Net Sales Increase Slightly for Lifetime Brands in 2016
Consolidated net sales for 2016 were $592.6 million, an increase of $4.9 million (0.8%).
Lifetime Brands, Inc. recently reported its financial results for the fourth quarter and year ended December 31, 2016. Consolidated net sales were $193.5 million in the fourth quarter, an increase of $7.6 million, or 4.1%, compared to consolidated net sales of $185.9 million for the corresponding period in 2015. In constant currency, which excludes the impact of foreign exchange fluctuations, consolidated net sales increased $13 million, or 7.2%, compared to consolidated net sales in the 2015 fourth quarter.
Net income was $14.7 million in the 2016 fourth quarter, compared to net income of $11 million in the corresponding period in 2015. Adjusted net income was $15.2 million in the fourth quarter of 2016, compared to adjusted net income of $10.8 million in the corresponding period in 2015.
Consolidated net sales for 2016 were $592.6 million, an increase of $4.9 million (0.8%), compared to consolidated net sales of $587.7 million for 2015. In constant currency, consolidated net sales increased $17.4 million, or 3%. Net income was $15.7 million in 2016, compared to net income of $12.3 million in 2015. Adjusted net income was $19.2 million in 2016, compared to adjusted net income of $14.2 million in 2015.
“Lifetime finished 2016 on a very strong note, reporting record revenues and income from operations,” said Jeffrey Siegel, chairman and CEO. “For the quarter, excluding the impact of foreign currency fluctuations, consolidated net sales rose 7.2% on an actual basis and 3.4% on an organic basis. The Wilton Armetale®, Amco Houseworks®, Chicago™ Metallic, Swing-A-Way® and Copco® brands that we acquired in 2016 all were accretive and contributed to our exceptional performance.
“Our strong fourth quarter results reflect excellent progress in Lifetime’s journey to simplify and strengthen our organization for growth regardless of the economic environment. We also made notable progress in building our e-commerce presence as we benefited from investments we made in recent years to capitalize on ongoing shifts in consumer shopping. In addition, our strategic initiatives to enhance our Tableware and Home Solutions offerings, as well as to continue building Lifetime’s leading position in Kitchenware, contributed to our strong showing. Our international segment, now known as Lifetime Brands Europe, performed well in spite of strong headwinds from both the economy and exchange rates.
“As we move through 2017, we are confident in Lifetime’s ability to grow and thrive in today’s complex business environment. We are also as committed as ever to delivering five-star experiences to consumers through innovative products, services and solutions for the home. We expect low-to mid-single digit overall organic sales growth in 2017, and expect to reap even further benefits from Lifetime Next, our drive to enhance our company’s operations.”
For more information, visit www.lifetimebrands.com.