Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | |||
Jun. 30, 2022 | Jun. 30, 2021 | Aug. 19, 2022 | Dec. 31, 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 | FY | |||
Document Fiscal Year Focus | 2022 | |||
Document Type | 10-K | |||
Document Annual Report | true | |||
Document Period End Date | Jun. 30, 2022 | |||
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 Well-known Seasoned Issuer | No | |||
Entity Voluntary Filers | No | |||
Entity Current Reporting Status | Yes | |||
Entity Interactive Data Current | Yes | |||
Entity Filer Category | Accelerated Filer | |||
Entity Small Business | false | |||
Entity Emerging Growth Company | false | |||
ICFR Auditor Attestation Flag | true | |||
Entity Shell Company | false | |||
Entity Public Float | $ 592,241,560 | |||
Entity Common Stock, Shares Outstanding | 25,336,282 | |||
Auditor Name | CohnReznick LLP | KPMG LLP | ||
Auditor Location | New York, New York | Stamford, Connecticut | ||
Auditor Firm ID | 596 | 185 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2022 | Jun. 30, 2021 |
ASSETS | ||
Cash and cash equivalents | $ 109,919 | $ 104,596 |
Investments | 11,199 | 0 |
Accounts receivable, net | 17,019 | 9,026 |
Inventories, net | 176,504 | 143,978 |
Prepaid expenses and other current assets | 32,108 | 37,679 |
Total current assets | 346,749 | 295,279 |
Property, plant and equipment, net | 223,530 | 231,446 |
Goodwill | 25,388 | 25,388 |
Intangible assets | 19,740 | 19,740 |
Operating lease right-of-use assets | 100,782 | 108,730 |
Deferred income taxes | 820 | 1,078 |
Other assets | 2,886 | 1,584 |
TOTAL ASSETS | 719,895 | 683,245 |
Current liabilities: | ||
Accounts payable and accrued expenses | 37,370 | 37,786 |
Customer deposits and deferred revenues | 121,080 | 130,635 |
Accrued compensation and benefits | 22,700 | 23,866 |
Current operating lease liabilities | 25,705 | 27,395 |
Other current liabilities | 8,788 | 4,220 |
Total current liabilities | 215,643 | 223,902 |
Operating lease liabilities, long-term | 89,506 | 97,911 |
Deferred income taxes | 4,418 | 5,028 |
Other long-term liabilities | 3,005 | 4,986 |
TOTAL LIABILITIES | 312,572 | 331,827 |
Commitments and contingencies (See Note 20) | ||
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; 49,360 and 49,240 shares issued; 25,323 and 25,237 shares outstanding at June 30, 2022 and 2021, respectively | 494 | 492 |
Additional paid-in-capital | 384,782 | 382,527 |
Treasury stock, at cost: 24,037 and 24,003 shares at June 30, 2022 and 2021, respectively | (681,834) | (680,991) |
Retained earnings | 710,369 | 655,346 |
Accumulated other comprehensive loss | (6,462) | (5,931) |
Total Ethan Allen Interiors Inc. shareholders' equity | 407,349 | 351,443 |
Noncontrolling interests | (26) | (25) |
TOTAL SHAREHOLDERS' EQUITY | 407,323 | 351,418 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ 719,895 | $ 683,245 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - $ / shares | Jun. 30, 2022 | Jun. 30, 2021 |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized (in shares) | 1,055,000 | 1,055,000 |
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) | 150,000,000 | 150,000,000 |
Common stock, shares issues (in shares) | 49,360,000 | 49,240,000 |
Common stock, shares outstanding (in shares) | 25,323,000 | 25,237,000 |
Treasury stock, shares (in shares) | 24,037,000 | 24,003,000 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2020 | |
Net sales | $ 817,762 | $ 685,169 | $ 589,837 |
Cost of sales | 333,056 | 292,062 | 266,705 |
Gross profit | 484,706 | 393,107 | 323,132 |
Selling, general and administrative expenses | 350,917 | 313,411 | 311,507 |
Restructuring and other impairment charges, net of gains | (4,461) | 2,411 | (3,019) |
Operating income | 138,250 | 77,285 | 14,644 |
Interest and other financing costs | 201 | 481 | 739 |
Other income (expense), net | 72 | (393) | 284 |
Income before income taxes | 138,121 | 76,411 | 14,189 |
Total income tax expense | 34,841 | 16,406 | 5,289 |
Net income | $ 103,280 | $ 60,005 | $ 8,900 |
Basic earnings per common share: | |||
Net income per basic share (in dollars per share) | $ 4.06 | $ 2.38 | $ 0.34 |
Basic weighted average common shares (in shares) | 25,413 | 25,265 | 26,044 |
Diluted earnings per common share: | |||
Net income per diluted share (in dollars per share) | $ 4.05 | $ 2.37 | $ 0.34 |
Diluted weighted average common shares (in shares) | 25,522 | 25,352 | 26,069 |
Comprehensive income | |||
Net income | $ 103,280 | $ 60,005 | $ 8,900 |
Other comprehensive income (loss), net of tax | |||
Foreign currency translation adjustments | (466) | 2,510 | (2,790) |
Other | (66) | (24) | (64) |
Other comprehensive income (loss), net of tax | (532) | 2,486 | (2,854) |
Comprehensive income | $ 102,748 | $ 62,491 | $ 6,046 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2020 | |
Cash Flows from Operating Activities | |||
Net income | $ 103,280 | $ 60,005 | $ 8,900 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 15,987 | 16,385 | 16,859 |
Share-based compensation expense | 1,139 | 1,268 | 334 |
Non-cash operating lease cost | 30,261 | 29,944 | 31,995 |
Deferred income taxes | (352) | 3,013 | 2,524 |
Restructuring and other impairment charges, net of gains | (4,461) | 3,050 | 2,407 |
Restructuring payments | (1,556) | (2,771) | (9,067) |
Loss on disposal of property, plant and equipment | 44 | 38 | 199 |
Other | 70 | (115) | 287 |
Change in operating assets and liabilities, net of effects of acquisitions: | |||
Accounts receivable, net | (7,993) | (934) | 6,020 |
Inventories, net | (32,526) | (18,516) | 33,341 |
Prepaid expenses and other current assets | 6,659 | (13,654) | (2,284) |
Customer deposits and deferred revenue | (9,555) | 66,604 | 6,707 |
Accounts payable and accrued expenses | 123 | 11,741 | (7,975) |
Accrued compensation and benefits | (1,053) | 5,360 | (1,358) |
Operating lease liabilities | (33,588) | (33,401) | (34,765) |
Other assets and liabilities | 2,877 | 1,895 | (1,428) |
Net cash provided by operating activities | 69,356 | 129,912 | 52,696 |
Cash Flows from Investing Activities | |||
Proceeds from sales of property, plant and equipment | 10,613 | 4,913 | 12,423 |
Capital expenditures | (13,387) | (12,029) | (15,709) |
Acquisitions, net of cash acquired | 0 | 0 | (1,350) |
Purchases of investments | (63,861) | 0 | 0 |
Proceeds from sales of investments | 52,664 | 0 | 0 |
Other investing activities | 0 | 0 | 20 |
Net cash used in investing activities | (13,971) | (7,116) | (4,616) |
Cash Flows from Financing Activities | |||
Payment of cash dividends | (48,257) | (43,290) | (21,469) |
Borrowings on revolving credit facility | 0 | 0 | 100,000 |
Payments on borrowings | 0 | (50,000) | (50,000) |
Payment for debt issuance costs | (505) | 0 | 0 |
Proceeds from employee stock plans | 1,117 | 2,961 | 53 |
Taxes paid related to net share settlement of equity awards | (843) | (75) | 0 |
Repurchases of common stock | 0 | 0 | (24,319) |
Payments on financing leases and other | (512) | (585) | (568) |
Net cash (used in) provided by financing activities | (49,000) | (90,989) | 3,697 |
Effect of exchange rate changes on cash and cash equivalents | (110) | 513 | (325) |
Net increase in cash and cash equivalents | 6,275 | 32,320 | 51,452 |
Cash, cash equivalents and restricted cash at beginning of period | 104,596 | 72,276 | 20,824 |
Cash, cash equivalents and restricted cash at end of period | 110,871 | 104,596 | 72,276 |
Supplemental Disclosure on Cash Flow Information | |||
Cash paid during the year for income taxes, net of refunds | 28,795 | 10,921 | 6,006 |
Cash paid during the year for interest | $ 25 | $ 352 | $ 538 |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity - USD ($) shares in Thousands, $ in Thousands | Cumulative Effect, Period of Adoption, Adjustment [Member] Common Stock [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] Additional Paid-in Capital [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] Treasury Stock [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] AOCI Attributable to Parent [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] Retained Earnings [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] Noncontrolling Interest [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | 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, 2019 | 49,049 | 22,462 | ||||||||||||
Balance (Accounting Standards Update 2016-02 [Member]) at Jun. 30, 2019 | $ 0 | $ 0 | $ 0 | $ 0 | $ (1,585) | $ 0 | $ (1,585) | |||||||
Balance at Jun. 30, 2019 | $ 491 | $ 377,913 | $ (656,597) | $ (5,651) | $ 647,710 | $ 63 | $ 363,929 | |||||||
Net income | $ 0 | 0 | $ 0 | 0 | 8,900 | 0 | 8,900 | |||||||
Common stock issued on share-based awards (in shares) | 4 | 0 | ||||||||||||
Common stock issued on share-based awards | $ 0 | 53 | $ 0 | 0 | 0 | 0 | 53 | |||||||
Share-based compensation expense | $ 0 | 334 | $ 0 | 0 | 0 | 0 | 334 | |||||||
Repurchases of common stock (in shares) | 0 | 1,538 | ||||||||||||
Repurchases of common stock | $ 0 | 0 | $ (24,319) | 0 | 0 | 0 | (24,319) | |||||||
Cash dividends declared | 0 | 0 | 0 | 0 | (16,394) | 0 | (16,394) | |||||||
Other comprehensive income (loss) | 0 | 0 | 0 | (2,790) | 0 | (64) | (2,854) | |||||||
Share-based compensation expense | $ 0 | 334 | $ 0 | 0 | 0 | 0 | 334 | |||||||
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 | 60,005 | 0 | 60,005 | |||||||
Common stock issued on share-based awards (in shares) | 175 | 0 | ||||||||||||
Common stock issued on share-based awards | $ 1 | 2,959 | $ 0 | 0 | 0 | 0 | 2,960 | |||||||
Share-based compensation expense | 0 | 1,268 | 0 | 0 | 0 | 0 | 1,268 | |||||||
Cash dividends declared | 0 | 0 | 0 | 0 | (43,290) | 0 | (43,290) | |||||||
Other comprehensive income (loss) | $ 0 | 0 | $ 0 | 2,510 | 0 | (24) | 2,486 | |||||||
Restricted stock vesting (in shares) | 12 | 3 | ||||||||||||
Restricted stock vesting | $ 0 | 0 | $ (75) | 0 | 0 | 0 | (75) | |||||||
Share-based compensation expense | $ 0 | 1,268 | $ 0 | 0 | 0 | 0 | 1,268 | |||||||
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 | 103,280 | 0 | 103,280 | |||||||
Common stock issued on share-based awards (in shares) | 55 | 0 | ||||||||||||
Common stock issued on share-based awards | $ 1 | 1,116 | $ 0 | 0 | 0 | 0 | 1,117 | |||||||
Share-based compensation expense | 0 | 1,139 | 0 | 0 | 0 | 0 | 1,139 | |||||||
Cash dividends declared | 0 | 0 | 0 | 0 | (48,257) | 0 | (48,257) | |||||||
Other comprehensive income (loss) | $ 0 | 0 | $ 0 | (531) | 0 | (1) | (532) | |||||||
Restricted stock vesting (in shares) | 65 | 34 | ||||||||||||
Restricted stock vesting | $ 1 | 0 | $ (843) | 0 | 0 | 0 | (842) | |||||||
Share-based compensation expense | $ 0 | 1,139 | $ 0 | 0 | 0 | 0 | 1,139 | |||||||
Balance (in shares) at Jun. 30, 2022 | 49,360 | 24,037 | ||||||||||||
Balance at Jun. 30, 2022 | $ 494 | $ 384,782 | $ (681,834) | $ (6,462) | $ 710,369 | $ (26) | $ 407,323 |
Note 1 - Organization and Natur
Note 1 - Organization and Nature of Business | 12 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Nature of Operations [Text Block] | ( 1 Organization and Nature of Business Organization. 1932 1989, Nature of Business. Ethan Allen design centers represent a mix of locations operated by independent licensees and Company-operated locations. As of June 30, 2022, 141 137 four ten one one Impact of the COVID- 19 19 2021 19 second 19 2022. 19 19 Although we continue to actively manage the impact of COVID- 19 19 June 30, 2022, 19 June 30, 2022 |
Note 2 - Basis of Presentation
Note 2 - Basis of Presentation | 12 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Business Description and Basis of Presentation [Text Block] | ( 2 Basis of Presentation Principles of Consolidation. two two Other income (expense), net Use of Estimates. not Reclassifications. 2020 Interest (expense), net of interest income Interest and other financing costs Other income (expense), net 2020 Other financing activities Proceeds from employee stock plans not |
Note 3 - Summary of Significant
Note 3 - Summary of Significant Accounting Policies | 12 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | ( 3 Summary of Significant Accounting Policies Our significant accounting policies are summarized below. Cash and Cash Equivalents Cash and short-term, highly liquid investments with original maturities of three Restricted Cash We present restricted cash as a component of total cash and cash equivalents as presented on our consolidated statement of cash flows and within Other Assets June 30, 2022, not June 30, 2021. Investments We classify our investments in fixed income securities as available-for-sale debt investments. Our investments consist of municipal bonds, commercial paper and certificates of deposit with maturities of one 2. Accumulated Other Comprehensive Income (Loss) June 30, 2022 . not June 30, 2021. Accounts Receivable Accounts receivable arise from the sale of products on trade credit terms and is presented net of allowance for doubtful accounts. We maintain an allowance for estimated losses resulting from the inability of our customers to make required payments. The allowance for doubtful accounts is based on a review of specifically identified accounts in addition to an overall aging analysis. Judgments are made with respect to the collectability of accounts receivable based on historical experience and current economic trends. On a monthly basis, we review all significant accounts as to their past due balances, as well as collectability of the outstanding trade accounts receivable for possible write-off. It is our policy to write-off the accounts receivable against the allowance account when we deem the receivable to be uncollectible. Additionally, we review orders from retailers that are significantly past due, and we ship product only when our ability to collect payment from our customer for the new order is probable. At June 30, 2022 2021, Inventories Inventories are stated at the lower of cost (on first first may June 30, 2022 2021, Property, Plant and Equipment Property, plant and equipment are stated at cost, less accumulated depreciation and amortization. Depreciation of property, plant and equipment is provided over the estimated useful lives of the respective assets on a straight-line basis. Estimated useful lives of the respective assets typically range from twenty forty three twenty three five not not Retirement, sales or dispositions of long-lived assets are recorded based on carrying value and proceeds received. Any resulting gains or losses are recorded as a component of operating expenses. Property, plant and equipment is reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of assets may not Impairment of Long-Lived Assets Assets Held for Sale An asset is considered to be held for sale when all of the following criteria are met: (i) management commits to a plan to sell the property; (ii) it is unlikely that the disposal plan will be significantly modified or discontinued; (iii) the property is available for immediate sale in its present condition; (iv) actions required to complete the sale of the property have been initiated; (v) sale of the asset is probable and the completed sale is expected to occur within one Upon designation as an asset held for sale, the carrying value of the asset is recorded at the lower of its carrying value or its estimated fair value less estimated costs to sell, and the Company ceases depreciating the asset. As of June 30, 2022 2021, not Impairment of Long-Lived Assets We review the carrying value of our long-lived assets, which includes our right-of-use lease assets, for impairment whenever events or changes in circumstances indicate that their carrying amounts may not third may may not 10, Restructuring and Other Impairment Activities, Goodwill and Other Indefinite-Lived Intangible Assets Our goodwill and intangible assets are comprised primarily 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. Both goodwill and indefinite-lived intangible assets are not We are required to test goodwill and indefinite-lived intangibles for potential impairment annually, or more frequently if impairment indicators occur. Goodwill and other indefinite-lived intangible assets are evaluated for impairment on an annual basis during the fourth may Goodwill. June 30, 2022. may not not not fourth 2022 not no Other Indefinite-Lived Intangible Assets (trade name). fourth may may not may not fourth 2022 not no Leases We determine if an arrangement contains a lease at inception based on our right to control the use of an identified asset and our right to obtain substantially all of the economic benefits from the use of that identified asset. Lease right-of-use (“ROU”) assets represent the right to use an underlying asset pursuant to the lease for the lease term, and lease liabilities represent the obligation to make lease payments arising from the lease. Lease ROU assets and lease liabilities are recognized at the commencement of an arrangement where it is determined at inception that a lease exists. These assets and liabilities are initially recognized based on the present value of lease payments over the lease term calculated using our incremental borrowing rate generally applicable to the location of the lease ROU asset, unless an implicit rate is readily determinable. As most of our leases do not Operating leases are included in operating lease ROU assets, current operating lease liabilities and long-term operating lease liabilities in our consolidated balance sheets. Finance leases are included in property, plant and equipment, other current liabilities, and other long-term liabilities in our consolidated balance sheets. 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. 