Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Sep. 30, 2021 | Oct. 20, 2021 | |
Document Information [Line Items] | ||
Entity Central Index Key | 0000896156 | |
Entity Registrant Name | ETHAN ALLEN INTERIORS INC | |
Amendment Flag | false | |
Current Fiscal Year End Date | --06-30 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2022 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2021 | |
Document Transition Report | false | |
Entity File Number | 1-11692 | |
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, $0.01 par value | |
Trading Symbol | ETD | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 25,260,036 |
Consolidated Balance Sheets (Cu
Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Sep. 30, 2021 | Jun. 30, 2021 |
ASSETS | ||
Cash and cash equivalents | $ 93,665 | $ 104,596 |
Accounts receivable, net | 7,942 | 9,026 |
Inventories, net | 158,735 | 143,978 |
Prepaid expenses and other current assets | 40,500 | 37,679 |
Total current assets | 300,842 | 295,279 |
Property, plant and equipment, net | 228,144 | 231,446 |
Goodwill | 25,388 | 25,388 |
Intangible assets | 19,740 | 19,740 |
Operating lease right-of-use assets | 101,831 | 108,730 |
Deferred income taxes | 822 | 1,078 |
Other assets | 1,527 | 1,584 |
Total ASSETS | 678,294 | 683,245 |
Current liabilities: | ||
Accounts payable and accrued expenses | 36,463 | 37,786 |
Customer deposits and deferred revenue | 140,198 | 130,635 |
Accrued compensation and benefits | 19,885 | 23,866 |
Current operating lease liabilities | 27,433 | 27,395 |
Other current liabilities | 8,788 | 4,220 |
Total current liabilities | 232,767 | 223,902 |
Operating lease liabilities, long-term | 89,948 | 97,911 |
Deferred income taxes | 5,523 | 5,028 |
Other long-term liabilities | 5,010 | 4,986 |
Total LIABILITIES | 333,248 | 331,827 |
Commitments and contingencies (see Note 16) | ||
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, 49,295 and 49,240 shares issued; 25,260 and 25,237 shares outstanding at September 30, 2021 and June 30, 2021, respectively | 493 | 492 |
Additional paid-in capital | 382,804 | 382,527 |
Treasury stock, at cost: 24,035 and 24,003 shares at September 30, 2021 and June 30, 2021, respectively | (681,770) | (680,991) |
Retained earnings | 650,127 | 655,346 |
Accumulated other comprehensive loss | (6,584) | (5,931) |
Total Ethan Allen Interiors Inc. shareholders' equity | 345,070 | 351,443 |
Noncontrolling interests | (24) | (25) |
Total shareholders' equity | 345,046 | 351,418 |
Total LIABILITIES AND SHAREHOLDERS' EQUITY | $ 678,294 | $ 683,245 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares shares in Thousands | Sep. 30, 2021 | Jun. 30, 2021 |
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) | 49,295 | 49,240 |
Common stock, shares outstanding (in shares) | 25,260 | 25,237 |
Treasury stock, shares (in shares) | 24,035 | 24,003 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Net sales | $ 182,327 | $ 151,058 |
Cost of sales | 73,135 | 65,288 |
Gross profit | 109,192 | 85,770 |
Selling, general and administrative expenses | 81,577 | 73,466 |
Restructuring and other impairment charges, net of gains | 255 | 623 |
Operating income | 27,360 | 11,681 |
Other expenses | ||
Interest and other financing costs | 48 | 335 |
Other income (expense), net | 28 | (105) |
Income before income taxes | 27,340 | 11,241 |
Income Tax Expense (Benefit), Total | 7,187 | 1,888 |
Net income | $ 20,153 | $ 9,353 |
Basic earnings per common share: | ||
Net income per basic share (in dollars per share) | $ 0.79 | $ 0.37 |
Basic weighted average common shares (in shares) | 25,375 | 25,179 |
Diluted earnings per common share: | ||
Net income per diluted share (in dollars per share) | $ 0.79 | $ 0.37 |
Diluted weighted average common shares (in shares) | 25,451 | 25,206 |
Comprehensive income | ||
Net income | $ 20,153 | $ 9,353 |
Other comprehensive income (loss), net of tax | ||
Foreign currency translation adjustments | (653) | 556 |
Other | 1 | (9) |
Other comprehensive income, net of tax | (652) | 547 |
Comprehensive income | $ 19,501 | $ 9,900 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Cash Flows from Operating Activities | ||
Net income | $ 20,153 | $ 9,353 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 4,325 | 4,140 |
Share-based compensation expense | 277 | 254 |
Non-cash operating lease cost | 7,473 | 7,492 |
Deferred income taxes | 751 | (1,425) |
Restructuring and other impairment charges, net of gains | 255 | 623 |
Restructuring payments | (417) | (59) |
Loss on disposal of property, plant and equipment | 5 | 0 |
Other | (10) | (36) |
Change in operating assets and liabilities | ||
Accounts receivable, net | 1,084 | (5,149) |
Inventories, net | (14,757) | (946) |
Prepaid expenses and other current assets | (2,808) | (6,717) |
Customer deposits and deferred revenue | 9,563 | 25,877 |
Accounts payable and accrued expenses | (1,184) | 8,111 |
Accrued compensation and benefits | (3,971) | 6,042 |
Operating lease liabilities | (8,521) | (8,390) |
Other assets and liabilities | 4,771 | 3,020 |
Net cash provided by operating activities | 16,989 | 42,190 |
Cash Flows from Investing Activities | ||
Capital expenditures | (1,529) | (2,439) |
Net cash used in investing activities | (1,529) | (2,439) |
Cash Flows from Financing Activities | ||
Payments on borrowings | 0 | (50,000) |
Payment of cash dividends | (25,372) | 0 |
Payments on financing leases | (132) | (148) |
Taxes paid related to net share settlement of equity awards | (778) | 0 |
Net cash used in financing activities | (26,282) | (50,148) |
Effect of exchange rate changes on cash and cash equivalents | (109) | 94 |
Net decrease in cash and cash equivalents | (10,931) | (10,303) |
Cash and cash equivalents at beginning of period | 104,596 | 72,276 |
Cash and cash equivalents at end of period | $ 93,665 | $ 61,973 |
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 [Member] | AOCI Attributable to Parent [Member] | Retained Earnings [Member] | Noncontrolling Interest [Member] | Total |
