Lifetime Brands, Inc. recently announced its
results for the
first quarter ended March 31, 2010. Net sales for the quarter were $88.7
million, compared to $90.2 million for the first quarter of 2009.
Wholesale
segment net sales were $82.1 million, compared to $83.6 million, a
decrease of
$1.5 million.
In the 2009 period, the company recorded $3.4
million of
non-recurring net sales attributable to the going-out-of-business sale
of a
customer that was liquidated in 2009. Excluding these non-recurring net
sales,
the company's net sales increased by $1.9 million over the 2009 period.
Direct-to-consumer segment net sales for the first quarter of 2010 were
$6.6
million, unchanged from net sales of $6.6 million in the first quarter
of 2009.
“We are pleased to deliver a profitable first
quarter,” said
Jeffrey Siegel, chairman, CEO and president. “Following our strategy of
offering trusted brands and outstanding design at significant values, we
grew
our Mikasa® brand in all tabletop categories and re-energized the
Pfaltzgraff®
brand in casual dinnerware, while our new Design for Living® line of
water
bottles and thermal mugs continued to grow.
“Throughout 2010, we plan to continue our focus on
expanding
our market share, improving our gross margin, controlling expenses and
reducing
inventory. The severe inventory destocking by retailers, which affected
the
company by dampening demand in late 2008 and throughout most of 2009,
abated in
the fourth quarter. As a result, for the first time in over a year,
retailers’
purchases were driven more by consumer demand than by internal company
targets.
“We believe that consumers generally remain
cautious and
that overall demand continues to reflect the ongoing high levels of
unemployment and underemployment. Nevertheless, comparisons of retail
sales for
the first quarter of 2010 with the first quarter of 2009 exceeded most
expectations, and we are encouraged by indications that consumer
confidence is
moving upward and that consumer spending will follow. If business
conditions
continue to improve, the company’s results for 2010 should exceed our
earlier
expectations.”
Visit
www.lifetimebrands.com
for
more information.