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 and other services provided by the lessor, and other charges included in the lease. We have elected the short-term lease exemption, whereby leases with initial terms of one not not . Refer to Note 6, Leases, Customer Deposits In most cases we collect deposits from customers on a portion of the total purchase price at the time a written order is placed, but before we have transferred control of our product to our customers, resulting in contract liabilities. These customer deposits are reported as a current liability in Customer deposits and deferred revenue June 30, 2022, 2022, June 30, 2021. June 30, 2022 twelve Deferred Financing Fees Deferred financing fees related to our revolving credit facility are included in Prepaid expenses and other current assets Other assets Interest and other financing costs Insurance The Company maintains insurance coverage for significant exposures, as well as those risks that, by law, must be insured. In the case of the Company’s health care coverage for employees, the Company has an insurance program related to claims filed that also includes a stop-loss insurance policy to protect from individual losses over a specified dollar value. Expenses related to this insured program are computed on an actuarial basis, based on claims experience, regulatory requirements, an estimate of claims incurred but not June 30, 2022 2021, Accrued compensation and benefits We also carry workers’ compensation insurance subject to a deductible amount for which the Company is responsible on each claim. We had accrued liabilities of $3.8 million and $4.5 million related to workers’ compensation claims, primarily for claims that do not June 30, 2022 2021, Accrued compensation and benefits Fair Value of Financial Instruments Because of their short-term nature, the carrying value of our cash and cash equivalents, investments, receivables and payables, and customer deposit liabilities approximates fair value. We believe the fair value of any future borrowings under our credit facility will approximate its carrying amount as the terms and interest rate approximate market rates given its floating interest rate basis. Income Taxes Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. A valuation allowance must be established for deferred tax assets when it is more likely than not not We recognize the tax benefit from an uncertain tax position only if it is more likely than not one Revenue Recognition Our reported revenue (net sales) consist 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 Our practice has been to sell our products at the same delivered cost to all retailers and customers nationwide, regardless of shipping point. Costs incurred by the Company to deliver finished goods are expensed and recorded in selling, general and administrative expenses. We recognize shipping and handling expense as fulfillment activities (rather than as a promised good or service) when the activities are performed even if those activities are performed after the control of the good has been transferred. Accordingly, we record the expenses for shipping and handling activities at the same time we recognize net sales. Shipping and handling costs amounted to $88.8 million in fiscal 2022, 2021 2020. We exclude from the measurement of the transaction price all taxes imposed on and concurrent with a specific revenue-producing transaction and collected by the entity from a customer, including sales, use, excise, value-added, and franchise taxes (collectively referred to as sales taxes). Sales taxes collected is not Accounts payable and accrued expenses Estimated refunds for returns and allowances are based on our historical return patterns. We record these estimated sales refunds on a gross basis rather than on a net basis and have recorded an asset for product we expect to receive back from customers in Prepaid expenses and other current assets Other current liabilities June 30, 2022 June 30, 2021, We capitalize commission fees paid to our associates as contract assets within Prepaid expenses and other current assets June 30, 2022, twelve Selling, general and administrative expenses June 30, 2021, 2022. We recognize the promised amount of consideration without adjusting for the effects of a significant financing component if the contract has a duration of one one not not Cost of Sales Our cost of sales consist of the cost to manufacture our merchandise including materials, direct labor and overhead costs as well as the cost to purchase import products. Selling, General and Administrative Expenses ( “ SG&A ” ) SG&A expenses include the costs of selling our products and general and administrative costs. Selling expenses primarily consist of shipping and handling costs, commissions, advertising, and compensation and benefits of employees performing various sales and designer functions. Occupancy costs, depreciation, compensation and benefit costs for administrative employees and other administrative costs are included in SG&A. All store pre-opening costs are included in SG&A expenses and are expensed as incurred. Advertising Expenses Advertising expenses primarily represent the costs associated with our digital marketing, direct mailings, national television spots, on-air radio and other mediums. Our total advertising costs were $15.6 million in fiscal 2022, 2021 2020. June 30, 2022 2021, Research and Development Costs Research and development costs are charged to expense in the periods incurred and are included as a component of SG&A. Expenditures for research and development costs were immaterial in each fiscal year presented. Interest and Other Financing Costs Interest expense consists primarily from borrowings under our revolving credit facility and the amortization of deferred financing fees. For the twelve June 30, 2022, 2021 2020, Other Income (Expense), Net Other income (expense), net includes foreign currency gains or losses and other income or expense incurred outside our normal course of business. There were no Other Income (expense), net 2022, 2021 2020. Supplemental Cash Flow Information The Company’s supplemental cash flow information is presented at the bottom of its consolidated statement of cash flows, with the exception of required lease disclosures. Refer to Note 6, Leases, three no Acquisitions From time to time we acquire design centers from our independent retailers in arms-length transactions. We record these acquisitions using the acquisition method of accounting. All of the assets acquired, liabilities assumed, contractual contingencies and contingent consideration are recognized at their fair value on the acquisition date. There were no 2022 2021. 2020 Share-Based Compensation Share-based compensation expense is included within SG&A expenses. Tax benefits associated with our share-based compensation arrangements are included within income tax expense. We estimate, as of the date of grant, the fair value of stock options awarded using the Black-Scholes option pricing model. Use of a valuation model requires management to make certain assumptions with respect to selected model inputs, including anticipated changes in the underlying stock price (i.e. expected volatility) and option exercise activity (i.e. expected life). Expected volatility is based on the historical volatility of our stock and other contributing factors. The risk-free rate of return is based on the United States Treasury bill rate extrapolated to the term matching the expected life of the grant. The dividend yield is based on the annualized dividend rate at the grant date relative to the grant date stock price. The expected life of options granted, which represents the period of time that the options are expected to be outstanding, is based, primarily, on historical data. We estimate, as of the date of grant, the fair value of non-performance based restricted stock units awarded using a discounted cash flow model, which requires management to make certain assumptions with respect to model inputs including anticipated future dividends not one We estimate, as of the date of grant, the fair value of performance units with a discounted cash flow model, using as model inputs the risk-free rate of return as the discount rate, dividend yield for dividends not one As share-based compensation expense recognized is based on awards ultimately expected to vest, it has been reduced for estimated forfeitures. Forfeitures are estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. Forfeitures are estimated based primarily on historical experience. Windfall tax benefits, defined as tax deductions that exceed recorded share-based compensation, are classified as cash inflows from operating activities. The value of the portion of the equity-based awards that are ultimately expected to vest is recognized as expense over the requisite service periods in our consolidated statement of income. Earnings Per Share We compute basic earnings per share (“EPS”) by dividing net income by the weighted average number of common shares outstanding during the period. Diluted EPS is calculated similarly, except that the weighted average outstanding shares are adjusted to include the effects of converting all potentially dilutive share-based awards issued under our employee stock plans. The number of potential common shares outstanding are determined in accordance with the treasury stock method to the extent they are dilutive. For the purpose of calculating EPS, common shares outstanding include common shares issuable upon the exercise of outstanding share-based compensation awards. Under the treasury stock method, the exercise price paid by the optionee and future share-based compensation expense that the Company has not Foreign Currency Translation The functional currency of each Company-operated foreign location is the respective local currency. 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. Resulting translation adjustments are reported as a component of accumulated other comprehensive income (loss) within shareholders’ equity. Treasury Stock The Company accounts for repurchased common stock on a trade date basis under the cost method and includes such treasury stock as a component of its shareholders’ equity. We account for the formal retirement of treasury stock by deducting its par value from common stock, reducing additional paid-in capital (“APIC”) by the average amount recorded in APIC when the stock was originally issued and any remaining excess of cost deducted from retained earnings. Recent Accounting Pronouncements As of the beginning of fiscal 2022, 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 Business Combinations. October 2021, 2021 08, Business Combinations (Topic 805 606 first 2024. not Derivatives and Hedging. March 2022, 2022 01, Derivatives and Hedging (Topic 801 Portfolio Layer Method one first 2024. not No June 30, 2022 |
Note 4 - Revenue Recognition
Note 4 - Revenue Recognition | 12 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | ( 4 Revenue Recognition The following table disaggregates our net sales by product category by segment for fiscal 2022 Wholesale Retail Eliminations (1) Total Upholstery (2) $ 262,592 $ 350,737 $ (188,661 ) $ 424,668 Case goods (3) 148,536 175,697 (96,110 ) 228,123 Accents (4) 80,665 133,354 (71,193 ) 142,826 Other (5) (7,951 ) 30,096 - 22,145 Total $ 483,842 $ 689,884 $ (355,964 ) $ 817,762 The following table disaggregates our net sales by product category by segment for fiscal 2021 Wholesale Retail Eliminations (1) Total Upholstery (2) $ 217,517 $ 275,887 $ (144,268 ) $ 349,136 Case goods (3) 126,690 149,912 (79,206 ) 197,396 Accents (4) 75,572 115,578 (59,404 ) 131,746 Other (5) (6,703 ) 13,594 - 6,891 Total $ 413,076 $ 554,971 $ (282,878 ) $ 685,169 The following table disaggregates our net sales by product category by segment for fiscal 2020 Wholesale Retail Eliminations (1) Total Upholstery (2) $ 164,059 $ 213,903 $ (101,237 ) $ 276,725 Case goods (3) 115,040 129,839 (61,164 ) 183,715 Accents (4) 61,405 102,994 (48,510 ) 115,889 Other (5) (2,556 ) 16,064 - 13,508 Total $ 337,948 $ 462,800 $ (210,911 ) $ 589,837 ( 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 | 12 Months Ended |
Jun. 30, 2022 | |
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. three may may We have categorized our cash equivalents and investments within the fair value hierarchy as follows: Level 1 1 1 Level 2 June 30, 2022, 2 no 2 June 30, 2021. Level 3 no 3 June 30, 2022 2021. Assets and Liabilities Measured at Fair Value on a Recurring Basis. June 30, 2022 2021, not Fair Value Measurements at June 30, 2022 Assets Level 1 Level 2 Level 3 Balance Corporate money market funds (1) $ 51,035 $ - $ - $ 51,035 Investments (2) - 11,199 - 11,199 Total $ 51,035 $ 11,199 $ - $ 62,234 Fair Value Measurements at June 30, 2021 Assets Level 1 Level 2 Level 3 Balance Corporate money market funds (1) $ 70,247 $ - $ - $ 70,247 Investments (2) - - - - Total $ 70,247 $ - $ - $ 70,247 ( 1 We invest excess cash in money market accounts and short-term investments. Our corporate money market funds are readily convertible into cash and the net asset value of each fund on the last day of the quarter is used to determine its fair value. Our corporate money market funds are classified as Level 1 Cash and cash equivalents ( 2 Our investments consist of municipal bonds, commercial paper and certificates of deposit with maturities of one 2 Investments Accumulated Other Comprehensive Income (Loss) no June 30, 2022. not June 30, 2021. As of June 30, 2022 2021, not 2 no one no Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis. not 2022. not 2021. Assets and Liabilities Measured at Fair Value for Disclosure Purposes Only. June 30, 2022 2021. |
Note 6 - Leases
Note 6 - Leases | 12 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Lessee, Leases [Text Block] | ( 6 Leases Applicable accounting guidance requires lessees to recognize substantially all leases on their balance sheet as a ROU asset and a lease liability. We have operating leases for many of our design centers that expire at various dates through fiscal 2040. three five We determine if a contract contains a lease at inception based on our right to control the use of an identified asset and our right to obtain substantially all of the economic benefits from the use of that identified asset. Certain operating leases have renewal options and rent escalation clauses as well as various purchase options. We assess these options to determine if we are reasonably certain of exercising these options based on all relevant economic and financial factors. Any options that meet these criteria are included in the lease term at lease commencement. Most of our leases do not not Lease concessions, in the form of rent deferrals and/or abatements, related to the effects of the COVID- 19 not no Accounts payable and accrued expenses fourth 2020, 19. not 19 2022 2021. 2021 2022. The Company's lease terms and discount rates are as follows: June 30, 2022 2021 Weighted average remaining lease term (in years) Operating leases 6.0 6.2 Financing leases 2.6 2.6 Weighted average discount rate Operating leases 4.2 % 4.2 % Financing leases 3.1 % 2.3 % Operating and financing lease assets and liabilities recognized within our consolidated balance sheets are as follows (in thousands): June 30, Consolidated Balance Sheet Location 2022 2021 Assets Operating leases Operating lease right-of-use assets (non-current) $ 100,782 $ 108,730 Financing leases Property, plant and equipment, net 1,060 1,233 Total lease assets $ 101,842 $ 109,963 Liabilities Current: Operating leases Current operating lease liabilities $ 25,705 $ 27,395 Financing leases Other current liabilities 535 523 Noncurrent: Operating leases Operating lease liabilities, long-term 89,506 97,911 Financing leases Other long-term liabilities 579 788 Total lease liabilities $ 116,325 $ 126,617 The ROU assets by segment are as follows (in thousands): June 30, 2022 2021 Retail $ 100,800 $ 108,765 Wholesale 1,042 1,198 Total ROU assets $ 101,842 $ 109,963 The following table discloses the location and amount of our operating and financing lease costs within our consolidated statements of comprehensive income (in thousands): Fiscal Year Ended June 30, Statement of Comprehensive Income Location 2022 2021 Operating lease cost (1) SG&A $ 30,261 $ 29,944 Financing lease cost: Depreciation of property SG&A 489 668 Interest on lease liabilities Interest and other financing costs 24 24 Short-term lease cost (2) SG&A 1,222 840 Variable lease cost (3) SG&A 9,341 9,068 Less: Sublease income SG&A (1,384 ) (1,716 ) Total lease expense $ 39,953 $ 38,828 ( 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 June 30, 2022 ( Fiscal Year Operating Leases Financing Leases 2023 $ 29,959 $ 562 2024 24,548 391 2025 20,488 79 2026 16,779 71 2027 11,689 65 Thereafter 28,102 - Total undiscounted future minimum lease payments 131,565 1,168 Less: imputed interest (16,354 ) (54 ) Total present value of lease obligations (1) $ 115,211 $ 1,114 ( 1 June 30, 2022. As of June 30, 2022, two not not first 2023. two five ten June 30, 2022, not not Other supplemental information for our leases is as follows (in thousands): Fiscal Year Ended June 30, Cash paid for amounts included in the measurement of lease liabilities 2022 2021 Operating cash flows from operating leases $ 33,588 $ 33,401 Operating cash flows from financing leases $ 512 $ 585 Operating lease assets obtained in exchange for new operating lease liabilities $ 18,674 $ 23,901 Financing lease obligations obtained in exchange for new financing leases assets $ 315 $ 1,311 We sublease a small number of our leased locations. The terms of these leases generally match those of the lease we have with the lessor. As of June 30, 2022, Fiscal Year Sublease Income 2023 $ 1,163 2024 1,126 2025 1,151 2026 1,176 2027 891 Thereafter 1,033 Total minimum future sublease income $ 6,540 |
Note 7 - Inventories
Note 7 - Inventories | 12 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | ( 7 Inventories Inventories are summarized as follows (in thousands): June 30, 2022 2021 Finished goods $ 131,021 $ 106,924 Work in process 15,098 11,612 Raw materials 32,490 28,235 Inventory reserves (2,105 ) (2,793 ) Inventories, net $ 176,504 $ 143,978 |
Note 8 - Property, Plant and Eq