Balance (in shares) at Jun. 30, 2020 | 49,053 | 24,000 | |||||
Balance at Jun. 30, 2020 | $ 491 | $ 378,300 | $ (680,916) | $ (8,441) | $ 638,631 | $ (1) | $ 328,064 |
Net income | 0 | 0 | 0 | 0 | 9,353 | 0 | 9,353 |
Share-based compensation expense | 0 | 254 | 0 | 0 | 0 | 0 | 254 |
Cash dividends declared | 0 | 0 | 0 | 0 | (5,287) | 0 | (5,287) |
Other comprehensive income (loss) | $ 0 | 0 | $ 0 | 556 | 0 | (9) | 547 |
Balance (in shares) at Sep. 30, 2020 | 49,053 | 24,000 | |||||
Balance at Sep. 30, 2020 | $ 491 | 378,554 | $ (680,916) | (7,885) | 642,697 | (10) | 332,931 |
Balance (in shares) at Jun. 30, 2021 | 49,240 | 24,003 | |||||
Balance at Jun. 30, 2021 | $ 492 | 382,527 | $ (680,991) | (5,931) | 655,346 | (25) | 351,418 |
Net income | 0 | 0 | 0 | 0 | 20,153 | 0 | 20,153 |
Share-based compensation expense | $ 0 | 277 | $ 0 | 0 | 0 | 0 | 277 |
Restricted stock vesting (in shares) | 55 | 32 | |||||
Restricted stock vesting | $ 1 | 0 | $ (779) | 0 | 0 | 0 | (778) |
Cash dividends declared | 0 | 0 | 0 | 0 | (25,372) | 0 | (25,372) |
Other comprehensive income (loss) | $ 0 | 0 | $ 0 | (653) | 0 | 1 | (652) |
Balance (in shares) at Sep. 30, 2021 | 49,295 | 24,035 | |||||
Balance at Sep. 30, 2021 | $ 493 | $ 382,804 | $ (681,770) | $ (6,584) | $ 650,127 | $ (24) | $ 345,046 |
Note 1 - Organization and Natur
Note 1 - Organization and Nature of Business | 3 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Nature of Operations [Text Block] | ( 1 Organization and Nature of Business Organization Founded in 1932 1989, Nature of Business We are a global luxury home fashion brand that is vertically integrated from design through delivery, which offers our customers stylish product offerings, artisanal quality, and personalized service. We provide complimentary interior design service to our clients and sell a full range of home furnishings through a retail network of approximately 300 Ethan Allen design centers represent a mix of locations operated by independent licensees and Company-operated locations. As of September 30, 2021, 141 136 five 160 nine one one Impact of the COVID- 19 Pandemic Upon our Financial Condition and Results of Operations We have been and continue to be impacted by the COVID- 19 second However, we continue to experience ongoing logistical challenges that we, as well as the entire home furnishings industry, have faced resulting from COVID- 19 19 no 19 third Although we actively manage the impact of the ongoing COVID- 19 19 may 19 |
Note 2 - Interim Basis of Prese
Note 2 - Interim Basis of Presentation | 3 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Business Description and Basis of Presentation [Text Block] | ( 2 Interim Basis of Presentation Principles of Consolidation Ethan Allen conducts business globally and has strategically aligned its business into two reportable segments: Wholesale and Retail. These two Other income (expense), net three September 30, 2021 not may 2021 10 “2021 10 Use of Estimates We prepare our consolidated financial statements in accordance with generally accepted accounting principles in the United States (“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 Reclassifications The Company reclassified in the Consolidated Statement of Comprehensive Income certain prior year comparative figures from Interest (expense), net of interest income Interest and other financing costs Other income (expense), net not The Company has evaluated subsequent events through the date that the financial statements were issued. |
Note 3 - Recent Accounting Pron
Note 3 - Recent Accounting Pronouncements | 3 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | ( 3 Recent Accounting Pronouncements New Accounting Standards or Updates Adopted in Fiscal 2022 Simplifying the Accounting for Income Taxes. December 2019, 2019 12, Income Taxes (Topic 740 740 first 2022 not Recent Accounting Standards or Updates Not There were no not first 2022. No September 30, 2021 |
Note 4 - Revenue Recognition
Note 4 - Revenue Recognition | 3 Months Ended |
Sep. 30, 2021 | |
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 third one not not Shipping and Handling. Sales Taxes. not Accounts payable and accrued expenses Returns and Allowances. Prepaid expenses and other current assets Other current liabilities September 30, 2021 June 30, 2021, Commissions. Prepaid expenses and other current assets September 30, 2021, 2022 Selling, general and administrative expenses Customer Deposits. Customer deposits and deferred revenue June 30, 2021, three September 30, 2021. September 30, 2021. The following table disaggregates our net sales by product category by segment for the three September 30, 2021 ( Wholesale Retail Eliminations (1) Total Upholstery (2) $ 60,003 $ 76,294 $ (41,875 ) $ 94,422 Case goods (3) 33,519 41,455 (22,990 ) 51,984 Accents (4) 17,445 31,217 (17,242 ) 31,420 Other (5) (1,519 ) 6,020 - 4,501 Total $ 109,448 $ 154,986 $ (82,107 ) $ 182,327 The following table disaggregates our net sales by product category by segment for the three September 30, 2020 ( Wholesale Retail Eliminations (1) Total Upholstery (2) $ 52,735 $ 57,685 $ (32,178 ) $ 78,242 Case goods (3) 28,739 32,918 (18,664 ) 42,993 Accents (4) 17,196 24,313 (13,515 ) 27,994 Other (5) (1,336 ) 3,165 - 1,829 Total $ 97,334 $ 118,081 $ (64,357 ) $ 151,058 ( 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, wall coverings and home and garden furnishings. ( 5 Other includes product delivery sales, the Ethan Allen Hotel revenues, sales of third |
Note 5 - Fair Value Measurement
Note 5 - Fair Value Measurements | 3 Months Ended |
Sep. 30, 2021 | |
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. 1 September 30, 2021 June 30, 2021, not 2 no 3 September 30, 2021 June 30, 2021. Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis. not 2022. not 2022 2021, no Assets and Liabilities Measured at Fair Value for Disclosure Purposes Only. no September 30, 2021 June 30, 2021. |
Note 6 - Leases
