |
Other long-term liabilities | 4,763 | 3,993 |
TOTAL LIABILITIES | 264,878 | 274,447 |
Commitments and Contingencies | ||
SHAREHOLDERS' EQUITY | ||
Preferred stock, $0.01 par value; 1,055 shares authorized; none issued | 0 | 0 |
Common stock, $0.01 par value, 150,000 shares authorized, 49,550 and 49,426 shares issued; 25,412 and 25,356 shares outstanding at March 31, 2024 and June 30, 2023, respectively | 495 | 494 |
Additional paid-in capital | 387,739 | 386,146 |
Treasury stock, at cost: 24,138 and 24,070 shares at March 31, 2024 and June 30, 2023, respectively | (684,796) | (682,646) |
Retained earnings | 774,813 | 769,819 |
Accumulated other comprehensive loss | (860) | (2,785) |
Total Ethan Allen Interiors Inc. shareholders' equity | 477,391 | 471,028 |
Noncontrolling interests | (53) | (22) |
TOTAL SHAREHOLDERS' EQUITY | 477,338 | 471,006 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ 742,216 | $ 745,453 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares shares in Thousands | Mar. 31, 2024 | Jun. 30, 2023 |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized (in shares) | 1,055 | 1,055 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 150,000 | 150,000 |
Common stock, shares issues (in shares) | 49,550 | 49,426 |
Common stock, shares outstanding (in shares) | 25,412 | 25,356 |
Treasury stock, shares (in shares) | 24,138 | 24,070 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2024 | Mar. 31, 2023 | |
Net sales | $ 146,421 | $ 186,316 | $ 477,589 | $ 604,007 |
Cost of sales | 56,597 | 74,765 | 186,988 | 238,820 |
Gross profit | 89,824 | 111,551 | 290,601 | 365,187 |
Selling, general and administrative expenses | 75,253 | 83,233 | 234,734 | 262,342 |
Restructuring and other charges, net of gains | (754) | (470) | 503 | (2,662) |
Operating income | 15,325 | 28,788 | 55,364 | 105,507 |
Interest and other income, net | 2,037 | 1,123 | 5,541 | 2,420 |
Interest and other financing costs | 64 | 52 | 177 | 157 |
Income before income taxes | 17,298 | 29,859 | 60,728 | 107,770 |
Income tax expense | 4,345 | 7,503 | 15,425 | 27,368 |
Net income | $ 12,953 | $ 22,356 | $ 45,303 | $ 80,402 |
Basic earnings per common share: | ||||
Net income per basic share (in dollars per share) | $ 0.51 | $ 0.88 | $ 1.78 | $ 3.16 |
Basic weighted average common shares (in shares) | 25,531 | 25,477 | 25,520 | 25,470 |
Diluted earnings per common share: | ||||
Net income per diluted share (in dollars per share) | $ 0.5 | $ 0.87 | $ 1.77 | $ 3.14 |
Diluted weighted average common shares (in shares) | 25,650 | 25,599 | 25,632 | 25,580 |
Comprehensive income | ||||
Net income | $ 12,953 | $ 22,356 | $ 45,303 | $ 80,402 |
Other comprehensive income, net of tax | ||||
Foreign currency translation adjustments | 544 | 1,683 | 628 | 2,031 |
Other | (358) | (159) | 1,266 | 211 |
Other comprehensive income, net of tax | 186 | 1,524 | 1,894 | 2,242 |
Comprehensive income | $ 13,139 | $ 23,880 | $ 47,197 | $ 82,644 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Cash Flows from Operating Activities | ||
Net income | $ 45,303 | $ 80,402 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 12,036 | 11,673 |
Share-based compensation expense | 1,085 | 1,145 |
Non-cash operating lease cost | 23,824 | 22,557 |
Deferred income taxes | (313) | (2,110) |
Restructuring and other charges, net of gains | 503 | (2,662) |
Payments on restructuring and other charges, net of proceeds | (921) | (1,020) |
Loss on disposal of property, plant and equipment | 31 | 43 |
Other | 130 | 513 |
Increase (Decrease) in Operating Capital [Abstract] | ||
Accounts receivable, net | 3,586 | 1,202 |
Inventories, net | 3,760 | 24,849 |
Prepaid expenses and other current assets | (3,744) | 3,757 |
Customer deposits | 2,761 | (28,308) |
Accounts payable and accrued expenses | (4,385) | (9,319) |
Accrued compensation and benefits | (4,484) | (1,634) |
Operating lease liabilities | (24,496) | (23,355) |
Other assets and liabilities | (722) | (3,375) |
Net cash provided by operating activities | 53,954 | 74,358 |
Cash Flows from Investing Activities | ||
Proceeds from sales of property, plant and equipment | 22 | 8,105 |
Capital expenditures | (7,536) | (10,679) |
Purchases of investments | (79,913) | (189,951) |
Proceeds from sales of investments | 77,346 | 106,933 |
Net cash used in investing activities | (10,081) | (85,592) |
Cash Flows from Financing Activities | ||
Payment of cash dividends | (40,309) | (37,183) |
Proceeds from employee stock plans | 508 | 75 |
Taxes paid related to net share settlement of equity awards | (2,149) | (812) |
Payments on financing leases | (350) | (395) |
Other financing costs | 0 | 28 |
Net cash used in financing activities | (42,300) | (38,287) |
Effect of exchange rate changes on cash and cash equivalents | 76 | 27 |
Net increase (decrease) in cash, cash equivalents and restricted cash | 1,649 | (49,494) |
Cash, cash equivalents and restricted cash at beginning of period | 62,622 | 110,871 |
Cash, cash equivalents and restricted cash at end of period | $ 64,271 | $ 61,377 |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity (Unaudited) - USD ($) shares in Thousands, $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Treasury Stock, Common [Member] | AOCI Attributable to Parent [Member] | Retained Earnings [Member] | Noncontrolling Interest [Member] | Total |
Balance (in shares) at Jun. 30, 2022 | 49,360 | 24,037 | |||||
Balance at Jun. 30, 2022 | $ 494 | $ 384,782 | $ (681,834) | $ (6,462) | $ 710,369 | $ (26) | $ 407,323 |
Net income | 0 | 0 | 0 | 0 | 29,880 | 0 | 29,880 |
Share-based compensation expense | $ 0 | 268 | $ 0 | 0 | 0 | 0 | 268 |
Restricted stock vesting (in shares) | (55) | (31) | |||||
Restricted stock vesting | $ 0 | 1 | $ (765) | 0 | 0 | 0 | (764) |
Cash dividends declared | 0 | 0 | 0 | 0 | (20,879) | 0 | (20,879) |
Other comprehensive income (loss) | 0 | 0 | 0 | (82) | 0 | (7) | (89) |
Share-based compensation expense | $ 0 | 268 | $ 0 | 0 | 0 | 0 | 268 |
Restricted stock vesting (in shares) | 55 | 31 | |||||
Restricted stock vesting | $ 0 | (1) | $ 765 | 0 | 0 | 0 | 764 |
Balance (in shares) at Sep. 30, 2022 | 49,415 | 24,068 | |||||
Balance at Sep. 30, 2022 | $ 494 | 385,051 | $ (682,599) | (6,544) | 719,370 | (33) | 415,739 |
Balance (in shares) at Jun. 30, 2022 | 49,360 | 24,037 | |||||
Balance at Jun. 30, 2022 | $ 494 | 384,782 | $ (681,834) | (6,462) | 710,369 | (26) | 407,323 |
Net income | 80,402 | ||||||
Other comprehensive income (loss) | 2,242 | ||||||
Balance (in shares) at Mar. 31, 2023 | 49,426 | 24,070 | |||||
Balance at Mar. 31, 2023 | $ 494 | 386,003 | $ (682,646) | (4,236) | 753,588 | (10) | 453,193 |
Balance (in shares) at Sep. 30, 2022 | 49,415 | 24,068 | |||||
Balance at Sep. 30, 2022 | $ 494 | 385,051 | $ (682,599) | (6,544) | 719,370 | (33) | 415,739 |
Net income | $ 0 | 0 | $ 0 | 0 | 28,166 | 0 | 28,166 |
Common stock issued on share-based awards (in shares) | 1 | 0 | |||||
Common stock issued on share-based awards | $ 0 | 9 | $ 0 | 0 | 0 | 0 | 9 |
Share-based compensation expense | 0 | 495 | 0 | 0 | 0 | 0 | 495 |
Cash dividends declared | 0 | 0 | 0 | 0 | (8,152) | 0 | (8,152) |
Other comprehensive income (loss) | 0 | 0 | 0 | 795 | 0 | 12 | 807 |
Share-based compensation expense | $ 0 | 495 | $ 0 | 0 | 0 | 0 | 495 |
Balance (in shares) at Dec. 31, 2022 | 49,416 | 24,068 | |||||
Balance at Dec. 31, 2022 | $ 494 | 385,555 | $ (682,599) | (5,749) | 739,384 | (21) | 437,064 |
Net income | $ 0 | 0 | $ 0 | 0 | 22,356 | 0 | 22,356 |
Common stock issued on share-based awards (in shares) | 1 | 0 | |||||
Common stock issued on share-based awards | $ 0 | 66 | $ 0 | 0 | 0 | 0 | 66 |
Share-based compensation expense | $ 0 | 382 | $ 0 | 0 | 0 | 0 | 382 |
Restricted stock vesting (in shares) | (9) | (2) | |||||
Restricted stock vesting | $ 0 | 0 | $ 47 | 0 | 0 | 0 | 47 |
Cash dividends declared | 0 | 0 | 0 | 0 | (8,152) | 0 | (8,152) |
Other comprehensive income (loss) | 0 | 0 | 0 | 1,513 | 0 | 11 | 1,524 |
Share-based compensation expense | $ 0 | 382 | $ 0 | 0 | 0 | 0 | 382 |
Restricted stock vesting (in shares) | 9 | 2 | |||||
Restricted stock vesting | $ 0 | 0 | $ (47) | 0 | 0 | 0 | (47) |
Balance (in shares) at Mar. 31, 2023 | 49,426 | 24,070 | |||||
Balance at Mar. 31, 2023 | $ 494 | 386,003 | $ (682,646) | (4,236) | 753,588 | (10) | 453,193 |
Balance (in shares) at Jun. 30, 2023 | 49,426 | 24,070 | |||||
Balance at Jun. 30, 2023 | $ 494 | 386,146 | $ (682,646) | (2,785) | 769,819 | (22) | 471,006 |
Net income | $ 0 | 0 | 0 | 0 | 14,939 | 0 | 14,939 |
Common stock issued on share-based awards (in shares) | 12 | ||||||
Common stock issued on share-based awards | $ 0 | 313 | 0 | 0 | 0 | 0 | 313 |
Share-based compensation expense | $ 0 | 357 | $ 0 | 0 | 0 | 0 | 357 |
Restricted stock vesting (in shares) | 97 | 66 | |||||
Restricted stock vesting | $ 1 | 0 | $ (2,101) | 0 | 0 | 0 | (2,100) |
Cash dividends declared | 0 | 0 | 0 | 0 | (21,928) | 0 | (21,928) |
Other comprehensive income (loss) | 0 | 0 | 0 | (25) | 0 | (6) | (31) |
Share-based compensation expense | $ 0 | 357 | $ 0 | 0 | 0 | 0 | 357 |
Restricted stock vesting (in shares) | (97) | (66) | |||||
Restricted stock vesting | $ (1) | 0 | $ 2,101 | 0 | 0 | 0 | 2,100 |
Balance (in shares) at Sep. 30, 2023 | 49,535 | 24,136 | |||||
Balance at Sep. 30, 2023 | $ 495 | 386,816 | $ (684,747) | (2,810) | 762,830 | (28) | 462,556 |
Balance (in shares) at Jun. 30, 2023 | 49,426 | 24,070 | |||||
Balance at Jun. 30, 2023 | $ 494 | 386,146 | $ (682,646) | (2,785) | 769,819 | (22) | 471,006 |
Net income | 45,303 | ||||||
Other comprehensive income (loss) | 1,894 | ||||||
Balance (in shares) at Mar. 31, 2024 | 49,550 | 24,138 | |||||
Balance at Mar. 31, 2024 | $ 495 | 387,739 | $ (684,796) | (860) | 774,813 | (53) | 477,338 |
Balance (in shares) at Sep. 30, 2023 | 49,535 | 24,136 | |||||
Balance at Sep. 30, 2023 | $ 495 | 386,816 | $ (684,747) | (2,810) | 762,830 | (28) | 462,556 |
Net income | $ 0 | 0 | $ 0 | 0 | 17,411 | 0 | 17,411 |
Common stock issued on share-based awards (in shares) | 1 | 0 | |||||
Common stock issued on share-based awards | $ 0 | 9 | $ 0 | 0 | 0 | 0 | 9 |
Share-based compensation expense | 0 | 364 | 0 | 0 | 0 | 0 | 364 |
Cash dividends declared | 0 | 0 | 0 | 0 | (9,189) | 0 | (9,189) |
Other comprehensive income (loss) | 0 | 0 | 0 | 1,747 | 0 | (8) | 1,739 |
Share-based compensation expense | $ 0 | 364 | $ 0 | 0 | 0 | 0 | 364 |
Balance (in shares) at Dec. 31, 2023 | 49,536 | 24,136 | |||||
Balance at Dec. 31, 2023 | $ 495 | 387,189 | $ (684,747) | (1,063) | 771,052 | (36) | 472,890 |
Net income | $ 0 | 0 | $ 0 | 0 | 12,953 | 0 | 12,953 |
Common stock issued on share-based awards (in shares) | 7 | 0 | |||||
Common stock issued on share-based awards | $ 0 | 186 | $ 0 | 0 | 0 | 0 | 186 |
Share-based compensation expense | $ 0 | 364 | $ 0 | 0 | 0 | 0 | 364 |