Note 8 - Property, Plant and Equipment | 12 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | ( 8 Property, Plant and Equipment Property, plant and equipment are summarized as follows (in thousands): June 30, 2022 2021 Land and improvements $ 78,443 $ 79,478 Building and improvements 356,622 358,469 Machinery and equipment 127,062 127,673 Property, plant and equipment, gross 562,127 565,620 Less: accumulated depreciation and amortization (338,597 ) (334,174 ) Property, plant and equipment, net $ 223,530 $ 231,446 We recorded depreciation expense of $16.0 million, $16.4 million and $16.9 million in fiscal 2022, 2021 2020, |
Note 9 - Goodwill and Other Int
Note 9 - Goodwill and Other Intangible Assets | 12 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Goodwill and Intangible Assets Disclosure [Text Block] | ( 9 Goodwill and Other 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. Both goodwill and indefinite-lived intangible assets are not June 30, 2022 2021, We test our wholesale goodwill and indefinite-lived intangibles for impairment on an annual basis in the fourth fourth 2022 not no The fair value of our trade name, which is our only indefinite-lived intangible asset other than goodwill, is assessed annually in the fourth may fourth 2022 not no |
Note 10 - Restructuring and Oth
Note 10 - Restructuring and Other Impairment Activities | 12 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Restructuring, Impairment, and Other Activities Disclosure [Text Block] | ( 10 Restructuring and Other Impairment Activities Restructuring and other impairment charges, net of gains, were as follows (in thousands): Fiscal Year Ended June 30, 2022 2021 Gain on sales of property, plant and equipment (1) $ (5,431 ) $ (473 ) Severance and other charges 970 422 Lease exit costs (2) - 1,537 Impairment of long-lived assets (3) - 623 Optimization of manufacturing and logistics (4) - 302 Total Restructuring and other impairment charges, net of gains $ (4,461 ) $ 2,411 Optimization of manufacturing and logistics (4) - 54 Inventory write-downs and additional reserves (5) - 585 Total $ (4,461 ) $ 3,050 ( 1 In March 2022, third second 2022 December 2021, two third ( 2 We recorded restructuring charges of $1.5 million during the prior year period related to lease exit costs within the retail segment as a result of an early termination of a lease, the closing and subsequent exiting of a retail design center and the payment to assign a lease to an independent third ( 3 We recorded a non-cash charge of $0.6 million during the prior year period related to the impairment of long-lived assets held at a retail design center location. The asset group used for 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 design center-level historical results, current trends and operating and operating and cash flow projections. ( 4 Over the past several years, we have executed on many key initiatives to further optimize 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 closing our Atoka, Oklahoma distribution center and consolidating its workflow into our Old Fort, North Carolina facility. We recorded charges of $0.4 million in the year ago period related to the closing of our Atoka distribution center with $0.3 million within the line item Restructuring and other impairment charges, net of gains Cost of Sales ( 5 We recorded a non-cash charge of $0.6 million in the prior year related to the write-down and disposal of certain slow moving and discontinued inventory items, which was due to actual demand and forecasted market conditions for these inventory items being less favorable than originally estimated. Of the total inventory write-down, $0.4 million related to slow moving finished goods with the remaining $0.2 million consisting of raw materials that were disposed of. These non-cash inventory write-downs were recorded in the consolidated statement of comprehensive income within the line item Cost of Sales The Company’s restructuring and other impairment activity is summarized in the table below (in thousands): Fiscal 2022 Activity Balance June 30, 2021 New Charges (Income) Non-Cash (Payments) Receipts Balance June 30, 2022 Lease exit costs $ 645 $ - $ - $ (460 ) $ 185 (1) Sale of property, plant and equipment - (5,431 ) 5,182 10,613 - Severance and other charges 439 970 45 (1,096 ) 268 (2) Total Restructuring and other impairment activities $ 1,084 $ (4,461 ) $ 5,227 $ 9,057 $ 453 ( 1 The remaining balance as of June 30, 2022 2021. Accounts payable and accrued expenses. ( 2 The remaining balance from other charges as of June 30, 2022 Prepaid expenses and other current assets Accrued compensation and benefits. |
Note 11 - Credit Agreement
Note 11 - Credit Agreement | 12 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | ( 11 Credit Agreement On January 26, 2022, December 21, 2018, January 26, 2027. 2022, Availability. June 30, 2022 June 30, 2021. Borrowings. one June 30, 2022, June 30, 2021 2022. 2022, 2022. 2021 Covenants and Other Ratios. may The Facility does not 1.0 four no 2022 2021, not June 30, 2022 2021, Letters of Credit. June 30, 2022 June 30, 2021, $5.0 |
Note 12 - Other Long-term Liabi
Note 12 - Other Long-term Liabilities | 12 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Other Liabilities Disclosure [Text Block] | ( 12 Other Long-term Liabilities The following table summarizes the nature of the amounts within Other long-term liabilities June 30, 2022 2021 Unrecognized tax benefits $ 2,023 $ 1,543 Deferred FICA taxes (as permitted under the CARES Act) - 1,970 Long-term financing lease liabilities 579 788 Other long-term liabilities 403 685 Other long-term liabilities $ 3,005 $ 4,986 |
Note 13 - Income Taxes
Note 13 - Income Taxes | 12 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | ( 13 Income Taxes Income tax expense is based on taxable income determined in accordance with current enacted laws and tax rates. Deferred income taxes are recorded for the temporary differences between the financial statement and tax bases of assets and liabilities using currently enacted tax rates. Income tax expense for the fiscal years ended June 30 2022 2021 2020 U.S. operations $ 135,077 $ 75,458 $ 12,690 Non-U.S. operations 3,044 953 1,499 Income before income taxes $ 138,121 $ 76,411 $ 14,189 U.S. operations 34,682 15,812 4,989 Non-U.S. operations 159 594 300 Total income tax expense $ 34,841 $ 16,406 $ 5,289 Effective tax rate 25.2 % 21.5 % 37.3 % The components of income tax expense for the fiscal years ended June 30 2022 2021 2020 Current: Federal $ 28,144 $ 10,617 $ 2,432 State 6,474 1,647 8 Foreign 575 492 325 Total current 35,193 12,756 2,765 Deferred: Federal (610 ) 4,462 181 State 674 (914 ) 2,368 Foreign (416 ) 102 (25 ) Total deferred (352 ) 3,650 2,524 Total income tax expense $ 34,841 $ 16,406 $ 5,289 The following is a reconciliation of our effective tax rate to the U.S. federal income tax rate for the fiscal years ended June 30 ( 2022 2021 2020 Income tax expense at U.S. Federal statutory tax rate $ 29,005 21.0 % $ 16,046 21.0 % $ 2,980 21.0 % Increase (decrease) in income taxes resulting from: State and local income taxes, net of U.S. federal income benefit 5,208 3.8 % 2,565 3.4 % 159 1.1 % Change in valuation allowance (591 ) -0.4 % (2,565 ) -3.4 % 2,534 17.9 % Foreign derived intangible income ("FDII") deduction (289 ) -0.2 % (130 ) -0.2 % - 0.0 % Unrecognized tax benefits 390 0.3 % 48 0.1 % (215 ) -1.5 % Share-based compensation 189 0.1 % 72 0.1 % 17 0.1 % Other, net 929 0.6 % 370 0.5 % (186 ) -1.3 % Actual income tax expense (and corresponding effective tax rate) $ 34,841 25.2 % $ 16,406 21.5 % $ 5,289 37.3 % The significant components of deferred tax assets recorded within the consolidated balance sheet were as follows (in thousands): June 30, 2022 2021 Leases $ 28,621 $ 30,692 Employee compensation accruals 2,167 2,131 Share-based compensation 271 727 Net operating loss carryforwards 340 1,420 Property, plant and equipment 1,309 1,446 Other 3,321 2,263 Subtotal deferred tax assets 36,029 38,679 Less: Valuation allowance - (593 ) Total deferred tax assets $ 36,029 $ 38,086 The significant components of deferred tax liabilities recorded within the consolidated balance sheet were as follows (in thousands): June 30, 2022 2021 Operating lease right-of-use assets $ 24,965 $ 26,811 Intangible assets other than goodwill 9,041 8,979 Commissions 5,006 5,744 Other 615 502 Total deferred tax liabilities $ 39,627 $ 42,036 Deferred tax balances are classified in the consolidated balance sheets as follows (in thousands): June 30, 2022 2021 Other assets $ 820 $ 1,078 Other non-current liabilities (4,418 ) (5,028 ) Total net deferred tax asset (liability) $ (3,598 ) $ (3,950 ) We evaluate our deferred taxes to determine if the “more likely than not” not may 19 not not At June 30, 2022, no 2022 not 36 June 30, 2021, The deferred tax assets at June 30, 2022 Deferred Net Operating Loss Tax Assets Carryforwards Various U.S. state net operating losses, expiring between 2025 and 2040 $ 340 $ 3,953 Uncertain Tax Positions We recognize interest and penalties related to income tax matters as a component of income tax expense. If the $2.5 million of unrecognized tax benefits and related interest and penalties as of June 30, 2022 A reconciliation of the beginning and ending amount of unrecognized tax benefits including related interest and penalties is as follows (in thousands): June 30, 2022 2021 Beginning balance $ 1,984 $ 1,933 Additions for tax positions related to the current year 853 452 Additions for tax positions of prior years 94 117 Reductions resulting from a lapse of the applicable statute of limitations (457 ) (518 ) Ending balance $ 2,474 $ 1,984 It is reasonably possible that various issues relating to approximately $0.5 million of the total gross unrecognized tax benefits as of June 30, 2022 twelve The Company conducts business globally and, as a result, the Company or one June 30, 2022 , 2017 2020 y twelve not |
Note 14 - Shareholders' Equity
Note 14 - Shareholders' Equity | 12 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | ( 14 Shareholders Equity Shares Authorized for Issuance Our authorized capital stock consists of 150,000,000 shares of common stock, par value $0.01 per share, and 1,055,000 shares of Preferred Stock, par value $0.01 per share. The Board of Directors may one no may June 30, 2022 2021, Share Repurchase Program There were no 2022 2021. June 30, 2022, no We repurchased the following shares of our common stock (on a trade date basis) under our existing share repurchase program as follows: Fiscal Year Ended June 30, 2022 2021 2020 Common shares repurchased - - 1,538,363 Cost to repurchase common shares $ - $ - $ 24,319,044 Average price per share $ - $ - $ 15.81 We funded our purchases of treasury stock with existing cash on hand and cash generated through current period operations. All our common stock repurchases are recorded as treasury stock and result in a reduction of shareholders’ equity. Dividends In August 2021 November 2021, April 2022 August 2021, four 2022. 2022 2021, |
Note 15 - Earnings Per Share
Note 15 - Earnings Per Share | 12 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | ( 15 Earnings Per Share Basic and diluted EPS are calculated using the following weighted average share data (in thousands): Fiscal Year Ended June 30, 2022 2021 2020 Weighted average shares outstanding for basic calculation 25,413 25,265 26,044 Dilutive effect of stock options and other share-based awards 109 87 25 Weighted average shares outstanding adjusted for dilution calculation 25,522 25,352 26,069 Dilutive potential common shares consist of stock options, restricted stock units and performance units. As of June 30, 2022, 2021 2020, Contingently issuable shares with performance conditions are evaluated for inclusion in diluted EPS if, at the end of the current period, conditions would be satisfied as if it were the end of the contingency period. As of June 30, 2022, 2021 2020, not |
Note 16 - Accumulated Other Com
Note 16 - Accumulated Other Comprehensive Income (Loss) | 12 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Comprehensive Income (Loss) Note [Text Block] | ( 16 Accumulated Other Comprehensive Income (Loss) Accumulated other comprehensive income (loss) consists of foreign currency translation adjustments and unrealized gains or losses on investments. Foreign currency translation adjustments 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. Our investments consist of municipal bonds, commercial paper and certificates of deposit with maturities of one Accumulated Other Comprehensive Income (Loss) The components of accumulated other comprehensive (loss) are as follows (in thousands): June 30, 2022 2021 Accumulated foreign currency translation adjustments $ (6,397 ) $ (5,931 ) Accumulated unrealized gains (losses) on investments (65 ) - $ (6,462 ) $ (5,931 ) The following table sets forth the activity in accumulated other comprehensive loss (in thousands): Fiscal Year Ended June 30, 2022 2021 Beginning balance at July 1 $ (5,931 ) $ (8,441 ) Other comprehensive income (loss), net of tax (532 ) 2,486 Less AOCI attributable to noncontrolling interests 1 24 Ending balance at June 30 $ (6,462 ) $ (5,931 ) |
Note 17 - Share-based Compensat
Note 17 - Share-based Compensation | 12 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Share-Based Payment Arrangement [Text Block] | ( 17 Share-Based Compensation We recognized total share-based compensation expense of $1.1 million, $1.3 million, and $0.3 million in fiscal 2022, 2021 2020, June 30, 2022, June 30, 2022 2021, At June 30, 2022, may one three Stock Option Activity A summary of stock option activity is presented below. Weighted Weighted Average Average Remaining Aggregate Exercise Contractual Intrinsic Value Options Price Term (yrs) ($ in thousands) Outstanding at June 30, 2019 378,911 $ 21.95 4.4 $ 990 Granted 59,188 $ 17.27 n/a n/a Exercised (4,500 ) $ 11.74 n/a $ 34 Canceled (forfeited/expired) (30,493 ) $ 23.81 n/a n/a Outstanding at June 30, 2020 403,106 $ 21.24 4.4 $ - Granted 37,008 $ 12.97 n/a n/a Exercised (174,662 ) $ 16.95 n/a $ 667 Canceled (forfeited/expired) (11,497 ) $ 18.62 n/a n/a Outstanding at June 30, 2021 253,955 $ 23.10 5.6 $ 1,368 Granted 25,410 $ 23.61 n/a n/a Exercised (55,220 ) $ 20.23 n/a $ 287 Canceled (forfeited/expired) (117,105 ) $ 23.98 n/a n/a Outstanding at June 30, 2022 107,040 $ 23.75 4.4 $ 120 Exercisable at June 30, 2022 86,548 $ 25.05 3.5 $ 50 The aggregate intrinsic value of stock options exercised during fiscal 2022, 2021 2020 2022, 2021, 2020, A summary of the nonvested shares as of June 30, 2022 Weighted Average Options Exercise Price Nonvested at June 30, 2021 79,584 $ 16.18 Granted 25,410 $ 23.61 Vested (36,018 ) $ 17.47 Canceled (forfeited) (48,484 ) $ 18.25 Nonvested at June 30, 2022 20,492 $ 18.22 As of June 30, 2022, Employee Stock Option Grants. 2022 2021 . Non-Employee Stock Option Grants. first 2022, three first ten first 2022 2021 2020 Volatility 39.3 % 38.2 % 30.8 % Risk-free rate of return 0.73 % 0.35 % 1.55 % Dividend yield 3.79 % 3.26 % 3.97 % Expected average life (years) 5.5 5.5 5.3 Grant date fair value $ 5.04 $ 3.20 $ 3.30 Fair value as a % of exercise price 21.3 % 24.7 % 18.8 % There were no 2022 2021. Restricted Stock Unit Activity A summary of restricted stock unit activity is presented below. Weighted Restricted Average Stock Units Fair Value Outstanding at June 30, 2019 - n/a Granted 58,000 $ 9.15 Vested - n/a Canceled (forfeited) (2,000 ) $ 9.15 Outstanding at June 30, 2020 56,000 $ 9.15 Granted 38,000 $ 9.58 Vested (12,375 ) $ 9.15 Canceled (forfeited) (10,625 ) $ 9.15 Outstanding at June 30, 2021 71,000 $ 9.38 Granted 51,100 $ 20.71 Vested (29,000 ) $ 9.43 Canceled (forfeited) (17,000 ) $ 12.66 Outstanding at June 30, 2022 76,100 $ 16.23 During fiscal 2022 not four 2021, 2021 two first second We account for these RSUs as equity-based awards because when they vest, they will be settled in shares of our common stock. The grant date fair value of RSUs is measured by reducing the grant date price of the Company's common stock by the present value of the dividends expected to be paid on the underlying stock during the requisite service period, discounted at the appropriate risk-free interest rate. As of June 30, 2022, Performance Stock Unit Activity The following table summarizes PSU activity at the maximum award amounts: Weighted Average Grant Date Units Fair Value Outstanding at June 30, 2019 313,882 $ 22.82 Granted 99,405 $ 12.72 Vested - n/a Canceled (forfeited) (88,180 ) $ 25.27 Outstanding at June 30, 2020 325,107 $ 19.05 Granted 117,338 $ 8.76 Vested - n/a Canceled (forfeited) (64,578 ) $ 18.29 Outstanding at June 30, 2021 377,867 $ 15.98 Granted 90,367 $ 17.15 Vested (35,124 ) $ 18.19 Canceled (forfeited) (112,975 ) $ 11.86 Outstanding at June 30, 2022 320,135 $ 17.53 Share-based compensation expense related to PSUs recognized in our consolidated statements of comprehensive income are presented in the following table (in thousands). Fiscal Year Ended June 30, 2022 2021 2020 Fiscal 2019 grants $ - $ 335 $ 101 Fiscal 2020 grants 107 234 59 Fiscal 2021 grants 143 301 - Fiscal 2022 grants 413 - - Total expense $ 663 $ 870 $ 160 As of June 30, 2022, Under the Plan, the Compensation Committee of the Board of Directors is authorized to award common shares to certain employees based on the attainment of certain financial goals over a given performance period. The awards are offered at no cost to the employees. In the event of an employee's termination during the performance period, the right to earn shares under this program is forfeited. 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 fiscal 2022 2021. not one 2022, 2021 2020, Fiscal Year Ended June 30, 2022 2021 2020 Volatility 43.3 % 56.0 % 30.5 % Risk-free rate of return 0.62 % 0.14 % 1.72 % Dividend yield 3.79 % 3.26 % 3.97 % |
Note 18 - Employee Retirement P
Note 18 - Employee Retirement Programs | 12 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Retirement Benefits [Text Block] | ( 18 Employee Retirement Programs The Company established its Ethan Allen Retirement Savings Plan (the “401 1994. 401 1974 1986 January 1, 2021, first 401 first April, July, October January three may may, 401 January 1, 2021 three January 1, 2021 may 401 2022, 2021 2020, In addition to the 401 |
Note 19 - Segment Information