Note 6 - Leases | 3 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Lessee, Leases [Text Block] | ( 6 Leases We have operating leases for many of our design centers that expire at various dates through fiscal 2040. three five not The Company's lease terms and discount rates are as follows: September 30, 2021 2020 Weighted average remaining lease term (in years) Operating leases 6.0 6.4 Financing leases 2.4 1.6 Weighted average discount rate Operating leases 4.2 % 4.2 % Financing leases 2.2 % 4.4 % 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 September 30, Statement of Comprehensive Income Location 2021 2020 Operating lease cost (1) Selling, general and administrative (“SG&A”) expenses $ 7,473 $ 7,492 Financing lease cost Depreciation of property SG&A expenses 126 151 Interest on lease liabilities Interest and other financing costs 7 5 Short-term lease cost (2) SG&A expenses 308 159 Variable lease cost (3) SG&A expenses 2,313 2,262 Less: Sublease income SG&A expenses (414 ) (438 ) Total lease expense $ 9,813 $ 9,631 ( 1 Lease expense for operating leases consists of both fixed and variable components. Expense related to fixed lease payments are recognized on a straight-line basis over the lease term. ( 2 Leases with an initial term of 12 not ( 3 Variable lease payments are generally expensed as incurred, where applicable, and include certain index-based changes in rent, certain non-lease components, such as maintenance, 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 The table below reconciles the undiscounted future minimum lease payments (displayed by year and in the aggregate) under noncancelable leases with terms of more than one September 30, 2021 ( Fiscal Year Operating Leases Financing Leases 2022 (remaining nine months) $ 24,497 $ 391 2023 25,850 490 2024 20,922 320 2025 17,334 8 2026 13,780 - Thereafter 31,698 - Total undiscounted future minimum lease payments 134,081 1,209 Less: imputed interest (16,700 ) (30 ) Total present value of lease obligations (1) $ 117,381 $ 1,179 ( 1 Excludes future commitments under short-term operating lease agreements of $0.5 million as of September 30, 2021. As of September 30, 2021, two not not three two seven ten September 30, 2021, not not Other supplemental information for our leases is as follows (in thousands): Three months ended September 30, 2021 2020 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 8,521 $ 8,390 Operating cash flows from financing leases $ 132 $ 148 Operating lease assets obtained in exchange for operating lease liabilities $ (624 ) $ 4,477 There were no three September 30, 2021 2020, . |
Note 7 - Inventories
Note 7 - Inventories | 3 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | ( 7 Inventories Inventories are summarized as follows (in thousands): September 30, June 30, 2021 2021 Finished goods $ 117,631 $ 106,924 Work in process 13,147 11,612 Raw materials 30,952 28,235 Inventory reserves (2,995 ) (2,793 ) Inventories, net $ 158,735 $ 143,978 |
Note 8 - Goodwill and Intangibl
Note 8 - Goodwill and Intangible Assets | 3 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Goodwill and Intangible Assets Disclosure [Text Block] | ( 8 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. At September 30, 2021 June 30, 2021, Both goodwill and indefinite-lived intangible assets are not fourth |
Note 9 - Income Taxes
Note 9 - Income Taxes | 3 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | ( 9 Income Taxes We recorded income tax expense of $7.2 million in the first 2022 first 2022 first As of September 30, 2021, June 30, 2021. We recognize interest and penalties related to income tax matters as a component of income tax expense. As of September 30, 2021, June 30, 2021. September 30, 2021 12 |
Note 10 - Credit Agreement
Note 10 - Credit Agreement | 3 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | ( 10 Credit Agreement On December 21, 2018, December 21, 2023. 2019, At the Company’s option, revolving loans under the Facility bear interest, based on the average availability, at an annual rate of either (a) the London Interbank Offered rate (“LIBOR”) plus 1.5% to 2.0%, or (b) the higher of (i) the prime rate, (ii) the federal funds effective rate plus 0.5%, or (iii) LIBOR plus 1.0% plus in each case 0.5% to 1.0%. The availability of credit at any given time under the Facility will be constrained by the terms and conditions of the Facility, including the amount of collateral available, a borrowing base formula based upon numerous factors, including the value of eligible inventory and accounts receivable, and other restrictions contained in the Facility. All obligations under the Facility are secured by assets of the Loan Parties, including inventory, receivables, and certain types of intellectual property. Borrowings. March 2020 one June 2020 September 2020 September 30, 2021 June 30, 2021. first Letters of Credit. September 30, 2021 June 30, 2021, $5.0 Total borrowing base availability under the Facility was $89.6 million at September 30, 2021 June 30, 2021. Covenants and Other Ratios. may The Facility does not twelve September 30, 2021 June 30, 2021, |
Note 11 - Restructuring and Oth
Note 11 - Restructuring and Other Impairment Activities | 3 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Restructuring, Impairment, and Other Activities Disclosure [Text Block] | ( 11 Restructuring and Other Impairment Activities Restructuring and other impairment charges, net of gains, were as follows (in thousands): Three months ended 2021 2020 Optimization of manufacturing and logistics (1) $ 111 $ - Severance and other charges (2) 144 - Impairment of long-lived assets (3) - 623 Total Restructuring and other impairment charges, net of gains $ 255 $ 623 ( 1 Over the past three Restructuring and other impairment charges, net of gains ( 2 We recorded $0.1 million of charges primarily related to severance for employees at our Atoka distribution center and certain associates in our retail segment. These charges were recorded in the consolidated statement of comprehensive income within the line item Restructuring and other impairment charges, net of gains. ( 3 In the prior year first $0.6 Restructuring and other impairment charges, net of gains. Restructuring payments made by the Company during the first 2022 September 30, 2021, |
