First quarter net sales at Lifetime Brands were up double-digits as the housewares and home goods supplier also reported a smaller net loss for the quarter ended March 31.
Consolidated net sales were $149.9 million, an increase of $31.7 million, or 26.8%, as compared to consolidated net sales of $118.2 million, for the corresponding period in 2018.
Net loss was $4.9 million, or $0.24 per diluted share, as compared to a net loss of $11.6 million, or $0.70 per diluted share, in the comparable quarter the previous year.
Robert Kay, Lifetime’s CEO, said the company is seeing results from recently implemented strategic initiatives.
“Our restructured e-commerce operations now represent nearly 14% of revenues and pure-play e-commerce revenues grew nearly 30% compared to the first quarter of 2018,” he said. “The reorganization of our European operations also led to meaningful year-over-year improvement.”
For the full fiscal year, the company is forecasting total sales of between $750 million and $755 million with net income of between $13 million and $14 million.