Lifetime Reverses First Quarter Loss, Posts $1.3 Million Profit

GARDEN CITY, N.Y.-Strong sales gains helped transform Lifetime Brands' bottom line from red to black in its fiscal first quarter.

The company posted net income of $1.3 million in the quarter, which ended on March 31, as compared to a net loss of $949,000 in its first quarter of last year. Net sales jumped 19 percent in the quarter, to $109 million. Jeff Siegel, Lifetime's chairman, president and CEO, attributed the sales gain to the company's core U.S. wholesale businesses, kitchenware and tabletop, which recorded an 11.1 percent gain in net sales. Siegel said this pickup resulted from new programs with Lifetime's retail partners.

Gross margin 73 basis points to finish the quarter at 37.1 percent. Selling, general and administrative expenses jumped 13 percent in dollars but declined 112 basis points as a percentage of sales, to 23.4 percent.

HFN Staff | News & Commentary

HFN provides detailed information on the key home classifications: Housewares, Tabletop, Floor Covering & Rugs, Furniture, Home Textiles, Lighting, Home Decor, Mattresses & Bedding, Gifts, Major Appliances and Consumer Electronics as well as Business, Finance and Retail.

Videos

  • Adriana Hoyos Relaunches Brand at High Point Market

    Camera Icon   More Videos

Subscribe to
HFN Omnichannel
Receive the news you need to know about the trends in the industry delivered right to your inbox.

Current Issue

  • HFN cover for September 2017

    HFN's DIGITAL EDITION

    September 2017


    COVER STORY:

    2017 State of the Industry Report
    Cautious Optimism, Mixed Results

    Many expected 2016 would be a banner year, but the political and economic climate softened consumer confidence. It was also a year consumers spent more lavishly on home remodeling rather than decorating.


    ALSO IN THIS ISSUE:

    •  TJX Unveils First U.S. Homesense Store - In a time when retailers are reducing store counts, TJX continues to get physical.
    •   Ikea’s Fluid Spaces - The retailer’s new intros reflect multifunctional rooms.
    •  N.Y. Home Fashions Market Preview - Textile textures get soft and cozy, colors warmer.