Lifetime Brands Reports 12% Net Sales Increase
For the nine months ended September 30, consolidated net sales were $300.5 million, an increase of 5% compared to consolidated net sales of $287.0 million in the corresponding period in 2009. Consolidated net income was $6.3 million, compared to a loss of $2.3 million in 2009. Diluted income per common share was $0.51, compared to a loss of $0.19 in 2009. Basic income per common share was $0.53, compared to a loss of $0.19 in 2009.
“Despite the overall economy having stabilized, the retail sector generally remains challenged by the ongoing high level of unemployment,” said Jeffrey Siegel, chairman, president and CEO. “Lifetime’s strong financial performance for the three and nine month periods, therefore, was not the result of riding a wave of improved conditions. Rather, it was due to carefully executing the strategy we adopted in 2009 to increase our market share, to further reduce and control SG&A and distribution expenses, and to restructure our balance sheet. One measure of our success is that, earlier this year, we were able to achieve a comprehensive refinancing of our bank debt and to repurchase approximately two-thirds of our outstanding convertible senior notes, well ahead of their 2011 maturity. We believe that a continued focus on the key elements of our strategy can result in further improvements in profitability in 2011 and beyond.”
For additional details, visit www.lifetimebrands.com.