Note 12 - Earnings Per Share
Note 12 - Earnings Per Share | 3 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | ( 12 Earnings Per Share Basic and diluted earnings per share (“EPS”) are calculated using the following weighted average share data (in thousands): Three months ended September 30, 2021 2020 Weighted average shares outstanding for basic calculation 25,375 25,179 Dilutive effect of stock options and other share-based awards 76 27 Weighted average shares outstanding adjusted for dilution calculation 25,451 25,206 Dilutive potential common shares consist of stock options, restricted stock units and performance units. As of September 30, 2021 2020, As of September 30, 2021 2020, . |
Note 13 - Accumulated Other Com
Note 13 - Accumulated Other Comprehensive Income (Loss) | 3 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Comprehensive Income (Loss) Note [Text Block] | ( 13 Accumulated Other Comprehensive Income (Loss) Accumulated other comprehensive income (loss) consists of foreign currency translation adjustments which 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. The following table sets forth the activity in accumulated other comprehensive loss (in thousands). 2021 2020 Beginning balance at July 1 $ (5,931 ) $ (8,441 ) Other comprehensive income (loss), net of tax (652 ) 547 Less AOCI attributable to noncontrolling interests (1 ) 9 Ending balance at September 30 $ (6,584 ) $ (7,885 ) |
Note 14 - Share-based Compensat
Note 14 - Share-based Compensation | 3 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | ( 14 Share-Based Compensation We recognized total share-based compensation expense of $0.3 million during the three September 30, 2021 2020, September 30, 2021 , no three September 30, 2021 2020, At September 30, 2021, Stock Option Activity Employee Stock Option Grants. three September 30, 2021 2020. Non-Employee Stock Option Grants. first 2022, first three first ten As of September 30, 2021, Restricted Stock Unit Activity During the first three 2022, not four first three 2021, During the first 2022, August 2020. September 30, 2021, September 30, 2021, 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 three three During the first three 2022 first not one During the first 2022, July 2018, September 30, 2021, September 30, 2021, |
Note 15 - Segment Information
Note 15 - Segment Information | 3 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | ( 15 Segment Information Our operating segments are aligned with how the Company, including our chief operating decision maker, manages the business. As such, our reportable operating segments are the wholesale segment and the retail segment. Our wholesale and retail operating segments represent strategic business areas of our vertically integrated enterprise that operate separately and provide their own distinctive services. This vertical structure enables us to offer our complete line of home furnishings and accents more effectively while controlling quality and cost. We evaluate performance of the respective segments based upon revenues and operating income. Inter-segment transactions result, primarily, from the wholesale sale of inventory to the retail segment, including the related profit margin. We account for intersegment sales transactions between our segments consistent with independent third - third - As of September 30, 2021, 160 third first 2022 Segment information is provided below (in thousands): Three months ended September 30, 2021 2020 Net sales Wholesale segment $ 109,448 $ 97,334 Less: intersegment sales (82,107 ) (64,357 ) Wholesale sales to external customers 27,341 32,977 Retail segment 154,986 118,081 Consolidated total $ 182,327 $ 151,058 Income before income taxes Wholesale segment $ 12,819 $ 13,138 Retail segment 14,345 1,983 Elimination of intercompany profit (a) 196 (3,440 ) Operating income 27,360 11,681 Interest and other financing costs 48 335 Other income (expense), net 28 (105 ) Consolidated total $ 27,340 $ 11,241 Depreciation and amortization Wholesale segment $ 1,640 $ 1,704 Retail segment 2,685 2,436 Consolidated total $ 4,325 $ 4,140 Capital expenditures Wholesale segment $ 1,088 $ 1,042 Retail segment 441 1,397 Consolidated total $ 1,529 $ 2,439 (a) Represents the change in wholesale profit contained in the retail segment inventory at the end of the period. (in thousands) September 30, June 30, Total Assets 2021 2021 Wholesale segment $ 295,823 $ 298,332 Retail segment 409,615 412,066 Inventory profit elimination (a) (27,144 ) (27,153 ) Consolidated total $ 678,294 $ 683,245 (a) Represents the wholesale profit contained in the retail segment inventory that has not |
Note 16 - Commitments and Conti
Note 16 - Commitments and Contingencies | 3 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | ( 16 Commitments and Contingencies Commitments represent obligations, such as those for future purchases of goods or services that are not Material Cash Requirements from Contractual Obligations. 2021 10 June 30, 2021, no 2021 10 Legal Matters. 450, Contingencies. September 30, 2021 , |
Note 4 - Revenue Recognition (T
Note 4 - Revenue Recognition (Tables) | 3 Months Ended |
Sep. 30, 2021 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Wholesale Retail Eliminations (1) Total Upholstery (2) $ 60,003 $ 76,294 $ (41,875 ) $ 94,422 Case goods (3) 33,519 41,455 (22,990 ) 51,984 Accents (4) 17,445 31,217 (17,242 ) 31,420 Other (5) (1,519 ) 6,020 - 4,501 Total $ 109,448 $ 154,986 $ (82,107 ) $ 182,327 Wholesale Retail Eliminations (1) Total Upholstery (2) $ 52,735 $ 57,685 $ (32,178 ) $ 78,242 Case goods (3) 28,739 32,918 (18,664 ) 42,993 Accents (4) 17,196 24,313 (13,515 ) 27,994 Other (5) (1,336 ) 3,165 - 1,829 Total $ 97,334 $ 118,081 $ (64,357 ) $ 151,058 |
