ETHAN ALLEN INTERIORS INC
For the period ended Jun 30, 2024. Filed Aug 23, 2024.
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FY2024 · Filed Aug 23, 2024
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Item 2. PROPERTIES
Ethan Allen’s corporate headquarters is located at 25 Lake Avenue Ext. in Danbury, Connecticut. We believe that all our properties are well maintained, in good condition, are being used productively and are adequate to meet our requirements for the foreseeable future.
At June 30, 2024, we own and operate 10 manufacturing facilities located in the United States, Mexico and Honduras and three national distribution centers in the United States. There are 142 Company-operated retail design centers located in the United States and Canada, averaging approximately 13,800 square feet in size per location, of which 49 are owned and 93 are leased with a weighted average remaining lease term of 5.6 years. We also own three and lease 14 retail home delivery centers located throughout North America that support our various retail design centers.
The following table sets forth the size of our properties, including both owned and leased locations:
| Properties Owned or Leased | Square Footage (in thousands) |
|---|---|
| Corporate Headquarters | 144 |
| Case Goods manufacturing facilities | 1,305 |
| Upholstery manufacturing facilities | 1,308 |
| Distribution centers | 1,175 |
| Retail | 2,800 |
| Total Property | 6,732 |
Design center activity and geographic distribution of our retail network for fiscal years ended June 30, 2024 and 2023, respectively, are as follows:
| Fiscal 2024 · Fiscal 2023 | ||||||
|---|---|---|---|---|---|---|
| Independent · Company- · Independent · Company- | ||||||
| retailers | operated | Total | retailers | operated | Total | |
| Retail Design Center activity: | ||||||
| Balance at July 1 | 48 | 139 | 187 | 50 | 141 | 191 |
| New locations | - | 5 | 5 | 2 | 2 | 4 |
| Closures | (3) | (2) | (5) | (4) | (4) | (8) |
| Balance at June 30 | 45 | 142 | 187 | 48 | 139 | 187 |
| Relocations (in new and closures) | - | 2 | 2 | 1 | 2 | 3 |
| Retail Design Center geographic locations: | ||||||
| United States | 30 | 138 | 168 | 33 | 135 | 168 |
| Canada | - | 4 | 4 | - | 4 | 4 |
| Middle East and Asia | 14 | - | 14 | 14 | - | 14 |
| Europe | 1 | - | 1 | 1 | - | 1 |
| Total | 45 | 142 | 187 | 48 | 139 | 187 |
For additional information regarding leases for our properties, see Note 6,Leases, of the notes to our consolidated financial statements included under Item 8 of this Annual Report on Form 10-K.
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