Restricted stock vesting (in shares) | (7) | (2) | |||||
Restricted stock vesting | $ 0 | 0 | $ 49 | 0 | 0 | 0 | 49 |
Cash dividends declared | 0 | 0 | 0 | 0 | (9,192) | 0 | (9,192) |
Other comprehensive income (loss) | 0 | 0 | 0 | 203 | 0 | (17) | 186 |
Share-based compensation expense | $ 0 | 364 | $ 0 | 0 | 0 | 0 | 364 |
Restricted stock vesting (in shares) | 7 | 2 | |||||
Restricted stock vesting | $ 0 | 0 | $ (49) | 0 | 0 | 0 | (49) |
Balance (in shares) at Mar. 31, 2024 | 49,550 | 24,138 | |||||
Balance at Mar. 31, 2024 | $ 495 | $ 387,739 | $ (684,796) | $ (860) | $ 774,813 | $ (53) | $ 477,338 |
Note 1 - Organization and Natur
Note 1 - Organization and Nature of Business | 9 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Nature of Operations [Text Block] | (1) Organization and Nature of Business 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 Delaware corporation and leading interior design destination combining technology with personal service. Our design centers, which operate under a mix of Company-owned and independent licensee locations, offer complimentary interior design service, and sell a full range of home furnishings, including custom furniture and artisan-crafted accents for every room in the home. Vertically integrated from product design through logistics, we manufacture about 75% of our custom-crafted products in our North American manufacturing facilities and have been recognized for product quality and craftsmanship since our founding in 1932. As of four ten four one one one two one |
Note 2 - Interim Basis of Prese
Note 2 - Interim Basis of Presentation | 9 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Business Description and Basis of Presentation [Text Block] | (2) Interim Basis of Presentation Principles of Consolidation The accompanying consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. Our consolidated financial statements also include the accounts of an entity in which we are a majority shareholder with the power to direct the activities that most significantly impact the entity’s performance. Noncontrolling interest amounts in the entity are immaterial and included in the consolidated statements of comprehensive income within Interest and other income, net All intercompany activity and balances, including any related profit on intercompany sales, have been eliminated from the consolidated financial statements. In our opinion, all adjustments, consisting only of normal recurring adjustments necessary for fair presentation, have been included in the consolidated financial statements. The results of operations for the three and nine months ended March 31, 2024 are not necessarily indicative of results that may be expected for the entire fiscal year. The interim consolidated financial statements were prepared on a basis consistent with those reflected in our Annual Report on Form 10-K for the fiscal year ended June 30, 2023 (the “2023 Annual Report on Form 10-K”) but do not include all disclosures required by U.S. generally accepted accounting principles (“GAAP”). We derived the June 30, 2023 consolidated balance sheet from our audited financial statements included in our 2023 Annual Report on Form 10-K. Use of Estimates We prepare our consolidated financial statements in accordance with GAAP, which requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of net sales and expenses during the reporting period. Due to the inherent uncertainty involved in making those estimates, actual results could differ from those estimates. Areas in which significant estimates have been made include, but are not limited to, goodwill and indefinite-lived intangible asset impairment analyses, recoverability and useful lives for property, plant and equipment, inventory obsolescence, tax valuation allowances, the evaluation of uncertain tax positions and business insurance reserves. Restricted Cash We present restricted cash as a component of total cash and cash equivalents on our consolidated statements of cash flows and within Other assets We have evaluated subsequent events through the date of issuance of the financial statements included in this Quarterly Report on Form 10-Q. |
Note 3 - Recent Accounting Pron
Note 3 - Recent Accounting Pronouncements | 9 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | (3) Recent Accounting Pronouncements The Company evaluates all Accounting Standards Updates (“ASUs”) issued by the Financial Accounting Standards Board (“FASB”) for consideration of their applicability to our consolidated financial statements. New Accounting Standards or Updates Adopted in Fiscal 2024 Business Combinations. Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers Revenue from Contracts with Customers (Topic 606) Derivatives and Hedging. Derivatives and Hedging (Topic 801): Fair Value Hedging Portfolio Layer Method Recent Accounting Standards or Updates Not Yet Effective Disclosure Improvements. Disclosure Improvements: Codification Amendment in Response to the SEC s Disclosure Update and Simplification Initiative Segment Reporting. Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures Income Taxes. Income Taxes (Topic 740): Improvements to Income Tax Disclosures Climate-Related Disclosures. No other new accounting pronouncements issued or effective as of March 31, 2024 have had or are expected to have a material impact on our consolidated financial statements. |
Note 4 - Revenue Recognition
Note 4 - Revenue Recognition | 9 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | (4) Revenue Recognition Our reported revenue (net sales) consists substantially of product sales. We report product sales net of discounts and recognize them at the point in time when control transfers to the customer. For sales to our customers in our wholesale segment, control typically transfers when the product is shipped. The majority of our shipping agreements are freight-on-board shipping point and risk of loss transfers to our wholesale customer once the product is out of our control. Accordingly, revenue is recognized for product shipments on third-party carriers at the point in time that our product is loaded onto the third-party container or truck. For sales in our retail segment, control generally transfers upon delivery to the customer. We recognize the promised amount of consideration without adjusting for the effects of a significant financing component if the contract has a duration of one year or less. As our contracts typically are less than one year in length and do not have significant financing components, we have not adjusted consideration. Shipping and Handling. Sales Taxes. Accounts payable and accrued expenses Returns and Allowances. Prepaid expenses and other current assets Other current liabilities Allowance for Doubtful Accounts. Commissions. Prepaid expenses and other current assets Selling, general and administrative expenses Customer Deposits. Customer deposits Customer deposits Customer deposits The following table disaggregates our net sales by product category by segment (in thousands): Three months ended March 31, 2024 Three months ended March 31, 2023 Wholesale Retail Eliminations (1) Total Wholesale Retail Eliminations (1) Total Upholstery (2) $ 44,187 $ 54,407 $ (31,692 ) $ 66,902 $ 56,923 $ 71,269 $ (38,603 ) $ 89,589 Case goods (3) 31,542 35,494 (19,803 ) 47,233 39,761 41,917 (24,439 ) 57,239 Accents (4) 15,670 25,548 (14,525 ) 26,693 19,456 29,382 (15,760 ) 33,078 Other (5) (1,574 ) 7,167 - 5,593 (1,945 ) 8,355 - 6,410 Total $ 89,825 $ 122,616 $ (66,020 ) $ 146,421 $ 114,195 $ 150,923 $ (78,802 ) $ 186,316 Nine months ended March 31, 2024 Nine months ended March 31, 2023 Wholesale Retail Eliminations (1) Total Wholesale Retail Eliminations (1) Total Upholstery (2) $ 138,071 $ 186,519 $ (98,853 ) $ 225,737 $ 169,206 $ 245,144 $ (121,089 ) $ 293,261 Case goods (3) 91,060 103,308 (55,358 ) 139,010 113,734 137,061 (68,855 ) 181,940 Accents (4) 54,309 83,167 (43,496 ) 93,980 57,292 97,737 (47,486 ) 107,543 Other (5) (3,558 ) 22,420 - 18,862 (5,139 ) 26,402 - 21,263 Total $ 279,882 $ 395,414 $ (197,707 ) $ 477,589 $ 335,093 $ 506,344 $ (237,430 ) $ 604,007 (1) The Eliminations column in the tables above represents the elimination of all intercompany wholesale segment sales to the retail segment in each period presented. (2) Upholstery includes fabric-covered items such as sleepers, recliners and other motion furniture, chairs, ottomans, custom pillows, sofas, loveseats, cut fabrics and leather. (3) Case goods includes items such as beds, dressers, armoires, tables, chairs, buffets, entertainment units, home office furniture and wooden accents. (4) Accents includes items such as window treatments and drapery hardware, wall décor, florals, lighting, clocks, mattresses, bedspreads, throws, pillows, decorative accents, area rugs, flooring, wall coverings and home and garden furnishings. (5) Other includes product delivery sales, Ethan Allen Hotel revenues, sales of third-party furniture protection plans and other miscellaneous product sales less prompt payment discounts, sales allowances and other incentives. |
Note 5 - Fair Value Measurement
Note 5 - Fair Value Measurements | 9 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Fair Value Measurement and Measurement Inputs, Recurring and Nonrecurring [Text Block] | (5) Fair Value Measurements Fair value is defined as the price that would be received from selling an asset or paid to transfer a liability (i.e., the “exit price”) in an orderly transaction between market participants at the measurement date. In determining fair value, the use of various valuation methodologies, including market, income and cost approaches is permissible. We consider the principal or most advantageous market in which it would transact and assumptions that market participants would use when pricing the asset or liability. Fair Value Hierarchy. We have categorized our cash equivalents and investments within the fair value hierarchy as follows: Level 1 Level 2 Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis. Fair Value Measurements at March 31, 2024 Financial Assets Balance Sheet Location Level 1 Level 2 Level 3 Total Corporate money market funds (1) Cash and cash equivalents $ 27,285 $ - $ - $ 27,285 U.S. Treasury bills (2) Investments - 82,356 - 82,356 U.S. Treasury notes (2) Other assets - 34,867 - 34,867 Total $ 27,285 $ 117,223 $ - $ 144,508 Fair Value Measurements at June 30, 2023 Financial Assets Balance Sheet Location Level 1 Level 2 Level 3 Total Corporate money market funds (1) Cash and cash equivalents $ 23,923 $ - $ - $ 23,923 U.S. Treasury bills (2) Investments - 110,577 - 110,577 Total $ 23,923 $ 110,577 $ - $ 134,500 (1) Our corporate money market funds are readily convertible into cash and the net asset value of each fund on the last day of the quarter is used to determine its fair value. (2) We have current and non-current debt securities (U.S. Treasury bills and notes) intended to enhance returns on our cash as well as to fund future obligations. All unrealized gains and losses were included in Accumulated other comprehensive loss Our debt securities are presented below in accordance with their stated maturities. A portion of these investments are classified as non-current as they have stated maturities of more than one year from the balance sheet date. However, these investments are generally available to meet short-term liquidity needs. March 31, 2024 Amortized cost Gross unrealized gains Gross unrealized losses Fair Value Due within one year $ 79,998 $ 2,358 $ - $ 82,356 Due within one and two years 34,907 - (40 ) 34,867 Total $ 114,905 $ 2,358 $ (40 ) $ 117,223 There were no Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis. Assets and Liabilities Measured at Fair Value for Disclosure Purposes Only. no |
