Strategic Initiatives Give Lifetime Brands a Boost in Strong 2019 First Quarter
Lifetime Brands’ consolidated net sales were $149.9 million in the 2019 first quarter, an increase of $31.7 million (26.8%), compared to consolidated net sales of $118.2 million in the first quarter of 2018.
Lifetime Brands, Inc., parent company of Pfaltzgraff, Mikasa, and many others, recently reported its financial results for the first quarter ended March 31, 2019. Consolidated net sales were $149.9 million in the 2019 first quarter, an increase of $31.7 million (26.8%), compared to consolidated net sales of $118.2 million in the first quarter of 2018. In constant currency, which excludes the impact of foreign exchange fluctuations, consolidated net sales increased $33.2 million, or 28.5%. Loss from operations was $2.3 million, compared to a loss from operations of $13.3 million for the corresponding period in 2018.
“I am pleased with our performance in the first quarter of 2019, which was driven by focused execution, strong end market demand and market share gains,” said Robert Kay, CEO. “With the close of the Filament acquisition in March 2018, we relaunched Lifetime Brands and, over the course of 2018, built a solid foundation for profitable growth. These efforts are beginning to bear fruit, as evidenced by our $6.6 million in consolidated adjusted EBITDA growth.
“Importantly, we are seeing results from recently implemented strategic initiatives. Our restructured e-commerce operations now represent nearly 14% of revenues and pure-play e-commerce revenues grew nearly 30% compared to the first quarter of 2018. The reorganization of our European operations also led to meaningful year-over-year improvement. We remain focused on executing our strategic priorities to continue to deliver growth in 2019.”
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