Lifetime Q4 Net Nearly Triples, Rises 48.9 Percent for Fiscal Year
March 14, 2013,
GARDEN CITY, N.Y.-With sales making a healthy gain and a tightening of expenses, Lifetime Brands' fourth-quarter net income increased by 179.6 percent to $15.2 million--bringing its bottom-line total for the fiscal year ending on Dec. 31 to $20.9 million, up 48.9 percent.
The company's net sales in the quarter rose 12.5 percent to $154.8 million, and were up 9.5 percent for the year to $486.8 million. Selling, general and administrative expenses, while rising 7.1 percent in dollars, were cut by 95 basis points to 19 percent.
"Lifetime finished 2012 on a positive note," said Jeffrey Siegel, chairman, president and CEO. "While the U.S. and European economies remain troubled, we nevertheless foresee our overall business increasing by 4 to 6 percent in 2013."