Note 6 - Leases
Note 6 - Leases | 9 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Lessee, Leases [Text Block] | (6) Leases We recognize substantially all leases on our balance sheet as a right-of-use (“ROU”) asset and a lease liability. We have operating leases for many of our design centers that expire at various dates through fiscal 2040. We also lease certain tangible assets, including computer equipment and vehicles, with initial lease terms ranging from three five The Company's lease terms and discount rates are as follows: March 31, 2024 2023 Weighted average remaining lease term (in years) Operating leases 5.6 6.0 Financing leases 3.0 2.2 Weighted average discount rate Operating leases 5.8 % 5.4 % Financing leases 5.5 % 3.3 % The following table discloses the location and amount of our operating and financing lease costs within our consolidated statements of comprehensive income (in thousands): Three months ended March 31, Nine months ended March 31, Statements of Comprehensive Income Location 2024 2023 2024 2023 Operating lease cost (1) SG&A expenses $ 8,006 $ 7,573 $ 23,824 $ 22,557 Financing lease cost Depreciation of property SG&A expenses 120 124 368 379 Interest on lease liabilities Interest and other financing costs 11 6 19 21 Short-term lease cost (2) SG&A expenses 2 307 61 887 Variable lease cost (3) SG&A expenses 2,522 2,427 7,313 6,940 Less: Sublease income SG&A expenses (404 ) (288 ) (980 ) (874 ) Total lease expense $ 10,257 $ 10,149 $ 30,605 $ 29,910 (1) Operating lease costs include costs associated with fixed lease payments and index-based variable payments that qualified for lease accounting under ASC 842, Leases (2) Leases with an initial term of 12 months or less are not recorded on the balance sheet and instead expensed on a straight-line basis over the lease term. (3) Variable lease costs include costs that were not fixed at the lease commencement date and are not dependent on an index or rate. Variable lease payments are generally expensed as incurred, where applicable, and include certain non-lease components, such as maintenance, utilities, real estate taxes, insurance and other services provided by the lessor, and other charges included in the lease. In addition, certain of our equipment lease agreements include variable lease payments, which are based on the usage of the underlying asset. The variable portion of payments are not included in the initial measurement of the asset or lease liability due to uncertainty of the payment amount and are recorded as expense in the period incurred. The following table reconciles the undiscounted future minimum lease payments (displayed by year and in the aggregate) under noncancelable leases with terms of more than one year to the total lease liabilities recognized on our consolidated balance sheets as of March 31, 2024 (in thousands): Fiscal Year Operating Leases Financing Leases 2024 (remaining three months) $ 8,452 $ 84 2025 33,326 381 2026 29,293 374 2027 22,803 307 2028 19,644 - Thereafter 36,929 - Total undiscounted future minimum lease payments 150,447 1,146 Less: imputed interest (22,265 ) (89 ) Total present value of lease obligations (1) $ 128,182 $ 1,057 (1) There were no future commitments under short-term operating lease agreements as of March 31, 2024. As of March 31, 2024, we did not have any operating or financing leases that had not yet commenced. Other supplemental information for our leases is as follows (in thousands): Nine months ended 2024 2023 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 24,496 $ 23,355 Operating cash flows from financing leases $ 350 $ 395 Operating lease assets obtained in exchange for operating lease liabilities $ 16,942 $ 36,375 Financing lease obligations obtained in exchange for new financing lease assets $ 825 $ - Sale-leaseback transaction. Restructuring and other charges, net of gains Restructuring and other charges, net of gains Restructuring and other charges, net of gains Other current liabilities |
Note 7 - Inventories
Note 7 - Inventories | 9 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | (7) Inventories Inventories are stated at the lower of cost, determined on a first-in, first-out basis, and net realizable value and are summarized as follows (in thousands): March 31, June 30, 2024 2023 Finished goods $ 110,883 $ 108,873 Work in process 11,964 12,606 Raw materials 23,439 29,653 Inventory reserves (1,812 ) (1,937 ) Inventories, net $ 144,474 $ 149,195 |
Note 8 - Property, Plant and Eq
Note 8 - Property, Plant and Equipment | 9 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | (8) Property, Plant and Equipment Property, plant and equipment are summarized as follows (in thousands): March 31, June 30, 2024 2023 Land and improvements $ 77,180 $ 77,940 Building and improvements 366,960 352,582 Machinery and equipment 119,387 126,203 Property, plant and equipment, gross 563,527 556,725 Less: accumulated depreciation and amortization (344,514 ) (334,558 ) Property, plant and equipment, net $ 219,013 $ 222,167 We recorded depreciation and amortization expense of $4.0 million for both the three months ended March 31, 2024 and 2023. Depreciation expense was $12.0 million and $11.7 million for the nine months ended March 31, 2024 and 2023, respectively. |
Note 9 - Other Assets
Note 9 - Other Assets | 9 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Other Assets Disclosure [Text Block] | (9) Other Assets The following table summarizes the nature of the amounts within Other assets March 31, June 30, 2024 2023 U.S. Treasury notes (1) $ 34,867 $ - Restricted cash 409 492 Other assets 1,537 1,712 Other assets $ 36,813 $ 2,204 (1) Our long-term investments in U.S. Treasury notes as of March 31, 2024 have maturities between one and two years. |
Note 10 - Goodwill and Intangib
Note 10 - Goodwill and Intangible Assets | 9 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Goodwill and Intangible Assets Disclosure [Text Block] | (10) Goodwill and Intangible Assets Our goodwill and intangible assets are comprised of goodwill, which represents the excess of cost over the fair value of net assets acquired, and our Ethan Allen trade name and related trademarks. Both goodwill and indefinite-lived intangible assets are not amortized as they are estimated to have an indefinite life. At March 31, 2024 and June 30, 2023, we had $25.4 million of goodwill and $19.7 million of indefinite-lived intangible assets, all of which is assigned to our wholesale reporting unit. Our wholesale reporting unit is principally involved in the development of the Ethan Allen brand and encompasses all aspects of design, manufacturing, sourcing, marketing, sale and distribution of the Company’s broad range of home furnishings and accents. We test our wholesale goodwill and indefinite-lived intangibles for impairment on an annual basis in the fourth quarter of each fiscal year, and more frequently if events or changes in circumstances indicate that it might be impaired. Consistent with the timing of prior years, we performed our annual goodwill and indefinite-lived intangible asset impairment tests during the fourth quarter of fiscal 2023 utilizing a qualitative analysis and concluded it was more likely than not the fair value of our trade name was greater than its carrying value and no impairment charge was required. |
Note 11 - Other Current Liabili
Note 11 - Other Current Liabilities | 9 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Other Liabilities Disclosure [Text Block] | (11) Other Current Liabilities The following table summarizes the nature of the amounts within Other current liabilities March 31, June 30, 2024 2023 Income taxes payable $ 235 $ 266 Deferred liability, short-term (1) 872 2,620 Financing lease liabilities, short-term 324 378 Customer financing program rebate 283 433 Other current liabilities 2,830 3,491 Other current liabilities $ 4,544 $ 7,188 (1) As of March 31, 2024, the deferred liability balance associated with the sale-leaseback transaction completed on August 1, 2022 was $0.9 million which was all recorded in Other current liabilities Leases |
Note 12 - Income Taxes
Note 12 - Income Taxes | 9 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | (12) Income Taxes The Company's process for determining the provision for income taxes involves using an estimated annual effective tax rate which is based on forecasted annual income and statutory tax rates across the various jurisdictions in which we operate. We recorded a provision for income tax expense of $4.3 million and $15.4 million, respectively, for the three and nine months ended March 31, 2024 compared with $7.5 million and $27.4 million in the prior year comparable periods. Our consolidated effective tax rate was 25.1% and 25.4%, respectively, for both the three and nine months ended March 31, 2024 and 2023. Our effective tax rate varies from the 21% federal statutory rate primarily due to state taxes. We recognize interest and penalties related to income tax matters as a component of income tax expense. As of March 31, 2024, we had $3.7 million of unrecognized tax benefits compared with $3.0 million as of June 30, 2023. It is reasonably possible that various issues relating to $0.4 million of the total gross unrecognized tax benefits as of March 31, 2024 will be resolved within the next 12 months as exams are completed or statutes expire. If recognized, $0.3 million of unrecognized tax benefits would reduce our income tax expense in the period realized. |
Note 13 - Credit Agreement
