Ethan Allen Interiors Inc. (NYSE:ETD) Q3 2022 Earnings Conference Call April 28, 2022 5:00 PM ET
Company Participants
Matt McNulty - Senior Vice President, Chief Financial Officer and Treasurer
Farooq Kathwari - Chairman and Chief Executive Officer
Conference Call Participants
Bradley Thomas - KeyBanc Capital Markets
Cristina Fernandez - Telsey Advisory Group
Operator
Good afternoon and welcome to the Ethan Allen Fiscal 2022 Third Quarter Analyst Conference Call. At this time, all participants are in a listen-only mode. A brief question-and-answer session will follow the formal presentation. [Operator Instructions] Please note this conference is being recorded.
It is now my pleasure to introduce your host, Matt McNulty, Senior Vice President, CFO and Treasurer. Thank you. You may begin.
Matt McNulty
Thank you, Paul. Good afternoon. And welcome to Ethan Allen's analyst conference call for our fiscal 2020 third quarter ended March 31.
Joining me today is Farooq Kathwari, our Chairman, President and CEO. Mr. Kathwari will open and close our prepared remarks, while I will speak to the financials 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 transcribed and recorded live on ethanallen.com, where you will find a copy of our press release, which contains reconciliations of non-GAAP financial measures referred to in the release and on this call. A replay of today's call will also be made available via phone and on our website.
As a reminder, our comments today will include forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ materially. 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'm pleased to now turn the call over to Mr. Kathwari.
Farooq Kathwari
Thank you. And thank you for all [technical difficulty] in our third quarter earnings review call. We continue to make good progress in many areas, resulting strong financial results for the quarter ended March 31, 2022.
Sales of $197.7 million increased 11.7% from previous year quarter. Strong gross margins of 60.4% compared to 57.3% in the previous year quarter. And control over our operating expenses resulted in adjusted operating income of $31.3 million, a 59.9% increase. Our adjusted EPS of $0.93 increased 60.3% from the previous year quarter. After Matt McNulty provides a brief of our financial [technical difficulty] areas of focus.