Note 19 - Segment Information | 12 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | ( 19 Segment Information Operating segments are defined as (i) components of an enterprise that engage in business activities from which they may 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 better controlling quality and cost. We evaluate performance of the respective segments based upon sales and operating income. Wholesale Segment. 2022, third 2022. 2022. nine No 5% 2022. Retail Segment. 2022, June 30, 2022, The accounting policies of the operating segments are the same as those described in Note 3, Summary of Significant Accounting Policies third third Information for each of the last three Fiscal Year Ended June 30, 2022 2021 2020 Net sales Wholesale segment $ 483,842 $ 413,076 $ 337,948 Less: intersegment sales (355,964 ) (282,878 ) (210,911 ) Wholesale sales to external customers 127,878 130,198 127,037 Retail segment 689,884 554,971 462,800 Consolidated total $ 817,762 $ 685,169 $ 589,837 Income before income taxes Wholesale segment $ 63,930 $ 52,281 $ 33,106 Retail segment 80,496 28,824 (21,414 ) Elimination of intercompany profit (a) (6,176 ) (3,820 ) 2,952 Operating income 138,250 77,285 14,644 Interest and other financing costs 201 481 739 Other income (expense), net 72 (393 ) 284 Consolidated total $ 138,121 $ 76,411 $ 14,189 Depreciation and amortization Wholesale segment $ 6,439 $ 6,714 $ 7,107 Retail segment 9,548 9,671 9,752 Consolidated total $ 15,987 $ 16,385 $ 16,859 Capital expenditures Wholesale segment $ 8,125 $ 5,618 $ 7,454 Retail segment 5,262 6,411 8,255 Consolidated total $ 13,387 $ 12,029 $ 15,709 (a) Represents the change in wholesale profit contained in the retail segment inventory at the end of the period. June 30, (in thousands) 2022 2021 2020 Total Assets Wholesale segment $ 341,466 $ 298,332 $ 255,011 Retail segment 412,176 412,066 390,635 Inventory profit elimination (a) (33,747 ) (27,153 ) (22,857 ) Consolidated total $ 719,895 $ 683,245 $ 622,789 (a) Represents the wholesale profit contained in the retail segment inventory that has not Geographic Information Our international net sales are comprised of our wholesale segment sales to independent retailers and our retail segment sales to customers through our Company-operated design centers. The number of international design centers and the related net sales as a percentage of our consolidated net sales are shown in the following tables. Fiscal Year Ended June 30, 2022 2021 2020 Independent retailer design centers 122 127 125 Company-operated design centers 4 5 6 Total international design centers 126 132 131 % of total design centers international 42.6 % 43.7 % 43.1 % % of consolidated net sales 4.0 % 5.1 % 5.7 % Sales by Country 2022 2021 2020 United States 96.0 % 94.9 % 94.3 % All Others 4.0 % 5.1 % 5.7 % The following table sets forth long-lived assets by geographic area at June 30 ( 2022 2021 2020 United States $ 295,747 $ 311,529 $ 319,012 Mexico 15,085 15,381 14,474 Honduras 9,967 8,347 8,049 Canada 3,513 4,919 4,485 Total long-lived assets (1) $ 324,312 $ 340,176 $ 346,020 ( 1 Long-lived assets consist of property, plant and equipment and operating lease right-of-use assets and exclude goodwill, intangible assets, deferred income taxes and other assets. |
Note 20 - Commitments and Conti
Note 20 - Commitments and Contingencies | 12 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | ( 20 Commitments and Contingencies Commitments represent obligations, such as those for future purchases of goods or services that are not Lease Commitments We enter into operating and financing leases in the normal course of business. Most lease arrangements provide us with the option to renew the leases at defined terms. For more information on our leases, see Note 6, Leases 8 10 Purchase Commitments with Suppliers Purchase obligations are defined as agreements that are enforceable and legally binding that specify all significant terms, including fixed or minimum quantities to be purchased; fixed, minimum or variable price provisions; and the approximate timing of the transaction. We do, in the normal course of business, regularly initiate purchase orders for the procurement of (i) selected finished goods sourced from third June 30, 2022 12 Other Purchase Commitments Other purchase commitments represent payment due for services such as telecommunication, computer-related software, royalties, web development, insurance and other maintenance contracts. These commitments are generally payable within one June 30, 2022. Legal Matters We are routinely party to various legal proceedings in the ordinary course of business, including investigations or as a defendant in litigation. Such legal proceedings may third not On a quarterly basis, we review our litigation activities and determine if an unfavorable outcome to us is considered “remote”, “reasonably possible” or “probable” as defined by ASC 450, Contingencies. June 30, 2022, Indemnifications As permitted or required under Delaware law and to the maximum extent allowable under that law, the Company has certain obligations to indemnify its current and former officers and directors for certain events or occurrences while the officer or director is, or was serving, at our request in such capacity. These indemnification obligations are valid as long as the director or officer acted in good faith and in a manner the person reasonably believed to be in, or not no may |
Note 21 - Subsequent Event
Note 21 - Subsequent Event | 12 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | ( 21 Subsequent Event On August 1, 2022, third |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Jun. 30, 2022 | |
Accounting Policies [Abstract] | |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents Cash and short-term, highly liquid investments with original maturities of three |
Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, Policy [Policy Text Block] | Restricted Cash We present restricted cash as a component of total cash and cash equivalents as presented on our consolidated statement of cash flows and within Other Assets June 30, 2022, not June 30, 2021. |
Investment, Policy [Policy Text Block] | Investments We classify our investments in fixed income securities as available-for-sale debt investments. Our investments consist of municipal bonds, commercial paper and certificates of deposit with maturities of one 2. Accumulated Other Comprehensive Income (Loss) June 30, 2022 . not June 30, 2021. |
Accounts Receivable [Policy Text Block] | Accounts Receivable Accounts receivable arise from the sale of products on trade credit terms and is presented net of allowance for doubtful accounts. We maintain an allowance for estimated losses resulting from the inability of our customers to make required payments. The allowance for doubtful accounts is based on a review of specifically identified accounts in addition to an overall aging analysis. Judgments are made with respect to the collectability of accounts receivable based on historical experience and current economic trends. On a monthly basis, we review all significant accounts as to their past due balances, as well as collectability of the outstanding trade accounts receivable for possible write-off. It is our policy to write-off the accounts receivable against the allowance account when we deem the receivable to be uncollectible. Additionally, we review orders from retailers that are significantly past due, and we ship product only when our ability to collect payment from our customer for the new order is probable. At June 30, 2022 2021, |
Inventory, Policy [Policy Text Block] | Inventories Inventories are stated at the lower of cost (on first first may June 30, 2022 2021, |
Property, Plant and Equipment, Policy [Policy Text Block] | Property, Plant and Equipment Property, plant and equipment are stated at cost, less accumulated depreciation and amortization. Depreciation of property, plant and equipment is provided over the estimated useful lives of the respective assets on a straight-line basis. Estimated useful lives of the respective assets typically range from twenty forty three twenty three five not not Retirement, sales or dispositions of long-lived assets are recorded based on carrying value and proceeds received. Any resulting gains or losses are recorded as a component of operating expenses. Property, plant and equipment is reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of assets may not Impairment of Long-Lived Assets |
Assets Held for Sale, Policy [Policy Text Block] | Assets Held for Sale An asset is considered to be held for sale when all of the following criteria are met: (i) management commits to a plan to sell the property; (ii) it is unlikely that the disposal plan will be significantly modified or discontinued; (iii) the property is available for immediate sale in its present condition; (iv) actions required to complete the sale of the property have been initiated; (v) sale of the asset is probable and the completed sale is expected to occur within one Upon designation as an asset held for sale, the carrying value of the asset is recorded at the lower of its carrying value or its estimated fair value less estimated costs to sell, and the Company ceases depreciating the asset. As of June 30, 2022 2021, not |
Impairment or Disposal of Long-Lived Assets, Including Intangible Assets, Policy [Policy Text Block] | Impairment of Long-Lived Assets We review the carrying value of our long-lived assets, which includes our right-of-use lease assets, for impairment whenever events or changes in circumstances indicate that their carrying amounts may not third may may not 10, Restructuring and Other Impairment Activities, |
Goodwill and Intangible Assets, Policy [Policy Text Block] | Goodwill and Other Indefinite-Lived Intangible Assets Our goodwill and intangible assets are comprised primarily 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. Both goodwill and indefinite-lived intangible assets are not We are required to test goodwill and indefinite-lived intangibles for potential impairment annually, or more frequently if impairment indicators occur. Goodwill and other indefinite-lived intangible assets are evaluated for impairment on an annual basis during the fourth may Goodwill. June 30, 2022. may not not not fourth 2022 not no Other Indefinite-Lived Intangible Assets (trade name). fourth may may not may not fourth 2022 not no |
Lessor, Leases [Policy Text Block] | Leases We determine if an arrangement contains a lease at inception based on our right to control the use of an identified asset and our right to obtain substantially all of the economic benefits from the use of that identified asset. Lease right-of-use (“ROU”) assets represent the right to use an underlying asset pursuant to the lease for the lease term, and lease liabilities represent the obligation to make lease payments arising from the lease. Lease ROU assets and lease liabilities are recognized at the commencement of an arrangement where it is determined at inception that a lease exists. These assets and liabilities are initially recognized based on the present value of lease payments over the lease term calculated using our incremental borrowing rate generally applicable to the location of the lease ROU asset, unless an implicit rate is readily determinable. As most of our leases do not Operating leases are included in operating lease ROU assets, current operating lease liabilities and long-term operating lease liabilities in our consolidated balance sheets. Finance leases are included in property, plant and equipment, other current liabilities, and other long-term liabilities in our consolidated balance sheets. 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. 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 and other services provided by the lessor, and other charges included in the lease. We have elected the short-term lease exemption, whereby leases with initial terms of one not not . Refer to Note 6, Leases, |
Customer Deposits and Deferred Revenue [Policy Text Block] | Customer Deposits In most cases we collect deposits from customers on a portion of the total purchase price at the time a written order is placed, but before we have transferred control of our product to our customers, resulting in contract liabilities. These customer deposits are reported as a current liability in Customer deposits and deferred revenue June 30, 2022, 2022, June 30, 2021. June 30, 2022 twelve |
Deferred Charges, Policy [Policy Text Block] | Deferred Financing Fees Deferred financing fees related to our revolving credit facility are included in Prepaid expenses and other current assets Other assets Interest and other financing costs |
Insurance, Long-Duration Contract [Policy Text Block] | Insurance The Company maintains insurance coverage for significant exposures, as well as those risks that, by law, must be insured. In the case of the Company’s health care coverage for employees, the Company has an insurance program related to claims filed that also includes a stop-loss insurance policy to protect from individual losses over a specified dollar value. Expenses related to this insured program are computed on an actuarial basis, based on claims experience, regulatory requirements, an estimate of claims incurred but not June 30, 2022 2021, Accrued compensation and benefits We also carry workers’ compensation insurance subject to a deductible amount for which the Company is responsible on each claim. We had accrued liabilities of $3.8 million and $4.5 million related to workers’ compensation claims, primarily for claims that do not June 30, 2022 2021, Accrued compensation and benefits |
Fair Value of Financial Instruments, Policy [Policy Text Block] | Fair Value of Financial Instruments Because of their short-term nature, the carrying value of our cash and cash equivalents, investments, receivables and payables, and customer deposit liabilities approximates fair value. We believe the fair value of any future borrowings under our credit facility will approximate its carrying amount as the terms and interest rate approximate market rates given its floating interest rate basis. |
Income Tax, Policy [Policy Text Block] | Income Taxes Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. A valuation allowance must be established for deferred tax assets when it is more likely than not not We recognize the tax benefit from an uncertain tax position only if it is more likely than not one |
Revenue from Contract with Customer [Policy Text Block] | Revenue Recognition Our reported revenue (net sales) consist 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 Our practice has been to sell our products at the same delivered cost to all retailers and customers nationwide, regardless of shipping point. Costs incurred by the Company to deliver finished goods are expensed and recorded in selling, general and administrative expenses. We recognize shipping and handling expense as fulfillment activities (rather than as a promised good or service) when the activities are performed even if those activities are performed after the control of the good has been transferred. Accordingly, we record the expenses for shipping and handling activities at the same time we recognize net sales. Shipping and handling costs amounted to $88.8 million in fiscal 2022, 2021 2020. We exclude from the measurement of the transaction price all taxes imposed on and concurrent with a specific revenue-producing transaction and collected by the entity from a customer, including sales, use, excise, value-added, and franchise taxes (collectively referred to as sales taxes). Sales taxes collected is not Accounts payable and accrued expenses Estimated refunds for returns and allowances are based on our historical return patterns. We record these estimated sales refunds on a gross basis rather than on a net basis and have recorded an asset for product we expect to receive back from customers in Prepaid expenses and other current assets Other current liabilities June 30, 2022 June 30, 2021, We capitalize commission fees paid to our associates as contract assets within Prepaid expenses and other current assets June 30, 2022, twelve Selling, general and administrative expenses June 30, 2021, 2022. We recognize the promised amount of consideration without adjusting for the effects of a significant financing component if the contract has a duration of one one not not |
Cost of Goods and Service [Policy Text Block] | Cost of Sales Our cost of sales consist of the cost to manufacture our merchandise including materials, direct labor and overhead costs as well as the cost to purchase import products. |
Selling, General and Administrative Expenses, Policy [Policy Text Block] | Selling, General and Administrative Expenses ( “ SG&A ” ) SG&A expenses include the costs of selling our products and general and administrative costs. Selling expenses primarily consist of shipping and handling costs, commissions, advertising, and compensation and benefits of employees performing various sales and designer functions. Occupancy costs, depreciation, compensation and benefit costs for administrative employees and other administrative costs are included in SG&A. All store pre-opening costs are included in SG&A expenses and are expensed as incurred. |
Advertising Cost [Policy Text Block] | Advertising Expenses Advertising expenses primarily represent the costs associated with our digital marketing, direct mailings, national television spots, on-air radio and other mediums. Our total advertising costs were $15.6 million in fiscal 2022, 2021 2020. June 30, 2022 2021, |
Research and Development Expense, Policy [Policy Text Block] | Research and Development Costs Research and development costs are charged to expense in the periods incurred and are included as a component of SG&A. Expenditures for research and development costs were immaterial in each fiscal year presented. |
Interest Expense, Policy [Policy Text Block] | Interest and Other Financing Costs Interest expense consists primarily from borrowings under our revolving credit facility and the amortization of deferred financing fees. For the twelve June 30, 2022, 2021 2020, |
