Lifetime Brands Annual Sales Grow 9.5%
Lifetime Brands Inc. recently reported its financial results for the fourth quarter and year ended December 31, 2012. Consolidated fourth quarter net sales were $154.8 million, an increase of 12.5%, compared to $137.6 million in the same period of 2011. Net income for the quarter was $15.2 million, vs. $5.4 million in the prior-year period.
For the full year, consolidated net sales were $486.8 million, up 9.5% compared to $444.4 million for 2011. Net income was $20.9 million in 2012, vs. $14.1 million in 2011.
“Lifetime finished 2012 on a very positive note,” said Jeffrey Siegel, president and CEO. “For the quarter, consolidated net sales increased 12.5% on an actual basis and 8.6% on an organic basis. During the quarter, we acquired the business and assets of Fred®& Friends, a line of innovative products featuring fun kitchen tools, tabletop accessories, party goods and giftware products.”
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