Ethan Allen Interiors Inc. (NYSE:ETD) Q1 2024 Earnings Conference Call October 25, 2023 5:00 PM ET
Company Participants
Matt McNulty - Senior Vice President, Chief Financial Officer and Treasurer
Farooq Kathwari - Chairman, President and CEO
Conference Call Participants
Budd Bugatch - Water Tower Research
Cristina Fernandez - Telsey Advisory Group
Zach Donnelly - KeyBanc
Operator
Good afternoon. And welcome to the Ethan Allen Fiscal 2024 First Quarter Analyst Conference Call. [Operator Instructions]
Please note this conference is being recorded. It is now my pleasure to introduce your host, Matt McNulty, Senior Vice President, Chief Financial Officer and Treasurer. Thank you. You may begin.
Matt McNulty
Thank you, Doug. Good afternoon. And thank you for joining us today to discuss Ethan Allen’s fiscal 2024 first quarter results. With me today is Farooq Kathwari, our Chairman, President and CEO. Mr. Kathwari will open and close our prepared remarks, while I will speak to our financial performance midway through. After our prepared remarks, we will then open the call for your questions.
Before we begin, I’d like to remind the audience that this call is being recorded and webcast live under the News and Events tab on the Investor Relations page of our website.
There, you will find a copy of our press release, which contains reconciliations of non-GAAP financial measures referred to on this call and in this press release. A replay of today’s call will also be made available on our Investor Relations website.
Our comments today may include forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ materially. The most significant risk factors that could affect our future results are described in our annual report on Form 10-K. Please refer to our SEC filings for a complete review of those risks. The company assumes no obligation to update or revise any forward-looking matters discussed during this call.
With that, I am pleased to now turn the call over to Mr. Kathwari.
Farooq Kathwari
Thank you, Matt, and good to have you join our call to review our first fiscal 2024 results and our initiatives. As we reported, we maintained strong operating margins, gross margin of 61.1% and operating margin of 12.1% despite a decline of delivered sales of 23.6%. Our sales were impacted due to soft -- due to softening of the economy and the impact of a major flood in our Vermont manufacturing operations.