Net Income Up for Lifetime

GARDEN CITY, N.Y.-Lifetime Brands reported increases in its year-end and fourth-quarter results for 2009, while net sales saw decreases for both periods. For the fourth quarter ended December 31, 2009, net income was $5 million, up from a negative $36.8 million the prior year. Net income for the year also saw an increase, reported as $2.7 million, up from a negative $47.8 million in 2008.

Sales for both the quarter and the year, however, saw declines. For the fourth quarter, net sales totaled $128.1 million, compared to $156.7 million for the same period in 2008. Net sales for the year were $415 million, compared to $487.9 million for 2008.

The company's wholesale segment net sales dropped to $118.2 million in the fourth quarter, and $389 million for the year, from $119.1 million and $403.6 million, respectively, in 2008. The company attributed the dips to lower sales in food preparation, reflecting changes in key customers' sourcing patterns and in product mix, and absence of sales from the defunct Linens 'n Things, as well as lower sales in its home decor category due to the elimination of certain low margin businesses. Sales were offset by a full year of sales of Mikasa products in tabletop, and added net sales in its new thermal mugs and water bottles lines.

The company's direct-to-consumer segment saw fourth quarter net sales of $9.9 million, and for the year, $26 million, compared to $28.5 million in 2008, which exclude net sales of the company's retail outlet stores, which were closed at the end of 2008.

The year "2009 ended on a very positive note for Lifetime Brands," said Jeffrey Siegel, chairman, chief executive officer and president. "Throughout the year, we focused on expanding our market share, improving our gross margin, controlling expenses and reducing inventory. While the business environment was consistently challenging, with soft consumer spending exacerbated by retailers' destocking actions, our strategy of providing products that set us apart from the competition produced solid results for the fourth quarter and the full year."

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.


  • Patti Carpenter Talks Color and its Importance in the Home

    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 August 2017 cover


    August 2017

    COVER STORY: Sharpening the Focus on Millennials

    Find out what makes Millennials tick when it comes to home decorating, shopping and at-home entertaining with HFN's annual consumer study. Turns out, Millennials favor the in-store shopping experience.


    • Power of the People - Crowdfunding campaigns provide needed capital, feedback for home and housewares product launches.
    •  Omnichannel Retailing: Visual Search Takes Off - Learn how voice and visual search are revolutionizing product discovery.