Note 6 - Leases (Tables)
Note 6 - Leases (Tables) | 3 Months Ended |
Sep. 30, 2021 | |
Notes Tables | |
Lease, Cost [Table Text Block] | September 30, 2021 2020 Weighted average remaining lease term (in years) Operating leases 6.0 6.4 Financing leases 2.4 1.6 Weighted average discount rate Operating leases 4.2 % 4.2 % Financing leases 2.2 % 4.4 % Three months ended September 30, Statement of Comprehensive Income Location 2021 2020 Operating lease cost (1) Selling, general and administrative (“SG&A”) expenses $ 7,473 $ 7,492 Financing lease cost Depreciation of property SG&A expenses 126 151 Interest on lease liabilities Interest and other financing costs 7 5 Short-term lease cost (2) SG&A expenses 308 159 Variable lease cost (3) SG&A expenses 2,313 2,262 Less: Sublease income SG&A expenses (414 ) (438 ) Total lease expense $ 9,813 $ 9,631 |
Lessee, Leases, Liability, Maturity [Table Text Block] | Fiscal Year Operating Leases Financing Leases 2022 (remaining nine months) $ 24,497 $ 391 2023 25,850 490 2024 20,922 320 2025 17,334 8 2026 13,780 - Thereafter 31,698 - Total undiscounted future minimum lease payments 134,081 1,209 Less: imputed interest (16,700 ) (30 ) Total present value of lease obligations (1) $ 117,381 $ 1,179 |
Lease, Supplemental Lease Information [Table Text Block] | Three months ended September 30, 2021 2020 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 8,521 $ 8,390 Operating cash flows from financing leases $ 132 $ 148 Operating lease assets obtained in exchange for operating lease liabilities $ (624 ) $ 4,477 |
Note 7 - Inventories (Tables)
Note 7 - Inventories (Tables) | 3 Months Ended |
Sep. 30, 2021 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | September 30, June 30, 2021 2021 Finished goods $ 117,631 $ 106,924 Work in process 13,147 11,612 Raw materials 30,952 28,235 Inventory reserves (2,995 ) (2,793 ) Inventories, net $ 158,735 $ 143,978 |
Note 11 - Restructuring and O_2
Note 11 - Restructuring and Other Impairment Activities (Tables) | 3 Months Ended |
Sep. 30, 2021 | |
Notes Tables | |
Schedule of Restructuring Reserve by Type of Cost [Table Text Block] | Three months ended 2021 2020 Optimization of manufacturing and logistics (1) $ 111 $ - Severance and other charges (2) 144 - Impairment of long-lived assets (3) - 623 Total Restructuring and other impairment charges, net of gains $ 255 $ 623 |
Note 12 - Earnings Per Share (T
Note 12 - Earnings Per Share (Tables) | 3 Months Ended |
Sep. 30, 2021 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three months ended September 30, 2021 2020 Weighted average shares outstanding for basic calculation 25,375 25,179 Dilutive effect of stock options and other share-based awards 76 27 Weighted average shares outstanding adjusted for dilution calculation 25,451 25,206 |
Note 13 - Accumulated Other C_2
Note 13 - Accumulated Other Comprehensive Income (Loss) (Tables) | 3 Months Ended |
Sep. 30, 2021 | |
Notes Tables | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | 2021 2020 Beginning balance at July 1 $ (5,931 ) $ (8,441 ) Other comprehensive income (loss), net of tax (652 ) 547 Less AOCI attributable to noncontrolling interests (1 ) 9 Ending balance at September 30 $ (6,584 ) $ (7,885 ) |
Note 15 - Segment Information (
Note 15 - Segment Information (Tables) | 3 Months Ended |
Sep. 30, 2021 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Three months ended September 30, 2021 2020 Net sales Wholesale segment $ 109,448 $ 97,334 Less: intersegment sales (82,107 ) (64,357 ) Wholesale sales to external customers 27,341 32,977 Retail segment 154,986 118,081 Consolidated total $ 182,327 $ 151,058 Income before income taxes Wholesale segment $ 12,819 $ 13,138 Retail segment 14,345 1,983 Elimination of intercompany profit (a) 196 (3,440 ) Operating income 27,360 11,681 Interest and other financing costs 48 335 Other income (expense), net 28 (105 ) Consolidated total $ 27,340 $ 11,241 Depreciation and amortization Wholesale segment $ 1,640 $ 1,704 Retail segment 2,685 2,436 Consolidated total $ 4,325 $ 4,140 Capital expenditures Wholesale segment $ 1,088 $ 1,042 Retail segment 441 1,397 Consolidated total $ 1,529 $ 2,439 (in thousands) September 30, June 30, Total Assets 2021 2021 Wholesale segment $ 295,823 $ 298,332 Retail segment 409,615 412,066 Inventory profit elimination (a) (27,144 ) (27,153 ) Consolidated total $ 678,294 $ 683,245 |
Note 1 - Organization and Nat_2
Note 1 - Organization and Nature of Business (Details Textual) | 12 Months Ended |
Jun. 30, 2021 | |
Geographic Concentration Risk [Member] | Product Production [Member] | North America [Member] | |
Concentration Risk, Percentage | 75.00% |
Note 2 - Interim Basis of Pre_2
Note 2 - Interim Basis of Presentation (Details Textual) | 12 Months Ended |
Jun. 30, 2021 | |
Number of Reportable Segments | 2 |
Note 4 - Revenue Recognition (D
Note 4 - Revenue Recognition (Details Textual) - USD ($) $ in Millions | 3 Months Ended | |
Sep. 30, 2021 | Jun. 30, 2021 | |
Contract with Customer, Asset, after Allowance for Credit Loss, Current, Total | $ 24.9 | |
Contract with Customer, Liability, Total | 139.2 | $ 129.8 |
Contract with Customer, Liability, Revenue Recognized | $ 68.7 |
Note 4 - Revenue Recognition -
Note 4 - Revenue Recognition - Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | ||
Revenues | $ 182,327 | $ 151,058 | |
Upholstery Furniture [Member] | |||
Revenues | [1] | 94,422 | 78,242 |
Case Goods Furniture [Member] | |||
Revenues | [2] | 51,984 | 42,993 |
Accent [Member] | |||
Revenues | [3] | 31,420 | 27,994 |
Manufactured Product, Other [Member] | |||
Revenues | [4] | 4,501 | 1,829 |
Consolidation, Eliminations [Member] | |||
Revenues | [5] | (82,107) | (64,357) |
Consolidation, Eliminations [Member] | Upholstery Furniture [Member] | |||
Revenues | [1],[5] | (41,875) | (32,178) |
Consolidation, Eliminations [Member] | Case Goods Furniture [Member] | |||
Revenues | [2],[5] | (22,990) | (18,664) |
Consolidation, Eliminations [Member] | Accent [Member] | |||