Note 13 - Credit Agreement | 9 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | (13) Credit Agreement On January 26, 2022, the Company and most of its domestic subsidiaries (the “Loan Parties”) entered into a Third Amended and Restated Credit Agreement (the “Credit Agreement”) with JPMorgan Chase Bank, N.A. as administrative agent and syndication agent and Capital One, National Association, as documentation agent. The Credit Agreement amends and restates the Second Amended and Restated Credit Agreement, dated as of December 21, 2018, as amended. The Credit Agreement provides for a $125 million revolving credit facility (the “Facility”), subject to borrowing base availability, with a maturity date of January 26, 2027. The Credit Agreement also provides the Company with an option to increase the size of the facility up to an additional amount of $60 million. We incurred financing costs of $0.5 million during fiscal 2022, which are being amortized as interest expense within Interest and other financing costs Availability. Borrowings. 1.0%) no Covenants and Other Ratios. The Facility does not contain any significant financial ratio covenants or coverage ratio covenants other than a fixed charge coverage ratio covenant based on the ratio of (a) EBITDA, plus cash Rentals, minus Unfinanced Capital Expenditures to (b) Fixed Charges, as such terms are defined in the Facility. The fixed charge coverage ratio covenant, set at 1.0 to 1.0 and measured on a trailing period of four consecutive fiscal quarters, only applies in certain limited circumstances, including when the unused availability under the Facility drops below $14.0 million. At no point during fiscal 2024 or 2023, did the unused availability under the Facility fall below $14.0 million, thus the Fixed-Charge Coverage Ratio (FCCR) Covenant did not apply. At both March 31, 2024 and June 30, 2023, we were in compliance with all the covenants under the Facility. Letters of Credit. |
Note 14 - Restructuring and Oth
Note 14 - Restructuring and Other Charges, Net of Gains | 9 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Restructuring, Impairment, and Other Activities Disclosure [Text Block] | (14) Restructuring and Other Charges, Net of Gains Restructuring and other charges, net of gains were as follows (in thousands): Three months ended Nine months ended 2024 2023 2024 2023 Orleans, Vermont flood $ (103 ) $ - $ 2,243 $ - Gain on sale-leaseback transaction (656 ) (655 ) (1,966 ) (3,566 ) Severance and other charges 5 185 226 904 Total Restructuring and other charges, net of gains $ (754 ) $ (470 ) $ 503 $ (2,662 ) Activity within restructuring and other charges, net of gains are summarized in the table below (in thousands): Balance Fiscal 2024 Activity Balance June 30, 2023 Expense (Gain) Non-Cash Payments Proceeds March 31, 2024 Orleans, Vermont flood (1) Inventory write-downs and overhead manufacturing costs $ - $ 1,426 $ 1,426 $ - $ - $ - Repair and remediation costs - 2,416 - (2,136 ) - 280 (1) Insurance recoveries and grant proceeds (2) - (1,599 ) - - 1,599 - Sub-total $ - $ 2,243 $ 1,426 $ (2,136 ) $ 1,599 $ 280 Gain on sale-leaseback transaction $ 2,838 $ (1,966 ) $ - $ - $ - $ 872 (3) Severance and other charges 321 226 - (384 ) - 163 Total Restructuring and other charges, net of gains $ 3,159 $ 503 $ 1,426 $ (2,520 ) $ 1,599 $ 1,315 (1) In July 2023, our wood furniture manufacturing operations located in Orleans, Vermont sustained damage from flooding of the nearby Barton River. In addition to losses related to wood furniture inventory parts and state-of-the-art manufacturing equipment, the flooding also resulted in a temporary work stoppage for many Vermont associates and a disruption and delay of shipments. Losses incurred from the disposal of damaged inventory, inoperable machinery equipment from water damage, facility cleanup, and restoration, was $2.2 million, net of insurance recoveries and grant proceeds. The remaining amount of repair and remediation costs to be paid as of March 31, 2024 is accrued for within Accounts payable and accrued expenses. (2) The Vermont Department of Economic Development awarded Ethan Allen a $0.5 million grant through its Business Emergency Gap Assistance Program. Additional insurance proceeds totaling $1.1 million were received during fiscal 2024 from existing insurance policies. All of these proceeds were used toward the cleanup and restoration efforts. (3) In August 2022, we sold and subsequently leased back a retail design center and recognized a net gain of $2.0 million for the nine months ended March 31, 2024. The remaining deferred liability of $0.9 million as of March 31, 2024 is recorded within Other current liabilities Leases |
Note 15 - Earnings Per Share
Note 15 - Earnings Per Share | 9 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | (15) Earnings Per Share The following is a reconciliation of the numerators and denominators we used in our computations of basic and diluted earnings per share (“EPS”): Three months ended Nine months ended March 31, March 31, (in thousands, except per share data) 2024 2023 2024 2023 Numerator (basic and diluted): Net income available to common Shareholders $ 12,953 $ 22,356 $ 45,303 $ 80,402 Denominator: Basic weighted average shares common shares outstanding 25,531 25,477 25,520 25,470 Dilutive effect of stock options and other share-based awards (1) 119 122 112 110 Diluted weighted average shares common shares outstanding 25,650 25,599 25,632 25,580 Earnings per share: Basic $ 0.51 $ 0.88 $ 1.78 $ 3.16 Diluted $ 0.50 $ 0.87 $ 1.77 $ 3.14 (1) Dilutive potential common shares consist of stock options, restricted stock units and performance units. As of March 31, 2024 and 2023, total share-based awards of 20,088 and 43,060, respectively, were excluded from the diluted EPS calculations because their inclusion would have been anti-dilutive. As of March 31, 2024 and 2023, the number of performance units excluded from the calculation of diluted EPS were 165,176 and 176,496, respectively . |
Note 16 - Accumulated Other Com
Note 16 - Accumulated Other Comprehensive Loss | 9 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Comprehensive Income (Loss) Note [Text Block] | (16) Accumulated Other Comprehensive Loss Accumulated other comprehensive loss consists of foreign currency translation adjustments and unrealized gains or losses on our investments. Foreign currency translation adjustments are the result of changes in foreign currency exchange rates related to our operations in Canada, Honduras and Mexico. Assets and liabilities are translated into U.S. dollars using the current period-end exchange rate and income and expense amounts are translated using the average exchange rate for the period in which the transaction occurred. All unrealized gains and losses on investments are included in Accumulated Other Comprehensive Loss The components of accumulated other comprehensive loss are as follows (in thousands): March 31, June 30, Accumulated foreign currency translation adjustments $ (2,591 ) $ (3,219 ) Accumulated unrealized gains on investments, net of tax 1,731 434 $ (860 ) $ (2,785 ) The following table sets forth the activity in accumulated other comprehensive loss (in thousands): 2024 2023 Beginning balance at July 1 $ (2,785 ) $ (6,462 ) Other comprehensive income, net of tax 1,894 2,242 Less AOCI attributable to noncontrolling interests 31 (16 ) Ending balance at March 31 $ (860 ) $ (4,236 ) |
Note 17 - Share-based Compensat
Note 17 - Share-based Compensation | 9 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Share-Based Payment Arrangement [Text Block] | (17) Share-Based Compensation We recognized total share-based compensation expense of $1.1 million during both the nine months ended March 31, 2024 and 2023. These amounts have been included in the consolidated statements of comprehensive income within SG&A expenses , no At March 31, 2024, there were 1,249,786 shares of common stock available for future issuance pursuant to the Ethan Allen Interiors Inc. Stock Incentive Plan (the “Plan”), which provides for the grant of stock options, restricted stock and stock units. The number and frequency of share-based awards granted are based on competitive practices, our operating results and other factors. Stock Option Activity Employee Stock Option Grants. no Non-Employee Stock Option Grants. three ten As of March 31, 2024, $0.2 million of total unrecognized compensation expense related to non-vested employee and non-employee stock options is expected to be recognized over a weighted average remaining period of 1.9 years. A total of 104,147 stock options were outstanding as of March 31, 2024, at a weighted average exercise price of $24.92 and a weighted average grant date fair value of $6.68. Restricted Stock Unit Activity During the first nine months of fiscal 2024, we granted 17,232 non-performance based restricted stock units (“RSUs”), with a weighted average grant date fair value of $28.58. The RSUs granted to employees entitle the holder to receive the underlying shares of common stock as the unit vests over the relevant vesting period. The RSUs do not entitle the holder to receive dividends declared on the underlying shares while the RSUs remain unvested and vest in three three During the first nine months of fiscal 2024, 22,037 RSUs vested and 2,750 RSUs forfeited, leaving 46,308 RSUs unvested and outstanding as of March 31, 2024, with a weighted average grant date fair value of $23.42. As of March 31, 2024, $0.8 million of total unrecognized compensation expense related to non-vested RSUs is expected to be recognized over a weighted average remaining period of 1.8 years. Performance Stock Unit Activity Payout of performance stock unit (“PSU”) grants depend on the attainment of certain financial and shareholder-return goals over a specific performance period, which is generally three During the first nine months of fiscal 2024, we granted 73,095 PSUs with a weighted average grant date fair value of $27.58 compared with 103,096 PSUs at a weighted average grant date fair value of $18.75 in the prior year. We estimate, as of the date of grant, the fair value of PSUs with a discounted cash flow model, using as model inputs the risk-free rate of return as the discount rate, dividend yield for dividends not paid during the restriction period, and a discount for lack of marketability for a one-year post-vest holding period. The lack of marketability discount used is the present value of a future put option using the Chaffe model. During the first nine months of fiscal 2024, 81,250 PSUs, that were previously granted in August 2020, vested and none Unrecognized compensation expense as of March 31, 2024, related to PSUs, was $0.9 million based on the current estimates of the number of awards that will vest, and is expected to be recognized over a weighted average remaining period of 1.6 years. |
Note 18 - Segment Information
