Lifetime Brands Sees 20% Uptick in First Quarter
Lifetime Brands Inc. recently reported its financial results for the first quarter ended March 31, 2014. Consolidated net sales for the quarter were $118.4 million, an increase of $19.7 million, or 20%, compared to $98.7 million for the same period last year.
Consolidated net sales for the company’s wholesale segment were $113.8 million, an increase of $20.7 million or 22.2%, vs. net sales of $93.1 million for the same period in 2013. Consolidated net wholesale sales in the 2014 period included $17.1 million of net sales from Kitchen Craft and other acquisitions that were completed in the first quarter of 2014.
“I am very pleased with the company’s progress during the quarter, which includes the results of the four businesses we acquired during the period,” said Jeffrey Siegel, chairman and CEO. “These acquisitions necessitated significant non-recurring acquisition expenses and a write-off of debt financing fees that, combined with higher other SG&A expenses—especially increased staffing levels to enable us to achieve our aggressive growth targets—produced a decline in net results for the current quarter vs. last year. However, as we reported, EBITDA increased 18.9% over the comparable quarter of last year. We expect the impact of the ongoing greater SG&A expenses to be mitigated by higher levels of sales during the second half of the year.”
For more information, visit www.lifetimebrands.com.