Sales Up Slightly for Lifetime Brands in Second Quarter
Lifetime Brands Inc. recently reported its financial results for the second quarter ended June 30, 2013. Second quarter consolidated net sales were $97 million, an increase of $2.1 million, or 2.2%, vs. consolidated net sales of $94.9 million for the same period in 2012. Consolidated net sales included $3.9 million of net sales from Fred® & Friends, which was acquired in December 2012.
Consolidated net sales for the first six months were $195.6 million, a decrease of 4.1%, or $8.4 million, compared to net sales of $204 million for the corresponding period in 2012. Consolidated net sales included $7.3 million of net sales from Fred® & Friends.
“As I previously have noted, comparing quarterly results with prior periods can be misleading, as our sales in any one period, especially in the first half of the year, can be heavily influenced by the timing of promotions and the roll-out of new programs,” said Jeffrey Siegel, chairman and CEO. “Our outlook for the third and fourth quarters remains positive, based on our healthy order flow, which is being driven by increased retail placement, roll-outs of new products and programs, strong promotional activity, the inclusion of Fred® & Friends and the improving U.S. economy. For the full year, we now expect net sales to increase by 5% to 7%.”
For additional information, visit www.lifetimebrands.com.