Note 18 - Segment Information | 9 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | (18) Segment Information Ethan Allen conducts business globally and has strategically aligned its business into two two Wholesale Segment. Retail Segment. Intersegment. Segment information is provided below (in thousands): Three months ended Nine months ended March 31, March 31, 2024 2023 2024 2023 Net sales Wholesale segment $ 89,825 $ 114,195 $ 279,882 $ 335,093 Less: intersegment sales (66,020 ) (78,802 ) (197,707 ) (237,430 ) Wholesale sales to external customers 23,805 35,393 82,175 97,663 Retail segment 122,616 150,923 395,414 506,344 Consolidated total $ 146,421 $ 186,316 $ 477,589 $ 604,007 Income before income taxes Wholesale segment $ 11,243 $ 18,805 $ 36,437 $ 48,787 Retail segment 2,275 12,598 14,399 52,667 Elimination of intercompany profit (a) 1,807 (2,615 ) 4,528 4,053 Operating income 15,325 28,788 55,364 105,507 Interest and other income, net 2,037 1,123 5,541 2,420 Interest and other financing costs 64 52 177 157 Consolidated total $ 17,298 $ 29,859 $ 60,728 $ 107,770 Depreciation and amortization Wholesale segment $ 1,590 $ 1,583 $ 4,819 $ 4,749 Retail segment 2,439 2,395 7,217 6,924 Consolidated total $ 4,029 $ 3,978 $ 12,036 $ 11,673 Capital expenditures Wholesale segment $ 942 $ 993 $ 3,232 $ 5,755 Retail segment 1,353 1,213 4,304 4,924 Consolidated total $ 2,295 $ 2,206 $ 7,536 $ 10,679 (a) Represents the change in wholesale profit contained in the retail segment inventory at the end of the period. (in thousands) March 31, June 30, Total Assets 2024 2023 Wholesale segment $ 371,263 $ 373,921 Retail segment 397,789 403,651 Inventory profit elimination (a) (26,836 ) (32,119 ) Consolidated total $ 742,216 $ 745,453 (a) Represents the wholesale profit contained in the retail segment inventory that has not yet been realized. These profits are realized when the related inventory is sold. |
Note 19 - Commitments and Conti
Note 19 - Commitments and Contingencies | 9 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | (19) Commitments and Contingencies Commitments represent obligations, such as those for future purchases of goods or services that are not yet recorded on the consolidated balance sheets as liabilities. We record liabilities for commitments when incurred (specifically when the goods or services are received). Material Cash Requirements from Contractual Obligations. Legal Matters. , Contingencies. , |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended | 9 Months Ended |
Mar. 31, 2024 shares | Mar. 31, 2024 shares | |
Insider Trading Arr Line Items | ||
Material Terms of Trading Arrangement [Text Block] | Item 5. Other Information Securities Trading Plans of Directors and Officers On March 14, 2024, M. Farooq Kathwari, our Chairman, President and CEO, adopted None of our other directors or officers (as defined in Section 16 of the Securities Exchange Act of 1934, as amended) adopted, modified or terminated | |
Trading Arrangement Adoption Date | March 14, 2024 | |
Trading Arrangement, Individual Name | M. Farooq Kathwari | |
Trading Arrangement, Individual Title | Chairman, President and CEO | |
Rule 10b5-1 Arrangement Adopted [Flag] | true | |
Non-Rule 10b5-1 Arrangement Adopted [Flag] | false | |
Trading Arrangement, Securities Aggregate Available Amount (in shares) | 224,400 | 224,400 |
Rule 10b5-1 Arrangement Terminated [Flag] | false | |
Non-Rule 10b5-1 Arrangement Terminated [Flag] | false |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 9 Months Ended |
Mar. 31, 2024 | |
Accounting Policies [Abstract] | |
New Accounting Pronouncements, Policy [Policy Text Block] | New Accounting Standards or Updates Adopted in Fiscal 2024 Business Combinations. Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers Revenue from Contracts with Customers (Topic 606) Derivatives and Hedging. Derivatives and Hedging (Topic 801): Fair Value Hedging Portfolio Layer Method Recent Accounting Standards or Updates Not Yet Effective Disclosure Improvements. Disclosure Improvements: Codification Amendment in Response to the SEC s Disclosure Update and Simplification Initiative Segment Reporting. Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures Income Taxes. Income Taxes (Topic 740): Improvements to Income Tax Disclosures Climate-Related Disclosures. No other new accounting pronouncements issued or effective as of March 31, 2024 have had or are expected to have a material impact on our consolidated financial statements. |
Note 4 - Revenue Recognition (T
Note 4 - Revenue Recognition (Tables) | 9 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Three months ended March 31, 2024 Three months ended March 31, 2023 Wholesale Retail Eliminations (1) Total Wholesale Retail Eliminations (1) Total Upholstery (2) $ 44,187 $ 54,407 $ (31,692 ) $ 66,902 $ 56,923 $ 71,269 $ (38,603 ) $ 89,589 Case goods (3) 31,542 35,494 (19,803 ) 47,233 39,761 41,917 (24,439 ) 57,239 Accents (4) 15,670 25,548 (14,525 ) 26,693 19,456 29,382 (15,760 ) 33,078 Other (5) (1,574 ) 7,167 - 5,593 (1,945 ) 8,355 - 6,410 Total $ 89,825 $ 122,616 $ (66,020 ) $ 146,421 $ 114,195 $ 150,923 $ (78,802 ) $ 186,316 Nine months ended March 31, 2024 Nine months ended March 31, 2023 Wholesale Retail Eliminations (1) Total Wholesale Retail Eliminations (1) Total Upholstery (2) $ 138,071 $ 186,519 $ (98,853 ) $ 225,737 $ 169,206 $ 245,144 $ (121,089 ) $ 293,261 Case goods (3) 91,060 103,308 (55,358 ) 139,010 113,734 137,061 (68,855 ) 181,940 Accents (4) 54,309 83,167 (43,496 ) 93,980 57,292 97,737 (47,486 ) 107,543 Other (5) (3,558 ) 22,420 - 18,862 (5,139 ) 26,402 - 21,263 Total $ 279,882 $ 395,414 $ (197,707 ) $ 477,589 $ 335,093 $ 506,344 $ (237,430 ) $ 604,007 |
Note 5 - Fair Value Measureme_2
Note 5 - Fair Value Measurements (Tables) | 9 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Fair Value Measurements, Recurring and Nonrecurring [Table Text Block] | Fair Value Measurements at March 31, 2024 Financial Assets Balance Sheet Location Level 1 Level 2 Level 3 Total Corporate money market funds (1) Cash and cash equivalents $ 27,285 $ - $ - $ 27,285 U.S. Treasury bills (2) Investments - 82,356 - 82,356 U.S. Treasury notes (2) Other assets - 34,867 - 34,867 Total $ 27,285 $ 117,223 $ - $ 144,508 Fair Value Measurements at June 30, 2023 Financial Assets Balance Sheet Location Level 1 Level 2 Level 3 Total Corporate money market funds (1) Cash and cash equivalents $ 23,923 $ - $ - $ 23,923 U.S. Treasury bills (2) Investments - 110,577 - 110,577 Total $ 23,923 $ 110,577 $ - $ 134,500 |
Debt Securities, Available-for-Sale [Table Text Block] | March 31, 2024 Amortized cost Gross unrealized gains Gross unrealized losses Fair Value Due within one year $ 79,998 $ 2,358 $ - $ 82,356 Due within one and two years 34,907 - (40 ) 34,867 Total $ 114,905 $ 2,358 $ (40 ) $ 117,223 |
Note 6 - Leases (Tables)
Note 6 - Leases (Tables) | 9 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Lease, Cost [Table Text Block] | March 31, 2024 2023 Weighted average remaining lease term (in years) Operating leases 5.6 6.0 Financing leases 3.0 2.2 Weighted average discount rate Operating leases 5.8 % 5.4 % Financing leases 5.5 % 3.3 % Three months ended March 31, Nine months ended March 31, Statements of Comprehensive Income Location 2024 2023 2024 2023 Operating lease cost (1) SG&A expenses $ 8,006 $ 7,573 $ 23,824 $ 22,557 Financing lease cost Depreciation of property SG&A expenses 120 124 368 379 Interest on lease liabilities Interest and other financing costs 11 6 19 21 Short-term lease cost (2) SG&A expenses 2 307 61 887 Variable lease cost (3) SG&A expenses 2,522 2,427 7,313 6,940 Less: Sublease income SG&A expenses (404 ) (288 ) (980 ) (874 ) Total lease expense $ 10,257 $ 10,149 $ 30,605 $ 29,910 |
Lessee, Leases, Liability, Maturity [Table Text Block] | Fiscal Year Operating Leases Financing Leases 2024 (remaining three months) $ 8,452 $ 84 2025 33,326 381 2026 29,293 374 2027 22,803 307 2028 19,644 - Thereafter 36,929 - Total undiscounted future minimum lease payments 150,447 1,146 Less: imputed interest (22,265 ) (89 ) Total present value of lease obligations (1) $ 128,182 $ 1,057 |
Lease, Supplemental Lease Information [Table Text Block] | Nine months ended 2024 2023 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 24,496 $ 23,355 Operating cash flows from financing leases $ 350 $ 395 Operating lease assets obtained in exchange for operating lease liabilities $ 16,942 $ 36,375 Financing lease obligations obtained in exchange for new financing lease assets $ 825 $ - |
Note 7 - Inventories (Tables)
Note 7 - Inventories (Tables) | 9 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | March 31, June 30, 2024 2023 Finished goods $ 110,883 $ 108,873 Work in process 11,964 12,606 Raw materials 23,439 29,653 Inventory reserves (1,812 ) (1,937 ) Inventories, net $ 144,474 $ 149,195 |
Note 8 - Property, Plant and _2
Note 8 - Property, Plant and Equipment (Tables) | 9 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | March 31, June 30, 2024 2023 Land and improvements $ 77,180 $ 77,940 Building and improvements 366,960 352,582 Machinery and equipment 119,387 126,203 Property, plant and equipment, gross 563,527 556,725 Less: accumulated depreciation and amortization (344,514 ) (334,558 ) Property, plant and equipment, net $ 219,013 $ 222,167 |
Note 9 - Other Assets (Tables)
Note 9 - Other Assets (Tables) | 9 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Schedule of Other Assets [Table Text Block] | March 31, June 30, 2024 2023 U.S. Treasury notes (1) $ 34,867 $ - Restricted cash 409 492 Other assets 1,537 1,712 Other assets $ 36,813 $ 2,204 |
Note 11 - Other Current Liabi_2
Note 11 - Other Current Liabilities (Tables) | 9 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Other Current Liabilities [Table Text Block] | March 31, June 30, 2024 2023 Income taxes payable $ 235 $ 266 Deferred liability, short-term (1) 872 2,620 Financing lease liabilities, short-term 324 378 Customer financing program rebate 283 433 Other current liabilities 2,830 3,491 Other current liabilities $ 4,544 $ 7,188 |
Note 14 - Restructuring and O_2
Note 14 - Restructuring and Other Charges, Net of Gains (Tables) | 9 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Schedule of Restructuring Reserve by Type of Cost [Table Text Block] | Three months ended Nine months ended 2024 2023 2024 2023 Orleans, Vermont flood $ (103 ) $ - $ 2,243 $ - Gain on sale-leaseback transaction (656 ) (655 ) (1,966 ) (3,566 ) Severance and other charges 5 185 226 904 Total Restructuring and other charges, net of gains $ (754 ) $ (470 ) $ 503 $ (2,662 ) Balance Fiscal 2024 Activity Balance June 30, 2023 Expense (Gain) Non-Cash Payments Proceeds March 31, 2024 Orleans, Vermont flood (1) Inventory write-downs and overhead manufacturing costs $ - $ 1,426 $ 1,426 $ - $ - $ - Repair and remediation costs - 2,416 - (2,136 ) - 280 (1) Insurance recoveries and grant proceeds (2) - (1,599 ) - - 1,599 - Sub-total $ - $ 2,243 $ 1,426 $ (2,136 ) $ 1,599 $ 280 Gain on sale-leaseback transaction $ 2,838 $ (1,966 ) $ - $ - $ - $ 872 (3) Severance and other charges 321 226 - (384 ) - 163 Total Restructuring and other charges, net of gains $ 3,159 $ 503 $ 1,426 $ (2,520 ) $ 1,599 $ 1,315 |
