Lifetime Brands Delivers Q3 Sales Growth

Despite tariffs in the U.S. and Brexit uncertainty in Europe, third quarter sales increased at Lifetime Brands, as the company said it is seeing results as it focuses on its newly rolled-out strategic product development and sales initiatives in connection with the acquisition of Filament Brands.

Consolidated net sales for the three months ended September 30 were $215.5 million, representing an increase of $6.1 million, or 2.9%, as compared to consolidated net sales of $209.4 million for the corresponding period in 2018. In constant currency, which excludes the impact of foreign exchange fluctuations, consolidated net sales increased $7.2 million, or 3.5%, as compared to consolidated net sales in the corresponding period in 2018.

Consolidated net sales for the nine months ended September 30 were $508 million, an increase of $31.7 million, or 6.7%, as compared to net sales of $476.3 million for the corresponding period in 2018. In constant currency, which excludes the impact of foreign exchange fluctuations, consolidated net sales increased $35.3 million, or 7.5%, as compared to consolidated net sales in the corresponding period in 2018.

In the third quarter, the company reported a net loss of $13.5 million, or $0.66 per diluted share, as compared to a net income of $5.9 million, or $0.29 per diluted share, in the corresponding period in 2018.

For the nine months ended September 30, the company reported a net loss of $29.9 million, or $1.46 per diluted share, as compared to a net loss of $11.7 million, or $0.61 per diluted share, in the corresponding period in 2018.

Rob Kay, Lifetime Brands CEO, stated, “We are pleased with Lifetime’s progress in the third quarter, with our businesses delivering solid growth over last year in a challenging retail end market. We are also beginning to see the early benefits of our product portfolio optimization and rationalization, and we remain committed to increasing the brand equity and trend and product relevance of our best-in-class products and brands. While we are pleased to have produced growth during the quarter, these results were partially offset by the continued impact of U.S. tariffs and Brexit uncertainty in Europe, as well as some operational challenges as part of the ongoing reorganization of our U.K. operations. We remain optimistic in our ability to continue on this path and will continue to invest in initiatives to advance our strategy and global positioning.”