Other Income (Expense), Net [Policy Text Block] | Other Income (Expense), Net Other income (expense), net includes foreign currency gains or losses and other income or expense incurred outside our normal course of business. There were no Other Income (expense), net 2022, 2021 2020. |
Supplemental Cash Flow Information [Policy Text Block] | Supplemental Cash Flow Information The Company’s supplemental cash flow information is presented at the bottom of its consolidated statement of cash flows, with the exception of required lease disclosures. Refer to Note 6, Leases, three no |
Business Combinations Policy [Policy Text Block] | Acquisitions From time to time we acquire design centers from our independent retailers in arms-length transactions. We record these acquisitions using the acquisition method of accounting. All of the assets acquired, liabilities assumed, contractual contingencies and contingent consideration are recognized at their fair value on the acquisition date. There were no 2022 2021. 2020 |
Share-Based Payment Arrangement [Policy Text Block] | Share-Based Compensation Share-based compensation expense is included within SG&A expenses. Tax benefits associated with our share-based compensation arrangements are included within income tax expense. We estimate, as of the date of grant, the fair value of stock options awarded using the Black-Scholes option pricing model. Use of a valuation model requires management to make certain assumptions with respect to selected model inputs, including anticipated changes in the underlying stock price (i.e. expected volatility) and option exercise activity (i.e. expected life). Expected volatility is based on the historical volatility of our stock and other contributing factors. The risk-free rate of return is based on the United States Treasury bill rate extrapolated to the term matching the expected life of the grant. The dividend yield is based on the annualized dividend rate at the grant date relative to the grant date stock price. The expected life of options granted, which represents the period of time that the options are expected to be outstanding, is based, primarily, on historical data. We estimate, as of the date of grant, the fair value of non-performance based restricted stock units awarded using a discounted cash flow model, which requires management to make certain assumptions with respect to model inputs including anticipated future dividends not one We estimate, as of the date of grant, the fair value of performance units with a discounted cash flow model, using as model inputs the risk-free rate of return as the discount rate, dividend yield for dividends not one As share-based compensation expense recognized is based on awards ultimately expected to vest, it has been reduced for estimated forfeitures. Forfeitures are estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. Forfeitures are estimated based primarily on historical experience. Windfall tax benefits, defined as tax deductions that exceed recorded share-based compensation, are classified as cash inflows from operating activities. The value of the portion of the equity-based awards that are ultimately expected to vest is recognized as expense over the requisite service periods in our consolidated statement of income. |
Earnings Per Share, Policy [Policy Text Block] | Earnings Per Share We compute basic earnings per share (“EPS”) by dividing net income by the weighted average number of common shares outstanding during the period. Diluted EPS is calculated similarly, except that the weighted average outstanding shares are adjusted to include the effects of converting all potentially dilutive share-based awards issued under our employee stock plans. The number of potential common shares outstanding are determined in accordance with the treasury stock method to the extent they are dilutive. For the purpose of calculating EPS, common shares outstanding include common shares issuable upon the exercise of outstanding share-based compensation awards. Under the treasury stock method, the exercise price paid by the optionee and future share-based compensation expense that the Company has not |
Foreign Currency Transactions and Translations Policy [Policy Text Block] | Foreign Currency Translation The functional currency of each Company-operated foreign location is the respective local currency. 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. Resulting translation adjustments are reported as a component of accumulated other comprehensive income (loss) within shareholders’ equity. |
Treasury Stock, Policy [Policy Text Block] | Treasury Stock The Company accounts for repurchased common stock on a trade date basis under the cost method and includes such treasury stock as a component of its shareholders’ equity. We account for the formal retirement of treasury stock by deducting its par value from common stock, reducing additional paid-in capital (“APIC”) by the average amount recorded in APIC when the stock was originally issued and any remaining excess of cost deducted from retained earnings. |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements As of the beginning of fiscal 2022, 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 Business Combinations. October 2021, 2021 08, Business Combinations (Topic 805 606 first 2024. not Derivatives and Hedging. March 2022, 2022 01, Derivatives and Hedging (Topic 801 Portfolio Layer Method one first 2024. not No June 30, 2022 |
Note 4 - Revenue Recognition (T
Note 4 - Revenue Recognition (Tables) | 12 Months Ended |
Jun. 30, 2022 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Wholesale Retail Eliminations (1) Total Upholstery (2) $ 262,592 $ 350,737 $ (188,661 ) $ 424,668 Case goods (3) 148,536 175,697 (96,110 ) 228,123 Accents (4) 80,665 133,354 (71,193 ) 142,826 Other (5) (7,951 ) 30,096 - 22,145 Total $ 483,842 $ 689,884 $ (355,964 ) $ 817,762 Wholesale Retail Eliminations (1) Total Upholstery (2) $ 217,517 $ 275,887 $ (144,268 ) $ 349,136 Case goods (3) 126,690 149,912 (79,206 ) 197,396 Accents (4) 75,572 115,578 (59,404 ) 131,746 Other (5) (6,703 ) 13,594 - 6,891 Total $ 413,076 $ 554,971 $ (282,878 ) $ 685,169 Wholesale Retail Eliminations (1) Total Upholstery (2) $ 164,059 $ 213,903 $ (101,237 ) $ 276,725 Case goods (3) 115,040 129,839 (61,164 ) 183,715 Accents (4) 61,405 102,994 (48,510 ) 115,889 Other (5) (2,556 ) 16,064 - 13,508 Total $ 337,948 $ 462,800 $ (210,911 ) $ 589,837 |
Note 5 - Fair Value Measureme_2
Note 5 - Fair Value Measurements (Tables) | 12 Months Ended |
Jun. 30, 2022 | |
Notes Tables | |
Fair Value Measurements, Recurring and Nonrecurring [Table Text Block] | Fair Value Measurements at June 30, 2022 Assets Level 1 Level 2 Level 3 Balance Corporate money market funds (1) $ 51,035 $ - $ - $ 51,035 Investments (2) - 11,199 - 11,199 Total $ 51,035 $ 11,199 $ - $ 62,234 Fair Value Measurements at June 30, 2021 Assets Level 1 Level 2 Level 3 Balance Corporate money market funds (1) $ 70,247 $ - $ - $ 70,247 Investments (2) - - - - Total $ 70,247 $ - $ - $ 70,247 |
Note 6 - Leases (Tables)
Note 6 - Leases (Tables) | 12 Months Ended |
Jun. 30, 2022 | |
Notes Tables | |
Lease, Cost [Table Text Block] | June 30, 2022 2021 Weighted average remaining lease term (in years) Operating leases 6.0 6.2 Financing leases 2.6 2.6 Weighted average discount rate Operating leases 4.2 % 4.2 % Financing leases 3.1 % 2.3 % Fiscal Year Ended June 30, Statement of Comprehensive Income Location 2022 2021 Operating lease cost (1) SG&A $ 30,261 $ 29,944 Financing lease cost: Depreciation of property SG&A 489 668 Interest on lease liabilities Interest and other financing costs 24 24 Short-term lease cost (2) SG&A 1,222 840 Variable lease cost (3) SG&A 9,341 9,068 Less: Sublease income SG&A (1,384 ) (1,716 ) Total lease expense $ 39,953 $ 38,828 |
Lease, Balance Sheet Disclosure [Table Text Block] | June 30, Consolidated Balance Sheet Location 2022 2021 Assets Operating leases Operating lease right-of-use assets (non-current) $ 100,782 $ 108,730 Financing leases Property, plant and equipment, net 1,060 1,233 Total lease assets $ 101,842 $ 109,963 Liabilities Current: Operating leases Current operating lease liabilities $ 25,705 $ 27,395 Financing leases Other current liabilities 535 523 Noncurrent: Operating leases Operating lease liabilities, long-term 89,506 97,911 Financing leases Other long-term liabilities 579 788 Total lease liabilities $ 116,325 $ 126,617 June 30, 2022 2021 Retail $ 100,800 $ 108,765 Wholesale 1,042 1,198 Total ROU assets $ 101,842 $ 109,963 |
Lessee, Leases, Liability, Maturity [Table Text Block] | Fiscal Year Operating Leases Financing Leases 2023 $ 29,959 $ 562 2024 24,548 391 2025 20,488 79 2026 16,779 71 2027 11,689 65 Thereafter 28,102 - Total undiscounted future minimum lease payments 131,565 1,168 Less: imputed interest (16,354 ) (54 ) Total present value of lease obligations (1) $ 115,211 $ 1,114 |
Lease, Supplemental Lease Information [Table Text Block] | Fiscal Year Ended June 30, Cash paid for amounts included in the measurement of lease liabilities 2022 2021 Operating cash flows from operating leases $ 33,588 $ 33,401 Operating cash flows from financing leases $ 512 $ 585 Operating lease assets obtained in exchange for new operating lease liabilities $ 18,674 $ 23,901 Financing lease obligations obtained in exchange for new financing leases assets $ 315 $ 1,311 |
Lessor, Operating Lease, Payment to be Received, Fiscal Year Maturity [Table Text Block] | Fiscal Year Sublease Income 2023 $ 1,163 2024 1,126 2025 1,151 2026 1,176 2027 891 Thereafter 1,033 Total minimum future sublease income $ 6,540 |
Note 7 - Inventories (Tables)
Note 7 - Inventories (Tables) | 12 Months Ended |
Jun. 30, 2022 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | June 30, 2022 2021 Finished goods $ 131,021 $ 106,924 Work in process 15,098 11,612 Raw materials 32,490 28,235 Inventory reserves (2,105 ) (2,793 ) Inventories, net $ 176,504 $ 143,978 |
Note 8 - Property, Plant and _2
Note 8 - Property, Plant and Equipment (Tables) | 12 Months Ended |
Jun. 30, 2022 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | June 30, 2022 2021 Land and improvements $ 78,443 $ 79,478 Building and improvements 356,622 358,469 Machinery and equipment 127,062 127,673 Property, plant and equipment, gross 562,127 565,620 Less: accumulated depreciation and amortization (338,597 ) (334,174 ) Property, plant and equipment, net $ 223,530 $ 231,446 |
Note 10 - Restructuring and O_2
Note 10 - Restructuring and Other Impairment Activities (Tables) | 12 Months Ended |
Jun. 30, 2022 | |
Notes Tables | |
Schedule of Restructuring Reserve by Type of Cost [Table Text Block] | Fiscal Year Ended June 30, 2022 2021 Gain on sales of property, plant and equipment (1) $ (5,431 ) $ (473 ) Severance and other charges 970 422 Lease exit costs (2) - 1,537 Impairment of long-lived assets (3) - 623 Optimization of manufacturing and logistics (4) - 302 Total Restructuring and other impairment charges, net of gains $ (4,461 ) $ 2,411 Optimization of manufacturing and logistics (4) - 54 Inventory write-downs and additional reserves (5) - 585 Total $ (4,461 ) $ 3,050 Fiscal 2022 Activity Balance June 30, 2021 New Charges (Income) Non-Cash (Payments) Receipts Balance June 30, 2022 Lease exit costs $ 645 $ - $ - $ (460 ) $ 185 (1) Sale of property, plant and equipment - (5,431 ) 5,182 10,613 - Severance and other charges 439 970 45 (1,096 ) 268 (2) Total Restructuring and other impairment activities $ 1,084 $ (4,461 ) $ 5,227 $ 9,057 $ 453 |
Note 12 - Other Long-term Lia_2
Note 12 - Other Long-term Liabilities (Tables) | 12 Months Ended |
Jun. 30, 2022 | |
Notes Tables | |
Other Noncurrent Liabilities [Table Text Block] | June 30, 2022 2021 Unrecognized tax benefits $ 2,023 $ 1,543 Deferred FICA taxes (as permitted under the CARES Act) - 1,970 Long-term financing lease liabilities 579 788 Other long-term liabilities 403 685 Other long-term liabilities $ 3,005 $ 4,986 |
Note 13 - Income Taxes (Tables)
Note 13 - Income Taxes (Tables) | 12 Months Ended |
Jun. 30, 2022 | |
Notes Tables | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | 2022 2021 2020 U.S. operations $ 135,077 $ 75,458 $ 12,690 Non-U.S. operations 3,044 953 1,499 Income before income taxes $ 138,121 $ 76,411 $ 14,189 U.S. operations 34,682 15,812 4,989 Non-U.S. operations 159 594 300 Total income tax expense $ 34,841 $ 16,406 $ 5,289 Effective tax rate 25.2 % 21.5 % 37.3 % 2022 2021 2020 Current: Federal $ 28,144 $ 10,617 $ 2,432 State 6,474 1,647 8 Foreign 575 492 325 Total current 35,193 12,756 2,765 Deferred: Federal (610 ) 4,462 181 State 674 (914 ) 2,368 Foreign (416 ) 102 (25 ) Total deferred (352 ) 3,650 2,524 Total income tax expense $ 34,841 $ 16,406 $ 5,289 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | 2022 2021 2020 Income tax expense at U.S. Federal statutory tax rate $ 29,005 21.0 % $ 16,046 21.0 % $ 2,980 21.0 % Increase (decrease) in income taxes resulting from: State and local income taxes, net of U.S. federal income benefit 5,208 3.8 % 2,565 3.4 % 159 1.1 % Change in valuation allowance (591 ) -0.4 % (2,565 ) -3.4 % 2,534 17.9 % Foreign derived intangible income ("FDII") deduction (289 ) -0.2 % (130 ) -0.2 % - 0.0 % Unrecognized tax benefits 390 0.3 % 48 0.1 % (215 ) -1.5 % Share-based compensation 189 0.1 % 72 0.1 % 17 0.1 % Other, net 929 0.6 % 370 0.5 % (186 ) -1.3 % Actual income tax expense (and corresponding effective tax rate) $ 34,841 25.2 % $ 16,406 21.5 % $ 5,289 37.3 % |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | June 30, 2022 2021 Leases $ 28,621 $ 30,692 Employee compensation accruals 2,167 2,131 Share-based compensation 271 727 Net operating loss carryforwards 340 1,420 Property, plant and equipment 1,309 1,446 Other 3,321 2,263 Subtotal deferred tax assets 36,029 38,679 Less: Valuation allowance - (593 ) Total deferred tax assets $ 36,029 $ 38,086 June 30, 2022 2021 Operating lease right-of-use assets $ 24,965 $ 26,811 Intangible assets other than goodwill 9,041 8,979 Commissions 5,006 5,744 Other 615 502 Total deferred tax liabilities $ 39,627 $ 42,036 June 30, 2022 2021 Other assets $ 820 $ 1,078 Other non-current liabilities (4,418 ) (5,028 ) Total net deferred tax asset (liability) $ (3,598 ) $ (3,950 ) |
Schedule of Deferred Tax Assets Expiration with Respect to Net Operating Losses [Table Text Block] | Deferred Net Operating Loss Tax Assets Carryforwards Various U.S. state net operating losses, expiring between 2025 and 2040 $ 340 $ 3,953 |
Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block] | June 30, 2022 2021 Beginning balance $ 1,984 $ 1,933 Additions for tax positions related to the current year 853 452 Additions for tax positions of prior years 94 117 Reductions resulting from a lapse of the applicable statute of limitations (457 ) (518 ) Ending balance $ 2,474 $ 1,984 |
Note 14 - Shareholders' Equity
Note 14 - Shareholders' Equity (Tables) | 12 Months Ended |
Jun. 30, 2022 | |
Notes Tables | |
Schedule of Stockholders Equity [Table Text Block] | Fiscal Year Ended June 30, 2022 2021 2020 Common shares repurchased - - 1,538,363 Cost to repurchase common shares $ - $ - $ 24,319,044 Average price per share $ - $ - $ 15.81 |
Note 15 - Earnings Per Share (T
Note 15 - Earnings Per Share (Tables) | 12 Months Ended |
Jun. 30, 2022 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Fiscal Year Ended June 30, 2022 2021 2020 Weighted average shares outstanding for basic calculation 25,413 25,265 26,044 Dilutive effect of stock options and other share-based awards 109 87 25 Weighted average shares outstanding adjusted for dilution calculation 25,522 25,352 26,069 |
Note 16 - Accumulated Other C_2
Note 16 - Accumulated Other Comprehensive Income (Loss) (Tables) | 12 Months Ended |
Jun. 30, 2022 | |
Notes Tables | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | June 30, 2022 2021 Accumulated foreign currency translation adjustments $ (6,397 ) $ (5,931 ) Accumulated unrealized gains (losses) on investments (65 ) - $ (6,462 ) $ (5,931 ) Fiscal Year Ended June 30, 2022 2021 Beginning balance at July 1 $ (5,931 ) $ (8,441 ) Other comprehensive income (loss), net of tax (532 ) 2,486 Less AOCI attributable to noncontrolling interests 1 24 Ending balance at June 30 $ (6,462 ) $ (5,931 ) |
Note 17 - Share-based Compens_2
Note 17 - Share-based Compensation (Tables) | 12 Months Ended |
Jun. 30, 2022 | |
Notes Tables | |
Share-Based Payment Arrangement, Option, Activity [Table Text Block] | Weighted Weighted Average Average Remaining Aggregate Exercise Contractual Intrinsic Value Options Price Term (yrs) ($ in thousands) Outstanding at June 30, 2019 378,911 $ 21.95 4.4 $ 990 Granted 59,188 $ 17.27 n/a n/a Exercised (4,500 ) $ 11.74 n/a $ 34 Canceled (forfeited/expired) (30,493 ) $ 23.81 n/a n/a Outstanding at June 30, 2020 403,106 $ 21.24 4.4 $ - Granted 37,008 $ 12.97 n/a n/a Exercised (174,662 ) $ 16.95 n/a $ 667 Canceled (forfeited/expired) (11,497 ) $ 18.62 n/a n/a Outstanding at June 30, 2021 253,955 $ 23.10 5.6 $ 1,368 Granted 25,410 $ 23.61 n/a n/a Exercised (55,220 ) $ 20.23 n/a $ 287 Canceled (forfeited/expired) (117,105 ) $ 23.98 n/a n/a Outstanding at June 30, 2022 107,040 $ 23.75 4.4 $ 120 Exercisable at June 30, 2022 86,548 $ 25.05 3.5 $ 50 |
Schedule of Nonvested Share Activity [Table Text Block] | Weighted Average Options Exercise Price Nonvested at June 30, 2021 79,584 $ 16.18 Granted 25,410 $ 23.61 Vested (36,018 ) $ 17.47 Canceled (forfeited) (48,484 ) $ 18.25 Nonvested at June 30, 2022 20,492 $ 18.22 |
Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | 2022 2021 2020 Volatility 39.3 % 38.2 % 30.8 % Risk-free rate of return 0.73 % 0.35 % 1.55 % Dividend yield 3.79 % 3.26 % 3.97 % Expected average life (years) 5.5 5.5 5.3 Grant date fair value $ 5.04 $ 3.20 $ 3.30 Fair value as a % of exercise price 21.3 % 24.7 % 18.8 % |
