EXHIBIT 99.1

ETHAN ALLEN ANNOUNCES THIRD QUARTER RESULTS;
SALES INCREASE 9%; EARNINGS PER SHARE INCREASE 17%

DANBURY, CT., APRIL 20, 2004 — Ethan Allen Interiors Inc. (NYSE:ETH) (“Ethan Allen” or the “Company”) today reported sales and earnings for the three and nine months ended March 31, 2004.

Net sales for the quarter ended March 31, 2004 increased 8.9% to $244.6 million from $224.6 million in the prior year quarter. Net delivered sales for the Company’s Retail division increased 13.1% to $144.1 million, while Wholesale sales increased 2.9% to $178.9 million during that same period. For the quarter, comparable Ethan Allen store delivered sales increased 9.7%. Ethan Allen sells through an exclusive network of 312 retail locations, of which 124 are Company-owned.

For the nine months ended March 31, 2004, net sales increased 5.6% to $708.5 million from $670.8 million in the prior year. Net delivered sales for the Company’s Retail division increased 10.1% to $426.3 million, while Wholesale sales increased 2.3% to $501.5 million during that same period. Year-to-date, comparable Ethan Allen store delivered sales increased 4.0%.

Earnings per share for the current quarter amounted to $0.61 on net income of $23.4 million. This compares to earnings per share and net income of $0.30 and $11.7 million, respectively, recorded in the prior year quarter, which includes pre-tax restructuring and impairment charges of $13.2 million. Excluding the impact of these restructuring and impairment charges, earnings per share increased $0.09, or 17.3%, while net income increased $3.5 million, or 17.4%.

Earnings per share for the nine month period totaled $1.74 on net income of $66.7 million. This compares to earnings per share and net income of $1.42 and $54.8 million, respectively, recorded in the prior year period, which includes pre-tax restructuring and impairment charges of $13.1 million. Excluding the impact of these restructuring and impairment charges, earnings per share increased $0.10, or 6.1%, while net income increased $3.5 million, or 5.6%.

Total written orders increased 14.0% as compared to the prior year quarter. At the Wholesale level, net orders booked increased 13.6%, while at the Retail level, written sales increased 15.2% and comparable store written sales increased 11.6%.

On a year-to-date basis, total written orders increased 8.2% as compared to the prior year. Within that same period, Wholesale net orders booked increased 7.4%, while Retail written sales increased 10.6% and comparable store written sales increased 4.4%.

Farooq Kathwari, Chairman and CEO, commented: “We are pleased with our results for the quarter. Encouraging signs noted in recent periods, which appear to indicate an increasing level of consumer confidence and a further strengthening of the U.S. economy, have continued. The sustainability of such trends continues to have a positive effect on the Company’s incoming order rate and backlog.”

Mr. Kathwari continued: “Strategic initiatives undertaken during the past year to help position the Company for this next phase of economic growth are already providing benefits. The objective of such initiatives was to ensure that Ethan Allen remained well-positioned to provide customers with a comprehensive complement of home furnishing solutions while, at the same time, remaining competitive in the global market. Stronger marketing programs, more efficient U.S. manufacturing operations, and better sourcing capacity, both domestically and abroad, have enabled us to increase sales, improve profitability, and continue generating healthy levels of operating cash which has been, and will continue to be, utilized to grow our business and increase shareholder value.”

On the question of business trends, Mr. Kathwari stated: “We continue to work under the assumption that the positive trends noted in recent months will continue. As such, we remain optimistic that the business growth we have experienced is indicative of further economic expansion for the remainder of 2004. As we have previously stated, assuming no unexpected deterioration in the economy or consumer confidence, we continue to believe we have the opportunity to generate fiscal year sales and earnings per share increases of approximately 5% and 10%, respectively.”

Ethan Allen Interiors Inc. is a leading manufacturer and retailer of quality home furnishings. The Company sells a full range of furniture products and decorative accessories through an exclusive network of 312 retail stores (310 full-line and 2 Ethan Allen Kids) in the United States and abroad. Ethan Allen has 14 manufacturing facilities, which include 3 sawmills, located throughout the United States.

The Company will conduct a Conference Call at 11:00 AM (Eastern) on Tuesday, April 20, 2004. The live webcast and replay are accessible via the Company’s website at www.ethanallen.com/investors.

This press release should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended June 30, 2003 and other reports filed with the Securities and Exchange Commission. Management’s discussion in this release contains forward-looking statements relating to future results of the Company. These forward-looking statements are subject to various assumptions, risk and uncertainties, and accordingly, actual results could differ materially from those contemplated by the forward-looking statements.

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Ethan Allen Interiors Inc.
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Ethan Allen Interiors Inc.
Condensed Consolidated Statements of Operations
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Ethan Allen Interiors Inc.
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