Lifetime Brands Posts Income, Sales Gain in Q3
GARDEN CITY, N.Y.-Lifetime Brands reported double-digit increases in earnings and sales for the third quarter ended Sept. 30, 2010.
Consolidated net income grew by 35 percent to $6.6 million, compared to $4.9 million in the prior year quarter. Consolidated net sales were $124.9 million, an increase of 12 percent compared to consolidated net sales of $111.4 million in the corresponding period in 2009.
Jeffrey Siegel, chairman, president and chief executive officer, attributed Lifetime's strong financial performance to a carefully executed strategy adopted in 2009 to increase market share, further reduce and control SG&A and distribution expenses and restructure its balance sheet. "One measure of our success is that, earlier this year, we were able to achieve a comprehensive refinancing of our bank debt and to repurchase approximately two-thirds of our outstanding convertible senior notes, well ahead of their 2011 maturity," Siegel said in a statement. "We believe that a continued focus on the key elements of our strategy can result in further improvements in profitability in 2011 and beyond."
Siegel also said that, based on the company's current order flow, the company anticipates net wholesale sales in the fourth quarter of 2010 to exceed those reported in the fourth quarter of 2009 by approximately 9 to 10 percent. If that goal is achieved, the company's full year net wholesale sales would exceed those of the prior year by approximately 6 percent, Siegel said.