Note 15 - Earnings Per Share (T
Note 15 - Earnings Per Share (Tables) | 9 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three months ended Nine months ended March 31, March 31, (in thousands, except per share data) 2024 2023 2024 2023 Numerator (basic and diluted): Net income available to common Shareholders $ 12,953 $ 22,356 $ 45,303 $ 80,402 Denominator: Basic weighted average shares common shares outstanding 25,531 25,477 25,520 25,470 Dilutive effect of stock options and other share-based awards (1) 119 122 112 110 Diluted weighted average shares common shares outstanding 25,650 25,599 25,632 25,580 Earnings per share: Basic $ 0.51 $ 0.88 $ 1.78 $ 3.16 Diluted $ 0.50 $ 0.87 $ 1.77 $ 3.14 |
Note 16 - Accumulated Other C_2
Note 16 - Accumulated Other Comprehensive Loss (Tables) | 9 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | March 31, June 30, Accumulated foreign currency translation adjustments $ (2,591 ) $ (3,219 ) Accumulated unrealized gains on investments, net of tax 1,731 434 $ (860 ) $ (2,785 ) 2024 2023 Beginning balance at July 1 $ (2,785 ) $ (6,462 ) Other comprehensive income, net of tax 1,894 2,242 Less AOCI attributable to noncontrolling interests 31 (16 ) Ending balance at March 31 $ (860 ) $ (4,236 ) |
Note 18 - Segment Information (
Note 18 - Segment Information (Tables) | 9 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Three months ended Nine months ended March 31, March 31, 2024 2023 2024 2023 Net sales Wholesale segment $ 89,825 $ 114,195 $ 279,882 $ 335,093 Less: intersegment sales (66,020 ) (78,802 ) (197,707 ) (237,430 ) Wholesale sales to external customers 23,805 35,393 82,175 97,663 Retail segment 122,616 150,923 395,414 506,344 Consolidated total $ 146,421 $ 186,316 $ 477,589 $ 604,007 Income before income taxes Wholesale segment $ 11,243 $ 18,805 $ 36,437 $ 48,787 Retail segment 2,275 12,598 14,399 52,667 Elimination of intercompany profit (a) 1,807 (2,615 ) 4,528 4,053 Operating income 15,325 28,788 55,364 105,507 Interest and other income, net 2,037 1,123 5,541 2,420 Interest and other financing costs 64 52 177 157 Consolidated total $ 17,298 $ 29,859 $ 60,728 $ 107,770 Depreciation and amortization Wholesale segment $ 1,590 $ 1,583 $ 4,819 $ 4,749 Retail segment 2,439 2,395 7,217 6,924 Consolidated total $ 4,029 $ 3,978 $ 12,036 $ 11,673 Capital expenditures Wholesale segment $ 942 $ 993 $ 3,232 $ 5,755 Retail segment 1,353 1,213 4,304 4,924 Consolidated total $ 2,295 $ 2,206 $ 7,536 $ 10,679 (in thousands) March 31, June 30, Total Assets 2024 2023 Wholesale segment $ 371,263 $ 373,921 Retail segment 397,789 403,651 Inventory profit elimination (a) (26,836 ) (32,119 ) Consolidated total $ 742,216 $ 745,453 |
Note 1 - Organization and Nat_2
Note 1 - Organization and Nature of Business (Details Textual) | 3 Months Ended |
Mar. 31, 2024 | |
Number of Company Operated Design Centers | 141 |
Number of Manufacturing Facilities | 10 |
UNITED STATES | |
Number of Company Operated Design Centers | 137 |
Number of Manufacturing Plants | 4 |
Number of Sawmills | 1 |
Number of Rough Mills | 1 |
Number of Kiln Dry Lumberyards | 1 |
CANADA | |
Number of Company Operated Design Centers | 4 |
MEXICO | |
Number of Manufacturing Plants | 2 |
HONDURAS | |
Number of Manufacturing Plants | 1 |
Geographic Concentration Risk [Member] | Product Production [Member] | North America [Member] | |
Concentration Risk, Percentage | 75% |
Note 2 - Interim Basis of Pre_2
Note 2 - Interim Basis of Presentation (Details Textual) - USD ($) $ in Thousands | Mar. 31, 2024 | Jun. 30, 2023 |
Restricted Cash, Total | $ 409 | $ 492 |
Note 4 - Revenue Recognition (D
Note 4 - Revenue Recognition (Details Textual) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2024 | Jun. 30, 2023 | |
Contract with Customer, Asset, after Allowance for Credit Loss, Current, Total | $ 13.2 | $ 13.2 | ||
Contract with Customer, Liability | 80.5 | 80.5 | $ 77.8 | |
Contract with Customer, Liability, Revenue Recognized | $ 2.7 | $ 6.1 | $ 74.7 |
Note 4 - Revenue Recognition -
Note 4 - Revenue Recognition - Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2024 | Mar. 31, 2023 | |||||
Revenues | $ 146,421 | $ 186,316 | $ 477,589 | $ 604,007 | ||||
Consolidation, Eliminations [Member] | ||||||||
Revenues | (66,020) | [1],[2],[3],[4],[5] | (78,802) | (197,707) | [4] | (237,430) | ||
Wholesale Segment [Member] | Operating Segments [Member] | ||||||||
Revenues | 89,825 | 114,195 | 279,882 | 335,093 | ||||
Retail Segment [Member] | Operating Segments [Member] | ||||||||
Revenues | 122,616 | 150,923 | 395,414 | 506,344 | ||||
Upholstery Furniture [Member] | ||||||||
Revenues | [5] | 66,902 | 89,589 | 225,737 | 293,261 | |||
Upholstery Furniture [Member] | Consolidation, Eliminations [Member] | ||||||||
Revenues | [5] | (31,692) | [1],[2],[3],[4] | (38,603) | (98,853) | (121,089) | ||
Upholstery Furniture [Member] | Wholesale Segment [Member] | Operating Segments [Member] | ||||||||
Revenues | [5] | 44,187 | 56,923 | 138,071 | 169,206 | |||
Upholstery Furniture [Member] | Retail Segment [Member] | Operating Segments [Member] | ||||||||
Revenues | [5] | 54,407 | 71,269 | 186,519 | 245,144 | |||
Case Goods Furniture [Member] | ||||||||
Revenues | 47,233 | [2] | 57,239 | [2] | 139,010 | 181,940 | ||
Case Goods Furniture [Member] | Consolidation, Eliminations [Member] | ||||||||
Revenues | (19,803) | [1],[2],[3],[4],[5] | (24,439) | [2] | (55,358) | (68,855) | ||
Case Goods Furniture [Member] | Wholesale Segment [Member] | Operating Segments [Member] | ||||||||
Revenues | 31,542 | [2] | 39,761 | [2] | 91,060 | 113,734 | ||
Case Goods Furniture [Member] | Retail Segment [Member] | Operating Segments [Member] | ||||||||
Revenues | 35,494 | [2] | 41,917 | [2] | 103,308 | 137,061 | ||
Accent [Member] | ||||||||
Revenues | [1] | 26,693 | 33,078 | 93,980 | 107,543 | |||
Accent [Member] | Consolidation, Eliminations [Member] | ||||||||
Revenues | [1] | (14,525) | [2],[3],[4],[5] | (15,760) | (43,496) | (47,486) | ||
Accent [Member] | Wholesale Segment [Member] | Operating Segments [Member] | ||||||||
Revenues | [1] | 15,670 | 19,456 | 54,309 | 57,292 | |||
Accent [Member] | Retail Segment [Member] | Operating Segments [Member] | ||||||||
Revenues | [1] | 25,548 | 29,382 | 83,167 | 97,737 | |||
Product and Service, Other [Member] | ||||||||
Revenues | [3] | 18,862 | 21,263 | |||||
Product and Service, Other [Member] | Consolidation, Eliminations [Member] | ||||||||
Revenues | [3] | 0 | 0 | |||||
Product and Service, Other [Member] | Wholesale Segment [Member] | Operating Segments [Member] | ||||||||
Revenues | [3] | (3,558) | (5,139) | |||||
Product and Service, Other [Member] | Retail Segment [Member] | Operating Segments [Member] | ||||||||
Revenues | [3] | $ 22,420 | $ 26,402 | |||||
Manufactured Product, Other [Member] | ||||||||
Revenues | [3] | 5,593 | 6,410 | |||||
Manufactured Product, Other [Member] | Consolidation, Eliminations [Member] | ||||||||
Revenues | [3] | 0 | [1],[2],[4],[5] | 0 | ||||
Manufactured Product, Other [Member] | Wholesale Segment [Member] | Operating Segments [Member] | ||||||||
Revenues | [3] | (1,574) | (1,945) | |||||
Manufactured Product, Other [Member] | Retail Segment [Member] | Operating Segments [Member] | ||||||||
Revenues | [3] | $ 7,167 | $ 8,355 | |||||
[1]Accents includes items such as window treatments and drapery hardware, wall décor, florals, lighting, clocks, mattresses, bedspreads, throws, pillows, decorative accents, area rugs, flooring, wall coverings and home and garden furnishings.[2]Case goods includes items such as beds, dressers, armoires, tables, chairs, buffets, entertainment units, home office furniture and wooden accents.[3]Other includes product delivery sales, Ethan Allen Hotel revenues, sales of third-party furniture protection plans and other miscellaneous product sales less prompt payment discounts, sales allowances and other incentives.[4]The Eliminations column in the tables above represents the elimination of all intercompany wholesale segment sales to the retail segment in each period presented.[5]Upholstery includes fabric-covered items such as sleepers, recliners and other motion furniture, chairs, ottomans, custom pillows, sofas, loveseats, cut fabrics and leather. |
Note 5 - Fair Value Measureme_3
Note 5 - Fair Value Measurements (Details Textual) - USD ($) $ in Thousands | 9 Months Ended | |
Mar. 31, 2024 | Jun. 30, 2023 | |
Unrealized Gain (Loss) on Investments | $ 0 | |
Long-Term Debt, Fair Value | $ 0 | $ 0 |
Note 5 - Fair Value Measureme_4
Note 5 - Fair Value Measurements - Fair Value Measurements (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Jun. 30, 2023 | |
Total | $ 144,508 | $ 134,500 | |
US Treasury Bill Securities [Member] | |||
Investments (2) | [1] | 82,356 | 110,577 |
US Treasury Notes Securities [Member] | |||
Investments (2) | [1] | 34,867 | |
Money Market Funds [Member] | |||
Corporate money market funds (1) | [2] | 27,285 | 23,923 |
Fair Value, Inputs, Level 1 [Member] | |||
Total | 27,285 | 23,923 | |
Fair Value, Inputs, Level 1 [Member] | US Treasury Bill Securities [Member] | |||
Investments (2) | [1] | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | US Treasury Notes Securities [Member] | |||
Investments (2) | [1] | 0 | |
Fair Value, Inputs, Level 1 [Member] | Money Market Funds [Member] | |||
Corporate money market funds (1) | [2] | 27,285 | 23,923 |
Fair Value, Inputs, Level 2 [Member] | |||
Total | 117,223 | 110,577 | |
Fair Value, Inputs, Level 2 [Member] | US Treasury Bill Securities [Member] | |||
Investments (2) | [1] | 82,356 | 110,577 |
Fair Value, Inputs, Level 2 [Member] | US Treasury Notes Securities [Member] | |||
Investments (2) | [1] | 34,867 | |
Fair Value, Inputs, Level 2 [Member] | Money Market Funds [Member] | |||
Corporate money market funds (1) | [2] | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | |||
Total | 0 | 0 | |
Fair Value, Inputs, Level 3 [Member] | US Treasury Bill Securities [Member] | |||
Investments (2) | [1] | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | US Treasury Notes Securities [Member] | |||
Investments (2) | [1] | 0 | |
Fair Value, Inputs, Level 3 [Member] | Money Market Funds [Member] | |||
Corporate money market funds (1) | [2] | $ 0 | $ 0 |
[1]We have current and non-current debt securities (U.S. Treasury bills and notes) intended to enhance returns on our cash as well as to fund future obligations. All unrealized gains and losses were included in Accumulated other comprehensive loss |
Note 5 - Fair Value Measureme_5
Note 5 - Fair Value Measurements - Debt Securities by Maturities (Details) $ in Thousands | Mar. 31, 2024 USD ($) |
Due within one year, amortized cost | $ 79,998 |