Share-Based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity [Table Text Block] | Weighted Restricted Average Stock Units Fair Value Outstanding at June 30, 2019 - n/a Granted 58,000 $ 9.15 Vested - n/a Canceled (forfeited) (2,000 ) $ 9.15 Outstanding at June 30, 2020 56,000 $ 9.15 Granted 38,000 $ 9.58 Vested (12,375 ) $ 9.15 Canceled (forfeited) (10,625 ) $ 9.15 Outstanding at June 30, 2021 71,000 $ 9.38 Granted 51,100 $ 20.71 Vested (29,000 ) $ 9.43 Canceled (forfeited) (17,000 ) $ 12.66 Outstanding at June 30, 2022 76,100 $ 16.23 |
Share-Based Payment Arrangement, Performance Shares, Activity [Table Text Block] | Weighted Average Grant Date Units Fair Value Outstanding at June 30, 2019 313,882 $ 22.82 Granted 99,405 $ 12.72 Vested - n/a Canceled (forfeited) (88,180 ) $ 25.27 Outstanding at June 30, 2020 325,107 $ 19.05 Granted 117,338 $ 8.76 Vested - n/a Canceled (forfeited) (64,578 ) $ 18.29 Outstanding at June 30, 2021 377,867 $ 15.98 Granted 90,367 $ 17.15 Vested (35,124 ) $ 18.19 Canceled (forfeited) (112,975 ) $ 11.86 Outstanding at June 30, 2022 320,135 $ 17.53 |
Schedule of Share-based Payment Award, Performance Stock Units, Valuation Assumptions [Table Text Block] | Fiscal Year Ended June 30, 2022 2021 2020 Volatility 43.3 % 56.0 % 30.5 % Risk-free rate of return 0.62 % 0.14 % 1.72 % Dividend yield 3.79 % 3.26 % 3.97 % |
Restricted Stock Units (RSUs) [Member] | |
Notes Tables | |
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block] | Fiscal Year Ended June 30, 2022 2021 2020 Fiscal 2019 grants $ - $ 335 $ 101 Fiscal 2020 grants 107 234 59 Fiscal 2021 grants 143 301 - Fiscal 2022 grants 413 - - Total expense $ 663 $ 870 $ 160 |
Note 19 - Segment Information (
Note 19 - Segment Information (Tables) | 12 Months Ended |
Jun. 30, 2022 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Fiscal Year Ended June 30, 2022 2021 2020 Net sales Wholesale segment $ 483,842 $ 413,076 $ 337,948 Less: intersegment sales (355,964 ) (282,878 ) (210,911 ) Wholesale sales to external customers 127,878 130,198 127,037 Retail segment 689,884 554,971 462,800 Consolidated total $ 817,762 $ 685,169 $ 589,837 Income before income taxes Wholesale segment $ 63,930 $ 52,281 $ 33,106 Retail segment 80,496 28,824 (21,414 ) Elimination of intercompany profit (a) (6,176 ) (3,820 ) 2,952 Operating income 138,250 77,285 14,644 Interest and other financing costs 201 481 739 Other income (expense), net 72 (393 ) 284 Consolidated total $ 138,121 $ 76,411 $ 14,189 Depreciation and amortization Wholesale segment $ 6,439 $ 6,714 $ 7,107 Retail segment 9,548 9,671 9,752 Consolidated total $ 15,987 $ 16,385 $ 16,859 Capital expenditures Wholesale segment $ 8,125 $ 5,618 $ 7,454 Retail segment 5,262 6,411 8,255 Consolidated total $ 13,387 $ 12,029 $ 15,709 June 30, (in thousands) 2022 2021 2020 Total Assets Wholesale segment $ 341,466 $ 298,332 $ 255,011 Retail segment 412,176 412,066 390,635 Inventory profit elimination (a) (33,747 ) (27,153 ) (22,857 ) Consolidated total $ 719,895 $ 683,245 $ 622,789 |
Segment Reporting, Additional Information about Entity's Reportable Segments | <tbody><tr style="vertical-align: bottom;"><td colspan="1" style="font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; width: 43%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><span style="text-decoration: underline; ">Sales by Country</span></p> </td><td style="font-family: "Times New Roman"; font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">2022</p> </td><td style="font-family: "Times New Roman"; font-size: 10pt; padding-bottom: 1px;"> </td><td style="font-family: "Times New Roman"; font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">2021</p> </td><td style="font-family: "Times New Roman"; font-size: 10pt; padding-bottom: 1px;"> </td><td style="font-family: "Times New Roman"; font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">2020</p> </td><td style="font-family: "Times New Roman"; font-size: 10pt; padding-bottom: 1px;"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><td colspan="1" style="font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">United States</p> </td><td style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td><td style="width: 16%; text-align: right; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">96.0</td><td style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">%</td><td style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td><td style="width: 16%; text-align: right; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">94.9</td><td style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">%</td><td style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td><td style="width: 16%; text-align: right; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">94.3</td><td style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">%</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"><td colspan="1" style="font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">All Others</p> </td><td style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td><td style="width: 16%; text-align: right; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">4.0</td><td style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">%</td><td style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td><td style="width: 16%; text-align: right; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">5.1</td><td style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">%</td><td style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td><td style="width: 16%; text-align: right; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">5.7</td><td style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">%</td></tr>
</tbody></table>
" id="sjs-B5" xml:space="preserve"> <table border="0" cellpadding="0" cellspacing="0" class="finTable" style="margin-right: 20%; width: 80%; font-size: 10pt; font-family: "Times New Roman"; text-indent: 0px;"><tbody><tr style="vertical-align: bottom;"><td colspan="1" style="font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; width: 43%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><span style="text-decoration: underline; ">Sales by Country</span></p> </td><td style="font-family: "Times New Roman"; font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">2022</p> </td><td style="font-family: "Times New Roman"; font-size: 10pt; padding-bottom: 1px;"> </td><td style="font-family: "Times New Roman"; font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">2021</p> </td><td style="font-family: "Times New Roman"; font-size: 10pt; padding-bottom: 1px;"> </td><td style="font-family: "Times New Roman"; font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">2020</p> </td><td style="font-family: "Times New Roman"; font-size: 10pt; padding-bottom: 1px;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><td colspan="1" style="font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">United States</p> </td><td style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td><td style="width: 16%; text-align: right; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">96.0</td><td style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">%</td><td style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td><td style="width: 16%; text-align: right; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">94.9</td><td style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">%</td><td style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td><td style="width: 16%; text-align: right; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">94.3</td><td style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"><td colspan="1" style="font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">All Others</p> </td><td style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td><td style="width: 16%; text-align: right; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">4.0</td><td style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">%</td><td style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td><td style="width: 16%; text-align: right; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">5.1</td><td style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">%</td><td style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td><td style="width: 16%; text-align: right; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">5.7</td><td style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">%</td></tr> </tbody></table> |
Schedule of Disclosure on Geographic Areas, Long-Lived Assets in Individual Foreign Countries by Country [Table Text Block] | 2022 2021 2020 United States $ 295,747 $ 311,529 $ 319,012 Mexico 15,085 15,381 14,474 Honduras 9,967 8,347 8,049 Canada 3,513 4,919 4,485 Total long-lived assets (1) $ 324,312 $ 340,176 $ 346,020 |
International Design Centers [Member] | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Fiscal Year Ended June 30, 2022 2021 2020 Independent retailer design centers 122 127 125 Company-operated design centers 4 5 6 Total international design centers 126 132 131 % of total design centers international 42.6 % 43.7 % 43.1 % % of consolidated net sales 4.0 % 5.1 % 5.7 % |
Note 1 - Organization and Nat_2
Note 1 - Organization and Nature of Business (Details Textual) $ in Thousands | 6 Months Ended |
Jun. 30, 2022 USD ($) | |
Investments and Cash, Total | $ 121,100 |
Bank Debt [Member] | |
Long-Term Debt, Total | $ 0 |
Geographic Concentration Risk [Member] | Product Production [Member] | North America [Member] | |
Concentration Risk, Percentage | 75% |
Note 2 - Basis of Presentation
Note 2 - Basis of Presentation (Details Textual) | 6 Months Ended |
Jun. 30, 2022 | |
Number of Reportable Segments | 2 |
Note 3 - Summary of Significa_2
Note 3 - Summary of Significant Accounting Policies (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2020 | |
Restricted Cash, Total | $ 1,000 | $ 0 | |
Gain (Loss) on Investments, Total | 0 | ||
Short-Term Investments, Total | 0 | ||
Inventory Valuation Reserves | 2,105 | 2,793 | |
Assets Held-for-sale, Not Part of Disposal Group, Total | 0 | 0 | |
Contract with Customer, Liability, Total | 121,100 | 130,600 | |
Contract with Customer, Liability, Revenue Recognized | 126,800 | ||
Employee-related Liabilities, Total | 2,000 | 2,000 | |
Cost of Goods and Services Sold, Total | 333,056 | 292,062 | $ 266,705 |
Contract with Customer, Asset, after Allowance for Credit Loss, Current, Total | 20,200 | 23,300 | |
Advertising Expense | 15,600 | 20,700 | 29,100 |
Interest Expense, Total | 100 | 400 | 700 |
Payments to Acquire Businesses, Gross | 0 | 0 | 1,500 |
Shipping and Handling [Member] | |||
Cost of Goods and Services Sold, Total | 88,800 | 73,000 | $ 64,400 |
Letter of Credit Issued for Workers Compensation Obligation [Member] | |||
Letters of Credit Outstanding, Amount | $ 3,800 | $ 4,500 | |
Building and Building Improvements [Member] | Minimum [Member] | |||
Property, Plant and Equipment, Useful Life (Year) | 20 years | ||
Building and Building Improvements [Member] | Maximum [Member] | |||
Property, Plant and Equipment, Useful Life (Year) | 40 years | ||
Machinery and Equipment [Member] | Minimum [Member] | |||
Property, Plant and Equipment, Useful Life (Year) | 3 years | ||
Machinery and Equipment [Member] | Maximum [Member] | |||
Property, Plant and Equipment, Useful Life (Year) | 20 years | ||
Software and Software Development Costs [Member] | Minimum [Member] | |||
Property, Plant and Equipment, Useful Life (Year) | 3 years | ||
Software and Software Development Costs [Member] | Maximum [Member] | |||
Property, Plant and Equipment, Useful Life (Year) | 5 years |
Note 4 - Revenue Recognition -
Note 4 - Revenue Recognition - Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | |||||
Jun. 30, 2022 | Jun. 30, 2022 | Dec. 31, 2021 | Jun. 30, 2021 | Dec. 31, 2020 | Jun. 30, 2020 | ||
Revenues | $ 817,762 | $ 817,762 | $ 685,169 | $ 685,169 | $ 589,837 | $ 589,837 | |
Upholstery Furniture [Member] | |||||||
Revenues | [1] | 424,668 | 349,136 | 276,725 | |||
Case Goods Furniture [Member] | |||||||
Revenues | [2] | 228,123 | 197,396 | 183,715 | |||
Accent [Member] | |||||||
Revenues | [3] | 142,826 | 131,746 | 115,889 | |||
Manufactured Product, Other [Member] | |||||||
Revenues | [4] | 22,145 | 6,891 | 13,508 | |||
Consolidation, Eliminations [Member] | |||||||
Revenues | [5] | (355,964) | (282,878) | (210,911) | |||
Consolidation, Eliminations [Member] | Upholstery Furniture [Member] | |||||||
Revenues | [1],[5] | (188,661) | (144,268) | (101,237) | |||
Consolidation, Eliminations [Member] | Case Goods Furniture [Member] | |||||||
Revenues | [2],[5] | (96,110) | (79,206) | (61,164) | |||
Consolidation, Eliminations [Member] | Accent [Member] | |||||||
Revenues | [3],[5] | (71,193) | (59,404) | (48,510) | |||
Consolidation, Eliminations [Member] | Manufactured Product, Other [Member] | |||||||
Revenues | [4],[5] | 0 | 0 | 0 | |||
Wholesale Segment [Member] | Operating Segments [Member] | |||||||
Revenues | 483,842 | 483,842 | 413,076 | 413,076 | 337,948 | 337,948 | |
Wholesale Segment [Member] | Operating Segments [Member] | Upholstery Furniture [Member] | |||||||
Revenues | [1] | 262,592 | 217,517 | 164,059 | |||
Wholesale Segment [Member] | Operating Segments [Member] | Case Goods Furniture [Member] | |||||||
Revenues | [2] | 148,536 | 126,690 | 115,040 | |||
Wholesale Segment [Member] | Operating Segments [Member] | Accent [Member] | |||||||
Revenues | [3] | 80,665 | 75,572 | 61,405 | |||
Wholesale Segment [Member] | Operating Segments [Member] | Manufactured Product, Other [Member] | |||||||
Revenues | [4] | (7,951) | (6,703) | (2,556) | |||
Retail Segment [Member] | Operating Segments [Member] | |||||||
Revenues | 689,884 | $ 689,884 | 554,971 | $ 554,971 | 462,800 | $ 462,800 | |
Retail Segment [Member] | Operating Segments [Member] | Upholstery Furniture [Member] | |||||||
Revenues | [1] | 350,737 | 275,887 | 213,903 | |||
Retail Segment [Member] | Operating Segments [Member] | Case Goods Furniture [Member] | |||||||
Revenues | [2] | 175,697 | 149,912 | 129,839 | |||
Retail Segment [Member] | Operating Segments [Member] | Accent [Member] | |||||||
Revenues | [3] | 133,354 | 115,578 | 102,994 | |||
Retail Segment [Member] | Operating Segments [Member] | Manufactured Product, Other [Member] | |||||||
Revenues | [4] | $ 30,096 | $ 13,594 | $ 16,064 | |||
[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 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_3
Note 5 - Fair Value Measurements (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Unrealized Gain (Loss) on Investments | $ 0 | |
Investments, Total | 11,199 | $ 0 |
Asset Impairment Charges, Total | 600 | |
Long-Term Debt, Fair Value | $ 0 |
Note 5 - Fair Value Measureme_4
Note 5 - Fair Value Measurements - Fair Value Measurements (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Jun. 30, 2021 | |
Corporate money market funds(1) | [1] | $ 51,035 | $ 70,247 |
Investments(2) | [2] | 11,199 | 0 |
Total | 62,234 | 70,247 | |
Fair Value, Inputs, Level 1 [Member] | |||
Investments(2) | [2] | 0 | 0 |
Total | 51,035 | 70,247 | |
Fair Value, Inputs, Level 2 [Member] | |||
Investments(2) | [2] | 11,199 | 0 |
Total | 11,199 | 0 | |
Fair Value, Inputs, Level 3 [Member] | |||
Investments(2) | [2] | 0 | 0 |
Total | 0 | 0 | |
Money Market Funds [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Corporate money market funds(1) | [1] | 51,035 | 70,247 |
Money Market Funds [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Corporate money market funds(1) | [1] | 0 | 0 |
Money Market Funds [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Corporate money market funds(1) | [1] | $ 0 | $ 0 |
[1]We invest excess cash in money market accounts and short-term investments. Our corporate money market funds are readily convertible into cash and the net asset value of each fund on the last day of the quarter is used to determine its fair value. Our corporate money market funds are classified as Level 1 assets and are included in Cash and cash equivalents within the consolidated balance sheets.[2]Our investments consist of municipal bonds, commercial paper and certificates of deposit with maturities of one year or less. The fair value of our underlying investments is based on observable inputs. Our investments are classified as Level 2 and are included in Investments (short-term) within the consolidated balance sheets. All unrealized gains and losses were included in Accumulated Other Comprehensive Income (Loss) within the consolidated balance sheets. There were no material gross unrealized gains or losses on the investments at June 30, 2022. We did not hold any investments as of June 30, 2021 |
Note 6 - Leases (Details Textua
Note 6 - Leases (Details Textual) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2022 | |
Repayments of Rent Deferrals | $ 2.4 | ||
Accrued Rent, Current | $ 0.3 | ||
Short-Term Lease Commitment, Amount | $ 0.2 | ||
Lessee, Operating Lease, Lease Not yet Commenced, Term of Contract (Year) | 5 years | ||
Lessee, Operating Lease, Lease Not yet Commenced, Payments, Due | $ 2.8 | ||
COVID-19 Pandemic [Member] | |||
Rent Deferrals | $ 2.7 | ||
Minimum [Member] | |||
Lessee, Finance Lease, Term of Contract (Year) | 3 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 | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | ||
Operating leases (Year) | 6 years | 6 years 2 months 12 days | |
Financing leases (Year) | 2 years 7 months 6 days | 2 years 7 months 6 days | |
Operating leases | 4.20% | 4.20% | |
Financing leases | 3.10% | 2.30% | |
Total lease expense | $ 39,953 | $ 38,828 | |
Selling, General and Administrative Expenses [Member] | |||
Operating lease cost (1) | [1] | 30,261 | 29,944 |
Depreciation of property | 489 | 668 | |
Short-term lease cost(2) | [2] | 1,222 | 840 |
Variable lease cost(3) | [3] | 9,341 | 9,068 |
Less: Sublease income | (1,384) | (1,716) | |
Interest Income [Member] | |||
Interest on lease liabilities | $ 24 | $ 24 | |
[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 - Lease Assets
Note 6 - Leases - Lease Assets and Liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Jun. 30, 2021 |
Operating leases, assets | $ 100,782 | $ 108,730 |
Total lease assets | 101,842 | 109,963 |
