Lifetime Brands’ Nine Month Net Sales Grow 8%
Lifetime Brands Inc. recently reported its financial results for the quarter ended September 30, 2012. Net sales for the three and nine months ended September 30 were $128.1 million and $332 million, respectively. Net sales grew by 2.7% and 8.2% compared to the corresponding periods in 2011. Adjusted net income for the quarter was $5.1 million, compared to $6.6 million in 2011. Adjusted net income for the nine month period was $7.6 million, vs. $7.7 million in 2011.
“I am pleased to report that our core Kitchenware products category performed well during the quarter, as it has all year,” said Jeffrey Siegel, chairman, president, and CEO. “These gains were offset by declines in our Tabletop and Home Solutions product categories. Sales of tabletop products were negatively impacted by several factors, including a decision to restrict sales of Mikasa®-branded dinnerware to customers that maintain and primarily sell through brick-and-mortar facilities and the well-publicized problems at a major retailer that traditionally had been a significant customer of our tabletop products. As previously noted, we are transitioning some of our home décor business to higher quality branded products sold under our Mikasa and Pfaltzgraff® brands.”
For additional information, visit www.lifetimebrands.com.