Lifetime Brands Net Income Dives in Q3
November 8, 2012,
GARDEN CITY, N.Y--Lifetime Brands, Inc. saw net income decrease nearly 50 percent in the third quarter, which ended Sept. 30, 2012, to $3.9 million, from $7.5 million for the same period in 2011. For the first nine months of the year, ended Sept. 30, 2012, net income decreased to $5.8 million, from $8.6 million in the corresponding 2011 period.
Net sales for the three and nine months ended September 30, 2012, were $128.1 million and $332.0 million, respectively, growing by 2.7 percent and 8.2 percent compared to the corresponding periods in 2011. The increases were a result of the inclusion of the net sales of Creative Tops, acquired in November 2011, as well as a strong increase in sales of kitchenware products, offset by a decrease in demand for tabletop and Home Solutions products, the company said.