Ethan Allen Interiors Inc Annual Shareholders Meeting Transcript
Good morning, and welcome to our fiscal 2019 annual meeting of our shareholders. I'm pleased to be joined by all of our Board of Directors: Jim Schmotter, John Dooner, Mary Garrett, Jim Carlson, Tara Stacom, and Dom Esposito. Also joining are a number of our team members including one of our very good friends, independent retailers for at least plus 50 years, I would say, Phil Esposito. I'm glad to have you here, Phil. He's also a shareholder.
We made major progress in positioning our business for continued growth in profitability and sales. All right. I just want to get these slides -- all right, here we go. Let me give a brief overview of our financial performance for fiscal year ended June 30, 2019. Despite many external challenges, in the retail industry and drop in sales to China by 48%, in the fiscal year due to China imposing tariffs on our products, we were able to substantially maintain our sales and increase gross margin to 55.7% from 54.2%. And adjusted operating income by 10% to $55 million and
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