Lifetime Brands Third Quarter Sales Grow 11%
Lifetime Brands Inc. recently reported financial results for the third quarter ended September 30. Consolidated net sales for the quarter were $142.2 million, an increase of 11% or $14.1 million vs. consolidated net sales of $128.1 million for the corresponding period in 2012. Net income was $1.1 million for the quarter, compared to net income of $3.9 million in the corresponding period in 2012. Adjusted net income was $6.1 million in the quarter, vs. adjusted net income of $5.1 million in the corresponding period in 2012.
“Lifetime’s businesses performed well in the quarter, contributing to increases in consolidated net sales, gross margin percentage, income from operations, adjusted net income and EBITDA margin,” said Jeffrey Siegel, chairman and CEO. “Our core kitchenware products category performed exceptionally well, reflecting the roll-out of new products and programs, as well as the inclusion of Fred® & Friends, which Lifetime acquired in December 2012. I am especially pleased that our Home Solutions product category, which had been a laggard over the past several quarters, rebounded smartly during the period.”
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