Operating leases, current liabilities | 25,705 | 27,395 |
Operating leases, noncurrent liabilities | 89,506 | 97,911 |
Financing leases, noncurrent liabilities | 579 | 788 |
Total lease liabilities | 116,325 | 126,617 |
Property, Plant and Equipment [Member] | ||
Financing leases, assets | 1,060 | 1,233 |
Other Current Liabilities [Member] | ||
Financing leases, current liabilities | 535 | 523 |
Other Noncurrent Liabilities [Member] | ||
Financing leases, noncurrent liabilities | 579 | 788 |
Retail Segment [Member] | ||
Total lease assets | 100,800 | 108,765 |
Wholesale Segment [Member] | ||
Total lease assets | $ 1,042 | $ 1,198 |
Note 6 - Leases - Future Minimu
Note 6 - Leases - Future Minimum Lease Payments (Details) $ in Thousands | Jun. 30, 2022 USD ($) | |
2023, Operating Leases | $ 29,959 | |
2023, Financing Leases | 562 | |
2024, Operating Leases | 24,548 | |
2024, Financing Leases | 391 | |
2025, Operating Leases | 20,488 | |
2025, Financing Leases | 79 | |
2026, Operating Leases | 16,779 | |
2026, Financing Leases | 71 | |
2026, Operating Leases | 11,689 | |
2027, Financing Leases | 65 | |
Thereafter, operating leases | 28,102 | |
Thereafter | 0 | |
Total undiscounted future minimum lease payments | 131,565 | |
Total undiscounted future minimum lease payments | 1,168 | |
Less: imputed interest | (16,354) | |
Less: imputed interest | (54) | |
Total present value of lease obligations(1) | 115,211 | [1] |
Total present value of lease obligations(1) | $ 1,114 | [1] |
[1]Excludes future commitments under short-term operating lease agreements of $0.2 million as of June 30, 2022. |
Note 6 - Leases - Supplemental
Note 6 - Leases - Supplemental Information (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Operating cash flows from operating leases | $ 33,588 | $ 33,401 |
Operating cash flows from financing leases | 512 | 585 |
Operating lease assets obtained in exchange for new operating lease liabilities | 18,674 | 23,901 |
Financing lease obligations obtained in exchange for new financing leases assets | $ 315 | $ 1,311 |
Note 6 - Leases - Future Mini_2
Note 6 - Leases - Future Minimum Sublease Income (Details) $ in Thousands | Jun. 30, 2022 USD ($) |
2023, sublease income | $ 1,163 |
2024, sublease income | 1,126 |
2025, sublease income | 1,151 |
2026, sublease income | 1,176 |
2027, sublease income | 891 |
Thereafter, sublease income | 1,033 |
Total minimum future sublease income | $ 6,540 |
Note 7 - Inventories - Schedule
Note 7 - Inventories - Schedule of Inventory (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Jun. 30, 2021 |
Finished goods | $ 131,021 | $ 106,924 |
Work in process | 15,098 | 11,612 |
Raw materials | 32,490 | 28,235 |
Inventory reserves | (2,105) | (2,793) |
Inventories, net | $ 176,504 | $ 143,978 |
Note 8 - Property, Plant and _3
Note 8 - Property, Plant and Equipment (Details Textual) - USD ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2020 | |
Depreciation, Total | $ 16 | $ 16.4 | $ 16.9 |
Note 8 - Property, Plant and _4
Note 8 - Property, Plant and Equipment - Property, Plant and Equipment Summary (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Jun. 30, 2021 |
Land and improvements | $ 78,443 | $ 79,478 |
Building and improvements | 356,622 | 358,469 |
Machinery and equipment | 127,062 | 127,673 |
Property, plant and equipment, gross | 562,127 | 565,620 |
Less: accumulated depreciation and amortization | (338,597) | (334,174) |
Property, plant and equipment, net | $ 223,530 | $ 231,446 |
Note 9 - Goodwill and Other I_2
Note 9 - Goodwill and Other Intangible Assets (Details Textual) - USD ($) $ in Thousands | Jun. 30, 2022 | Jun. 30, 2021 |
Goodwill, Ending Balance | $ 25,388 | $ 25,388 |
Other Indefinite-lived Intangible Assets | $ 19,700 |
Note 10 - Restructuring and O_3
Note 10 - Restructuring and Other Impairment Activities (Details Textual) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||
Mar. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | ||
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal | [1] | $ (5,431) | $ (473) | |||
Restructuring Charges, Total | (4,461) | 2,411 | ||||
Asset Impairment Charges, Total | 600 | |||||
Inventory Write-down | 0 | 585 | ||||
Prepaid Expenses and Other Current Assets [Member] | ||||||
Restructuring Reserve, Current | 200 | |||||
Accrued Compensation and Benefits [Member] | ||||||
Restructuring Reserve, Current | 100 | |||||
Inventory Write-down, Slow Moving Finished Goods [Member] | ||||||
Inventory Write-down | 400 | |||||
Inventory Write-down, Raw Materials Disposed of [Member] | ||||||
Inventory Write-down | 200 | |||||
Optimization of Manufacturing and Logistics [Member] | ||||||
Restructuring Charges, Total | 400 | |||||
Retail Segment [Member] | ||||||
Asset Impairment Charges, Total | 600 | |||||
Previously Closed Property [Member] | ||||||
Proceeds from Divestiture of Businesses, Net of Cash Divested, Total | $ 2,600 | |||||
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal | $ 1,500 | |||||
Facility Closing, Atoka Distribution Center [Member] | ||||||
Proceeds from Divestiture of Businesses, Net of Cash Divested, Total | $ 2,800 | |||||
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal | $ 2,000 | |||||
Facility Closing, Atoka Distribution Center [Member] | Restructuring and Other Impairment Charges, Net of Gains [Member] | ||||||
Restructuring Charges, Total | 300 | |||||
Facility Closing, Atoka Distribution Center [Member] | Cost of Sales [Member] | ||||||
Restructuring Charges, Total | 100 | |||||
Facility Closing [Member] | ||||||
Proceeds from Divestiture of Businesses, Net of Cash Divested, Total | $ 5,600 | |||||
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal | $ 1,900 | 500 | ||||
Lease Exit Costs [Member] | ||||||
Restructuring Charges, Total | [2] | 0 | $ 1,537 | |||
Lease Exit Costs [Member] | Retail Segment [Member] | ||||||
Restructuring Charges, Total | $ 200 | |||||
[1]In March 2022, we sold a previously closed property to an independent third party for $2.6 million, which resulted in a pre-tax gain of $1.5 million. During the second quarter of fiscal 2022 we also completed the sale of our Atoka, Oklahoma distribution center for $2.8 million, less closing costs, and recognized a pre-tax gain of $2.0 million. In addition, in December 2021, we completed the sale of a property for $5.6 million, which resulted in a pre-tax gain of $1.9 million. During the prior year period, we completed the sale of two previously closed properties to independent third parties. As a result of these sales, the Company recognized a pre-tax gain of $1.2 million. All of these transactions were recorded within the line item Restructuring and other impairment charges, net of gains in the consolidated statements of comprehensive income.[2]We recorded restructuring charges of $1.4 million during fiscal 2021 which related to lease exit costs within the retail segment as a result of an early termination of a lease and the closing and subsequent exit of a retail design center. |
Note 10 - Restructuring and O_4
Note 10 - Restructuring and Other Impairment Activities - Schedule of Restructuring Reserve (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Jun. 30, 2022 | Jun. 30, 2021 | |||
Gain on sales of property, plant and equipment | [1] | $ (5,431) | $ (473) | |
Restructuring Charge | (4,461) | 2,411 | ||
Inventory write-downs and additional reserves(5) | 0 | 585 | ||
Total | (4,461) | 3,050 | ||
Restructuring Reserve | 1,084 | |||
New Charges (Income) | (4,461) | |||
Non-Cash | 5,227 | |||
(Payments) Receipts | 9,057 | |||
Restructuring Reserve | 453 | 1,084 | ||
Non-Cash | 5,227 | |||
Lease Exit Costs [Member] | ||||
Restructuring Charge | [2] | 0 | 1,537 | |
Restructuring Reserve | 645 | |||
New Charges (Income) | 0 | |||
Non-Cash | 0 | |||
(Payments) Receipts | (460) | |||
Restructuring Reserve | 185 | [3] | 645 | |
Non-Cash | 0 | |||
Employee Severance and Other Charges (Income) [Member] | ||||
Restructuring Charge | [4] | 970 | 422 | |
Restructuring Reserve | 439 | |||
New Charges (Income) | 970 | |||
Non-Cash | 45 | |||
(Payments) Receipts | (1,096) | |||
Restructuring Reserve | 268 | 439 | ||
Non-Cash | 45 | |||
Sale of Property, Plant and Equipment [Member] | ||||
Restructuring Reserve | 0 | |||
New Charges (Income) | (5,431) | |||
Non-Cash | 5,182 | |||
(Payments) Receipts | 10,613 | |||
Restructuring Reserve | 0 | 0 | ||
Non-Cash | 5,182 | |||
Impairments of Long-lived Assets [Member] | ||||
Restructuring Charge | [5] | 0 | 623 | |
Optimization of Manufacturing and Logistics [Member] | ||||
Restructuring Charge | 0 | 302 | ||
Optimization of manufacturing and logistics(4) | $ 0 | $ 54 | ||
[1]In March 2022, we sold a previously closed property to an independent third party for $2.6 million, which resulted in a pre-tax gain of $1.5 million. During the second quarter of fiscal 2022 we also completed the sale of our Atoka, Oklahoma distribution center for $2.8 million, less closing costs, and recognized a pre-tax gain of $2.0 million. In addition, in December 2021, we completed the sale of a property for $5.6 million, which resulted in a pre-tax gain of $1.9 million. During the prior year period, we completed the sale of two previously closed properties to independent third parties. As a result of these sales, the Company recognized a pre-tax gain of $1.2 million. All of these transactions were recorded within the line item Restructuring and other impairment charges, net of gains in the consolidated statements of comprehensive income.[2]We recorded restructuring charges of $1.4 million during fiscal 2021 which related to lease exit costs within the retail segment as a result of an early termination of a lease and the closing and subsequent exit of a retail design center.[3]The previously recorded vacant space liability was reclassified from Accounts payable and accrued expenses and Other long-term liabilities to Operating lease right-of-use assets upon the adoption of ASU 2016-02, which requires all right-of-use assets to be measured net of any Topic 420 lease liabilities.[4]We recorded charges of $0.1 million and $0.6 million during the three and nine months ended March 31, 2022, respectively. These charges primarily related to severance for terminated employees, including those at our previously sold Atoka, Oklahoma distribution center. In recent years, we have executed on many key initiatives to further optimize our manufacturing and logistics, including the closing and sale of our Atoka, Oklahoma distribution center and the consolidation of its workflow into our Old Fort, North Carolina distribution facility. These charges were recorded in the consolidated statement of comprehensive income within the line item Restructuring and other impairment charges, net of gains.[5]We recorded a non-cash charge of $0.6 million during fiscal 2021 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 11 - Credit Agreement (Det
Note 11 - Credit Agreement (Details Textual) - The Facility [Member] $ in Thousands | 12 Months Ended | |||
Jan. 26, 2022 USD ($) | Dec. 21, 2018 USD ($) | Jun. 30, 2022 USD ($) | Jun. 30, 2021 USD ($) | |
Revolving Credit Facility [Member] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 125,000 | |||
Line of Credit Facility, Additional Maximum Borrowing Capacity | $ 60,000 | |||
Debt Issuance Costs, Net, Total | 500 | |||
Line of Credit Facility, Remaining Borrowing Capacity | 121,000 | $ 75,700 | ||
Long-Term Line of Credit, Total | 0 | 0 | ||
Interest Expense, Debt, Total | 0 | 300 | ||
Debt Instrument, Covenant, Fixed Charge Coverage Ratio | 1 | |||
Debt Covenant, Fixed Charge Coverage Ratio, Maximum Unused Availability | $ 14,000 | 14,000 | 14,000 | |
Revolving Credit Facility [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | ||||
Debt Instrument, Basis Spread on Variable Rate | 0.10% | |||
Revolving Credit Facility [Member] | Additional Margin on Variable Rate Option (Adjusted Term Sofr Rate) [Member] | Minimum [Member] | ||||
Debt Instrument, Basis Spread on Variable Rate | 1.25% | |||
Revolving Credit Facility [Member] | Additional Margin on Variable Rate Option (Adjusted Term Sofr Rate) [Member] | Maximum [Member] | ||||
Debt Instrument, Basis Spread on Variable Rate | 2% | |||
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] | OneMonthAdjusted Term SOFR Rate [Member] | ||||
Debt Instrument, Basis Spread on Variable Rate | 1% | |||
Revolving Credit Facility [Member] | OneMonthAdditionalMarginOnVariableRateOptionMember | Minimum [Member] | ||||
Debt Instrument, Basis Spread on Variable Rate | 0.25% | |||
Revolving Credit Facility [Member] | OneMonthAdditionalMarginOnVariableRateOptionMember | Maximum [Member] | ||||
Debt Instrument, Basis Spread on Variable Rate | 1% | |||
Standby Letters of Credit [Member] | ||||
Letters of Credit Outstanding, Amount | $ 4,000 | $ 5,000 |
Note 12 - Other Long-term Lia_3
Note 12 - Other Long-term Liabilities - Schedule of Other Long-term Liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Jun. 30, 2021 |
Unrecognized tax benefits | $ 2,023 | $ 1,543 |
Deferred FICA taxes (as permitted under the CARES Act) | 0 | 1,970 |
Long-term financing lease liabilities | 579 | 788 |
Other long-term liabilities | 403 | 685 |
Other long-term liabilities | $ 3,005 | $ 4,986 |
Note 13 - Income Taxes (Details
Note 13 - Income Taxes (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Deferred Tax Assets, Valuation Allowance | $ 0 | $ 593 |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued, Total | 2,000 | |
Significant Change in Unrecognized Tax Benefits is Reasonably Possible, Amount of Unrecorded Benefit | 500 | |
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | $ 400 | |
Domestic Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | ||
Income Tax Examination, Year under Examination | 2017 2018 2019 2020 | |
Retail Segment [Member] | ||
Deferred Tax Assets, Valuation Allowance | $ 2,500 |
Note 13 - Income Taxes - Compon
Note 13 - Income Taxes - Components of Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2020 | |
U.S. operations | $ 135,077 | $ 75,458 | $ 12,690 |
Non-U.S. operations | 3,044 | 953 | 1,499 |
Income before income taxes | 138,121 | 76,411 | 14,189 |
U.S. operations | 34,682 | 15,812 | 4,989 |
Non-U.S. operations | 159 | 594 | 300 |
Total income tax expense | $ 34,841 | $ 16,406 | $ 5,289 |
Effective tax rate | 25.20% | 21.50% | 37.30% |
Current: | |||
Federal | $ 28,144 | $ 10,617 | $ 2,432 |
State | 6,474 | 1,647 | 8 |
Foreign | 575 | 492 | 325 |
Total current | 35,193 | 12,756 | 2,765 |
Deferred: | |||
Federal | (610) | 4,462 | 181 |
State | 674 | (914) | 2,368 |
Foreign | (416) | 102 | (25) |
Total deferred | (352) | 3,650 | 2,524 |
Total income tax expense | $ 34,841 | $ 16,406 | $ 5,289 |
Note 13 - Income Taxes - Effect
Note 13 - Income Taxes - Effective Income Tax Rate Reconciliation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2020 | |
Income tax expense at U.S. Federal statutory tax rate | $ 29,005 | $ 16,046 | $ 2,980 |
Income tax expense at U.S. Federal statutory tax rate, percentage | 21% | 21% | 21% |
State and local income taxes, net of U.S. federal income benefit | $ 5,208 | $ 2,565 | $ 159 |
State and local income taxes, net of U.S. federal income benefit, percentage | 3.80% | 3.40% | 1.10% |
Change in valuation allowance | $ (591) | $ (2,565) | $ 2,534 |
Change in valuation allowance, percentage | (0.40%) | (3.40%) | 17.90% |
Foreign derived intangible income ("FDII") deduction | $ 289 | $ 130 | $ 0 |
Foreign derived intangible income ("FDII") deduction | (0.20%) | (0.20%) | 0% |
Unrecognized tax benefits | $ 390 | $ 48 | $ (215) |
Unrecognized tax expense (benefit), percentage | 0.30% | 0.10% | (1.50%) |
Share-based compensation | $ 189 | $ 72 | $ 17 |
Share-based compensation, percentage | 0.10% | 0.10% | 0.10% |
Other, net | $ 929 | $ 370 | $ (186) |
Other, net, percentage | 0.60% | 0.50% | (1.30%) |
Actual income tax expense (and corresponding effective tax rate) | $ 34,841 | $ 16,406 | $ 5,289 |
Actual income tax expense (benefit), percentage | 25.20% | 21.50% | 37.30% |
Note 13 - Income Taxes - Deferr
Note 13 - Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Jun. 30, 2021 |
Leases | $ 28,621 | $ 30,692 |
Employee compensation accruals | 2,167 | 2,131 |
Share-based compensation | 271 | 727 |
Net operating loss carryforwards | 340 | 1,420 |
Property, plant and equipment | 1,309 | 1,446 |
Other | 3,321 | 2,263 |
Subtotal deferred tax assets | 36,029 | 38,679 |
Less: Valuation allowance | 0 | (593) |
Total deferred tax assets | 36,029 | 38,086 |
Operating lease right-of-use assets | 24,965 | 26,811 |
Intangible assets other than goodwill | 9,041 | 8,979 |
Commissions | 5,006 | 5,744 |
Other | 615 | 502 |
Total deferred tax liabilities | 39,627 | 42,036 |
Other assets | 820 | 1,078 |
Other non-current liabilities | (4,418) | (5,028) |
Total net deferred tax liability | $ (3,598) | $ (3,950) |
Note 13 - Income Taxes - Defe_2
Note 13 - Income Taxes - Deferred Tax Assets Expiration With Respect to Net Operating Losses (Details) - Domestic Tax Authority [Member] $ in Thousands | 12 Months Ended |
Jun. 30, 2022 USD ($) | |
Various U.S. state net operating losses, expiring between 2025 and 2040 | $ 340 |
Net Operating Loss Carryforwards | $ 3,953 |
Note 13 - Income Taxes - Unreco
Note 13 - Income Taxes - Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Balance | $ 1,984 | $ 1,933 |
Additions for tax positions related to the current year | 853 | 452 |
Additions for tax positions of prior years | 94 | 117 |
Reductions resulting from a lapse of the applicable statute of limitations | (457) | (518) |
Balance | $ 2,474 | $ 1,984 |
Note 14 - Shareholders' Equit_2
Note 14 - Shareholders' Equity (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 11 Months Ended | 12 Months Ended | |||
Apr. 28, 2022 | Aug. 31, 2021 | Nov. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2020 | |
Common Stock, Shares Authorized (in shares) | 150,000,000 | 150,000,000 | ||||
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ 0.01 | $ 0.01 | ||||
Preferred Stock, Shares Authorized (in shares) | 1,055,000 | 1,055,000 | ||||
Preferred Stock, Par or Stated Value Per Share (in dollars per share) | $ 0.01 | $ 0.01 | ||||