Revenues | [3],[5] | (17,242) | (13,515) |
Consolidation, Eliminations [Member] | Manufactured Product, Other [Member] | |||
Revenues | [4],[5] | 0 | 0 |
Wholesale Segment [Member] | Operating Segments [Member] | |||
Revenues | 109,448 | 97,334 | |
Wholesale Segment [Member] | Operating Segments [Member] | Upholstery Furniture [Member] | |||
Revenues | [1] | 60,003 | 52,735 |
Wholesale Segment [Member] | Operating Segments [Member] | Case Goods Furniture [Member] | |||
Revenues | [2] | 33,519 | 28,739 |
Wholesale Segment [Member] | Operating Segments [Member] | Accent [Member] | |||
Revenues | [3] | 17,445 | 17,196 |
Wholesale Segment [Member] | Operating Segments [Member] | Manufactured Product, Other [Member] | |||
Revenues | [4] | (1,519) | (1,336) |
Retail Segment [Member] | Operating Segments [Member] | |||
Revenues | 154,986 | 118,081 | |
Retail Segment [Member] | Operating Segments [Member] | Upholstery Furniture [Member] | |||
Revenues | [1] | 76,294 | 57,685 |
Retail Segment [Member] | Operating Segments [Member] | Case Goods Furniture [Member] | |||
Revenues | [2] | 41,455 | 32,918 |
Retail Segment [Member] | Operating Segments [Member] | Accent [Member] | |||
Revenues | [3] | 31,217 | 24,313 |
Retail Segment [Member] | Operating Segments [Member] | Manufactured Product, Other [Member] | |||
Revenues | [4] | $ 6,020 | $ 3,165 |
[1] | Upholstery includes fabric-covered items such as sleepers, recliners and other motion furniture, chairs, ottomans, custom pillows, sofas, loveseats, cut fabrics and leather. | ||
[2] | Case goods includes items such as beds, dressers, armoires, tables, chairs, buffets, entertainment units, home office furniture, and wooden accents. | ||
[3] | Accents includes items such as window treatments and drapery hardware, wall décor, florals, lighting, clocks, mattresses, bedspreads, throws, pillows, decorative accents, area rugs, wall coverings and home and garden furnishings. | ||
[4] | Other includes product delivery sales, the Ethan Allen Hotel revenues, sales of third-party furniture protection plans, membership revenue and other miscellaneous product sales less prompt payment discounts, sales allowances and other incentives. | ||
[5] | The Eliminations column in the tables above represents the elimination of all intercompany wholesale segment sales to the retail segment in each period presented. |
Note 5 - Fair Value Measureme_2
Note 5 - Fair Value Measurements (Details Textual) - USD ($) $ in Thousands | Sep. 30, 2021 | Jun. 30, 2021 |
Debt Securities, Available-for-sale, Total | $ 0 | $ 0 |
Long-term Debt, Fair Value | $ 0 | $ 0 |
Note 6 - Leases (Details Textua
Note 6 - Leases (Details Textual) $ in Millions | Sep. 30, 2021USD ($) |
Short-term Lease Commitment, Amount | $ 0.5 |
Lessee, Operating Lease, Lease Not yet Commenced, Payments, Due | $ 4.4 |
Minimum [Member] | |
Lessee, Finance Lease, Term of Contract (Year) | 3 years |
Lessee, Operating Lease, Lease Not yet Commenced, Term of Contract (Year) | 7 years |
Maximum [Member] | |
Lessee, Finance Lease, Term of Contract (Year) | 5 years |
Lessee, Operating Lease, Lease Not yet Commenced, Term of Contract (Year) | 10 years |
Note 6 - Leases - Lease Costs (
Note 6 - Leases - Lease Costs (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | ||
Operating leases (Year) | 6 years | 6 years 4 months 24 days | |
Financing leases (Year) | 2 years 4 months 24 days | 1 year 7 months 6 days | |
Operating leases | 4.20% | 4.20% | |
Financing leases | 2.20% | 4.40% | |
Total lease expense | $ 9,813 | $ 9,631 | |
Selling, General and Administrative Expenses [Member] | |||
Operating lease cost(1) | [1] | 7,473 | 7,492 |
Depreciation of property | 126 | 151 | |
Short-term lease cost(2) | [2] | 308 | 159 |
Variable lease cost(3) | [3] | 2,313 | 2,262 |
Less: Sublease income | (414) | (438) | |
Interest Income [Member] | |||
Interest on lease liabilities | $ 7 | $ 5 | |
[1] | Lease expense for operating leases consists of both fixed and variable components. Expense related to fixed lease payments are recognized on a straight-line basis over the lease term. | ||
[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 payments are generally expensed as incurred, where applicable, and include certain index-based changes in rent, certain non-lease components, such as maintenance, 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. |
Note 6 - Leases - Future Minimu
Note 6 - Leases - Future Minimum Lease Payments (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Jun. 30, 2021 | ||
2022 (remaining nine months), Operating Leases | $ 24,497 | |||
2023, Operating Leases | 25,850 | |||
2024, Operating Leases | 20,922 | |||
2025, Operating Leases | 17,334 | |||
2026, Operating Leases | 13,780 | |||
Thereafter, operating leases | 31,698 | |||
Total undiscounted future minimum lease payments | 134,081 | |||
Less: imputed interest | (16,700) | |||
Total present value of lease obligations(1) | 117,381 | [1] | $ 143,600 | |
2022 (remaining nine months), Financing Leases | 391 | |||
2023, Financing Leases | 490 | |||
2024, Financing Leases | 320 | |||
2025, Financing Leases | 8 | |||
2026, Financing Leases | 0 | |||
Thereafter, finance leases | 0 | |||
Total undiscounted future minimum lease payments | 1,209 | |||
Less: imputed interest | (30) | |||
Total present value of lease obligations(1) | [1] | $ 1,179 | ||
[1] | Excludes future commitments under short-term operating lease agreements of $0.5 million as of September 30, 2021. |
Note 6 - Leases - Supplemental
Note 6 - Leases - Supplemental Information (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Operating cash flows from operating leases | $ 8,521 | $ 8,390 |
Operating cash flows from financing leases | 132 | 148 |
Operating lease assets obtained in exchange for operating lease liabilities | (624) | (4,477) |
Operating lease assets obtained in exchange for operating lease liabilities | $ 624 | $ 4,477 |
Note 7 - Inventories - Schedule
Note 7 - Inventories - Schedule of Inventory (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Jun. 30, 2021 |
