Lifetime Reports Net Income of $729,000 For First Quarter
GARDEN CITY, N.Y.-Lifetime Brands reported net income as $729,000 for the first quarter 2010, reversing its $6 million loss in the same period last year (which included $824,000 of restructuring charges). First quarter net sales for the year slipped slightly to $88.7 million, from $90.2 million last year.
In its wholesale division, net sales also dropped slightly to $82.1 million from $83.6 million last year. However, gross margin for the wholesale segment grew to 37 percent from 33 percent in the prior year period, benefitting from "a more favorable product mix, the absence of the non-recurring net sales, lower royalty expense and lower freight costs," the company said in a press release. In the direct-to-consumer segment, gross margins dipped to 66.6 percent from 67.4 percent the year before.
Jeff Siegel, chairman, chief executive officer and president, was pleased with the first quarter's results and said if business conditions improve, then its results for 2010 could exceed expectations.