Preferred Stock, Shares Issued, Total (in shares) | 0 | 0 | ||||
Stock Repurchase Program, Remaining Number of Shares Authorized to be Repurchased (in shares) | 2,007,364 | |||||
Common Stock, Dividends, Per Share, Cash Paid (in dollars per share) | $ 0.32 | $ 0.75 | $ 0.29 | $ 1.90 | ||
Common Stock, Dividends, Percentage Increase Per Share | 10% | 16% | ||||
Payments of Dividends, Total | $ 48,257 | $ 43,290 | $ 21,469 | |||
Common Class A [Member] | ||||||
Common Stock, Shares Authorized (in shares) | 150,000,000 | |||||
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ 0.01 |
Note 14 - Shareholders' Equit_3
Note 14 - Shareholders' Equity - Stock Retired and Repurchased (Details) - USD ($) | 12 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2020 | |
Cost to repurchase common shares | $ 24,319,000 | ||
Share Repurchase Program [Member] | |||
Common shares repurchased (in shares) | 0 | 0 | 1,538,363 |
Cost to repurchase common shares | $ 0 | $ 0 | $ 24,319,044 |
Average price per share (in dollars per share) | $ 0 | $ 0 | $ 15.81 |
Note 15 - Earnings Per Share (D
Note 15 - Earnings Per Share (Details Textual) - shares | 12 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2020 | |
Share-Based Payment Arrangement, Option [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 65,545 | 46,827 | 403,106 |
Performance Shares [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 89,969 | 251,867 | 199,107 |
Note 15 - Earnings Per Share -
Note 15 - Earnings Per Share - Calculation of Weighted Average Shares (Details) - shares shares in Thousands | 12 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2020 | |
Weighted average shares outstanding for basic calculation (in shares) | 25,413 | 25,265 | 26,044 |
Dilutive effect of stock options and other share-based awards (in shares) | 109 | 87 | 25 |
Weighted average shares outstanding adjusted for dilution calculation (in shares) | 25,522 | 25,352 | 26,069 |
Note 16 - Accumulated Other C_3
Note 16 - Accumulated Other Comprehensive Income (Loss) - Components of Accumulated Other Comprehensive (Loss) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2020 | |
Accumulated other comprehensive loss | $ (6,462) | $ (5,931) | |
Balance | 351,418 | 328,064 | $ 363,929 |
Other comprehensive income (loss), net of tax | (532) | 2,486 | (2,854) |
Balance | 407,323 | 351,418 | 328,064 |
Accumulated Foreign Currency Adjustment Attributable to Parent [Member] | |||
Accumulated other comprehensive loss | (6,397) | (5,931) | |
AOCI Attributable to Parent [Member] | |||
Balance | (5,931) | (8,441) | (5,651) |
Other comprehensive income (loss), net of tax | (531) | 2,510 | (2,790) |
Balance | (6,462) | (5,931) | $ (8,441) |
AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-Sale, Parent [Member] | |||
Accumulated other comprehensive loss | (65) | 0 | |
AOCI Including Portion Attributable to Noncontrolling Interest [Member] | |||
Other comprehensive income (loss), net of tax | (532) | 2,486 | |
Less AOCI attributable to noncontrolling interests | $ 1 | $ 24 |
Note 17 - Share-based Compens_3
Note 17 - Share-based Compensation (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Sep. 30, 2021 | Mar. 31, 2022 | Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 | |
Share-Based Payment Arrangement, Expense | $ 1,100 | $ 1,300 | $ 300 | |||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 2,100 | |||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 2 years 2 months 12 days | |||||
Share-Based Payment Arrangement, Amount Capitalized | $ 0 | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant (in shares) | 1,465,543 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in shares) | 25,410 | 37,008 | 59,188 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Contractual Term (Year) | 10 years | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercises in Period, Intrinsic Value | $ 287 | $ 667 | $ 34 | |||
Proceeds from Stock Options Exercised | $ 1,100 | $ 3,000 | $ 100 | |||
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 | $ 17.27 | |||
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 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 3 years | |||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price (in dollars per share) | $ 23.61 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period (Year) | 10 years | |||||
Independent Directors [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 3 years | |||||
Stock Appreciation Rights (SARs) [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in shares) | 0 | |||||
Share-Based Payment Arrangement, Option [Member] | ||||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 100 | |||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 1 year 8 months 12 days | |||||
Restricted Stock Units (RSUs) [Member] | ||||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 900 | |||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 2 years 9 months 18 days | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 4 years | 2 years | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 51,100 | 38,000 | 58,000 | 0 | ||
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 | $ 9.15 | |||
Performance Shares [Member] | ||||||
Share-Based Payment Arrangement, Expense | $ 663 | $ 870 | $ 160 | |||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 1,100 | |||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 1 year 9 months 18 days | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 90,367 | 90,367 | 117,338 | 99,405 | ||
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 | $ 12.72 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Target Performance Period (Year) | 3 years | |||||
Maximum [Member] | ||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercises in Period, Intrinsic Value | $ 100 | |||||
Stock Option Plan 1992 [Member] | Maximum [Member] | ||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant (in shares) | 6,487,867 |
Note 17 - Share-based Compens_4
Note 17 - Share-based Compensation - Stock Options Activity (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||||
Jul. 01, 2019 | Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 | |
Outstanding (in shares) | 378,911 | 253,955 | 403,106 | 378,911 | |
Outstanding, weighted average exercise price (in dollars per share) | $ 21.95 | $ 23.10 | $ 21.24 | $ 21.95 | |
Outstanding, weighted average remaining contractual term (Year) | 4 years 4 months 24 days | 4 years 4 months 24 days | 5 years 7 months 6 days | 4 years 4 months 24 days | |
Outstanding intrinsic value | $ 120 | $ 1,368 | $ 0 | $ 990 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in shares) | 25,410 | 37,008 | 59,188 | ||
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 | $ 17.27 | ||
Exercised (in shares) | (55,220) | (174,662) | (4,500) | ||
Exercised, weighted average exercise price (in dollars per share) | $ 20.23 | $ 16.95 | $ 11.74 | ||
Exercised intrinsic value | $ 287 | $ 667 | $ 34 | ||
Canceled (forfeited/expired) (in shares) | (117,105) | (11,497) | (30,493) | ||
Canceled (forfeited/expired), weighted average exercise price (in dollars per share) | $ 23.98 | $ 18.62 | $ 23.81 | ||
Outstanding (in shares) | 107,040 | 253,955 | 403,106 | ||
Outstanding, weighted average exercise price (in dollars per share) | $ 23.75 | $ 23.10 | $ 21.24 | ||
Exercisable (in shares) | 86,548 | ||||
Exercisable, weighted average exercise price (in dollars per share) | $ 25.05 | ||||
Exercisable, weighted average remaining contractual term (Year) | 3 years 6 months | ||||
Exercisable, aggregate intrinsic value | $ 50 |
Note 17 - Share-based Compens_5
Note 17 - Share-based Compensation - Nonvested Share Activity (Details) - $ / shares | 12 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2020 | |
Nonvested, options (in shares) | 79,584 | ||
Nonvested, weighted average exercise price (in dollars per share) | $ 16.18 | ||
Granted, options (in shares) | 25,410 | 37,008 | 59,188 |
Granted, weighted average exercise price (in dollars per share) | $ 23.61 | ||
Vested, options (in shares) | (36,018) | ||
Vested, weighted average exercise price (in dollars per share) | $ 17.47 | ||
Canceled (forfeited) (in shares) | (48,484) | ||
Canceled (forfeited) (in dollars per share) | $ 18.25 | ||
Nonvested, options (in shares) | 20,492 | 79,584 | |
Nonvested, weighted average exercise price (in dollars per share) | $ 18.22 | $ 16.18 |
Note 17 - Share-based Compens_6
Note 17 - Share-based Compensation - Stock Options, Valuation Assumptions (Details) - $ / shares | 12 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2020 | |
Grant date fair value (in dollars per share) | $ 23.61 | ||
Share-Based Payment Arrangement, Nonemployee [Member] | |||
Volatility | 39.30% | 38.20% | 30.80% |
Risk-free rate of return | 0.73% | 0.35% | 1.55% |
Dividend yield | 3.79% | 3.26% | 3.97% |
Expected average life (years) (Year) | 5 years 6 months | 5 years 6 months | 5 years 3 months 18 days |
Grant date fair value (in dollars per share) | $ 5.04 | $ 3.20 | $ 3.30 |
Fair value as a % of exercise price | 21.30% | 24.70% | 18.80% |
Note 17 - Share-based Compens_7
Note 17 - Share-based Compensation - Restricted Stock and Restricted Stock Units Activity (Details) - Restricted Stock Units (RSUs) [Member] - $ / shares | 12 Months Ended | |||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 | |
Nonvested units (in shares) | 71,000 | 56,000 | 0 | |
Granted (in shares) | 51,100 | 38,000 | 58,000 | 0 |
Granted (in dollars per share) | $ 20.71 | $ 9.58 | $ 9.15 | |
Vested (in shares) | (29,000) | (12,375) | 0 | |
Canceled (forfeited) (in shares) | (17,000) | (10,625) | (2,000) | |
Canceled (forfeited) (in dollars per share) | $ 12.66 | $ 9.15 | $ 9.15 | |
Nonvested, weighted average grant date fair value (in dollars per share) | 16.23 | 9.38 | $ 9.15 | |
Vested (in dollars per share) | $ 9.43 | $ 9.15 | ||
Nonvested units (in shares) | 76,100 | 71,000 | 56,000 | 0 |
Note 17 - Share-based Compens_8
Note 17 - Share-based Compensation - Performance Unit Activity (Details) - Performance Shares [Member] - $ / shares | 9 Months Ended | 12 Months Ended | ||
Mar. 31, 2022 | Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2020 | |
Nonvested units (in shares) | 377,867 | 377,867 | 325,107 | 313,882 |
Outstanding at June 30, 2019 (in dollars per share) | $ 15.98 | $ 15.98 | $ 19.05 | $ 22.82 |
Granted (in shares) | 90,367 | 90,367 | 117,338 | 99,405 |
Granted (in dollars per share) | $ 17.15 | $ 8.76 | $ 12.72 | |
Vested (in shares) | (35,124) | 0 | 0 | |
Canceled (forfeited) (in shares) | (112,975) | (64,578) | (88,180) | |
Canceled (forfeited) (in dollars per share) | $ 11.86 | $ 18.29 | $ 25.27 | |
Nonvested, weighted average grant date fair value (in dollars per share) | 17.53 | 15.98 | 19.05 | |
Nonvested, weighted average grant date fair value (in dollars per share) | 17.53 | $ 15.98 | $ 19.05 | |
Vested (in dollars per share) | $ 18.19 | |||
Nonvested units (in shares) | 320,135 | 377,867 | 325,107 |
Note 17 - Share-based Compens_9
Note 17 - Share-based Compensation - Equity-based Compensation Expenses Related to Performance-based Shares (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2020 | |
Total expense | $ 1,100 | $ 1,300 | $ 300 |
Performance Shares [Member] | |||
Total expense | 663 | 870 | 160 |
Granted Within the Fiscal Year Ended June 30, 2019 [Member] | Performance Shares [Member] | |||
Total expense | 0 | 335 | 101 |
Granted Within the Fiscal Year Ended June 30, 2020 [Member] | Performance Shares [Member] | |||
Total expense | 107 | 234 | 59 |
Granted Within the Fiscal Year Ended June 30, 2021 [Member] | Performance Shares [Member] | |||
Total expense | 143 | 301 | 0 |
Granted Within the Fiscal Year Ended June 30, 2022 [Member] | Performance Shares [Member] | |||
Total expense | $ 413 | $ 0 | $ 0 |
Note 17 - Share-based Compen_10
Note 17 - Share-based Compensation - Performance Unit Awards, Valuation Assumptions (Details) - Performance Shares [Member] | 12 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2020 | |
Volatility | 43.30% | 56% | 30.50% |
Risk-free rate of return | 0.62% | 0.14% | 1.72% |
Dividend yield | 3.79% | 3.26% | 3.97% |
Note 18 - Employee Retirement_2
Note 18 - Employee Retirement Programs (Details Textual) - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2020 | |
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Percent | 100% | |||
Defined Contribution Plan, Employers Matching Contribution, Annual Vesting Percentage | 100% | |||
Defined Contribution Plan, Employers Matching Contribution, Vesting Period (Year) | 3 years | |||
Defined Contribution Plan, Employer Discretionary Contribution Amount | $ 2.6 | $ 2.7 | $ 3.2 |
Note 19 - Segment Information_2
Note 19 - Segment Information (Details Textual) | 12 Months Ended |
Jun. 30, 2022 | |
Number of Company Operated Design Centers | 141 |
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Wholesale Segment [Member] | |
Concentration Risk, Percentage | 15.60% |
Number of Major Customers | 10 |
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Wholesale Segment [Member] | Ten Largest Independent Retailers [Member] | |
Concentration Risk, Percentage | 18.20% |
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Retail Segment [Member] | |
Concentration Risk, Percentage | 84.40% |
Number of Major Customers | 10 |
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Retail Segment [Member] | Ten Largest Independent Retailers [Member] | |
Concentration Risk, Percentage | 10.80% |
Note 19 - Segment Information -
Note 19 - Segment Information - Segment Information (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | |||||
Jun. 30, 2022 | Jun. 30, 2022 | Dec. 31, 2021 | Jun. 30, 2021 | Dec. 31, 2020 | Jun. 30, 2020 | ||
Net sales | $ 817,762 | $ 817,762 | $ 685,169 | $ 685,169 | $ 589,837 | $ 589,837 | |
Operating Income | 138,250 | 77,285 | 14,644 | ||||
Interest and other financing costs | 201 | 481 | 739 | ||||
Other income (expense), net | 72 | (393) | 284 | ||||
Consolidated total | 138,121 | 76,411 | 14,189 | ||||
Depreciation and amortization | 15,987 | 16,385 | 16,859 | ||||
Capital Expenditures | 13,387 | 12,029 | 15,709 | ||||
Assets | 719,895 | 719,895 | 683,245 | 622,789 | |||
Assets | (719,895) | (719,895) | (683,245) | (622,789) | |||
Intersegment Eliminations [Member] | |||||||
Operating Income | [1] | (6,176) | (3,820) | 2,952 | |||
Wholesale Segment [Member] | |||||||
Depreciation and amortization | 6,439 | 6,714 | 7,107 | ||||
Capital Expenditures | 8,125 | 5,618 | 7,454 | ||||
Assets | 341,466 | 341,466 | 298,332 | 255,011 | |||
Assets | (341,466) | (341,466) | (298,332) | (255,011) | |||
Wholesale Segment [Member] | Operating Segments [Member] | |||||||
Net sales | 483,842 | 483,842 | 413,076 | 413,076 | 337,948 | 337,948 | |
Operating Income | 63,930 | 52,281 | 33,106 | ||||
Wholesale Segment [Member] | Operating Segments [Member] | External Customers [Member] | |||||||
Net sales | 127,878 | 130,198 | 127,037 | ||||
Wholesale Segment [Member] | Intersegment Eliminations [Member] | |||||||
Net sales | (355,964) | (282,878) | (210,911) | ||||
Retail Segment [Member] | |||||||
Depreciation and amortization | 9,548 | 9,671 | 9,752 | ||||
Capital Expenditures | 5,262 | 6,411 | 8,255 | ||||
Assets | 412,176 | 412,176 | 412,066 | 390,635 | |||
Assets | (412,176) | (412,176) | (412,066) | (390,635) | |||
Retail Segment [Member] | Operating Segments [Member] | |||||||
Net sales | 689,884 | 689,884 | $ 554,971 | 554,971 | $ 462,800 | 462,800 | |
Operating Income | 80,496 | 28,824 | (21,414) | ||||
Inventory Profit Elimination [Member] | |||||||
Assets | [2] | 33,747 | 33,747 | 27,153 | 22,857 | ||
Assets | [2] | $ (33,747) | $ (33,747) | $ (27,153) | $ (22,857) | ||
[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 19 - Segment Information_3
Note 19 - Segment Information - International Design Centers (Details) | 12 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2020 | |
International Design Centers [Member] | |||
Number of stores | 126 | 132 | 131 |
International Design Centers [Member] | Number of International Design Centers, Total [Member] | Geographic Concentration Risk [Member] | |||
% of total design centers international | 42.60% | 43.70% | 43.10% |
International Design Centers [Member] | Revenue Benchmark [Member] | Geographic Concentration Risk [Member] | |||
% of total design centers international | 4% | 5.10% | 5.70% |
Independently Operated Member] | International Design Centers [Member] | |||
Number of stores | 122 | 127 | 125 |
International Design Centers [Member] | Company Operated Design Centers [Member] | |||
Number of stores | 4 | 5 | 6 |
Note 19 - Segment Information_4
Note 19 - Segment Information - Sales By Country (Details) - Revenue Benchmark [Member] - Geographic Concentration Risk [Member] | Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2020 |
UNITED STATES | |||
Percentage of Sales | 96% | 94.90% | 94.30% |
Non-US [Member] | |||
Percentage of Sales | 4% | 5.10% | 5.70% |
Note 19 - Segment Information_5
Note 19 - Segment Information - Long-lived Assets by Geographical Area (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2020 | |
Total long-lived assets | [1] | $ 324,312 | $ 340,176 | $ 346,020 |
UNITED STATES | ||||
Total long-lived assets | 295,747 | 311,529 | 319,012 | |
MEXICO | ||||
Total long-lived assets | 15,085 | 15,381 | 14,474 | |
HONDURAS | ||||
Total long-lived assets | 9,967 | 8,347 | 8,049 | |
CANADA | ||||
Total long-lived assets | $ 3,513 | $ 4,919 | $ 4,485 | |
[1]Long-lived assets consist of property, plant and equipment, net of accumulated depreciation and amortization and exclude goodwill, intangible assets, deferred taxes and other assets. |
Note 20 - Commitments and Con_2
Note 20 - Commitments and Contingencies (Details Textual) $ in Millions | Jun. 30, 2022 USD ($) |
Purchase Obligation, Total | $ 40.8 |
Other Commitment, Total | $ 19.7 |
Note 21 - Subsequent Event (Det
Note 21 - Subsequent Event (Details Textual) $ in Millions | Aug. 01, 2022 USD ($) |
Subsequent Event [Member] | |
Sale Leaseback Transaction, Gross Proceeds, Investing Activities | $ 8.4 |