Lifetime Brands’ 2011 Sales Fall
Lifetime Brands Inc. recently reported its financial results for the fourth quarter and year ended December 31, 2011. For the year ended December 31, 2011, consolidated net sales were $444.4 million, an increase of 0.3%, compared to consolidated net sales of $443.2 million for 2010. Net income was $14.1 million in 2011, compared to $20.3 million in 2010.
For the fourth quarter of 2011, consolidated net sales were $137.6 million, a decrease of 3.5%, compared to consolidated net sales of $142.6 million in the fourth quarter of 2010. Net income was $5.4 million, vs. $13.9 million in the prior-year period.
“Despite the company’s financial results trailing those of the prior year, I am proud of Lifetime’s achievements in 2011,” said Jeffrey Siegel,chairman, president and CEO. “Our U.S. wholesale Kitchenware and Tabletop businesses, which together account for approximately 80% of the company’s consolidated net sales, achieved solid, profitable growth. Net wholesale sales of Kitchenware products increased by $7.2 million to $215.7 million, a gain of 3.5%, over the prior year, and net wholesale sales of Tabletop products inclusive of Creative Tops sales grew $17.9 million to $141.3 million, an increase of 14.5%. As overall consumer demand in these categories in the U.S. remained flat throughout the year, these increases came primarily from new product introductions and market share gains.”
For more information, visit www.lifetimebrands.com.