Sales Increase for Lifetime Brands in 2018 Second Quarter
In constant currency, Lifetime Brands’ consolidated net sales increased $30.1 million, or 25.3%, compared to the 2017 second quarter.
Lifetime Brands, Inc., parent of tableware and glassware companies such as Pfaltzgraff®, Mikasa®, Fitz and Floyd® and others, recently reported its financial results for the second quarter ended June 30, 2018. Consolidated net sales were $148.7 million, compared to consolidated net sales of $117.4 million for the corresponding period in 2017. In constant currency, which excludes the impact of foreign exchange fluctuations, consolidated net sales increased $30.1 million, or 25.3%, compared to the 2017 quarter.
“The integration of Filament Brands has been proceeding smoothly and we are ahead of schedule both in terms of identified cost savings and implementation timing,” said Rob Kay, CEO. “The meaningful steps we have taken to optimize the company’s combined business structure have enabled us to surpass our original goal of realizing $8.1 million in annualized synergy savings. We are now on track to realize $10.0 million in savings annually. 2018 is expected to benefit by the realization of in excess of $2.0 million in savings, and we expect to realize the full amount of the $10.0 million in annual savings in 2019. This timing is consistent with our previously announced plan.
“We continue to expect the combination of Lifetime and Filament to be transformational, with progress becoming evident in the second half of this year and becoming more meaningful in 2019. While to date, our first priority has been to achieve substantial operational efficiencies, we are also working hard to evaluate and reposition our product portfolio as well as enter growth categories and lay the groundwork for realizing increased profit opportunities worldwide. Recognizing that today’s retail environment is challenging, we believe Lifetime’s expanded capabilities, customer base and ability to evolve will help us achieve these goals.
“Lifetime Brands is executing our plan for 2018, including the shipment of the largest single order Lifetime has ever received in the third quarter combined with various other new programs and promotions. We expect these to have a positive impact on our financial results in the year’s second half. Accordingly, we are reaffirming the Company’s financial guidance for 2018, provided on May 8, 2018.”
Additional details are available at www.lifetimebrands.com.