Thursday November 7th, 2013 - 12:13PM
Lifetime Brands, Inc. reported that net sales for the third quarter, which ended on September 30, 2013, rose 11.1%, to $142.2 million from $128.1 million for the same period in 2012. Net sales in the period include $4.8 million in net sales from Fred & Friends, which was acquired in Dec. 2012.
Net income for the company was down for the quarter, $1.1 million, as compared to $3.9 million in the same quarter last year. However, after adjustments for income tax, equity in earnings and net of tax, adjusted net income rose 19.6% to $6.1 million, as compared with $5.1 million in the same quarter of 2012.
“Lifetime’s businesses performed well in the quarter, contributing to increases in consolidated net sales, gross margin percentage, income from operations, adjusted net income and EBITDA margin,” said Jeffrey Siegel, Lifetime Brands chairman and CEO. “Our core kitchenware products category performed exceptionally well, reflecting the rollout of new products and programs, as well as the inclusion of Fred & Friends, which Lifetime acquired in December 2012. I am especially pleased that our Home Solutions product category, which had been a laggard over the past several quarters, rebounded smartly during the period.”
Siegel continued, “Our outlook for the fourth quarter remains positive. Nevertheless, due to some concerns about the overall strength of the holiday shopping season and the types of products on which consumers will spend their money, we are reducing our sales guidance for the full year to an increase of 3% to 5%.”