Finished goods | $ 117,631 | $ 106,924 |
Work in process | 13,147 | 11,612 |
Raw materials | 30,952 | 28,235 |
Inventory reserves | (2,995) | (2,793) |
Inventories, net | $ 158,735 | $ 143,978 |
Note 8 - Goodwill and Intangi_2
Note 8 - Goodwill and Intangible Assets (Details Textual) - USD ($) $ in Thousands | Sep. 30, 2021 | Jun. 30, 2021 |
Goodwill, Ending Balance | $ 25,388 | $ 25,388 |
Other Indefinite-lived Intangible Assets | $ 19,700 |
Note 9 - Income Taxes (Details
Note 9 - Income Taxes (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 15 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Jun. 30, 2021 | |
Income Tax Expense (Benefit), Total | $ 7,187 | $ 1,888 | ||
Effective Income Tax Rate Reconciliation, Percent, Total | 26.30% | 16.80% | ||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | |||
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Amount | $ 900 | |||
Unrecognized Tax Benefits, Ending Balance | $ 2,200 | 2,200 | $ 2,000 | |
Decrease in Unrecognized Tax Benefits is Reasonably Possible | 400 | 400 | ||
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | 400 | 400 | ||
Retail Segment [Member] | ||||
Deferred Tax Assets, Valuation Allowance, Total | $ 600 | $ 600 |
Note 10 - Credit Agreement (Det
Note 10 - Credit Agreement (Details Textual) - The Facility [Member] - USD ($) $ in Thousands | Dec. 21, 2018 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Sep. 30, 2020 | Sep. 30, 2021 | Jun. 30, 2021 |
Revolving Credit Facility [Member] | |||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 165,000 | ||||||
Debt Issuance Costs, Net, Total | 600 | ||||||
Proceeds from Long-term Lines of Credit | $ 100,000 | ||||||
Repayments of Long-term Lines of Credit | $ 50,000 | $ 50,000 | |||||
Long-term Line of Credit, Total | $ 0 | $ 0 | |||||
Interest Expense, Debt, Total | $ 300 | ||||||
Line of Credit Facility, Remaining Borrowing Capacity | 89,600 | 75,700 | |||||
Debt Covenant, Fixed Charge Coverage Ratio, Maximum Unused Availability | $ 18,500 | ||||||
Debt Instrument, Covenant, Minimum Fixed Charge Coverage Ratio | 1,000,000 | ||||||
Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||||
Debt Instrument, Basis Spread on Variable Rate | 1.00% | ||||||
Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member] | |||||||
Debt Instrument, Basis Spread on Variable Rate | 1.50% | ||||||
Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member] | |||||||
Debt Instrument, Basis Spread on Variable Rate | 2.00% | ||||||
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] | Additional Margin on Variable Rate Option [Member] | Minimum [Member] | |||||||
Debt Instrument, Basis Spread on Variable Rate | 0.50% | ||||||
Revolving Credit Facility [Member] | Additional Margin on Variable Rate Option [Member] | Maximum [Member] | |||||||
Debt Instrument, Basis Spread on Variable Rate | 1.00% | ||||||
Standby Letters of Credit [Member] | |||||||
Letters of Credit Outstanding, Amount | $ 4,000 | $ 5,000 |
Note 11 - Restructuring and O_3
Note 11 - Restructuring and Other Impairment Activities (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Restructuring Charges, Total | $ 255 | $ 623 |
Payments for Restructuring | 417 | 59 |
Restructuring Reserve, Current | 900 | |
Retail Segment [Member] | ||
Asset Impairment Charges, Total | $ 600 | |
Facility Closing, Atoka Distribution Center [Member] | ||
Restructuring Charges, Total | $ 100 |
Note 11 - Restructuring and O_4
Note 11 - Restructuring and Other Impairment Activities - Schedule of Restructuring Reserve (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | ||
Restructuring Charge | $ 255 | $ 623 | |
Optimization of Manufacturing and Logistics [Member] | |||
Restructuring Charge | 111 | [1] | 0 |
Employee Severance and Other Charges (Income) [Member] | |||
Restructuring Charge | 144 | [2] | 0 |
Impairments of Long-lived Assets [Member] | |||
Restructuring Charge | $ 0 | [3] | $ 623 |
[1] | Over the past three years, we have executed on many key initiatives to optimize further our manufacturing and logistics, including closing our Passaic, New Jersey property, converting our Old Fort, North Carolina case goods manufacturing operations into a distribution center, expanding our existing Maiden, North Carolina manufacturing campus and most recently, closing our Atoka, Oklahoma distribution center and consolidating its workflow into our Old Fort, North Carolina facility. The current year charge of $0.1 million related to the closing of our Atoka distribution center and included within the line item Restructuring and other impairment charges, net of gains in the consolidated statements of comprehensive income. | ||
[2] | We recorded $0.1 million of charges primarily related to severance for employees at our Atoka distribution center and certain associates in our retail segment. These charges were recorded in the consolidated statement of comprehensive income within the line item Restructuring and other impairment charges, net of gains. | ||
[3] | In the prior year first quarter, we recorded a non-cash charge of $0.6 million related to the impairment of long-lived assets held at a retail design center location. The asset group used for the impairment analysis was the individual retail design center, which represented the lowest level for which identifiable cash flows were available and largely independent of the cash flows of other groups of assets. We estimated future cash flows based on the design center-level historical results, current trends and operating and cash flow projections. The $0.6 million non-cash charge was recorded in the consolidated statement of comprehensive income within the line item Restructuring and other impairment charges, net of gains. |
Note 12 - Earnings Per Share (D
Note 12 - Earnings Per Share (Details Textual) - shares | 3 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Share-based Payment Arrangement, Option [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 142,083 | 437,449 |
