Lifetime Brands Inc. recently reported its financial results for the three months ended June 30, 2011. Consolidated net sales for the period increased 4.0% to $90.4 million, vs. consolidated net sales of $86.9 million for the same quarter in 2010. Net sales for the Wholesale segment increased 5.9%, or $4.8 million, to $86.3 million in the second quarter of 2011. Net sales for the Retail Direct segment decreased $1.3 million to $4.1 million in the second quarter of 2011. The decline in direct-to-consumer sales reflected reduced promotional activity in the 2011 quarter, compared to the corresponding quarter in the prior year, as well as the company’s decision to terminate its print consumer catalog.
Income from operations for the three months ended June 30, 2011, was $4.4 million, compared to $2.5 million for the corresponding period in 2010. The increase in income from operations reflected lower distribution expense and a reduction in selling, general and administrative expenses in the 2011 period, vs. the corresponding period in 2010.
“The net income we are reporting this morning is a second quarter record for Lifetime Brands,” said Jeffrey Siegel, chairman, president and CEO. “Despite the challenging business environment, we are on target to achieve top line growth and increased profitability for the full year. Our solid operating results and further strengthened financial position give us better flexibility to profitably grow our company in the future.”
For more information, visit www.lifetimebrands.com