GARDEN CITY, N.Y.—Housewares company Lifetime Brands credited new kitchenware and tabletop programs for boosting wholesale sales, as its net income increased 13 percent in the third quarter.

Net income was $7.5 million in the quarter ended Sept. 30, 2011, compared to $6.6 million in the corresponding period in 2010.

Wholesale net sales for the period increased 1.7 percent to $120.8 million for the quarter, compared to $118.8 million for the corresponding period in 2010. Net sales, however, decreased 0.2 percent to $124.7 million, reflecting a sales decrease in the retail-direct segment due to reduced promotional activity and the company’s decision to terminate its print consumer catalog.

Gross margin as a percentage of net sales for the wholesale segment decreased to 34.5 percent in the quarter, compared to 35.6 percent for the corresponding period in 2010, reflecting promotional allowances and changes in product mix.

“We executed well in the third quarter despite a challenging environment,” said Jeffrey Siegel, chairman, president and CEO. “The success of our kitchenware and tabletop programs resulted in an increase in net sales in our wholesale segment, even as consumer confidence wavered and the economic recovery lost steam. Grupo Vasconia and Lifetime Brands Canada continued to turn in strong results.”

The filing comes two days after Lifetime announced that it had purchased U.K.-based Creative Tops, along with its Hong Kong sourcing arm.
GARDEN CITY, N.Y.—Housewares company Lifetime Brands credited new kitchenware and tabletop programs for boosting wholesale sales, as its net income increased 13 percent in the third quarter.

Net income was $7.5 million in the quarter ended Sept. 30, 2011, compared to $6.6 million in the corresponding period in 2010.

Wholesale net sales for the period increased 1.7 percent to $120.8 million for the quarter, compared to $118.8 million for the corresponding period in 2010. Net sales, however, decreased 0.2 percent to $124.7 million, reflecting a sales decrease in the retail-direct segment due to reduced promotional activity and the company’s decision to terminate its print consumer catalog.

Gross margin as a percentage of net sales for the wholesale segment decreased to 34.5 percent in the quarter, compared to 35.6 percent for the corresponding period in 2010, reflecting promotional allowances and changes in product mix.

“We executed well in the third quarter despite a challenging environment,” said Jeffrey Siegel, chairman, president and CEO. “The success of our kitchenware and tabletop programs resulted in an increase in net sales in our wholesale segment, even as consumer confidence wavered and the economic recovery lost steam. Grupo Vasconia and Lifetime Brands Canada continued to turn in strong results.”

The filing comes two days after Lifetime announced that it had purchased U.K.-based Creative Tops, along with its Hong Kong sourcing arm.