Shares of furniture maker Ethan Allen (ETH) are jumping in afternoon trading after the company, earlier in the day, provided preliminary first quarter financial results.

WHAT'S NEW: Based on preliminary financial information, the company expects to report a retail comparable delivered sales increase of 5.7%, a consolidated net sales increase of 1.5% and an adjusted EPS in the range of 42c-43c, compared to 46c in the same period last year. Analysts were expecting Q1 EPS to be 51c for the quarter. Adjusted operating expenses for the quarter are expected to increase by $5.8M. An advertising increase of 22.3% to $8.1M, expenses associated with the Ethan Allen Disney launch of $0.9M and incremental new Design Center start-up losses of $0.9M resulted in a 7c EPS impact.. "We look forward to discussing our progress and initiatives at the forthcoming Investor Meeting," said Farooq Kathwari, Chairman and CEO of Ethan Allen. "Topics will include the repositioning of our offerings, our expanded marketing, investments in new Design Centers around the country, investments in technology, and the launch of the Ethan Allen Disney magical home program in November 2016." He added, "All of these initiatives coupled with a substantial expansion of our advertising have resulted in increased operating expenses compared to the prior year first quarter. Our retail comparable written sales increased 8% during the first quarter. We remain cautiously optimistic."

PRICE ACTION: Shares of Ethan Allen are up $1.73, or 5.74%, to $31.77 per share.

OTHERS TO WATCH: Other publicly traded furniture companies include Stanley Furniture Company (STLY), La-Z-Boy (LZB), and Hooker Furniture (HOFT).