Due within one year, unrealized gain | 2,358 |
Due within one year, unrealized losses | 0 |
Due within one year, fair value | 82,356 |
Due within one and two years, amortized cost | 34,907 |
Due within one and two years, unrealized gain | 0 |
Due within one and two years, unrealized losses | (40) |
Due within one and two years, fair value | 34,867 |
Total, amortized cost | 114,905 |
Total, unrealized gain | 2,358 |
Total, unrealized losses | (40) |
Total, fair value | $ 117,223 |
Note 6 - Leases (Details Textua
Note 6 - Leases (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Aug. 01, 2022 | Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2024 | Mar. 31, 2023 | |
Sale Leaseback Transaction, Gross Proceeds, Investing Activities | $ 8,100 | ||||
Sale and Leaseback Transaction, Gain (Loss), Net | 1,800 | $ 656 | $ 655 | $ 1,966 | $ 3,566 |
Sale Lease Back Transaction Deferred Liabilities | $ 5,200 | $ 900 | 900 | ||
Sale Lease Back Transaction, Amortization | $ 2,000 | ||||
Minimum [Member] | |||||
Lessee, Finance Lease, Term of Contract (Year) | 3 years | 3 years | |||
Maximum [Member] | |||||
Lessee, Finance Lease, Term of Contract (Year) | 5 years | 5 years |
Note 6 - Leases - Lease Costs (
Note 6 - Leases - Lease Costs (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | ||
Operating leases (Year) | 5 years 7 months 6 days | 6 years | |
Financing leases (Year) | 3 years | 2 years 2 months 12 days | |
Operating leases | 5.80% | 5.40% | |
Financing leases | 5.50% | 3.30% | |
Total lease expense | $ 10,257 | $ 10,149 | |
Selling, General and Administrative Expenses [Member] | |||
Operating lease cost(1) | [1] | 8,006 | 7,573 |
Depreciation of property | 120 | 124 | |
Short-term lease cost(2) | [2] | 2 | 307 |
Variable lease cost(3) | [3] | 2,522 | 2,427 |
Less: Sublease income | (404) | (288) | |
Interest Income [Member] | |||
Interest on lease liabilities | $ 11 | $ 6 | |
[1]Operating lease costs include costs associated with fixed lease payments and index-based variable payments that qualified for lease accounting under ASC 842, Leases |
Note 6 - Leases - Future Minimu
Note 6 - Leases - Future Minimum Lease Payments (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Jun. 30, 2023 | ||
Operating leases, 2024 | $ 8,452 | |||
Finance leases, 2024 | 84 | |||
Operating leases, 2025 | 33,326 | |||
Finance leases, 2025 | 381 | |||
Operating leases, 2026 | 29,293 | |||
Finance leases, 2026 | 374 | |||
Operating leases, 2027 | 22,803 | |||
Finance leases, 2027 | 307 | |||
Operating leases, 2028 | 19,644 | |||
Finance leases, 2028 | 0 | |||
Operating leases, Thereafter | 36,929 | |||
Finance leases, Thereafter | 0 | |||
Total undiscounted future minimum operating lease payments | 150,447 | |||
Total undiscounted future minimum finance lease payments | 1,146 | |||
Operating leases, less: imputed interest | (22,265) | |||
Finance leases, less: imputed interest | (89) | |||
Total present value of operating lease obligations(1) | 128,182 | [1] | $ 152,400 | |
Total present value of finance lease obligations(1) | [1] | $ 1,057 | ||
[1]There were no future commitments under short-term operating lease agreements as of March 31, 2024. |
Note 6 - Leases - Supplemental
Note 6 - Leases - Supplemental Information (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Operating cash flows from operating leases | $ 24,496 | $ 23,355 |
Operating cash flows from financing leases | 350 | 395 |
Operating lease assets obtained in exchange for operating lease liabilities | 16,942 | 36,375 |
Financing lease obligations obtained in exchange for new financing lease assets | $ 825 | $ 0 |
Note 7 - Inventories - Schedule
Note 7 - Inventories - Schedule of Inventory (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Jun. 30, 2023 |
Finished goods | $ 110,883 | $ 108,873 |
Work in process | 11,964 | 12,606 |
Raw materials | 23,439 | 29,653 |
Inventory reserves | (1,812) | (1,937) |
Inventories, net | $ 144,474 | $ 149,195 |
Note 8 - Property, Plant and _3
Note 8 - Property, Plant and Equipment (Details Textual) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2024 | Mar. 31, 2023 | |
Depreciation | $ 4 | $ 4 | $ 12 | $ 11.7 |
Note 8 - Property, Plant and _4
Note 8 - Property, Plant and Equipment - Property, Plant and Equipment Summary (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Jun. 30, 2023 |
Land and improvements | $ 77,180 | $ 77,940 |
Building and improvements | 366,960 | 352,582 |
Machinery and equipment | 119,387 | 126,203 |
Property, plant and equipment, gross | 563,527 | 556,725 |
Less: accumulated depreciation and amortization | (344,514) | (334,558) |
Property, plant and equipment, net | $ 219,013 | $ 222,167 |
Note 9 - Other Assets - Schedul
Note 9 - Other Assets - Schedule of Other Assets (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Jun. 30, 2023 | |
U.S. Treasury notes (1) | [1] | $ 34,867 | $ 0 |
Restricted cash | 409 | 492 | |
Other assets | 1,537 | 1,712 | |
Other assets | $ 36,813 | $ 2,204 | |
[1]Our long-term investments in U.S. Treasury notes as of March 31, 2024 have maturities between one and two years. |
Note 10 - Goodwill and Intang_2
Note 10 - Goodwill and Intangible Assets (Details Textual) - USD ($) $ in Thousands | Mar. 31, 2024 | Jun. 30, 2023 |
Goodwill | $ 25,388 | $ 25,388 |
Other Indefinite-Lived Intangible Assets | $ 19,700 | $ 19,700 |
Note 11 - Other Current Liabi_3
Note 11 - Other Current Liabilities (Details Textual) - USD ($) $ in Millions | Mar. 31, 2024 | Aug. 01, 2022 |
Sale Lease Back Transaction Deferred Liabilities | $ 0.9 | $ 5.2 |
Note 11 - Other Current Liabi_4
Note 11 - Other Current Liabilities - Schedule of Other Current Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Jun. 30, 2023 | |
Income taxes payable | $ 235 | $ 266 | |
Deferred liability, short-term (1) | [1] | 872 | 2,620 |
Financing lease liabilities, short-term | 324 | 378 | |
Customer financing program rebate | 283 | 433 | |
Other current liabilities | 2,830 | 3,491 | |
Other current liabilities | $ 4,544 | $ 7,188 | |
[1]As of March 31, 2024, the deferred liability balance associated with the sale-leaseback transaction completed on August 1, 2022 was $0.9 million which was all recorded in Other current liabilities Leases |
Note 12 - Income Taxes (Details
Note 12 - Income Taxes (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2024 | Mar. 31, 2023 | Jun. 30, 2023 | |
Income Tax Expense (Benefit) | $ 4,345 | $ 7,503 | $ 15,425 | $ 27,368 | |
Effective Income Tax Rate Reconciliation, Percent | 25.10% | 25.40% | 25.10% | 25.40% | |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21% | ||||
Unrecognized Tax Benefits | $ 3,700 | $ 3,700 | $ 3,000 | ||
Decrease in Unrecognized Tax Benefits is Reasonably Possible | 400 | 400 | |||
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | $ 300 | $ 300 |
Note 13 - Credit Agreement (Det
Note 13 - Credit Agreement (Details Textual) - The Facility [Member] $ in Thousands | Jan. 26, 2022 USD ($) | Dec. 21, 2018 USD ($) | Mar. 31, 2024 USD ($) | Jun. 30, 2023 USD ($) | Jun. 30, 2022 USD ($) |
Revolving Credit Facility [Member] | |||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 125,000 | ||||
Line of Credit Facility, Additional Maximum Borrowing Capacity | $ 60,000 | ||||
Debt Issuance Costs, Net | $ 500 | ||||
Line of Credit Facility, Remaining Borrowing Capacity | $ 121,000 | $ 121,000 | |||
Long-Term Line of Credit, Total | 0 | 0 | |||
Debt Instrument, Covenant, Fixed Charge Coverage Ratio | 1 | ||||
Debt Covenant, Fixed Charge Coverage Ratio, Maximum Unused Availability | $ 14,000 | ||||
Revolving Credit Facility [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | |||||
Debt Instrument, Basis Spread on Variable Rate | 0.10% | ||||
Revolving Credit Facility [Member] | Additional Margin on Variable Rate Option(the Adjusted Term Sofr Rate) [Member] | Minimum [Member] | |||||
Debt Instrument, Basis Spread on Variable Rate | 1.25% | ||||
Revolving Credit Facility [Member] | Additional Margin on Variable Rate Option (Adjusted Term Sofr Rate) [Member] | Maximum [Member] | |||||
Debt Instrument, Basis Spread on Variable Rate | 2% | ||||
Revolving Credit Facility [Member] | Fed Funds Effective Rate Overnight Index Swap Rate [Member] | |||||
Debt Instrument, Basis Spread on Variable Rate | 0.50% | ||||
Revolving Credit Facility [Member] | OneMonthAdjusted Term SOFR Rate [Member] | |||||
Debt Instrument, Basis Spread on Variable Rate | 1% | ||||
Revolving Credit Facility [Member] | OneMonthAdditionalMarginOnVariableRateOptionMember | Minimum [Member] | |||||
Debt Instrument, Basis Spread on Variable Rate | 0.25% | ||||
Revolving Credit Facility [Member] | OneMonthAdditionalMarginOnVariableRateOptionMember | Maximum [Member] | |||||
Debt Instrument, Basis Spread on Variable Rate | 1% | ||||
Standby Letters of Credit [Member] | |||||
Letters of Credit Outstanding, Amount | $ 4,000 | $ 4,000 |
Note 14 - Restructuring and O_3
Note 14 - Restructuring and Other Charges, Net of Gains (Details Textual) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 9 Months Ended | |||
Aug. 01, 2022 | Jul. 31, 2023 | Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2024 | Mar. 31, 2023 | |
Sale and Leaseback Transaction, Gain (Loss), Net | $ 1,800 | $ 656 | $ 655 | $ 1,966 | $ 3,566 | |
Sale Lease Back Transaction Deferred Liabilities | $ 5,200 | 900 | 900 | |||
Flood [Member] | ||||||
Unusual or Infrequent Item, or Both, Net of Insurance Proceeds | $ 2,200 | $ (103) | $ 0 | 2,243 | $ 0 | |
Unusual or Infrequent Item, or Both, Insurance Proceeds | 1,100 | |||||
Flood [Member] | Business Emergency Gap Assistance Program From Vermont Department of Economic Development [Member] | ||||||
Government Assistance, Income, Increase (Decrease) | $ 500 |
Note 14 - Restructuring and O_4
Note 14 - Restructuring and Other Charges, Net of Gains - Schedule of Restructuring Reserve (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||||
Aug. 01, 2022 | Jul. 31, 2023 | Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2024 | Mar. 31, 2023 | ||
Balance | $ 3,159 | $ 3,159 | |||||
Expenses/(Gain) | 503 | ||||||
Gain on sale-leaseback transaction | $ (1,800) | $ (656) | $ (655) | (1,966) | $ (3,566) | ||
Non-Cash | 1,426 | ||||||
Payments | (2,520) | ||||||
Receipts | 1,599 | ||||||
Balance | 1,315 | 1,315 | |||||
Severance and other charges | (754) | (470) | 503 | (2,662) | |||
Payments | 2,520 | ||||||
Employee Severance and Other Charges (Income) [Member] | |||||||
Balance | [1] | 321 | 321 | ||||
Expenses/(Gain) | [1] | 226 | |||||
Non-Cash | [1] | 0 | |||||
Payments | [1] | (384) | |||||
Receipts | [1] | 0 | |||||
Balance | [1] | 163 | 163 | ||||
Severance and other charges | 5 | 185 | 226 | 904 | |||
Payments | [1] | 384 | |||||
Sale-leaseback Transaction [Member] | |||||||
Balance | [2] | 2,838 | 2,838 | ||||
Expenses/(Gain) | [2] | (1,966) | |||||
