                                                                    Exhibit 99.1


FOR IMMEDIATE RELEASE                        Ethan Allen Interiors Inc.
                                             Investor Contact: Peg Lupton
                                                               (203) 743-8234
                                             Media Contact:    Josie Bielmeier
                                                               (203) 743-8503


                   ETHAN ALLEN ANNOUNCES FIRST QUARTER RESULTS

DANBURY,  CT.,  October 15, 2003 -- Ethan Allen Interiors Inc.  (NYSE:ETH) today
reported sales and earnings for the first quarter ended September 30, 2003.

Net sales for the current  period  increased  2.9% to $222.8 million from $216.5
million in the prior year quarter.  Net delivered sales for the Company's Retail
division increased 10.1% to $132.7 million from $120.5 million in the prior year
quarter, and Wholesale sales increased 0.7% during that same period.  Comparable
Ethan Allen store delivered  sales increased 0.6%.  Ethan Allen sells through an
exclusive network of 310 retail locations, of which 120 are Company-owned.

Earnings per share for the quarter ended September 30, 2003 amounted to $0.50 on
net  income  of  $18.9   million  as  compared  to  $0.52  and  $20.1   million,
respectively, in the prior year period.

Total written orders  increased 11.3% as compared to the prior year quarter.  At
the Wholesale  level,  net orders booked  increased  12.4%,  while at the Retail
level, written sales increased 8.3% and comparable store written sales decreased
1.3%.

Farooq Kathwari,  Chairman and CEO, commented:  "We are pleased with our results
for the quarter.  Initiatives  recently  undertaken to expand our consumer reach
and  increase  operational  efficiencies  have  enabled us to  maintain  healthy
revenues,  margins,  earnings and cash flow during an uncertain economic period.
Our  Wholesale  margins held up despite  taking  significant  downtime in recent
months  within our  manufacturing  operations  in an effort to reduce  inventory
levels.  At the Retail level,  our margins reflect the sell-off of floor samples
to make room for new product introductions."


<PAGE>

Mr.  Kathwari  continued:  "I have always  believed  the best time to make major
improvements  is in slower economic times in order to prepare for the next phase
of  growth.  We are in a strong  position  to grow our  business  due to  recent
initiatives  aimed at strengthening  our marketing  programs and making our U.S.
manufacturing  operations  more  efficient  through  plant  consolidations  and,
overall, by improving our capacity of sourcing both domestically and abroad."

On the question of business trends, Mr. Kathwari stated: "During the last month,
we have seen  signs  which are  indicative  of a  strengthening  economy  and an
increase in consumer  confidence.  While total revenues were up approximately 3%
for the quarter,  our booked  orders also improved at both the Wholesale and the
Retail  levels,  enabling  us to maintain  stronger  backlogs.  As a result,  we
believe we are well-positioned going into this next quarter."

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 310 retail stores (309
full-line and 1 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  Wednesday,
October  15th.  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.


                                          #######


<PAGE>


                           Ethan Allen Interiors Inc.
                         Selected Financial Information
                                    Unaudited
                                  (In millions)

Selected Consolidated Financial Data:
                                     Three Months Ended
                                     ------------------
                                   9/30/03        9/30/02
                                   -------        -------
Net Sales                         $  222.8       $  216.5
Gross Margin                          48.7%          49.3%
Operating Margin                      12.8%          14.7%
Net Income                        $   18.9       $   20.1

Operating Cash Flow               $   50.0       $   41.3
Capital Expenditures              $    4.0       $    9.3
Treasury Stock Repurchases        $    -         $   29.6

EBITDA                            $   36.0       $   37.5
EBITDA as % of Net Sales              16.2%          17.3%


Selected Financial Data by Business Segment:

                                     Three Months Ended
                                     ------------------
Retail                             9/30/03        9/30/02
------                             -------        -------
Net Sales                         $  132.7       $  120.5
Operating Margin                       0.2%           2.5%

                                      Three Months Ended
                                      ------------------
Wholesale                          9/30/03        9/30/02
---------                          -------        -------
Net Sales                         $  158.9       $  157.8
Operating Margin                      17.0%          18.4%


<PAGE>

                           Ethan Allen Interiors Inc.
                 Condensed Consolidated Statements of Operations
                                    Unaudited
                    (In thousands, except per share amounts)



                                                     Three Months
                                                  Ended September 30,
                                                  2003          2002
                                               ---------     ---------
Net sales                                      $ 222,765     $ 216,529
Cost of sales                                    114,322       109,814
                                               ---------     ---------
     Gross Profit                                108,443       106,715
Operating Expenses:
   Selling                                        44,609        42,890
   General and administrative                     35,522        31,982
   Restructuring and impairment charges             (264)          (92)
                                               ---------     ---------
    Total operating expenses                      79,867        74,780
                                               ---------     ---------
     Operating Income                             28,576        31,935
Interest and other miscellaneous income            2,211           524
Interest and other related financing costs           141           173
                                               ---------     ---------
   Income before income tax expense               30,646        32,286
Income tax expense                                11,707        12,204
                                               ---------     ---------
     Net Income                                $  18,939     $  20,082
                                               =========     =========

Basic earnings per share:
------------------------
Net income per share                           $    0.51     $    0.53
                                               =========     =========
Basic weighted average shares outstanding         37,227        37,986

Diluted earnings per share:
--------------------------
Net income per share                           $    0.50     $    0.52
                                               =========     =========
Diluted weighted average shares outstanding       38,247        38,915

Reconciliation of GAAP to Non-GAAP Information:
----------------------------------------------

Net income                                     $  18,939     $  20,082
Add: interest expense                                106           138
Add: income tax expense                           11,707        12,204
Add: depreciation and amortization                 5,265         5,033
                                               ---------     ---------
EBITDA                                         $  36,017     $  37,457
                                               =========     =========
Net Sales                                      $ 222,765     $ 216,529
                                               =========     =========

EBITDA as % of Net Sales                           16.2%         17.3%
                                               =========     =========
<PAGE>

                           Ethan Allen Interiors Inc.
                      Condensed Consolidated Balance Sheets
                                 (In thousands)

                                                  September 30,       June 30,
                                                     2003               2003
                                                  (unaudited)
                                                   ---------         ---------
Assets
Current Assets:
   Cash and cash equivalents                       $ 129,485         $  81,856
   Accounts receivable, net                           28,138            26,439
   Inventories, net                                  190,302           198,212
   Prepaid expenses and other current assets          52,017            53,755
                                                   ---------         ---------
      Total current assets                           399,942           360,262

Property, plant, and equipment, net                  282,981           289,423
Intangible assets, net                                78,926            78,939
Other assets                                           2,508             2,944
                                                   ---------         ---------
      Total Assets                                 $ 764,357         $ 731,568
                                                   =========         =========

Liabilities and Shareholders' Equity
Current Liabilities:
   Current maturities of long-term debt
      and capital lease obligations                $     977         $     996
   Customer deposits                                  62,450            55,939
   Accounts payable                                   32,680            25,375
   Accrued expenses                                   53,935            52,116
                                                   ---------         ---------
      Total current liabilities                      150,042           134,426

Long-term debt                                         9,180             9,222
Deferred income taxes                                 48,728            47,539
Other long-term liabilities                            2,311             2,682
Total shareholders' equity                           554,096           537,699
                                                    --------          --------
      Total Liabilities and Shareholders' Equity   $ 764,357         $ 731,568
                                                    ========          ========


