Lifetime Brands Net Sales Jump 18%
Lifetime Brands Inc. recently reported financial results for the quarter ended March 31, 2012. Net sales increased 18.7% to $109 million, and organic net sales grew 6.4% to $97.7 million. Net income increased to $1.344 million, compared to a loss of $949 thousand for the same period in 2011.
“Lifetime’s financial results for the quarter provided a strong and an encouraging start to the year,” said Jeffrey Siegel, chairman, president and CEO. “Our performance in the quarter was driven by our core U.S. wholesale businesses, kitchenware and tabletop, which recorded an 11.1% increase in net sales, all of which was organic. These gains were primarily attributable to new programs with our key retailer partners.”
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