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.