For the first quarter ended March 31, Lifetime Brands, Inc., reported that consolidated net sales for the quarter were $98.7 million, a decrease of $10.3 million, or 9.4%, from the corresponding period in 2012. Net loss for the quarter was $632,000 as compared to net income of $1.3 million for the corresponding period in 2012.
Diluted net income per common share was five cents as compared to 11 cents for the corresponding period in 2012.
Jeffrey Siegel, Lifetime’s chairman, president and CEO, said, “Lifetime’s first quarter financial results were in line with our expectations. Comparing quarterly results with prior periods can be misleading, as our sales in any one period can be heavily influenced by the timing of promotions and the roll-out of new programs. Revenues in the first quarter included net sales of $3.4 million attributable to Fred & Friends, which we acquired in December 2012. Net sales at Creative Tops decreased by $3.8 million, compared to the 2012 period, due to the effects of the weak U.K. economy and the imposition of higher duties on ceramic products by the European Union. Our outlook for the year remains unchanged. We continue to foresee 2013 net sales increasing by four to six percent, based on modest improvements in the outlook for the U.S. economy and in the U.K., the roll-out of new programs and promotions and the inclusion of Fred & Friends. We expect this growth to occur primarily in the third and fourth quarters.”
Siegel added that a “new stock repurchase program affirms our commitment to delivering shareholder value, as well as our continued confidence in Lifetime’s business strategy to generate long-term, profitable growth by developing our brands, delivering innovative new products, investing in our systems and pursuing acquisitions that add new product categories or provide opportunities to expand into new international markets.”