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Lifetime Brands Inc. recently reported financial results for the quarter ended June 30, 2012. Net sales for the three months ended June 30, 2012, were $94.9 million, an increase of 5% compared to the corresponding period in 2011. Net income decreased to $0.6 million from $2.1 million in the previous year’s second quarter. Adjusted net income for the quarter was $1 million, vs. $1.7 million in 2011.
“The quarter was marked by continuing economic uncertainty, which restrained retail sales in most of our product categories,” said Jeffrey Siegel, chairman, president and CEO. “In response, our major retailer partners generally maintained conservative inventory positions. Despite this uncertainty, Lifetime achieved continued growth and margin expansion in our core Kitchenware categories; however, these gains were offset by a decline in net sales and gross margin in our Home Solutions product category.
“Within our Home Solutions products category, net sales of home décor products decreased, due to an industry-wide shift that resulted in many retailers reducing floor space allotted to home décor products. As previously noted, we are transitioning our home décor business to higher quality branded products designed to be sold under our Mikasa® and Pfaltzgraff® brands. While these new product lines have been well received by our key retailer partners, I do not foresee a significant turnaround in this category taking place in the next 12 to 18 months.
“There is good reason to be optimistic about the second half of the year, during which we expect to roll-out a number of new Kitchenware programs, including the roll-out of our new Guy Fieri® cookware line and the launch of our new Savora™ line of kitchen tools & gadgets.”
For additional information, visit www.lifetimebrands.com.