Performance Shares [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 293,752 | 316,445 |
Note 12 - Earnings Per Share -
Note 12 - Earnings Per Share - Calculation of Weighted Average Shares (Details) - shares shares in Thousands | 3 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Weighted average shares outstanding for basic calculation (in shares) | 25,375 | 25,179 |
Dilutive effect of stock options and other share-based awards (in shares) | 76 | 27 |
Weighted average shares outstanding adjusted for dilution calculation (in shares) | 25,451 | 25,206 |
Note 13 - Accumulated Other C_3
Note 13 - Accumulated Other Comprehensive Income (Loss) - Activity in Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Balance | $ 351,418 | $ 328,064 |
Other comprehensive income (loss), net of tax | (652) | 547 |
Balance | 345,046 | 332,931 |
AOCI Attributable to Parent [Member] | ||
Balance | (5,931) | (8,441) |
Other comprehensive income (loss), net of tax | (653) | 556 |
Balance | (6,584) | (7,885) |
AOCI Including Portion Attributable to Noncontrolling Interest [Member] | ||
Other comprehensive income (loss), net of tax | (652) | 547 |
Less AOCI attributable to noncontrolling interests | $ (1) | $ 9 |
Note 14 - Share-based Compens_2
Note 14 - Share-based Compensation (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Share-based Payment Arrangement, Expense | $ 300 | $ 300 |
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 3,400 | |
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 2 years 8 months 12 days | |
Share-based Payment Arrangement, Amount Capitalized | $ 0 | $ 0 |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in shares) | 1,245,400 | |
Share-based Payment Arrangement, Option [Member] | ||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 200 | |
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 2 years 2 months 12 days | |
Restricted Stock Units (RSUs) [Member] | ||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 1,400 | |
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 3 years 3 months 18 days | |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 4 years | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 51,100 | 38,000 |
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) | $ 20.71 | $ 9.58 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period (in shares) | 19,000 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number, Ending Balance (in shares) | 100,100 | |
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) | $ 15.12 | |
Performance Shares [Member] | ||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 1,800 | |
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 2 years 3 months 18 days | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 90,367 | 117,338 |
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) | $ 17.15 | $ 8.76 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period (in shares) | 35,124 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number, Ending Balance (in shares) | 419,752 | |
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) | $ 16.22 | |
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 | |
Share-based Payment Arrangement, Nonemployee [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in shares) | 25,410 | 37,008 |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price (in dollars per share) | $ 23.61 | $ 12.97 |
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 |
Note 15 - Segment Information_2
Note 15 - Segment Information (Details Textual) | 3 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Number of Company Operated Design Centers | 141 | |
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | Retail Segment [Member] | ||
Concentration Risk, Percentage | 85.00% | 78.20% |
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | Wholesale Segment [Member] | ||
Concentration Risk, Percentage | 15.00% |
Note 15 - Segment Information -
Note 15 - Segment Information - Segment Information (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Jun. 30, 2021 | ||
Net sales | $ 182,327 | $ 151,058 | ||
Operating Income | 27,360 | 11,681 | ||
Interest and other financing costs | 48 | 335 | ||
Other income (expense), net | 28 | (105) | ||
Consolidated total | 27,340 | 11,241 | ||
Depreciation and amortization | 4,325 | 4,140 | ||
Capital Expenditures | 1,529 | 2,439 | ||
Assets | 678,294 | $ 683,245 | ||
Intersegment Eliminations [Member] | ||||
Operating Income | [1] | 196 | (3,440) | |
Wholesale Segment [Member] | ||||
Depreciation and amortization | 1,640 | 1,704 | ||
Capital Expenditures | 1,088 | 1,042 | ||
Assets | 295,823 | 298,332 | ||
Wholesale Segment [Member] | Operating Segments [Member] | ||||
Net sales | 109,448 | 97,334 | ||
Operating Income | 12,819 | 13,138 | ||
Wholesale Segment [Member] | Operating Segments [Member] | External Customers [Member] | ||||
Net sales | 27,341 | 32,977 | ||
Wholesale Segment [Member] | Intersegment Eliminations [Member] | ||||
Net sales | (82,107) | (64,357) | ||
Retail Segment [Member] | ||||
Depreciation and amortization | 2,685 | 2,436 | ||
Capital Expenditures | 441 | 1,397 | ||
Assets | 409,615 | 412,066 | ||
Retail Segment [Member] | Operating Segments [Member] | ||||
Net sales | 154,986 | 118,081 | ||
Operating Income | 14,345 | $ 1,983 | ||
Inventory Profit Elimination [Member] | ||||
Assets | [2] | $ (27,144) | $ (27,153) | |
[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 16 - Commitments and Con_2
Note 16 - Commitments and Contingencies (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Jun. 30, 2021 | ||
Contractual Obligation, Total | $ 203,900 | |||
Operating Lease, Liability, Total | $ 117,381 | [1] | 143,600 | |
Long-term Debt, Total | $ 50,200 | |||
Repayments of Long-term Debt, Total | 0 | $ 50,000 | ||
Revolving Credit Facility [Member] | The Facility [Member] | ||||
Repayments of Long-term Debt, Total | $ 8,500 | |||
[1] | Excludes future commitments under short-term operating lease agreements of $0.5 million as of September 30, 2021. |