Ethan Allen predicts 4th-quarter profit

Ethan Allen offers 4Q guidance

DANBURY, Conn. — Furniture maker Ethan Allen Interiors Inc. said Tuesday it expects fiscal fourth-quarter profit below expectations because of a sharp decline in sales.

The company expects its fiscal fourth-quarter loss, excluding restructuring impairment and other charges, will be 24 cents to 27 cents per share. Analysts surveyed by Thomson Reuters expect a loss of 16 cents per share.

The company also reported sales fell nearly 42 percent during the quarter ended June 30 to $138 million. Analysts predict a profit of $153.8 million.

Furniture makers have suffered as consumers cut back on big-ticket items amid the weak economy. Ethan Allen has resisted lowering prices amid the weakening economy and faced steep sales declines.

The company reports earnings on Aug. 12.