Lifetime Brands Inc. recently reported its financial results for the first quarter ended March 31, 2011. Consolidated net sales were $91.8 million, an increase of 3.5%, compared to consolidated net sales of $88.7 million for the corresponding period in 2010.
Net sales for the Wholesale segment were up $2.8 million, or 3.4%, to $84.9 million in the first quarter of 2011. Net sales for the Retail Direct segment were up $0.3 million, or 4.5%, to $6.9 million in the first quarter of 2011.
“Lifetime’s first quarter results reflect continuing challenges in the retail economy, which have constrained sales at certain large retailers where such retailers’ traditional consumers are especially sensitive to increases in the price of food, clothing, and fuel,” said Jeffrey Siegel, chairman, president and CEO. “In addition, during the quarter, we temporarily reduced certain prices in connection with targeted marketing programs and retailers’ price roll-back strategies. These marketing initiatives will provide us with additional facings, which should generate sufficient additional volume, beginning in the third quarter of the year to more than make up for the reductions in the gross margin percentage.”
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