Payments | [2] | 0 | |||||
Receipts | [2] | 0 | |||||
Balance | [2] | 872 | 872 | ||||
Payments | [2] | 0 | |||||
Flood [Member] | |||||||
Orleans, Vermont flood | 2,200 | (103) | $ 0 | 2,243 | $ 0 | ||
Balance | 0 | 0 | |||||
Expenses/(Gain) | 2,243 | ||||||
Non-Cash | 1,426 | ||||||
Payments | (2,136) | ||||||
Receipts | 1,599 | ||||||
Balance | 280 | 280 | |||||
Payments | 2,136 | ||||||
Flood [Member] | Inventory Write-downs and Overhead Manufacturing Costs [Member] | |||||||
Balance | 0 | 0 | |||||
Expenses/(Gain) | 1,426 | ||||||
Non-Cash | 1,426 | ||||||
Payments | 0 | ||||||
Receipts | 0 | ||||||
Balance | 0 | 0 | |||||
Payments | 0 | ||||||
Flood [Member] | Repair and Remediation Costs [Member] | |||||||
Balance | [3] | 0 | 0 | ||||
Expenses/(Gain) | [3] | 2,416 | |||||
Payments | [3] | (2,136) | |||||
Receipts | [3] | 0 | |||||
Balance | [3] | 280 | 280 | ||||
Payments | [3] | 2,136 | |||||
Flood [Member] | Insurance Recoveries and Grant Proceeds [Member] | |||||||
Balance | [1] | $ 0 | 0 | ||||
Expenses/(Gain) | [1] | (1,599) | |||||
Receipts | [1] | 1,599 | |||||
Balance | [1] | $ 0 | $ 0 | ||||
[1]The Vermont Department of Economic Development awarded Ethan Allen a $0.5 million grant through its Business Emergency Gap Assistance Program. Additional insurance proceeds totaling $1.1 million were received during fiscal 2024 from existing insurance policies. All of these proceeds were used toward the cleanup and restoration efforts.[2]In August 2022, we sold and subsequently leased back a retail design center and recognized a net gain of $2.0 million for the nine months ended March 31, 2024. The remaining deferred liability of $0.9 million as of March 31, 2024 is recorded within Other current liabilities Leases Accounts payable and accrued expenses. |
Note 15 - Earnings Per Share (D
Note 15 - Earnings Per Share (Details Textual) - shares | 9 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Share-Based Payment Arrangement, Option [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 20,088 | 43,060 |
Performance Shares [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 165,176 | 176,496 |
Note 15 - Earnings Per Share -
Note 15 - Earnings Per Share - Basic and Diluted Earnings Per Share Attributable to Common Shareholders (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | |||||||
Mar. 31, 2024 | Dec. 31, 2023 | Sep. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Mar. 31, 2024 | Mar. 31, 2023 | ||
Net income available to common Shareholders | $ 12,953 | $ 17,411 | $ 14,939 | $ 22,356 | $ 28,166 | $ 29,880 | $ 45,303 | $ 80,402 | |
Basic weighted average shares common shares outstanding (in shares) | 25,531 | 25,477 | 25,520 | 25,470 | |||||
Dilutive effect of stock options and other share-based awards (1) (in shares) | [1] | 119 | 122 | 112 | 110 | ||||
Diluted weighted average shares common shares outstanding (in shares) | 25,650 | 25,599 | 25,632 | 25,580 | |||||
Net income per basic share (in dollars per share) | $ 0.51 | $ 0.88 | $ 1.78 | $ 3.16 | |||||
Net income per diluted share (in dollars per share) | $ 0.5 | $ 0.87 | $ 1.77 | $ 3.14 | |||||
[1]Dilutive potential common shares consist of stock options, restricted stock units and performance units. |
Note 16 - Accumulated Other C_3
Note 16 - Accumulated Other Comprehensive Loss - Components of Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||||||
Mar. 31, 2024 | Dec. 31, 2023 | Sep. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Mar. 31, 2024 | Mar. 31, 2023 | Jun. 30, 2023 | |
Accumulated other comprehensive loss | $ (860) | $ (860) | $ (2,785) | ||||||
Balance | 472,890 | $ 462,556 | $ 471,006 | $ 437,064 | $ 415,739 | $ 407,323 | 471,006 | $ 407,323 | |
Other comprehensive income (loss) | 186 | 1,739 | (31) | 1,524 | 807 | (89) | 1,894 | 2,242 | |
Balance | 477,338 | 472,890 | 462,556 | 453,193 | 437,064 | 415,739 | 477,338 | 453,193 | |
Accumulated Foreign Currency Adjustment Attributable to Parent [Member] | |||||||||
Accumulated other comprehensive loss | (2,591) | (2,591) | (3,219) | ||||||
AOCI Attributable to Parent [Member] | |||||||||
Balance | (1,063) | (2,810) | (2,785) | (5,749) | (6,544) | (6,462) | (2,785) | (6,462) | |
Other comprehensive income (loss) | 203 | 1,747 | (25) | 1,513 | 795 | (82) | |||
Balance | (860) | $ (1,063) | $ (2,810) | $ (4,236) | $ (5,749) | $ (6,544) | (860) | (4,236) | |
AOCI Including Portion Attributable to Noncontrolling Interest [Member] | |||||||||
Other comprehensive income (loss) | 1,894 | 2,242 | |||||||
Less AOCI attributable to noncontrolling interests | 31 | $ (16) | |||||||
AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-Sale, Parent [Member] | |||||||||
Accumulated other comprehensive loss | $ 1,731 | $ 1,731 | $ 434 |
Note 17 - Share-based Compens_2
Note 17 - Share-based Compensation (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | 9 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Share-Based Payment Arrangement, Expense | $ 1,100 | $ 1,100 |
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | $ 1,800 | |
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 1 year 8 months 12 days | |
Share-Based Payment Arrangement, Amount Capitalized | $ 0 | $ 0 |
Share-Based Payment Arrangement, Option [Member] | ||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | $ 200 | |
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 1 year 10 months 24 days | |
Share-Based Compensation Arrangements by Share-Based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ 24.92 | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Number, Ending Balance (in shares) | 104,147 | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ 6.68 | |
Restricted Stock Units (RSUs) [Member] | ||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | $ 800 | |
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 1 year 9 months 18 days | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year) | 3 years | 3 years |
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ 28.58 | $ 19.48 |
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period | 17,232 | 21,257 |
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Vested in Period | 22,037 | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Forfeited in Period | 2,750 | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 46,308 | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value, Ending Balance (in dollars per share) | $ 23.42 | |
Performance Shares [Member] | ||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | $ 900 | |
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 1 year 7 months 6 days | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ 27.58 | $ 18.75 |
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period | 73,095 | 103,096 |
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Vested in Period | 81,250 | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Forfeited in Period | 0 | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 378,841 | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value, Ending Balance (in dollars per share) | $ 22.08 | |
Share-based Compensation Arrangement by Share-based Payment Award, Target Performance Period (Year) | 3 years | |
Share-Based Payment Arrangement, Employee [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross (in shares) | 0 | 0 |
Share-Based Payment Arrangement, Nonemployee [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross (in shares) | 14,330 | 23,970 |
Share-Based Compensation Arrangements by Share-Based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ 34.89 | $ 25.03 |
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year) | 3 years | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Expiration Period (Year) | 10 years | |
Stock Option Plan 1992 [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant | 1,249,786 |
Note 18 - Segment Information_2
Note 18 - Segment Information (Details Textual) | 9 Months Ended |
Mar. 31, 2024 | |
Number of Reportable Segments | 2 |
Number of Company Operated Design Centers | 141 |
Note 18 - Segment Information -
Note 18 - Segment Information - Segment Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2024 | Mar. 31, 2023 | Jun. 30, 2023 | ||
Assets | $ 742,216 | $ 742,216 | $ 745,453 | |||
Net sales | 146,421 | $ 186,316 | 477,589 | $ 604,007 | ||
Operating income | 15,325 | 28,788 | 55,364 | 105,507 | ||
Interest and other income (expense), net | 2,037 | 1,123 | 5,541 | 2,420 | ||
Interest and other financing costs | 64 | 52 | 177 | 157 | ||
Consolidated total | 17,298 | 29,859 | 60,728 | 107,770 | ||
Depreciation and amortization | 4,029 | 3,978 | 12,036 | 11,673 | ||
Capital expenditures | 2,295 | 2,206 | 7,536 | 10,679 | ||
Intersegment Eliminations [Member] | ||||||
Operating income | [1] | 1,807 | (2,615) | 4,528 | 4,053 | |
Wholesale Segment [Member] | ||||||
Assets | 371,263 | 371,263 | 373,921 | |||
Depreciation and amortization | 1,590 | 1,583 | 4,819 | 4,749 | ||
Capital expenditures | 942 | 993 | 3,232 | 5,755 | ||
Wholesale Segment [Member] | Operating Segments [Member] | ||||||
Net sales | 89,825 | 114,195 | 279,882 | 335,093 | ||
Operating income | 11,243 | 18,805 | 36,437 | 48,787 | ||
Wholesale Segment [Member] | Operating Segments [Member] | External Customers [Member] | ||||||
Net sales | 23,805 | 35,393 | 82,175 | 97,663 | ||
Wholesale Segment [Member] | Intersegment Eliminations [Member] | ||||||
Net sales | (66,020) | (78,802) | (197,707) | (237,430) | ||
Retail Segment [Member] | ||||||
Assets | 397,789 | 397,789 | 403,651 | |||
Depreciation and amortization | 2,439 | 2,395 | 7,217 | 6,924 | ||
Capital expenditures | 1,353 | 1,213 | 4,304 | 4,924 | ||
Retail Segment [Member] | Operating Segments [Member] | ||||||
Net sales | 122,616 | 150,923 | 395,414 | 506,344 | ||
Operating income | 2,275 | $ 12,598 | 14,399 | $ 52,667 | ||
Inventory Profit Elimination [Member] | ||||||
Assets | [2] | $ (26,836) | $ (26,836) | $ (32,119) | ||
[1]Represents the change in wholesale profit contained in the retail segment inventory at the end of the period.[2]Represents the wholesale profit contained in the retail segment inventory that has not yet been realized. These profits are realized when the related inventory is sold. |
Note 19 - Commitments and Con_2
Note 19 - Commitments and Contingencies (Details Textual) - USD ($) $ in Thousands | 9 Months Ended | |||
Mar. 31, 2024 | Mar. 31, 2023 | Jun. 30, 2023 | ||
Contractual Obligation | $ 199,100 | |||
Operating Lease, Liability | $ 128,182 | [1] | 152,400 | |
Purchase Obligation | $ 29,200 | |||
Operating Lease, Payments | 24,496 | $ 23,355 | ||
Increase (Decrease) in Operating Lease Right-of-Use Asset | 16,900 | |||
Increase (Decrease) in Operating Lease Liabilities | $ (16,900) | |||
[1]There were no future commitments under short-term operating lease agreements as of March 31, 2024. |