Lifetime Brands has reported a decrease in consolidated net sales, with a net loss for the quarter ended March 31. The company noted that the loss in part was the result of brick-and-mortar store closings and supply chain disruptions earlier this year as a result of the coronavirus pandemic.
Consolidated net sales for the first quarter were $145.1 million, representing a decrease of $4.8 million, or 3.2%, as compared to net sales of $149.9 million for the corresponding period in 2019.
The company’s net loss was $28.2 million, or $1.36 per diluted share, as compared to a net loss of $4.9 million, or $0.24 per diluted share, in the corresponding period in 2019.
In response to the company’s first quarter financial performance, Lifetime Brands CEO Rob Kay said that the company delivered solid results in its core business in spite of the risk of supply chain disruptions early in the quarter and the mid-March closure of several retail customers.
“We achieved these results with strong performance from several of our major omnichannel customers as well as a significant increase in e-commerce sales,” he said. “When many retailers began to close brick-and-mortar stores in mid-March we did experience a drop off in demand, which was largely offset by increased e-commerce sales as well as increased sales to customers who remained open.”